Financial coaching, as a benefit in the workplace, has the potential to reduce financial stress and improve employee productivity.
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The world population is aging.
Data shows that the number of retirees will gradually surpass that of children for the first time in history. Even though the rate at which this is already happening worldwide differs from each country’s income, the demographic transition is still a global concern.
And as the aging population expands, so does the need for specialized programs for the elderly.
The demographic pyramid shift brings forth a change in priorities and raises a present-day concern for quality senior life. Elderly citizens should enjoy this sensitive phase of their lives with ease, comfort, and dignity. That can be made possible through senior care benefits that are easily accessible and available for all.
The good thing is that many companies now deliver different educational and supporting senior care resources and programs for employees and their family members. These services usually include anything from free assessments, counseling, and referrals to caregiving assistance, liability insurance, senior housing, and in-home care helplines.
As a growing need for the U.S. workforce, providing employees and their aging family members with these benefits can really make a positive difference in their lives.
Some recent senior care statistics further reveal how important it is to provide elder care benefits as part of an employee benefits package.
Unless tackled on time, the changing care demographics could have massive economic consequences.
Failing to provide senior care services to their employees can cause significant repercussions for companies. In the absence of a “care culture” in the workplace, people worry that taking on caregiving responsibilities can put them at a disadvantage in their career growth. And they’re right.
Namely, almost a third of all workers who voluntarily left their job cited caregiving responsibilities as their reason. The turnover rate and declining job productivity can create substantial hidden costs for companies.
Ultimately, there’s no denying that eldercare responsibilities are comprehensive and complex, especially regarding family caregiving. But whether institutional or in-home care, the people who built today’s society must be well taken care of in their later years.
That’s why delivering adequate support is essential. It can significantly increase the life quality of seniors, ease the burden of eldercare for employees, and reduce hidden costs for employers.
Written by shortlister editorial team
- Fact Sheet: Aging in the United States, Population Reference Bureau
- Future Demand for Elderly Care Services Like Assisted Living & In-Home Care Are Rife for Digital Disruption , Businessinsider
- How Much Care Will You Need?, Longtermcare
- Percentage of Adults Aged 65 and Over Who Needed Help With Personal Care From Other Persons, by Age Group and Sex, Tableau
- Technologies in Care for Older People, EPTA
- Assisted Living Homes vs. Home Care: How to Decide, Aging
- Cost of Care Survey, Genworth
- Long Term Senior Care Statistics, Paying For Senior Care
- Caregiver Statistics, Caregiveraction
- Caregiving in the U.S., Caregiving
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