In today’s diverse workplace, with four generations working side by side, it’s easy to focus on the differences between Gen Z, Millennials, Gen X, and Boomers. But there’s a common challenge that unites them all. Addressing it can have a significant impact on employee recruiting, productivity, and loyalty.
In our 4th Annual Future of Benefits Report, all generations of employees report having caregiving responsibilities, whether they’re providing care for children, grandchildren, seniors, or pets. The generations also agree on the need for caregiver support through the workplace.
Balancing caregiving and work
In many ways, caregiving priorities align with where each generation is along their life journey, but Care’s research uncovered a few surprises. As expected, child care is a top concern for working parents, particularly Millennials and Gen X employees. But, while older generations have traditionally been more focused on senior care, these responsibilities are shifting. Today, senior caregiving is nearly evenly dispersed across all generations.
The aging population and longer life spans are the main drivers of the shift. The number of Americans aged 65 and older is projected to more than double between 2000 and 2040. In the same period, the number of adults aged 85 and older will almost quadruple. As a result, an increasing number of employees will be “sandwiched,” caring for children and seniors at the same time.
Caregiving responsibilities affect nearly every aspect of an employee’s life, including their work. 62% of family caregivers who are full-time employees rank the stress of managing their job and caregiving as their first or second biggest challenge. The emotional, physical, and financial stress takes a toll on employee productivity, performance, and retention.
The benefits of caregiver support
Providing family care benefits to support employees of all ages is a smart business strategy for recruiting and retaining top, multi-generational talent. For example:
- Providing child care benefits reduces employee distractions and absences while boosting retention.
- 60% of working parents say they would stay with their employer if emergency child care benefits were available, and 58% would remain loyal if child care benefits are provided.
- One in five employee caregivers would switch jobs to gain access to senior care benefits.
Employers are responding by expanding their employee benefits programs beyond standard insurance, retirement, and paid time off. In 2024, 56% of companies report they are prioritizing child care benefits, up by 10% over 2023. Support for senior care benefits is also on the rise, with 50% of employers prioritizing senior care benefits, a 7% increase over 2023.
For more insights on care benefit trends and how employers are supporting their multi-generational employees, explore Care’s Future of Benefits Report.
