A new report published today predicts that by 2020, eldercare will have replaced childcare as the major work-life balance issue.
Surviving and Thriving in the Future World of Work by Ceridian Centrefile warns that changing demographics and an ageing population will create a unique situation – the first generation of employees expected to spend more years responsible for the care of ageing parents than their own children.
It claims that looming impact to business is enormous. In the United States productivity lost to caregiving already costs business up to $29 billion a year. By 2010 those employees are expected to cost up to $2,500 each in lost productivity, lost work time and stress-related illness.
One in four employees – equally men and women – provide on average more than 11 hours of informal, unpaid care per week for an older parent or relative and it is estimated that there are many others who keep their extra responsibilities from their employers.
“Employers need to include the eldercare needs of employees in their work/life strategies now or risk a generation of workers who will cost their businesses billions in lost productivity and stress,” warns Penny de Valk, managing director of Ceridian HR Consulting.
Eldercare – the impact on individuals
Eldercare issues can be sudden, creating unexpected and unplanned pressures on the individual. And while the responsibility for caring tends to fall more heavily on one partner, eldercare is not just an issue for women. By 2006, women are expected to make up 56% of the workforce, indicating that an increasing number of men will have responsibility for looking after elderly parents without a non-working partner to lend support.
Additionally, as more people choose to have children later, the future workforce may find that eldercare affects them at difficult moments in their careers – just when they have taken on more responsibility.
The sandwich generation – those who are squeezed between responsibilities for young children and elderly parents – is already a reality. Demographics indicate that in the future world of work, more and more employees will find themselves sandwiched and under stress.
“Successful employers will understand that each employee comes to work every day with a head full of domestic concerns,” said Penny de Valk. “Winning employers won’t merely speak fluent ‘flexibility’, they will make it a reality for each individual worker.”
2 Responses
Flexible Employer
I have been in my current job for six years. I recently found myself in the situation where I wanted to spend time helping to care for my mother who has been diagnosed with a chronic, debilitating condition. I put in a request to my employer to work part-time stating parental care as the reason. They were very supportive and I now work 3 days a week. I would otherwise have been faced with the stress of a job change as well as my mother’s illness and will now have the option of returning to full time in the future if circumstances change. I think it is a must for employers who wish to retain staff, given the demographic profile in the UK.
eldercare a reality today
I agree with the article. Asking client companies the question we often find that elder issues impact on work performance and ability to attend.
Employee assistance programmes can help with some of the impact and provide assistance and information to those in need. Remind employees to use one if you already have it!