More companies are helping employees deal with end-of-life issues. As the population ages, workers are more likely to struggle with terminal illnesses -- either their own or one affecting a family member. Pitney Bowes, General Electric, IBM, PepsiCo and Tyco International are among employers that offer support of various kinds, including flexible work hours, access to legal and financial advice, and information on hospice care, grief counseling and caregiver support groups.
The goal of employers with such programs is to help workers plan ahead and make informed decisions about the future, says Pam Kalen of the National Business Group on Health, which is developing a tool kit for employers interested in setting up a program.
Employers benefit from increased productivity and lower health costs. A MetLife study puts the loss of productivity stemming from employees burdened by end-of-life caregiving at as much as $33 billion a year, while a retention study by Pitney Bowes and Tufts University notes that one in five caregivers seriously consider permanently leaving the workforce to deal with health matters.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Still, though end-of-life programs can save companies money, “this is more about doing the right thing for workers,” says Dr. Brent Pawlecki, corporate medical director at Pitney Bowes.
Pitney Bowes, for example, offers the benefits as part of the firm’s wellness program. Workers get information on end-of-life issues such as hospice and palliative care and the importance of planning for what Pawlecki calls “a normal part of life.” The company also has support groups for caregivers and flexible working arrangements that allow employees to work at home.
The initiative helps to “get rid of the stigma” associated with end-of-life issues, Pawlecki says. “We introduced it as part of our wellness program and to make the point that just as one plans for retirement, it’s important to plan for this,” he adds.
General Electric provides counseling and financial planning to employees who are diagnosed with a terminal illness. Counselors meet with employees to develop an action plan, covering such areas as estate planning, advanced directives, insurance needs and educational funding, among others.
About 70% of GE employees who are offered the service decide to participate. “Most people tell us what a relief it is to them to have this resource,” says GE’s Carolyn Smith.
-
Take Charge of Retirement Spending With This Simple StrategyTo make sure you're in control of retirement spending, rather than the other way around, allocate funds to just three purposes: income, protection and legacy.
-
Here's How To Get Organized And Work For YourselfWhether you’re looking for a side gig or planning to start your own business, it has never been easier to strike out on your own. Here is our guide to navigating working for yourself.
-
Europe Faces Economic and Political Headwinds Next YearThe Letter Challenges for Europe: Potential tariffs, high energy prices and more competition from China will weigh on the bloc in 2025.
-
Don't Sleep on Japan's Economic TransformationThe Letter After almost three lost decades, Japan — one of the world's biggest economies — is finally showing signs of life.
-
Kiplinger Outlook: Telecom Companies Brace for Tough TimesThe Letter The telecom industry is entering a new era that threatens profitability. But the coming Trump administration will make it easier for the major players to adjust.
-
Start-ups Trying to (Profitably) Solve the World’s Hardest ProblemsThe Letter More investors are interested in companies working on breakthrough science to tackle huge societal challenges. The field of deep tech has major tailwinds, too.
-
Will lower mortgage rates bring relief to the housing market?The Kiplinger Letter As mortgage rates slowly come down here's what to expect in the housing market over the next year or so.
-
The Big Questions for AR’s FutureThe Letter As Meta shows off a flashy AR prototype, Microsoft quietly stops supporting its own AR headset. The two companies highlight the promise and peril of AR.
-
China's Economy Faces Darkening OutlookThe Letter What the slowdown in China means for U.S. businesses.
-
AI Start-ups Keep Scoring Huge SumsThe Kiplinger Letter Investors continue to make bigger bets on artificial intelligence start-ups, even for small teams with no revenue. Some backers think a startling tech breakthrough is near.
