Why It’s More Critical Than Ever to Support Mental Health and How Insurers Can Help
Caregivers — who currently make up one third of the US workforce — may feel the pressure of an in-person or hybrid work schedule and may need to use paid leave policies (e.g., medical, family, vacation, sick leave, etc.) to care for loved ones or themselves. Whether it’s tending to a sick family member – or multiple, in the case of “sandwich” caregivers who are responsible for children and the elderly in their family – or bereavement, caregivers have been in overdrive since the start of the pandemic trying to balance both their professional and personal lives. In fact, MetLife’s 20th annual Employee Benefit Trends Study found that caregivers are 50% more likely to be overwhelmed and burned out than non-caregiver workers.
What’s more, some states are now shifting away from mandating paid leave and providing voluntary offerings for employers who choose to expand coverage for Paid Family Leave. Paid leave benefits for family caregiver and military caregivers are currently a part of many states mandated Paid Family and Medical Leave (PFML) programs as they too believe it is important to protect jobs and the well-being of those who need time away from work to perform caregiving functions. In fact, according to recent U.S. Bureau of Labor statistics, more than 30% of the US workforce will be under a state mandate by 2024. Employers will need to find ways to balance benefits between workers who are in states with mandates and those who are not.
Here are three considerations that employers should be aware of as they navigate these changes, and evaluate possible opportunities to support caregivers in the workforce:
Paid leave provides mental health support
Caring for loved ones can often be overwhelming and stressful. Just consider that caregivers in the workplace are twice as likely to be depressed and 70% more likely to feel isolated/ disconnected. For caregivers who are struggling, one solution could be utilizing their company’s paid leave, which ensures that they won’t have to choose between their paycheck or job security and taking care of themselves or a loved one. In fact, MetLife’s data shows that caregivers who are satisfied with their employer’s paid leave and unpaid benefits (e.g., medical, family, vacation, sick leave, etc.) are 73% more likely to be mentally healthy.
Paid leave offsets limited flexibility
Paid leave benefits, including paid time off (PTO), can help employees balance their professional lives while continuing to support the people who rely on them. A study found that two-thirds of people around the world want to continue working flexibility following the pandemic, and for those with children under 17, 68% demanded more flexible working schedules. What’s more, MetLife’s recent data shows that nearly 94% of caregivers who don’t feel they have adequate flexibility say their organization should offer benefits or programs to offset the limited flexibility. In fact, caregivers are twice as likely to prefer caregiver benefits, such as paid leave, to take care of family, elder care, or emergency childcare support, to offset the lack of flexibility at work. Employers who are interested in expanding their flexibility offerings or providing alternative benefits in this area can look to state paid leave policies as a solution.
Paid leave supports overall well-being
MetLife’s data also suggests that paid leave, particularly more PTO, could play a role in supporting caregivers’ overall well-being across employee cohorts. In fact, employee satisfaction of paid and unpaid benefits (e.g., vacation, sick leave, etc.) is lower for specific employee cohorts, including female caregivers (64% vs. 77% of male caregivers), Gen Z caregivers (58% vs. 70% total caregivers) and Black caregivers (65% vs. 72% of white caregivers). For example, female caregivers are more likely to select paid leave and unpaid benefits as a key benefit to improving their overall well-being (76% vs. 70% of male caregivers).
Now more than ever, as employees face return-to-work and hybrid work models, employers should be mindful of how paid leave policies can support their employees and retain caregivers in the workforce. Especially as we begin to see more states pass their own PFML programs, including Maryland, Virginia and Delaware, which joined 10 other states (e.g., MA, RI, CT, NY, NJ, CO, OR, WA, CA, NH and DC) this past April.
As states work to pave the way to make paid leave policies easier for employers to offer, it’s important for employers to be aware of these shifts and consider what they could mean for their employees, especially those who double as working caregivers. With access to these benefits and other helpful tools and resources, such as employee assistance programs (EAPs), and wellness resources, caregivers are more likely to feel better positioned to take care of both themselves and their loved ones and return to work feeling more refreshed and productive.
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