Caregivers' Time Could Translate to 6-Figure Salary, if Compensated: Report

New research, with the help of a novel and interactive compensation calculator, has allowed the caregivers of loved ones who have Alzheimer disease or other forms of dementia to estimate the monetary impact of the daily care and labor they deliver. If caregivers in these situations were compensated for their work, they would rake in an average salary of $114,000. While these projections can differ state to state and depend on a myriad of factors, the estimation is informed by a new compensation study from Salary.com in partnership with Otsuka America Pharmaceutical, Inc. (Otsuka).¹

These findings represent the latest installment of an Otsuka-sponsored research series. This study, “America’s Unseen Workforce: What if Family Caregivers Were Paid a Salary?” and the series overall aims to bring awareness and support to the often-unacknowledged efforts of family caregivers. The organization’s commitment to the family-caregiver advocacy and visibility began in November of 2023 with a survey that found two-thirds of caregivers felt undervalued by society at large and that 47% feel overwhelmed and unprepared in their role.²

If caregivers were paid for their work, they could make over $100,000, according to a recent estimation | image credit: Photographee.eu - stock.adobe.com

“The daily spectrum of caregiving responsibilities can span 12 distinct jobs ranging from household chores to complex tasks such as nursing and financial counseling. However, unlike paid jobs, there is rarely, if ever, time to clock off, with family caregivers needing to work overtime and weekends,” according to a press release. “The rapidly aging population is driving a national caregiving crisis, leaving family caregivers to navigate a challenging journey without access to adequate resources and limited financial stability.”¹

Data from more than 350 reported human resource salary surveys was used to consider job descriptions and line them up with the typical duties of full-time family caregiver to loved ones with Alzheimer and dementia. Daily tasks associated with bathing, dressing, medication management, cooking and feeding, house safety (putting in ramps, railings, etc), cleaning, driving, scheduling (bills, doctor appointments), errands, and others were included for these research purposes.

While the report recognizes the uniqueness of each caregiver’s experience and responsibilities, the salary projections made calculations based off an estimated 9 caregiving hours per day for full-time Alzheimer and advanced dementia care. Therefore, approximately 63 hours per week are dedicated to caregiver duties, meaning 23 of these hours qualify as overtime work. Additionally, Salary.com factored in 2 hours each day when a caregiver could be considered on call.

Calculation is relatively easy for caregivers looking to evaluate the financial impact of their work: it's a 2-step process that includes the addition of the usual hours they dedicate to caregiver tasks coupled with their location to assess relative salaries to their area.

“We need to re-envision healthcare and social support networks to safeguard the well-being of family caregivers and the loved ones they tirelessly serve,” Debra Barrett, vice president of corporate affairs, Otsuka, said in a statement. “This community deserves to be supported with resources that offer a tangible impact in their lives.”

References

1. New study finds family caregivers would earn six figures if paid a aalary. Business Wire. News Release. October 14, 2024. Accessed October 15, 2024. https://www.businesswire.com/news/home/20241014904935/en/New-Study-Finds-Family-Caregivers-Would-Earn-Six-Figures-If-Paid-A-Salary

2. Otsuka announces corporate commitment to value the mind of every family caregiver. Otsuka. News Release. November 28, 2023. Accessed October 15, 2024. https://www.otsuka-us.com/news/otsuka-announces-corporate-commitment-value-mind-every-family-caregiver