Wellthy’s Post

While there's no lack of evidence of #caregiving's rising toll on workers and firm productivity, there's relatively little hard data to back the business case for employer-provided #caregiver benefits.    As part of its series on practical strategies toward economic inclusion, the HBS Institute for Business in Global Society (BiGS) spotlights Harvard Business School Project on Managing the Future of Work (MFW) co-chair Joseph Fuller's research on caregivers with a feature on the MFW report Healthy Outcomes.   The report, which draws on data from Wellthy, a caregiver support benefits company, lays out the return on investment to employers that provide workers with caregiving case management, advice, coordination, and access to community, reducing costs associated with employee turnover and absenteeism.   Read the BiGS feature at https://hbs.me/3vfrtmx8 . The MFW Healthy Outcomes report can be found at https://hbs.me/4pwkvbds .   #HiddenWorkers #CareEconomy #Turnover #Benefits #HR #Absenteeism

Balancing my career with caregiving for my sister, who has cognitive deficits and a learning disability, my mother, siblings, and pets is challenging yet deeply rewarding. This journey has shown me just how crucial it is for workplaces to support their employees’ caregiving needs. Joseph Fuller’s article in the Harvard Business Review hit home for me. His research shows that companies that support caregivers see real benefits: reduced turnover, decreased absenteeism, and a strong return on investment. In my role as an HR leader, I’m committed to fostering an environment where caregivers are supported and valued. It’s not just the right thing to do—it’s a smart business move. We must recognize that our colleagues’ well-being directly impacts our success. I urge my fellow leaders to read this insightful article and reflect on how we can better support our teams. Let’s create workplaces where everyone, including caregivers, can truly thrive

Workplace Insight: Does caring for another person impact worker productivity? 80% of workers said yes, compared to only 25% of employers.   According to a Harvard Business School report, Healthy Outcomes, this discrepancy highlights a major disconnect between employees and employers, as well as an opportunity. The report points to the fact that companies that offer innovative benefits for caregivers can make better hires, mitigate turnover, and increase productivity and morale. The report examined employers that offered caregiver #benefits through a “care concierge” that connects caregivers to planning, administrative, and support services. The payoff was clear. Employers that provided these services reduced absenteeism by up to 50% and even saw a return on investment (ROI) of up to 72%. To learn more about HBS professor Joseph Fuller’s research about #caregivers in the workplace, and what employers can do to support them, visit the HBS Institute for Business in Global Society (BiGS): https://lnkd.in/edwMYgTS. And if you have a story about effective employer caregiving benefits, we’d like to hear about it — reach out to us. #WorkplaceInclusion #Inclusion #Business #Innovation #Harvard #DEI #Caregiving #TheFutureofWork #Productivity #Turnover #ROI #HumanResources #HR #CHRO #Research #ResearchBasedInsights #Absenteeism #Values Project on Managing the Future of Work

Isn't it as important for our societal wellbeing to support caregivers as much as young working parents? Especially now, as we in western cultures are having more and more elders and less children. I'm happy to see, that we finally have some numbers, that even show the benefit for companies to support their caregiving employees. #leadershipenergetics #personalenergymanagement #leadershipdevelopment

Very interesting insights around caregiving's impact on the workplace that includes a study around the ROI of providing caregiving benefits. "The study analyzed data from 97 clients of Wellthy, an employee benefits provider that works with companies in the United States, Britain, Canada, and Ireland to provide benefit services targeted to help employees with caregiving responsibilities at home. Unlike a typical benefits provider, Wellthy acts as a sort of care concierge, helping match employees with providers and advisers. The 21-month period studied showed a clear impact: Employer-provided caregiving benefits reduced employee turnover by one to seven percent and absenteeism by 10 to 50 percent. For employers, that added up to a return on investment of as much as 72 percent." Supporting caregivers continues to be an important issue that shouldn't be ignored. What does your organization provide? #talent #caregiving #employeebenefits

