November 2022

The challenges of working caregivers through an employer lens

On average, 6 in 10 employees are currently caring for family members or friends with serious health problems or disabilities.¹ They are among a rapidly growing segment of the workforce challenged with balancing job and caregiving responsibilities—a trend that can take a toll on employees’ well-being as well as a company’s ability to maintain an engaged and productive team.

4 in 10 employees consider caregiving highly stressful, which can have adverse effects on their physical, mental and financial health.¹

In honor of National Family Caregivers Month, we recognize the challenges faced by working caregivers, the impact to employers and how they can help. In fact, employers are in a unique position to help support caregivers in the workplace through their company policies, benefits and programs. Helping to relieve some of the financial and emotional stress that caregivers shoulder can head off potential physical and mental burnout and refocus employees on their jobs. Offering programs for caregivers can help companies convey to employees “you matter here”—a message that can appeal to job candidates and help with retention of valued employees. Supporting caregivers in the workplace is not only the right thing to do, it is imperative for businesses to thrive in a strained labor market and economy.

What employers should know about working caregivers

A new Bank of America study, Best practices through an employer lens: A path to financial well-being for working caregivers, conducted in partnership with the University of Pennsylvania School of Nursing, NewCourtland Center for Transitions and Health, provides insights to the caregiving experience and the impact on both employees and employers. Findings cited in the report reveal cause for concern and serve as a call to action for employers.

Caregiving experience reveals employees may be struggling

Graphic shows an average full-time worker's week: 36 hours employment plus 24 hours caregiving for a total of 60 hours. One third of caregivers of adults have no paid help.

Source: Best practices through an employer lens: A path to financial well-being for working caregivers, Bank of America in partnership with the University of Pennsylvania School of Nursing, NewCourtland Center for Transitions and Health, 2022.

Caregiving reduces focused time at work

Graphic shows 6 in 10 employees found their caregiving responsibilities disrupted their work. Over 50% report arriving late or leaving early. 15% reduced their work hours. 14% took leaves of absence.

Fulfilling caregiving obligations may contribute to absenteeism

Graphic shows nearly one third of caregivers missed at least six days of work in one year.

Caregiving can affect job performance

Graphic shows 8 in 10 felt that caregiving negatively affected their ability to perform at their highest level.

Supporting working caregivers: A roadmap for employers

The new caregiving report includes a roadmap to help employers promote the financial well-being of working caregivers, delineating immediate and longer-term recommendations and suggested strategies for implementation by diverse groups of employees. Download the report to learn more.

¹ Best practices through an employer lens: A path to financial well-being for working caregivers, Bank of America in partnership with the University of Pennsylvania School of Nursing, NewCourtland Center for Transitions and Health, 2022.