Calculating the Cost of Caregiving
Research shows that employees who care for loved ones during “off-work” hours reduce the productivity and increase the health-care benefits costs of their employers.
It is likely, however, that many of these workers are also some of your most experienced, reliable and respected employees; people you want to support and retain.
Partners on the Path developed this simple tool to help you begin thinking about why you should and how you can support this group of valued employees.
A sound investment in supportive services will yield improved performance and productivity; greater well-being and loyalty in the caregivers you care about, and the organization you lead.
The Cost to Your Organization
|Cost Calculations||# of Employees||# of Employee Caregivers||Costs/Employee||Costs of Caregiving|
|Cost of Lost Productivity|
|Additional Health Care Costs/Employed Caregiver|
|Total Cost of Caregiving|
20th Annual Willis Towers Watson/ National Business Group on Health Best Practices in Health Care Employer Survey. 2015. https://www.towerswatson.com/en/Insights/IC-Types/Survey-Research-Results/2015/11/full-report-2015-towers-watson-nbgh-best-practices-in-health-care-employer-survey (Accessed August 23, 2016)
MetLife Caregiving Cost Study: Productivity Losses to US Business. MetLife Mature Market Institute. July 2006. http://www.caregiving.org/data/Caregiver%20Cost%20Study.pdf (Accessed August 23, 2016)
MetLife Study of Working Caregivers and Employer Health Care Costs: New Insights and Innovations for Reducing Health Care Costs for Employers. MetLife Mature Market Institute. February 2010. https://www.metlife.com/assets/cao/mmi/publications/studies/2010/mmi-working-caregivers-employers-health-care-costs.pdf (Accessed August 23, 2016)