Caregiving needs are surging in the U.S., and while some can hire professional support, many—especially women—are being pushed out of the workforce as they shoulder these responsibilities.
Guardian Life Insurance Company of America released a new report revealing a sharp rise in the percentage of full-time employees who are also managing caregiving responsibilities and an increasing number of women leaving full-time roles due to the difficulty of balancing jobs and care.
The report found that nearly half (43%) of full-time workers now juggle caregiving, up 13% from 2019. Meanwhile, among full-time working caregivers, men now make up 57% of caregivers, up 44% from 2023, while women make up 43% of caregivers, down 56% from 2023.
See also: How can employers help the rising number of working caregivers?
Despite the shift, the data indicate that more women are leaving full-time roles for caregiving.
According to the report, women are 5 times more likely than men to say they’ve left the workforce because they are caring for others.
Caregiving demands grow as the population ages
As the population ages, more people need care and more hours are being devoted to supporting them. Yet as caregiving demands grow, work expectations remain unchanged, leaving workers with little room to breathe.
The data shows that if unpaid care work were compensated at the rate of the professional care workforce, it would be valued at more than $1.1 trillion each year. Although Medicare may help some families, not everyone has access to the financial reprieve it may offer. And while paid leave laws may sldo help, not all workers are eligible and the time off is not indefinite.
With return-to-office (RTO) on the rise, nearly two-thirds of C-suite executives said that these mandates caused a disproportionate number of women to quit.
Caregiving responsibilities can also place a significant financial strain on families. The report revealed that 2 in 10 caregivers say their caregiving responsibilities have negatively impacted their household’s financial confidence and 38% say they live paycheck to paycheck.
“A workplace that helps support caregivers’ mental, physical and financial health and aids them in achieving work/life balance is beneficial for everyone,” the report said. “Employers investing in solutions that foster a flexible environment in which caregiving responsibilities have an accepted place can have a profound effect on caregiving workers’ overall wellbeing.”
In order to better address this issue, the report suggests that employers take a proactive approach by providing resources and support to caregivers at work, promoting flexible working arrangements, being part of the conversation and starting open dialogue, and encouraging professional financial guidance to help set goals.
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This article was originally published on BenefitsPRO, a sister site of HR Executive. For more content like this delivered to your inbox, sign up for BenefitsPRO newsletters here. |
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