According to a report from the Harvard Business School, of which Global Leader’s Circle member Ragnar Horn is an active financial backer, American employers are facing a caregiving crisis. The Caring Company conducted the survey, which shows that most employees who have responsibility for the care of a vulnerable relative are finding that it negatively impacts their work.
Despite these results, more than half the employers surveyed had no way of measuring the effect of caregiving on work. Only a quarter of employers believed that caregiving negatively impacted productivity and profitability.
According to the report, the under-acknowledgement of the problem means that employers are walking blindly toward a potential crisis of productivity. When the problem is not acknowledged, the company ends up losing money in indirect ways; employees needing more time off from work, or recruitment and training costs associated with employees leaving frequently because of overwhelming care duties.
The research conducted by The Caring Company suggests that companies can avoid such indirect costs through better investment in employees’ caregiving needs, supporting employees to stay on at the company.
Making Support Count
While companies do provide support, the report shows that this support is often not being taken up. Services such as maternity and paternity leave, counselling, and flexible working hours are widely offered, yet the level of uptake remains low. This may mean that the companies need to do a better job promoting support services, or that they need to offer different services. Either way, profit is being lost.
Companies Losing Senior Staff Members
No company wants to lose high-level staff, but the research showed that staff members with more responsibility were more likely to resign from their jobs due to the pressure of their caregiving responsibilities. In senior management, this rose to over 60% of people who left a job because they could not manage it alongside their responsibilities as a caregiver; a costly loss for any company.
The world of employment is changing, both in the USA and globally.