Great to see our HBS Institute for Business in Global Society (BiGS) colleagues highlighting our #careeconomy research through their BiGS Fix series on translating research into implementable strategies. An insightful feature by Esther Schrader breaks down the #ManagingTheFutureOfWork report Healthy Outcomes, which presents real-world return on investment data from firms that invest in caregiver support benefits.   Election-year discussions and opinion polls on #caregiving policy may not produce tangible public policy results, but as our report shows, businesses that invest in their employees’ access to caregiving services can make a positive difference for their workers and the bottom line.    Read the BiGS feature at https://hbs.me/3vfrtmx8 . The MFW Healthy Outcomes report can be found at https://hbs.me/4pwkvbds .   #HiddenWorkers #CareEconomy #Turnover #Benefits #HR #Absenteeism

What an exciting way to kick off 2024: Harvard Business School has released a new report confirming that caregiving benefits provide a demonstrable return on investment for employers and employees alike. Led by Joseph Fuller at HBS's Project on Managing the Future of Work, the study analyzed nearly 2 years of archival data from Wellthy’s work with approximately 100 clients. Their independent findings mark one of the most prominent studies showing that for employers, support for working caregivers provides one of the biggest bangs for the benefits buck. Among the report’s key findings: 1) caregiving benefits provide a sizable ROI for companies when it comes to retaining top-tier talent;  2) employers who provide access to care services like Wellthy see a marked reduction in absenteeism and missed days and weeks of work;  3) when working caregivers feel seen and supported by their employers, workplace culture thrives Check out the study, “Healthy Outcomes: How employers’ support for employees with caregiving responsibilities can benefit the organization” at this link: https://lnkd.in/eEh9NZwn #HR #benefits #workforcetrends

https://lnkd.in/eV3F3kEv So, if you have any reluctance to listening to what we have been promoting, perhaps you need to read this. Harvard Business School research provides the most concrete evidence for how employers' support for caregiving leads to a material return on investment. If you are an employer, why don't you explore affordable options for creating a culture of caregiving within your organization and offer educational and navigational services to your caregiver-employees? I think that by now you might have recognized that I am doing this to help and support; and, I have identified different resources that might be beneficial options for providing caregiver-employee support. Those employers who get on the bandwagon are likely to be the ones that are able to conserve the most talent; and, also financially benefit from not having workplace disruptions and terminations. The data are clear. But you have to take the first steps. I urge you to check out Newgingpartnership.org for information regarding our efforts to support all caregivers, including caregiver employees; and, contact us if you would like to contribute to our efforts, or for assistance with any questions regarding personal or organizational issues at newagingpartnership@gmail.com. I hope you enjoy the rest of the Memorial Day holiday weekend. #newagingpartnership #caregivingconfidential #caregivingsupport #employeebenefits

With today’s workforce now spanning five generations, the evolution of employee benefits is becoming increasingly critical, according to the latest Principal Financial Group Well-being Index survey.   To put this issue in perspective, family caregivers today make up about 20% of the U.S. labor force, said Principal Financial Group’s Kara Hoogensen, head of workplace benefits. Research shows that juggling work and caregiving needs often results in physical, emotional and financial strain, she added. That’s why it’s not surprising that the Principal Financial Well-Being Index found that nearly one in four — 24% — of those employees caring for both a child and an adult are more likely to consider leaving their current job due to the strain of their responsibilities. Additionally, 22% of “sandwich generation” caregivers have left a job in the past due to caregiving pressures. "Even more daunting as far as the looming potential impact on workers and employers is the fact that the number of caregivers increased from 43.5 million in 2015 to about 53 million in 2020,” Hoogensen said. “And by 2030, that number is estimated to grow to 73 million people.“

According to the recent survey from Securian Financial, 78% of caregivers who are also employed full-time expect their employers to provide benefits supporting them in their caregiving responsibilities. As our workforce continues to evolve, it's imperative for organizations to recognize and address the needs of their employees who juggle both their professional duties and caregiving responsibilities. Employers have a unique opportunity to foster a supportive work environment by offering caregiving benefits like Homethrive, a caregiving solution providing expert coaching, navigation and concierge services This survey serves as a powerful reminder for employers to reassess their approach towards supporting caregivers within their workforce. It's time to prioritize the well-being of our employees and recognize the invaluable contributions of those who balance multiple responsibilities beyond the workplace. Readmore: https://lnkd.in/gqBzFWjA