Caring for young children or aging family members poses a significant challenge for many employees, yet many companies fail to recognize its impact. A recent study by Harvard Business School Professor Joe Fuller demonstrates that companies that address employees’ caregiving needs experience reduced turnover and absenteeism, yielding a substantial return on investment. The Healthy Outcomes report from Harvard Business School underscores a notable disconnect between employees and employers, with 80% of workers acknowledging that caregiving responsibilities affect productivity, compared to only 25% of employers. Companies that implement innovative benefits for caregivers can attract better talent, reduce turnover, and enhance productivity and morale. The report highlighted employers who offered caregiver benefits through a “care concierge” service, which connects caregivers to planning, administrative, and support services. The results were significant: these employers reduced absenteeism by up to 50% and achieved a return on investment (ROI) of up to 72%.
Read the full report.