Care or Career? Hidden Costs of Employee Caregiving

Imagine starting your day with a heart full of dread, rushing to meet an important project deadline while also caring for your mother with dementia. This is the harsh reality for many employee caregivers who silently juggle work and caregiving responsibilities, a challenge exacerbated as HK’s population ages.

Expenses, such as increasing healthcare costs, decreased productivity, and absenteeism, can significantly impact a company’s finances. The financial consequences for businesses due to elder care responsibilities currently surpass HK$1.8 billion and are projected to rise to HK$8.4 billion by 2060, as per a study by HSBC Life & HKU (2019).

Employee caregivers encounter more absenteeism and turnover. A study by HKU revealed that over half of them made work-related changes like taking leave, reducing hours, or resigning because of caregiving duties. This results in disruptions to businesses and additional expenses to recruit and train new employees.

Balancing work and caregiving results in increased stress for employee caregivers, putting them at risk of health problems and burnout. A survey by HKCSS found that over 80% of caregivers experienced extreme stress, with half displaying symptoms of depression. Worsened employee well-being leads to higher healthcare and insurance costs.

When caregivers, the majority of whom are women, leave their jobs to care for their aging family members, it can significantly affect gender diversity in the workplace and harm company efforts to promote diversity, equity, and inclusion.

In conclusion, it is crucial for every business to prioritize supporting employee caregivers for long-term financial and operational sustainability.

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