We love research. You probably do too—but it’s never easy to find time to read it all. That’s why we’re sharing the most compelling facts from the latest research. These numbers offer valuable insights into building a stronger workforce for your company and inform the way we plan for the #futureofwork.
First, what is the “sandwich generation”? They’re the millions of Americans who are responsible for both young children and elderly family. With these heavy-duty caregiving roles, they are often seriously stressed and struggling to balance their work and life schedules. They’re less present, less focused, and less able to take on more at work. 47% have turned down a promotion because of caregiving responsibilities. 38% of sandwiched employees have left a job because it was incompatible with their family’s needs.
Efforts at increasing equity are always well-intentioned, but they aren’t always effective. Many have argued for a movement toward pay transparency, but for this first time, this study proved the value of pay transparency for improving pay equity by comparing companies that were required to report on gender pay gaps with similar companies that had no such pay transparency. And improvements in salary equity weren’t the only affects the researchers found. Frontline female employees were also more likely to get promoted to higher levels, and the companies hired 5% more women into entry-level and intermediate roles.
This isn’t a short read, but it’s a valuable one. Every employer should be aware of the business cost of financial precarity:
“National surveys show that, for Americans, money is a more frequent source of concern than work, family, or health issues. Incessant worry about money is associated with poorer health, lower levels of happiness, and increased social isolation. Financial precarity also has a corrosive effect on people’s cognitive functioning and their ability to make good decisions.”
Here’s just one example: A study of short-haul truck drivers found that worry about money made them less attentive on the job. Drivers who were worried about their finances were more likely to have a preventable accident. And those accidents would be associated with at least $1.3 million per year in additional costs to the company.