This Week's Herman Trend Alert Navigating the Next Year

The Herman Trend Alert November 7, 2007 Stresses Corporate America Just as the childcare issue challenges employers, so now does the growing need for eldercare present companies and their workers with a new reality. Millions of people juggle the demands of aging parents with job responsibilities. This reality presents genuine opportunities for organizations smart enough to be proactive. Sponsored by MetLife's Mature Market Institute and the National Alliance for Caregiving, the MetLife Caregiving Cost Study details the productivity and financial losses to United States businesses that result from caregiving responsibilities. The total estimated cost to employers for all full-time, employed caregivers is $33.6 billion. The average cost per employee with caregiving responsibilities is $2,110. In another recent study conducted by MetLife, the data suggest that there are more than 25 million family caregivers in America. According to the National Caregiving Foundation of America, a recent study calculated that American businesses lose between $11-29 Billion each year, due to employees' need to care for loved ones 50 years of age and older. In addition, 56 percent of respondents to their survey said they were less productive at work and 51 percent said they had to take time off during the work day for eldercare. Moreover, 30 percent reported being absent at least one full day to deal with eldercare matters. Plus, the data from a survey conducted in 2004 indicate that six percent of employed caregivers had to give up work entirely. Corporations are affected in many ways----by lost productivity, by replacement costs for employees who quit due to caregiving responsibilities, by costs due to absenteeism and partial absenteeism and costs due to workday disruptions as well as those additional costs associated with supervising employed caregivers. There are numerous solutions including flex time, shortened work weeks, modified schedules (based on need), telecommuting, dependent life insurance, and even long-term care insurance covering parents/parents in laws. In the late nineties, we saw long-term care insurance becoming increasingly important. Our forecast is that it will again. Caregiving will touch everyone's life, sooner than later. Enlightened employers will find ways to help. Expect to see hospitals offering onsite sick eldercare to their caregiving employees. Special thanks to Dee Taylor, Eldercare Coach, who counsels employers and employees in how to cope. © Copyright 1998-2008 by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." RESOLVE TO ADDRESS EMPLOYEE TURNOVER IN 2009 If you knew just how much money turnover is costing your company, you would have handled it ages ago! Turnover costs A LOT and it comes right off the bottom line. Let The Herman Group and its team of very experienced consultants help you address your turnover issues right away. We have an impressive track record and stand ready to help you. Call Carol at 800-227-3566; international, call 336-210-3547 for a no-obligation conference call. EMPLOYEE RETENTION BEGINS WITH GOOD SELECTION If you are not using pre-employment assessments, you are flying without radar---not very smart in today's highly competitive environment. Let us help you better understand your candidates and your employees. In less than 30 minutes, you will know if they can do the job (abilities); their work behaviors, even their personality and attitudes (like integrity & ethics), and those can't be trained. It's very cost effective, too! For more information, contact Joyce at 336-210-3548 or e-mail assessments@hermangroup.com. Validated for many countries and cultures. We offer in-depth help with job descriptions, too! GET INSIDE THE MINDS OF YOUR EMPLOYEES Find out what's really going on inside the hearts and minds of your employees. Our InnerViews interviewing service uses SPHRs and PHRs, certified human resource professionals to probe for the information you really need to know. Exit and Stay Interviews, as well as Why-Didn't-You-Take-Our-Offer Interviews. Call Rosalie Catalano at 937-648-1918 or read more at: http://www.hermangroup.com/retentionconnection/exit_interviews.html. To read this Herman Trend Alert on the web: http://www.hermangroup.com/alert/archive_9-24-2008.html. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. There is no charge for this public service. 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