Using our heads to solve your Reward challenges.
The Office for National Statistics (ONS) believes that this year for the first time there will be more elderly dependents than child dependents per person in the UK. Let's take a moment to reflect on that.
Happily, many of our older relatives are in great health and independent, but sadly that is not true for all.
We know that safe, reliable and frankly affordable childcare is very hard to find but we have, at least, seen Governments acting, for example in providing subsidised and free places for pre-school children and specific leave and pay for those with children receiving neonatal care. There is also unpaid leave for staff with caring responsibilities through The Neonatal Care (Leave and Pay) Bill and Carer's Leave Bill. Plus there is tax-free childcare to tell employees about and some even have legacy Childcare Voucher schemes.
Employees with child dependents vs elder dependents, source Office for National Statistics
But eldercare benefits are far behind childcare ones. I remember asking a conference about 15 years ago why there were not Eldercare Voucher Schemes like childcare ones. Perhaps not seen as a vote winner at the time, perhaps not as 'sexy' a benefit to shout about to prospective recruits. Or perhaps we were just too far away from the 'tipping point' shown in the graphic.
But that time has come. How do you find a care home, select the best one for your relative and fund it? Should you consider in home care instead? What does Power of Attorney mean and should I sort one out? (Yes, a million times yes: go on the Government website - Make, register or end a lasting power of attorney: Overview - GOV.UK (www.gov.uk) - you don't need a solicitor and can do this for £82, less in some cases). Without one (and you need two, one for finances and one for health and wellbeing) it is nigh on impossible to get anyone from utility companies to banks to GPs to engage with you. Speaking personally, I am able to manage all of my Mum's finances for her which is a huge relief to her, especially when she is constantly getting scam calls.
What does this mean for employers and for Reward packages? Eldercare responsibilities are likely to lead to more unplanned absences, more flexible working requests, mental health challenges, and potentially productivity issues for employees. EAPs can help. Carers leave can help. Educating managers can help. There are also a number of providers (a small number admittedly) offering services in this area to support.
For the team at Reward Heads, it was clear based on our demographics that many of us would have elderly parents and other relatives for whom we have responsibility. And so as part of our health care package, we have access to an independent advice and support service (and yes, I have used it personally so I can better support my Mum). We also have a package that provides some of the cost of care at home after our relatives are discharged from hospital. We believe that this is a critical benefit for all employers and specifically tailored to our population. And caring for each other is one of our core values.
But it does stand out as an area where legislation and Government support is slow to catch up. There is new support for Parental Bereavement (for parents of children but not children of parents). As well as the emotional challenges, there is nothing statutory to help with the minefield of being next of kin, executor of the will, time and support for applying for probate, dealing with inheritance and so on when you are supporting or losing a parent.
We are having more and more conversations with clients about customising their packages and offering choice to employees. If you look at the media, however, you'd think the only employees to worry about are Gen Z. In fact, 71.6% of those age 50-64 are in employment and mostly of those will have dependent parents. That is a huge group - how well are their needs being addressed?
We would love to help you with your Reward needs, whether that is benefits strategy or specific to eldercare. Please do get in touch at rewardsolutions@rewardheads.co.uk
Victoria Milford - CEO