By Clearday Research Team

It is widely understood that dementia is a heavy financial burden for those who suffer from it directly. However, employers may also be burdened by the hidden costs of care.

Caregivers spend an average of 20 additional hours a week managing tasks that distract them from their full-time jobs—more often than not, these tasks take focus away during the traditional workday, creating a distraction amplification of impact. Caregiving has shown to reduce work productivity by 18.5% and in addition to productivity reduction, 34% of unpaid family caregivers often feel they have to leave their job because of lack of work flexibility and resources. This employee turnover can cost employers a substantial amount.

More than 1 in 6 Americans working full-time or part-time report assisting with the care of an elderly or disabled family member, relative, or friend. Working and caring for others can cost an organization up to 50% in revenue and productivity per employee, and the cost to recruit and replace employees seeking more flexibility or financial independence is 1.5-2x as much. 

Moreover, existing home health care businesses cannot keep up with demand, as a result of a massive labor shortage. Due to competition from external applicants and a lack of career opportunities, businesses are challenged to grow, and this may even put additional strain on current employees. This combination of challenges negatively impacts the quality of care, a brand’s reputation in the market, and ability to recruit and retain talents — all of which create substantial financial pressures on a business.For 42 million family caregivers, we offer a reliable way to support aging in place, for longer. Clearday at Home provides the resources and confidence to manage in-home care and delay the cost of out-of-home care. See how Clearday helps here.

This blog and related materials prepared by Clearday, Inc. may use publicly available information including market research, studies or reports by unaffiliated third parties that include market demographics and other relevant market or research information. Such information or a link to such information is available upon request. We do not warrant any such information and do not have information that causes us to believe that any such market research, studies or reports are not correct in all material respects.