When it comes to benefits at work, employees are looking for much more than two weeks of PTO.
And companies, anxious to retain talent, are increasingly trying to meet those demands with more robust offerings.
According to a 2023 Gallagher report, talent retention is the No. 1 priority for businesses — even before revenue.
While some benefits have become more common — child care, transportation, hybrid work — per Bloomberg, there’s one need that often goes unmet: caregiving.
The economic cost of caregiving in the US is estimated to range from $264B to as much as $600B.
… as the population grows older.
Research suggests the nation’s caregiver shortage will only increase, and that the aging population will cost the US $290B annually by 2030.
But only 12% of companies offer some form of elder-care support, despite caregiving obligations being a primary driver for employee turnover.
… new businesses are creating solutions.
Wellthy, an elder-care benefit startup, brings caregiving benefits to large employers like Best Buy and Meta:
Hilton’s HR chief told Bloomberg that the platform saved its 49k US employees 20k hours in less than a year. At Best Buy, 90k workers saved ~60k hours in two years.
… of a new workplace norm.