The Standard Insurance Company, a provider of financial protection products and services for employers and individuals, has announced a new relationship with caregiving benefit provider Family First.
The Standard’s clients have the option to contract directly with Family First to access expert guidance aimed at addressing the caregiving challenges employees face.
The new partnership with offer:
- Personalized caregiving support — For every life event, from caring for a newborn to a spouse or a parent, licensed care professionals can help employees identify challenges and alleviate the burden of caregiving.
- Services — Employees can get assistance through online tools and resources, a mobile app or telephonic support.
- Family First’s holistic approach — This method addresses employer challenges such as employee absenteeism, presenteeism, retention and workplace satisfaction, improving outcomes for both employees and their loved ones.
Employers may contract directly with Family First for services tailored to their needs, subject to additional costs.
“It can be mentally and physically taxing for employees who are taking care of loved ones and trying to fulfill their responsibilities at work,” said CrisDee Plambeck, assistant vice president of Product and Strategy Support at The Standard. “From our research, we’ve found that 81 percent of employees surveyed said that when a family member becomes disabled, the event significantly affects an employee’s work/life balance. This solution allows our clients to create a culture of support and demonstrate a personal commitment to their employees at a time when they most need it.”
Studies have shown that balancing work and caregiving responsibilities has been a significant challenge identified by employees. A recent survey by Edelman Financial Engines (EFE) found that 20% of Americans are active caregivers for parents or adult family members, and 37% say they have experienced financial strain as a result.
Caregiving responsibilities have especially impacted women, as 48% in a Morning Consult and NEXT360 Partners report describe feeling “under financial strain” due to caring for older and younger loved ones. Nearly two-thirds of women in this survey said caregiving has negatively impacted their ability to hit financial goals, and over half (51%) said having the help of an advisor would make them feel more confident about planning their financial future.
“We are thrilled to partner with The Standard to provide an easy way for clients to add Family First’s expert caregiving solution,” said Evan Falchuk, CEO of Family First. “At a time when caregiving is causing so many employees to leave the workforce, Family First solves caregiving challenges and reduces the burden on caregivers and the effect on the companies where they work.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
