CES Helps You Measure, Define and Manage Employee Eldercare Work / Life Challenges
“…there is a growing crisis in corporations today that is preventing them from achieving their corporate goals. Few companies realize the implications working caregivers have on their internal costs and their bottom line.”
Aging Well, Fall 2010; Gallagher, Andrea
Corporate Eldercare Solutions, llc, (CES) is an eldercare services company that focuses on eldercare issues and employee productivity metrics in the workplace. Veronica Woldt, MA, is an eldercare strategist and gerontologist who understands that many of today’s employees have aging parents and are providing care for an older adult. This caregiving amounts to a “second job” for employees. For their employers, it increases absenteeism, healthcare, administrative, managerial and productivity costs.
Providing care for an older adult shows love, compassion and commitment, but studies have shown that senior caregiving results in employee turnover, higher rates of employee stress, and an increase in health care costs. According to a study conducted by MetLife, The National Alliance for Caregiving and AARP, the healthcare cost increase averages 8%. When we add the costs resulting from time off, lost productivity resulting from poor health along with depression, we are facing an estimated financial loss per employee of $5,186. (totals from: Aging Well, Fall 2010; Gallagher, Andrea).
“Caregiving has shown to reduce work productivity by 18.5% and increase the likelihood of leaving the workforce.”
Outcomes & Insights in Health Management: Estimating the Impact of Caregiving and Employment on Well-Being; Center for Health Research, Healthways, Inc. Joseph Coughlin, PhD, Massachusetts Institute of Technology AgeLab
Ms. Woldt has a master’s degree in gerontology and more than 20 years of business development experience. She is an Associate member with the National Association of Professional Geriatric Care Managers. Her focus on eldercare since 2001, combined with her eldercare project studies, has been a catalyst for the development of an employee eldercare Online survey tool. The Corporate Employee Eldercare Survey (CEES©) helps to determine challenges and cost saving solutions for employers and help for valued employees.
For information on how CES, llc can help your company, please use the contact form on the Contact Us page. Also, for updates and further information, please LIKE CES on Facebook and LinkedIn, and follow Veronica on Twitter @CESVeronica.