Most corporations are not aware of the HIDDEN LOST REVENUES created by employees caring for their senior loved one. Employers are slowly becoming aware of this staggering reduction in profits, therefore searching for new approaches to assist the employees who face difficult situations.
This cost includes employees who are emotionally drained, late to work, physically exhausted, absenteeism and talking off for emergency trips to the hospital to oversee the care of their parent.
Here are the latest national statistics:
- 33.6 Billion-Annual cost of lost productivity to U.S. economy )Resource: AARP New Hampshire State Director Kelly Clark)
- 126 Million- Total lost days per year for employees caregiving for seniors
- 19 Million- Full-time workers are helping with the care of a loved one
- 75% – Change jobs due to caregiving demands
- 20%- Quit their jobs to provide care full-time care to a senior
- 66 Billion- Cost of replacing these employees
- 5.1 Billion- Lost to absenteeism- 7.5 days annually
- 30% of the American workforce are caregivers for elderly parents (U.S. Department of Labor)
The toll on Employees as caregivers include increased stress, escalating health problems, extreme fatigue, etc.:
- 53% reported a decline in health (2005 Family Caregiving Alliance)
- 67% will go to the doctor more than counterparts (2005 National Alliance For Caregivers- NAC)
- 52% put the senior’s need over their own (NAC)
- 49% too tired to work (NAC)
- $5,500 what local employee spends on loved one annually (AARP Public Policy)
- 1 in 3 caregivers reported depression, loneliness and anxiety (MENSUEN Nursing)
- 10 million employees over 50 lose an estimated $3 trillion in lost wages, pensions, retirement funds, and benefits.
Sources: MetLife Mature Market Group (June 2010) and National Alliance for Caregiving; Study of Working Caregivers and Employers’ Health Costs: Double Jeopardy for Baby Boomers for their Parents