Why You’ll Lose Talent Without Caregiving Benefits

Why You’ll Lose Talent Without Caregiving Benefits

If you don’t have strong caregiving support programs in place, plan to lose valuable talent to employers who do. And it won’t just be the rank and file who jump ship. You’ll lose upper-level managers and even C-suite executives.

This warning to U.S. businesses is a key theme of Harvard Business School’s (HBS) report, “The Caring Company,” which we wrote about previously here and here.

“When it’s too hard to provide care and work at the same time, people end up leaving the workforce,” the report stated. In fact, nearly one-third of employees surveyed by HBS voluntarily left a job due to caregiving responsibilities. Notably, upper-level managers, senior leaders and highly paid men were most likely to report that their jobs and productivity are affected by caregiving.

“But the flip side is a very real incentive,” noted the report. “If you, as an employer, provide benefits that allow people to live full lives and take care of their families … your talent pool opens up tremendously, because there are millions of people who want to work, while providing for their families at the same time.”

The upshot is clear: caregiving benefits significantly impact talent acquisition and retention, and companies that offer these benefits have a distinct advantage in the escalating war for talent.

4 Programs Employees Absolutely Love

4 Programs Employees Absolutely Love
Since the 1980s, LifeCare has championed caregiving solutions as powerful talent acquisition and retention boosters. The HBS report emphatically affirms our position and the growing importance of caregiving solutions to the future of U.S. businesses.

Based on more than three decades of experience, we’ve found there are four caregiving-related programs you should strongly consider implementing—programs that our clients’ employees have consistently rated as most helpful to them. These programs are:

  1. Backup Care—This industry-leading program helps employees find and pay for reliable temporary care when their normal care arrangements fall through, so they can get to work. LifeCare’s program is particularly known for its quality and flexibility: it covers children, elder loved ones, pets and self care; it gives employees access to a fully vetted national network of caregivers as well as a robust selection of out-of-network options; with the ability to schedule care either via phone or online, 24/7. In 2018, 87% of our clients’ employees who used Backup Care Connection said the program reduced their stress levels, 85% said it increased their productivity and 87% said it made them more loyal to their employer. On average, the program saved each user more than 16 hours per use.
  2. Elder Care Referrals & Counseling—Employees have 24/7 online and telephonic access to highly trained and credentialed elder care specialists, as well as confirmed referrals to elder care providers nationwide and an array of educational materials, interactive content, webinars and specialized tools such as our Adult Caregivers Kit. In 2018, 69% of individuals who used Elder Care referrals and counseling services said they increased their productivity, 82% said they made them more loyal, and 99% said they’d recommend the program to their coworkers. On average, the program saved each user roughly 14 hours per use.
  3. Senior Caregiver Support Program—LifeCare’s comprehensive program provides each employee with a full in-person needs assessment of their aging loved one’s home and condition by a Senior Care Manager, followed by a detailed care recommendation plan based on the evaluation, and 24/7 support from senior care specialists. Our client organizations report a number of benefits including reduced absenteeism, improved physical and mental health of their employees and less turnover due to burnout. Last year, 78% of those who used our Senior Care Management Program said it reduced their stress levels, 73% said it increased their productivity and 85% said it made them more loyal to their employer. On average, the program saved users about 13 hours per use.
  4. Mothers at Work Program—This award-winning program supports mothers so they can successfully transition back to work while breastfeeding. It provides the option for a breast milk shipping service, so working mothers who travel can safely ship their milk home, along with 24/7 access to lactation consultants who offer guidance on breastfeeding challenges and concerns. The program also provides mothers with prescreened referrals to local lactation resources, discounted breast pumps and a unique kit filled with free breastfeeding products and information. In 2018, 93% of those who used our Mothers at Work Program said it reduced their stress levels, 56% said it increased their productivity and 77% said it raised their loyalty level. On average, the program saved users about 5 hours per use.

Employees of all ages and at all levels need your assistance in meeting their mounting caregiving demands. Helping your organization’s caregivers is not only critical to their wellbeing and success, but to your organization’s as well.

If you’d like to learn more about implementing caregiver support benefits or other results-oriented work-life programs, contact us here or call us at 866-675-3751.