Sometimes I Feel Like a Piece of Bologna

Caregiving is Big Business

MLive.com has a fascinating article on the hugeness of Gen Sandwich, and the impact on business. A few of many key points:

According to AARP. the economic value of family caregiving is worth $350 billion a year -- with productivity losses costing American businesses $33 billion.

A 1999 MetLife study found that 33 percent of working women decreased work hours, 29 percent passed up a job promotion, and 22 percent took a leave of absence -- all in order to fulfill caregiving responsibilities.

As 78 million Baby Boomers reach retirement age in less than three years, the impact is set to skyrocket. By 2030, 60 percent of Boomers will be managing more than one chronic condition; by 2040, seniors will outnumber caregivers 3-to-1.

It’s not uncommon that one caregiver would have a grandmother, a mother and a stepfather to look after. And extended families being the way they are, the problem is only going to get bigger.

Companies are finding both business needs and opportunities in this demographic as they seek to solve problems for their employees and in the process, find solutions they can market.

Labels: business, caregivers, demographics