Employers need to justly overcome caregiver attrition blues

The demand for caregivers in Asia-Pacific countries is heading northward. So is the number of caregivers. This may eventually lead to a crisis of sorts from the employers’ point of view. Analysts are of the view that as Asia-Pacific ages, more employees will become caregivers. Some will be dual caregivers, tending to both elders and children. Managing the responsibilities of caregiving and employment requires time, flexibility and energy and affects the well-being at home and at the workplace. If employed caregivers don’t get the support they need to be both caregivers and productive members of the workforce, a talent exodus could cost the companies and drain the national coffers. According to a recent study by Boston Consulting Group (BCG), as fast-aging population increases the care burden, the number of caregivers in the Asia Pacific (Australia, China, India, Indonesia, Japan, and Singapore) labour force is likely to increase by nine per cent, risking up to $250 billion in annual GDP by 2035 without increased access to care support. Across the six Asia-Pacific countries, the number of employee-caregivers will grow by 100 million to a total of 1.2 billion in 2035. India is no exception. Almost 90 per cent of respondents stated that caregivers must tend to both adults and children.

Working caregivers (40 per cent) report more adverse mental and physical stress than non-caregivers (29 per cent).

Caregivers are more likely to stay with employers who invest heavily in diversity, equity and inclusion (DE&I). Top priorities for caregivers in India, at the time of considering leaving their jobs are: compensation – 57 per cent, work-life balance – 41 per cent, flexible work options – 34 per cent, career change – 24 per cent and career advancement – 21 per cent. Interestingly, with Covid becoming a less immediate concern, and potentially in light of economic concerns, caregivers in Asia Pacific are now more likely than non-caregivers to stay in their jobs. Nonetheless, caregiver attrition is still a major risk for employers. Caregivers currently experience poorer workplace well-being overall, and they have shown that they are ambitious and will vote with their feet. Employers, therefore, need to address the unique challenges impacting caregivers' experiences or risk a costly employee exodus when business conditions change.

That’s not all. Employers should take steps to mitigate an employee-caregiver exodus, particularly given that, as the BCG survey found, many of these employees are notably ambitious. This tribe is ready and able to bring greater value to their employers—if they can be motivated and retained. Employers must take action to support the employee-caregivers in their workforce, leveraging career development and DEI programmes and policies that have been shown to retain caregivers and help them thrive, personally and professionally. One must keep in mind that a compelling employee value proposition can be a source of significant sustainable advantage—helping to retain existing employees and attracting new ones.