Caring for Aging Parents and Your Bottom Line
Both employees and their employers increasingly have to adjust to an aging population.

By Stephanie Guerin, CFP and Kelly Voitenko

Caring for aging parents and your company’s bottom line are not mutually exclusive. Taking steps now to address how you will care for elderly relatives can alleviate future problems. As baby boomers trade in days of car pools and soccer games for caring for aging relatives, more employees and their employers are struggling with a variety of challenges, including:

•    Loneliness and/or depression
•    Health ailments
•    Financial issues
•    Social Security, Medicare, Medicaid and insurance
•    Housing options
•    Transportation
•    Family communication/interaction and agendas
•    Business issues
•    Emergencies

Juggling a growing number of multiple roles adds stress for both the employee and their employer. Whether you or one of your employees are caring for aging relatives, there are a number of steps you can take to protect your company’s bottom line.

Be Proactive
The best defense is often a good offense. Just as many owners often spend more time working in their business than on their business, the same is true of caring for elderly relatives. Acknowledge that caring for aging relatives is a fact of life. Be proactive and develop a plan. Implement guidelines and policies now to save time and resources later.

For Your Employees
•    Group Support. If you have employees who are either caring for aging relatives or might be in the future, consider monthly in-office lunches for them to share information on resources, discuss problems or just vent. This builds camaraderie and helps employees address and solve problems before they become too overwhelming. The cost is minimal and the rewards are great!

•    Flextime. Flextime is a welcome benefit for employees, whether they are caring for young children or older adults. Giving employees the flexibility they need to care for aging relatives provides them the time they need to tend to personal matters, and helps them focus on work while in the office. Giving employees some control over their time by allowing them to shift hours when necessary offers much-needed stress relief for them—and for you.

•    Message Board.  Post information on a message board about available community resources, recommendations from other employees or requests for help. Start with this article. The information will blossom in no time.

For You
Business owners already work hours more than most people. When you add in the responsibility of caring for an aging relative, a business owner’s time is stretched even thinner. Here are some tips for maintaining your sanity—and your productivity at work.
•    Your Time. Build time into your calendar to proactively care for your parents. You don’t wait until second-quarter financials are complete before you plan your second-quarter marketing plan, so why would you wait until after an emergency to talk with your parents? Discuss with them their wishes on how they prefer to be cared for if and when the time comes. Schedule this conversation in advance. Most people are uncomfortable talking about these matters, so plan how to open the dialogue.
One conversation starter is, “I have a friend who is struggling to care for her mother because they didn’t talk about it ahead of time. I know you may not need me to care for you, but we should talk about it in advance, in case you ever do. Can we plan a time to talk about your wishes?” This gives both you and your parents time to prepare. The best part is, the conversation is on your calendar and you are less likely to be caught by surprise if and when your parents need care.

•    Associations. Many business owners belong to civic and professional organizations that have regular meetings and programs. Suggest to the programming chairperson to find speakers on the topic of elder care. If the speakers are good, invite them to speak to your employees during a lunch-and-learn session.
 
•    Sole Proprietors. If you are a sole proprietor, take advantage of today’s technology to stay in touch with your clients while spending time caring for relatives. Hand-held communication devices allow you to regularly check e-mail and voice mail in order to stay on top of business matters. Consider temporary, part-time help, or “farming out” less important tasks, such as bookkeeping. Reduce spending in order to build cash reserves in the event you must be away from your business for an extended period of time. Don’t procrastinate; you can’t afford the luxury of catching up on work when juggling work and family. Most importantly, ask for care-giving help. Perhaps a niece or nephew can spend time with your mom, or a sibling can research housing options.

Plan now how you and your employees will effectively juggle work and caring for aging relatives. Knowing available resources in advance, sharing information, asking for help and flexible schedules will help you and your employees relieve stress, stay focused on work and maintain a healthy bottom line.

Stephanie Guerin, CFP and Kelly Voitenko own The Planned Approach, a financial planning firm located in Prairie Village, Kan. The company offers comprehensive life and business planning using a holistic planning model that focuses on the overall well-being of their clients.