America's caregiving crisis and what employers can do

America’s employers are on the front lines of America’s caregiving crisis. Millions of American workers — often some of the most productive employees — balance caregiving and work responsibilities. At a time when employees have more choices than ever when it comes to where and how they work, employers have a tremendous opportunity to implement novel programs and policies that not only respond to this crisis, but also help empower those workers to take the best care of their families and themselves.

A 2022 report from the Rosalynn Carter Institute for Caregivers found that employees who are also caregivers represent 22 percent of the U.S. labor force. While many caregivers experience immense amounts of physical, emotional, and mental pressure, they also experience often-overlooked financial hardships. Sixty-two percent of caregivers report being occasionally overwhelmed with financial stress, and according to AARP, family caregivers spend an average of 26 percent of their income on caregiving expenses.

For those who step back from their careers to focus on caregiving responsibilities for kids or aging parents, the average time out of the workforce was 20 months. A Fidelity report found that 53 percent of employees say the period turned out to be longer than expected. When a caregiver leaves the workforce to become a full time caregiver for a loved one, it impacts not only the employee, but also their employer and the overall economy.