It’s a numbers game – The ‘Economics’ of Care
If we listen to the media and all the noise surrounding #BREXIT we would think economics is all about that 6 letter word, let me tell you it’s not. If you ever have 5 or so minutes just ‘google’ something related to the cost of ‘care’, focusing on care for older people and this should be more concerning than anything supposedly the ‘experts’ on both sides come up with. Unlike BREXIT we have more knowledge on the financial impacts of us living longer – that might be the NHS, Carers, Local Authorities, and most importantly the older people themselves. However, what about the financial implications to employers? Let us explore.
Myself, when I was a carer for my own Dad I had to halt my then ‘career’ and look for something that fitted in with my own care responsibilities, not easy but I managed it, so for me the impact was minimised, however what about the employer I had just left? Well most current research suggests that when a carer gives up work to care for somebody the cost to the employer can range from 50% – 150% of the employees salary costs. Given the eye-watering number of carers in the UK eg around 1.3m ‘sandwich’ carers who are caring for children and older people, so therefore more likely to be working. A quick calculation (1.3 m x 1% = 13,000 carers x avg UK Salary (£29k), = £377m of cost to employers, based on just 1% of these quitting. I realise there would be many caveats to this calculation but it’s costing UK plc lots of money!
Cancel BREXIT, go ahead with BREXIT!!! Whatever the outcome more work needs to be done with employers. This has started through organisations such as Carers UK. Also here at Community Men2Men Buddying, through our Chamber of commerce membership, working in partnership with other chamber members and the Northamptonshire Growth Hub/University of Northampton we are also supporting carers within the workforce. To find out more please go to cm2m.co.uk, follow us on twitter @CM2MLtd or call Chris on 07840584296.