There are over 176,500 people over the age of 65 employed in Rhode Island. In some industries, there are not enough people entering the field to replace the ones who wish to retire. Our desire to work is sometimes at conflict with our need to provide caregiving to our aging loved ones.
According to the U.S. Census Bureau, 21.3 percent of the Rhode Island population will be over the age of 60 within the next year. Rhode Island already has the highest proportion of people over the age of 85 in the country. It’s not uncommon for individuals in their 60s and 70s to have parents in their 90s that require assistance.
The intersection of work and aging is not new. The term “industrial gerontology” was coined in 1959 in the Journal of Gerontology article, “Major Problems of Industrial Gerontology", written by K.F.H. Murrell. Industrial gerontology focuses on aging, employment and retirement issues of middle-age and older workers.
“To industry, [the older employee] was a clock number which was not paying its way," the article states.
Sixty years later in 2019, we understand on a personal level that one day we will all be either a caregiver or a care receiver. On a business level, the work at hand must get done.
"The longevity economy is calling — loudly!"
And it does, but not without its struggles. In this booming economy, companies struggle to find (and keep) top employee talent. Supervisors strive to be empathetic and compassionate when employees must take time off, reduce their work schedules or are unable to be “fully present” due to caring for an aging loved one.
Regardless, employee caregiving is costing companies a lot of money. Nationwide, companies lose between $17.1 and $34.2 billion every year due to absenteeism, employees lacking "presence" due to issues outside of their jobs, crisis management, reduced work schedules and turnover due to workers leaving to care for loved ones. The physical and emotional stress of being a caregiver adds approximately 8 percent to a company’s health care costs.
This April, marketing research students from Rhode Island College conducted interviews with several Rhode Island companies to gauge the awareness of employee caregiving responsibilities.
They found that most companies felt the topic of caring for aging parents was too personal to ask their employees about. This data is consistent with "The Caring Company", a new report from the Harvard Business School, which reported that “many employers remain strangely unaware of the magnitude and impact of the changing demographics of care and their economic consequences.”
While companies may offer employee assistance programs (health services to employees and their household members) as part of their benefit package, data indicates that EAPs are historically underutilized; less than 5 percent of employees offered the benefit use it. A further barrier to their usage is the stipulation that users live with the benefited employee; what about an aging parent desiring to age a part from their child?
I myself have spoken to dozens of caregivers trying to juggle work and caregiving. On a recent call to an employee benefits administrator, it was noted that the person I was speaking to had just spoken with siblings who would be quitting their jobs to take care of their mom.
These issues, coupled with a rapidly aging workforce (and a workforce that is caring for aging loved ones) makes understanding industrial gerontology an imperative. It's suddenly new and innovative! The longevity economy is calling — loudly!
Innovation is required to meet this critical need. And it's a call Senior’s Choice Consulting, a division of Aging Easily LLC, is working to answer. Founded by me, the entity "is here to guide seniors and their care providers through the challenges of aging independently." It offers as much or as little support as clients wish.
Recently, the company announced that it has expanded to offer elder care consulting services to local companies in addition to its established work with individual seniors and their families.
This new offering allows companies to schedule either a single or series of "edu-lunches" where employees can choose to listen to presentations on a variety of topics related to caregiving and issues related to aging. Organizations may also choose to have Senior’s Choice Consulting coordinate an aging resources health fair for employees and their family members. If a company prefers to provide their employees with direct access to an expert, Senior’s Choice Consulting can provide on-site consulting services, too.
In today’s booming economy and tight labor market, employees are no longer simply a clock number. In fact, industrial gerontology is a leading field in the longevity economy and rife for continued innovation and development. "Every old is new again," after all.
Editor's Note: Aging Easily, LLC was one of Rhode Island Inno's 2019 50 on Fire winners.
Deborah Burton, MS is a gerontologist and serial entrepreneur. Deborah is the founder of Senior’s Choice Consulting and RIElderInfo.com under Aging Easily, LLC, and most recently started Red Cardinal Residential, LLC, which provides handyman and odd job services to seniors.
