How Employers Can Support Caregivers to Stay In Workplace

Understanding the Importance of Supporting Caregivers

Approximately 45 million caregivers in the U.S. are juggling the responsibility of caring for relatives and loved ones while maintaining full-time jobs. These individuals face unique challenges that often go unrecognized and unsupported in the workplace. Experts from Bank of America, the Milken Institute, and Hanover Insurance recently addressed these issues at SHRM 2025 in San Diego, showcasing how organizations can foster a more inclusive work environment for caregivers.

Strategies for Retaining Caregivers

One of the most significant insights shared during the conference was the direct correlation between caregiving stress and mental health. Lauren Dunning from the Milken Institute pointed out that family caregivers commonly experience anxiety and chronic health issues, leading to increased healthcare costs and detrimental impacts on workplace attendance and performance. The financial repercussions are staggering, with a reported $33 billion annual cost related to caregiving challenges such as absenteeism and presenteeism. Employers, therefore, have a vested interest in creating supportive structures for these employees.

Innovative Employer Policies That Make a Difference

Both Bank of America and Hanover Insurance have implemented innovative policies to support caregivers. Bank of America has expanded its parental benefits to assist employees who care for elderly loved ones. They provide additional resources, such as six hours of consultation with a geriatric care manager and access to a legal services program tailored for caregivers. The response from employees has been overwhelmingly positive, revealing a broad need for support among the workforce.

Similarly, Hanover Insurance recognized that the Covid-19 pandemic heightened caregiver responsibilities. Denise Lowsley, EVP & CHRO, indicated that when caregivers were allowed to work part-time without losing full-time benefits, it illuminated the need for such flexibility. This approach initially focused on parents of young children but evolved to support a wider range of caregiving situations, highlighting an important shift in how companies perceive caregiver roles.

Building Communities and Support Systems

The establishment of Employee Resource Groups (ERGs) has proven beneficial for many companies. At Bank of America, the caregiver resource group boasts 25,000 global members, fostering a sense of community among employees. This network offers support, resources, and opportunities for employees to share experiences and coping strategies. Such initiatives empower caregivers to navigate their challenging roles more effectively while balancing work commitments.

Future of Caregiver Support in the Workplace

As the workforce landscape continues to evolve, the need for support systems around caregiving will only grow. Companies that embrace inclusivity for caregivers not only enhance productivity but also promote employee retention. Implementing flexible work arrangements, expanding benefits, and encouraging resource groups can create a healthier, more engaged workforce. Organizations must recognize that caring for our loved ones is a part of life, and workplace support can significantly ease this burden.

Addressing the challenges faced by caregivers is not simply a matter of compliance or corporate goodwill; it’s a necessity for sustainable organizational health. As more companies recognize the importance of supporting their caregiver employees, they not only contribute positively to their employees' well-being but also to their bottom line. It’s time for businesses to advocate for comprehensive policies that acknowledge and address the realities of caregiving in today's society.