Torchlight’s first annual report, based on the data of over one million families, analyzes what family caregiving needs and concerns are potentially contributing to $38.2 billion in lost productivity costs to U.S. businesses annually
BOSTON, MA – November 12, 2018 — Torchlight, a leader in employer sponsored family caregiving benefits, today released its first annual proprietary report, “Modern Caregiving Challenges Facing U.S. Employees,” that identifies working caregivers’ most pressing needs and concerns across the entire age spectrum and their patterns of resolution for caregiving problems. The report – based on a sample of more than 18,000 of Torchlight’s users – analyzes data gathered over nearly three years from their real-time, caregiver decision-support platform. Currently, more than one million employees across all industries in the United States have access to Torchlight through their employer sponsored benefit program.
According to a Gallup-Healthways survey, over 20 percent of employees today are providing caregiving to family members. These employees are spending approximately 29 hours a week on caregiving duties, resulting in 70 percent reporting work-related difficulties as a result of their dual roles. The impact to U.S. businesses is a loss of $38.2 billion annually, Ceridian’s report on caregiving and the workplace found.
“Our report is the first-of-its-kind in the caregiving employee benefits market, and we were able to draw upon years of data across our covered employee population of over one million. The goal of the study was to understand the specific issues causing stress and cost for American families around caregiving. We analyzed the demographics and details surrounding loved ones’ care, as well as the employees’ preferences for how to receive assistance. Over our six years of experience, we have realized that today’s multi-generational workforce requires an approach that isn’t one-size-fits-all, ” said Adam Goldberg, M.Ed., founder and CEO for Torchlight.
“While caregiving has traditionally been defined as care for an aging loved one or child with a diagnosis or disability, our data shows that modern caregiving encompasses a wider range of care concerns and issues for the very busy American workforce.”
The study found that employees providing caregiving struggle with a variety of eldercare and adult care issues daily, including:
The report’s data also underscores that employees struggle with a variety of diagnoses and daily issues around their children:
The report also reveals that working caregivers today fall into three distinct personas related to how they want assistance:
“Just as companies have embraced child-care services and paid leave to care for sick family members, increasing support for aging parents and reducing the strain of non-traditional caregiving needs of the multi-generation workforce (many of whom are managers, directors and executives) are becoming higher priorities,” said Chris Chan, Lead Innovation Imagineer at Mercer Labs.
“Ultimately, caregiving demands contribute to lost productivity costs to U.S. businesses upwards of $38.2 billion per year, and includes employee replacement, absenteeism, health issues, workday distractions, supervisory time and reductions in hours. These are just a few of today’s realities that are impacting today’s workforce. Companies are increasingly turning to innovations in family-friendly benefits design to provide caregiving support as they aim to be employers-of-choice.”
The full, detailed report can be found here: https://www.torchlight.care/modern-caregiving-challenges-report
Torchlight is the only caregiver-support program for employers and health plans that provides real-time access to the strategies and solutions modern caregivers need most. With Torchlight, employers have a results-driven model for managing family caregiving — a $38.2 billion challenge in the U.S. alone — so that they can be both compassionate and competitive in the competitive labor market. Based in Boston, the company was founded by caregiving pioneer Adam Goldberg, M.Ed. For more information, contact sales (at) torchlight (dot) care, phone 844-693-3477, or visit Torchlight.care.