Press release
Principal® Survey Reveals the Effects of Caregiving on Work and Employee Retention
New research finds employees value a variety of benefit options, especially those who identify as caregivers DES MOINES, Iowa--(BUSINESS WIRE)-- The
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nNew research finds employees value a variety of benefit options, especially those who identify as caregivers\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nThe landscape of employee benefits is evolving as employers are faced with managing five generations in the workplace. A recent survey from Principal Financial Group® reveals employees find value in a variety of benefit options, and those options can influence retention in their workplace. The value of these benefits are magnified for employees who serve as caregivers for children, dependent adults, or those in a “sandwich generation” caring for both a dependent child and adult.\n\n\nCaregiving impacts on employee retention\n\n\nFamily caregivers make up approximately 20% of the U.S. labor force¹. According to the Principal Financial Well-Being IndexSM, over one in five workers (24%) who are in a caregiving role for both a child and dependent adult are more likely to say they want to leave their current job. Additionally, 22% of caregivers in a “sandwich generation” have left a previous job due to caregiving responsibilities.\n\n\nCaregivers across all categories are more likely to be concerned about feeling burnt out at work, their own mental health and well-being, and their caregiving responsibilities. Among those currently caring for a child, adult, or both, benefits such as life insurance and paid family and medical leave are the most valued.\n\n\n“There are unique opportunities for employers to support those who are caregiving,” said Amy Friedrich, president of Benefits and Protection at Principal®. “It starts with understanding your employee population and their wants and needs in a benefits program. With over half (54%) of the workforce identifying as a caregiver at some point in their life, feeling financially protected and supported at work is becoming increasingly important.”\n\n\nEmployees value benefits in addition to healthcare and retirement\n\n\nEmployees place a high value on benefits beyond health insurance, paid time off, and retirement savings plans. Specifically, employees see life insurance (64%), paid family and medical leave (63%), and disability insurance (52%) as “extremely valuable”. Further, the survey finds that higher job retention is associated with more benefit options.\n\n\nThe survey also finds that 43% of employees reported receiving communicat...