Caregiving Impact Employer Perspective As a Corporation Promote Health As a Payer Company’s Healthcare Cost As an Employer Work Product and Efficiencies.

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Presentation transcript:

Caregiving Impact Employer Perspective As a Corporation Promote Health As a Payer Company’s Healthcare Cost As an Employer Work Product and Efficiencies Alzheimer’s disease Most commonly reported disease requiring care by an employee Chronic Pain Caregivers are 35-50% more likely to experience chronic pain Stroke 5 th most commonly reported condition requiring care by an employee Diabetes Twice as common in caregivers than non- caregivers Health risk behaviors Smoking is higher among caregivers Depression Risk strongly correlated with caregiving Heart Disease Three times more common in caregivers Employee Caregiving Impact: Lower Productivity Presenteeism Absenteeism Decreased Retention 1

Caregiving Impact Additional Perspective Every year, employers assume $13.4 billion in increased health care costs for caregiving employees Lost productivity to U.S. business for caregiving employees is estimated at $17.1 to $33.6 billion annually Cost of replacing experienced workers can range from % of their annual salary Source: Mature Market News, “The MetLife Study of Working Caregivers and Employer Health Care Costs” “Aging will make it hard for governments to deal with mounting financial pressures. It may be time to rethink our policies towards work.” – Jean-Philippe Cotis, Chief Economist, OECD My Administration's Middle Class Task Force, led by Vice President Joe Biden, has made supporting family caregivers a priority, and we are working to assist caregivers as they juggle work, family, and financial responsibilities. – President Obama, Proclamation for National Family Caregivers Month, 2010

ReACT is an employer-focused coalition dedicated to addressing the challenges faced by employee caregivers and reducing the impact on the companies that employ them. ReACT seeks to create a business environment where the unique challenges of caregiving for adults with chronic diseases are understood and recognized by employers to ensure caregivers feel supported and have the resources they need to better meet their personal responsibilities for caregiving and their professional demands. ReACT engages leading corporations and thought-leader organizations including: Aetna, Cleveland Clinic, Gallup, Georgetown University, Gundersen Lutheran, Healthways, Johnson and Johnson, Mercer, Microsoft, M.I.T Age Lab, MWV, National Alliance for Caregiving, Pfizer, United States Chamber of Commerce, and Alzheimer’s Association

Employee Caregiving and ReACT Structure Mirrors Reality Employee CaregivingReACT Organizational Structure Not a simple 1:1 relationship, rather a network of committed individuals ReACT is not a formal organization – rather a loose coalition of committed individuals from companies that understand the issue. Not about 1 issue – about manyReACT representatives are not only HR professionals – but from a wide range of functions within our members’ organizations. Caregiving is not a heroic event around a brief crisis, rather it is about an enduring commitment. Executive level support from ReACT member companies sustains the implementation of the vision

Surveyed 3,500 employee caregivers Employee Impact Modeling project Employer Thought- Leadership “how to” toolkit Employer Solutions Toolkit ReACT(ions) Create Employer Action Foundational Research Amplify Incubate Launch Caregiver Remote Connectivity Technology Pilot Near Finalization Anticipated Launch in July Technology Tool Pilot w/ ReACT Companies’ employees 3 Focus Areas

What Employees Need Preliminary Model Low Priority for Future Investment Higher Driver of Job Satisfaction Low Driver of Job Satisfaction Poorly Experienced in U.S. Workplaces Highest ROI / Largest Uncapitalized Potential Low Return on Further Investment Paid Sick Leave That Can be Used for Caregiving Assisted Living and Nursing Home Counselors Unpaid Vacation or Leave That can be Used for Caregiving Flex Time Allowance Paid Vacation or Leave That Can be Used for Caregiving Health Counselors That Provide Information about Conditions Access or Recommendation to Relevant Support Group Emotional Distress Employee Assistance Program Access to Financial or Legal Advisors Substantially Experienced in U.S. Workplaces Current Key Job Satisfaction Driving Variables Unpaid Sick Leave That Can be Used for Caregiving Based on ReACT Gallup/Healthways data