It’s a numbers game – The economics of care
If you ever have a few minutes, do an internet search related to the cost of care for older people and you may be taken aback. We are more aware than ever before of the financial, and other, impact that living longer has on the NHS, local authorities and unpaid carers.
But what about the financial implications to employers? Let us explore.
Lived experience
As for me, 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 new responsibilities. It wasn’t easy, but, I managed it and for me the impact was fairly minimal.
However, what about the employer I had just left? Current research suggests that when someone gives up a career to care for somebody, the cost to the employer can range from 50% – 150% of the employees salary. Given the eye-watering number of unpaid carers in the UK, around 1.3m, caring for children and older people that’s a staggering dent in the UK economy.
A quick calculation (1.3 m x 1% = 13,000 carers x average 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 ultimately it’s costing UK plc lots of money!
Solutions
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.
