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Graying Power: Benefits for Caregivers
January 11, 2007
Companies help those caring for the greatest generation
By Holly Dolelzalek
Companies already face significant costs from unscheduled absences, but many of those absences are due to caregiving emergencies, not sickness. The 2006 CCH Unscheduled Absence survey, conducted by Riverwoods, Ill.–based tax and business law information provider CCH, indicates that almost one quarter of unscheduled absences are related to a family issue. Care for a parent falls under that category, and as the parents of baby boomers enter their eighties, nineties and beyond, absences due to elder care will only increase.
It's a costly problem. A MetLife study released in July 2006, found that the total estimated cost to employers whose employees have intense caregiving responsibilities was between $17 billion and $33 billion. Of that amount, which includes lost work time, reduced hours and turnover, $3.8 billion was attributed to the "elder care crisis" category.
Some companies are taking a proactive stance by offering elder-care benefits to their employees. According to the CCH survey, the number of employers offering these benefits increased from 34 percent in 2005 to 42 percent in 2006.
These benefits take many forms, but most include information, resources and referrals for needed services. Many companies extend these benefits by way of their employee assistance program (EAP). Some companies offer extended leaves of absence or assistance with in-home care during an emergency.
Ceridian, a human resources company based in Minneapolis, offers its employees help and resources in finding services and arranging for daytime care for elderly relatives through its EAP. It also has a program called Just In Case, which reimburses employees for expenses they incur (up to $500) when they have to arrange for emergency backup care because their ordinary provider is temporarily unable to provide care.
Offering these benefits wasn't a hard decision for Ceridian, since the company sells EAP services to other companies and has a network of available services. Pete Stoddart, director of public relations, says that it doesn't cost much to maintain the program, and it makes sense for other reasons. "It enables our employees to manage a very difficult situation quickly and professionally and to get back to work as soon as possible."
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