This Week's Herman Trend Alert Demand-Driven Workforce Development

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." DON'T BE LEFT BEHIND! If you've been thinking about attending our valuable Employee Retention Specialist Certificate Program, don't delay--only three spaces remain. With the employment market heating up, many positions are literally impossible to fill. Attend this course and you will learn dozens of low-/no-cost valuable strategies to attract and retain the talent you need. Recertification credit from HRCI. Next program: May 22-23, Charleston, SC. Call Carol at 336-282-9370 or visit http://www.employeeretentionspecialist.com. 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. NEW BABY BONUS Book Joyce to speak on the West Coast in 2008 and receive 100 of her books of your choosing. There is a new baby in the family, Spencer Jay, and Joyce would appreciate more opportunities to watch him grow. For more about Joyce, visit http://www.hermangroup.com/joyce.html or call Joyce at 336-210-3548. 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. The Herman Trend Alert is received by over 30,000 subscribers in 78 countries, in addition to other websites and printed magazines. Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Trend Alert service. Click here to sign up for the Herman Trend Alert. Subscribe or Unsubscribe to weekly Herman Trend Alert View this week's Herman Trend Alert Archived Weekly Herman Trend Alerts

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