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Dealcraft: Insights from Great Negotiators
Introducing “HBS Managing the Future of Work"
Dec 9, 2024
This episode tackles the economic impact of supporting caregivers at work, highlighting productivity losses from absenteeism. It reveals barriers faced by caregivers, especially post-pandemic, and suggests that companies rethink recruitment strategies to attract diverse talent. The discussion emphasizes flexible arrangements for hidden workers and the financial benefits of caregiving support. Additionally, the role of government policies, such as paid family leave, is examined, revealing strategies to enhance workforce participation among women and older individuals.
39:35
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Quick takeaways
- Supporting caregivers enhances employee retention and productivity by addressing their needs, which reduces turnover costs for businesses.
- Recognizing and hiring hidden workers, primarily caregivers, can improve workforce diversity and help organizations access a valuable talent pool.
Deep dives
The Economics of Caregiving in the Workforce
Supporting caregivers in the workforce presents significant economic advantages for businesses, primarily driven by reduced turnover rates. When employees leave due to conflicting caregiving obligations, the costs of recruiting and training new staff can escalate quickly, often exceeding their annual salaries. Statistics suggest that a substantial portion of the workforce, especially caregivers, feel compelled to resign because they cannot balance their professional and family duties. By acknowledging these caregiving needs, organizations can not only retain valuable talent but also enhance overall productivity and reduce costly disruptions.
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Listen to the best highlights from the podcasts you love and dive into the full episode