Working Caregivers Represent Significant Cost to Employers
By the Numbers: The Annual Costs Employers Face and The Upside to Supporting Working Caregivers
Impact of Caregiving to EmployersBreakdown of Aggregate Costs (1)
- $6.6 Billion – Annual employee replacement costs
- $6.3 Billion – Annual workday adjustment costs
- $5.1 Billion – Annual absenteeism loss costs
- $4.8 Billion – Annual reduction in hours costs
- $13.4 Billion - Represents the additive working caregiver differential in healthcare costs of 8% compared to non-working caregiver employees
The ROI on Caregiver ProgramsEstimated Midpoint ROIs (2)
- Employees on Flextime - The flextime program ROI ranges from $1.70 to $4.34 per employee
- Employees in Telecommuting Program - The telecommuting program ROI ranges from $2.46 to $4.45 per empoyee
- Employer-Sponsored Digital Tools - The industry ROI is currently being established
- Employer-Sponsored Coaching Resources - The industry ROI is currently being established
(1) Pfizer ReACT Gallup Poll and MetLife Study of Working Caregivers and Employer Healthcare Costs
(2) AARP and ReACT 2016 Study - Determining the Return on Investment: Supportive Policies for Employee Caregivers
Supporting Working Caregivers: Sagacity.Care Makes Innovation Mainstream and Effective
Digital tools and targeted resources are the new frontier. These emerging programs help employees better manage, communicate and coordinate their caregiving responsibilities, reducing absenteeism and productivity issues, while at the same time reducing stress and generating employee loyalty.
How widespread are these types of innovation? In a 2017 Employer Benchmarking Survey (AARP and NEBGH), only 15% of employers currently offer digital tools to their employees. However, an overwhelming 89% indicated wanting this capability for their employees.
In Three Substantial Ways, Sagacity.Care Helps Employers Leap-Frog the Hurdles to Innovation to Realize Savings
Utilizing a personalized approach, our digital platform provides a set of unique capabilities to employers seeking to provide working caregivers with engaging, effective resources:
We have been asked, 'How can you afford to do this?' Our response is, 'How can we afford not to?' Our program helps our company and our employees save time and money, and the return on investment is substantial.
If you are not a caregiver already, chances are you will be one day--and maybe soon. Bank of America goes to great lengths to ensure that our team members know that we want to--and we will--support them.
How Can We Help You?
Our team is available to help you, whether you are interested in scheduling a demo or have questions about one of our solutions.
Simply fill out the form and we will get back to you as soon as possible.
The Sagacity.Care Team