The caregiving costs are no mystery. Annual costs of unpaid caregiving in the US total $67 billion. Yes, billion. And the costs are increasing every year. With more than 3.5 million Baby Boomers turning 65 every year, our aging population means increased caregiving expenses.  This means increased corporate wastes due to caregiving losses.

In 2013, the cost for each caregiver in lost wages was estimated at $5,251. By 2050 that figure would be $6,323 if wages increase just 10.4%. But those are not the only costs.

A scientific research study examined the impact of unpaid caregiving on work. It found that family caregiving responsibilities raise the odds significantly that employee-caregivers:

• change jobs
• reduce the hours they work
• accept a lower-paying job with fewer responsibilities
• stop working entirely

Stipica Mudrazija, the study’s author and a senior research associate at the Income and Benefits Policy Center at the Urban Institute, found women, between the ages of 51 to 70 years old, work 3 to 10 fewer hours per week when they provide care to a family member.

At Lifeworkx, we know that almost equal numbers of men do caregiving, so the word women might be misleading…  the real story is that everyone is directly or indirectly impacted by caregiving.

Other research noted the total decrease of 174 annual working hours for women between the ages 57 to 67 years as employee-caregivers for their parents.

Demographic trends, like the increase in older Americans, especially those with disabilities, simply outpace predicted potential increases in available caregivers. Mudrazija suggested that the US “can expect a substantial increase in the share of working-age adults who provide essential care to their frail parents and other family members.”

The National Business Group on Health reports that 70% of employee-caregivers deal with problems at work as a result of their role as a caregiver.

Caregiver absenteeism is no small problem. Just not showing up at work lowers productivity enough to cost our economy an estimated $25.2 billion every year.

The U.S. General Accounting Office estimated 68% of employee-caregivers need to arrive late, leave early or take time off during the normal workday to assist their loved ones in the activities of daily living.

Employers accept that being a caregiver is stressful, but they seldom have a clear picture for the impact the employee-caregivers’ distraction has on their work performance.

The Caring Company report from Harvard Business School spells out how less than 25% of employers said they think caregiving has any influence on their employee-caregivers’ work performance.

More than 80% of employee-caregivers at those same companies said their responsibilities as a caregiver directly affect their job.

Of the caregivers, 28% reported that they were aware that caregiving hurts their career, and a third of employee-caregivers admitted to quitting a job because it conflicted with their caregiving responsibilities.