Taking on a caregiving role for family members can be demanding, regardless of age or career stage. However, Generation X, carry a particularly heavy burden compared to others. They are often at the peak of their caregiving years, juggling the challenges of children still living at home, whilst simultaneously caring for ageing parents. In fact, according to the most recent Census, there’s an estimated 5.8 million unpaid carers in the UK.
Mental wellness has taken a big hit, with 79% of carers feeling stressed and 49% feeling depressed. The financial impact on the caregiver is significant as well, with 51% of carers sharing their worries about living costs and managing their future. These statistics highlight the many challenges faces by caregivers in the UK, especially relating to mental health and financial impact.
What do caregivers need?
If you’re not a caregiver yourself yet, you may still have the power to advocate for meaningful change on their behalf. Companies should recognise that their employees have unique caregiving needs. Encourage management to include caregiving-related questions in regular employee engagement surveys to gain further insight into what support the workforce finds most valuable. Caregivers within your organisation should guide the development of new caregiving policies – encourage them to forward with ideas that would support their situation. Open and honest discussions on the topic will ensure your efforts are aligned with the needs of your caregiving employees, helping to retain and support them.
There is still a stigma felt by employees regarding openly talking about responsibilities that take their attention away from work (especially by millennials, who are less likely to report their caregiving commitments to a manager). According to Carers UK, around 75% of working carers find balancing work and caregiving a major concern. Additionally, 61% of unpaid carers are worried about living costs and managing in the future. Research shows that 2.6 million people have quit their job to care for a loved one, with nearly half a million leaving their job in the last two years alone.
Open dialogue in the workplace is a starting point that will help steer caregiver – and employee – wellness in the right direction.
In the UK, unpaid family caregivers can find financial relief through existing benefits like Carer’s Allowance and Carer’s Credit. These initiatives are designed to ease the burden on caregivers as they juggle their work and caregiving duties.
Next steps
If you’re struggling to balance working and caregiving, don’t be afraid to ask for help. Here’s how:
• Tell your direct line manager and HR business partner what your caregiving responsibilities entail so they can offer support, like flexible schedules or remote working.
• If your company has employee resource groups for caregivers or parents, join it! You’ll build relationships with others in your position.
• If you’re in a position to, consider hiring help to take some of the responsibilities off your plate. Could you outsource grocery shopping or cleaning every week to free up time for yourself?
Bear market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, forgoing pay checks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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