Taking care of our caregivers
Bill Bacic
Supporting aging parents, caring for a spouse or significant other, or celebrating the arrival of a new child are milestone moments that often require large amounts of time and energy – two things that working professionals need but don't always have.
As someone who has worked through many of these same life events – some as recent as this past year – I am intimately familiar with and understand the need for workplace flexibility. It can be exhausting and even discouraging to return to the office quickly after a major family event.
The changing landscape of caregiving, family dynamics and, ultimately, the emerging needs of professionals and their families is precisely why Deloitte's U.S. offices recently updated and improved its family leave program. In the United States – including the 2,000 in Massachusetts – most Deloitte professionals, both men and women, are now eligible for up to 16 weeks of fully paid family leave to support a wide range of life events that can have a prolonged impact on them and their families. This means that mothers who give birth to a child are now eligible for up to six months of paid time off when factoring in short-term disability. This program now reflects a more thoughtful approach, one that we think empowers our professionals to manage work and family lives through inclusive leave.
We understand that momentous occasions require equally significant amounts of understanding, flexibility and support. By giving people time they need, they can be their best self at home and at work.
In fact, Deloitte's recent external marketplace pulse survey found less than half of the people surveyed felt their organization helps men feel comfortable taking parental leave and more than one-third of men and woman surveyed thought that taking parental leave would put their job in jeopardy. In addition, that same survey found 88 percent of respondents value a broader paid leave policy to include family care beyond parental leave, including eldercare support and spousal care.
Consider this staggering statistic, one I think speaks to the need for leaders and corporations to consider adopting new paid family leave programs recognizing a variety of family and life events: Gallup research reported workers miss an average of 6.6 days of work per year tending to caregiving demands, costing the U.S. economy approximately $25 billion in productivity annually. When workers are forced to exit the labor force to address caregiving needs, they lose an average of $234,000 in lifetime wages. As a result, the economy suffers as household spending and purchasing power are reduced, and businesses often face exorbitant costs to recruit and retain lost talent.
Business leaders in Massachusetts and New England frequently discuss how the business community can be more innovative, increase employee retention and better support the development and well-being of its employees. I urge my fellow members of the business community to consider developing leading-edge programs that help employees achieve the support they so desperately need. It is time for us to work together to build a business culture that encourages and promotes conversations surrounding well-being, caregiving and family support.
After all, our greatest assets are our people.
Bill Bacic is the managing partner of the New England office for business consulting firm Deloitte, where he oversees more than 2,000 employees across Massachusetts.
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