In addition, Genworth's Beyond Dollars Study 2018 says that caregivers are getting younger, and are beset by stress and depression, as well as the unexpected expenses involved in caregiving—even as the people they care for are also a younger group than care recipients in years gone by.

Caregiving is a major undertaking, with the Gallup-Healthways survey relating that those employees who provide care spend approximately 29 hours a week on caregiving duties, with 70 percent reporting work-related problems as a result. In addition, a Ceridian report finds that employers are taking a substantial hit, too: the impact on U.S. businesses of employee caregiving, it finds, is a loss of $38.2 billion annually.

Here are just some of the issues employees are dealing with as caregivers: 60 percent of elderly family members have some type of medical or cognitive issues, while more than 50 percent have self-care issues, such as the ability to take medications appropriately or nourish, bathe or dress themselves. In addition, 36 percent of caregivers are doing so long distance, having to deal with travel, expense, childcare issues and other hassles in addition to providing care.

And it's not only health problems they're dealing with, since they're also beset by difficulties around finances, legal decisions and safety. More than 40 percent of elderly family members have financial issues thanks to poor estate planning, bad advice on veteran assistance information, or misinformation around reverse mortgages, Medicare, Medicaid or Social Security resources and rights, Torchlight says.

Combine that with the nearly 20 percent of users who have elder care legal issues to manage, such as hiring elder law attorneys, pursuing guardianship, or managing probate for their loved ones' estates, and you have a real struggle.

“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 nontraditional caregiving needs of the multigeneration[al] workforce (many of whom are managers, directors and executives) are becoming higher priorities,” Chris Chan, lead innovation imagineer at Mercer Labs, is quoted saying.

Chan adds, “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.”

What can you do to help your employee caregivers? 

• 7 steps for developing a family caregiving strategy
• How to help clients use family caregiver benefits
• How to protect your business from caregiving discrimination lawsuits