Managing and reducing employee benefits costs are among the top priorities for companies. Family care benefits can be one of the most used, appreciated and cost-saving programs you offer your employees. The second reason, after early retirement, most cited for leaving the workforce is caregiving, which makes caregiving benefits that much more valuable.
Direct, quantifiable costs can be reduced by offering family care support. A single, comprehensive family caregiver support platform increases engagement in the benefits your company already offers, which can improve health outcomes and reduce time away from work.
Taking care of employees who are taking care of others also has benefits for employers. Family caregiving benefits relieve stress, increase loyalty and improve performance while also giving employees the tools to effectively manage their responsibilities.
That’s a win-win for everyone.
Why supporting employee caregivers can bolster existing benefits
Family caregiver support benefits can deliver measurable ROI
HR and benefits leaders today are being asked to hold budgets flat while medical costs continue to rise – forcing them to make trade-offs. Grayce helps solve this challenge so trade-offs do not impact the support employers want to provide to their employees.
Family caregiver support benefits can also be differentiating in recruiting talent, especially at a time when there are two open jobs for every applicant. In a study, 64% of people said a company offering family care support would be more attractive as an employer. Additionally, 72% surveyed said they would recommend their workplace to others.
According to a Gallop poll, the cost of replacing an employee who leaves voluntarily can be anywhere between half to two times their annual salary. Because we understand the impact family care has on an employer, Grayce developed the interactive Grayce Economic Impact Modeler. Adjust the modeler to reflect your headcount, average turnover rate, average compensation and time it takes to fill a seat to discover how much Grayce can save your business annually.
Learn how employers improve retention in the 2023 Grayce Economic Impact & Value Report.
Supporting family caregivers lowers healthcare costs, improves outcomes
National research shows caregivers have 8% higher medical costs than non-caregivers (Economic Impact of Family Caregiving Report). Chronic stress can lead to numerous illnesses like heart disease, diabetes, high blood pressure, mental health problems and even substance abuse. That’s because caregivers often put their loved ones’ needs first and, as a result, neglect their own. This can directly lead to a negative impact on their own health and well-being. As a result, integrated family support that includes preventive measures to recover from and reduce stress, as well as frees up time to address their own health, leads to better healthier employees. Supporting employees and their families is a clear way to reduce medical plan costs.
How supporting employee caregivers builds company culture
Offering support systems for your employee caregivers can do a lot to boost workplace culture and employer brand. Based on a national survey conducted by Ipsos and Grayce, we know people are unlikely to talk about caregiving responsibilities at work. Nearly half of working caregivers (45%) avoid acknowledging caregiving responsibilities at work for fear of how other colleagues and managers will perceive them.
However, the same study showed 82% of employees would feel that the company cares about their well-being if they offered family caregiver support, and 66% say they would feel less stressed about balancing work and caregiving. Offering a family caregiver support benefit demonstrates that as an employer, you understand the broader needs of your employees and their families both at work and at home – an incentive proven to recruit and retain valuable talent.
“To say that I nearly wept is an understatement. As someone who hates to ask for help, this relief washed over me like a waterfall on a summer day. Again, a thousand thanks and highly recommend!” – Nextdoor employee
Our work with Nextdoor, for example, has been successful for some of the company’s more senior people. In a member satisfaction survey, 75% of Nextdoor staff reported having some sort of caregiving responsibility and agreed they greatly benefited from Grayce guidance and community. The direct connection to an expert social worker is not the only benefit. Co-workers also have the ability to discuss their caregiving experiences with each other. These kinds of community connections build trust, camaraderie, belonging and resilience that can show up in people’s work as improved performance, more collaboration and stronger teams.
Caregiver support can be the key to reducing employee benefits costs
Employers want to keep their best people, keep their retention rates high and attrition rates low. Caregiver support can give people the tools they need to stay in their role and make the business more successful. Your employees may not be asking for it, but the need is there. They just need to know the support is, too.
If offering caregiver support for your employees is what you want to offer as your next benefit, let’s talk.