Latest news with #HonorTechnology
Forbes
25-06-2025
- Business
- Forbes
The $157 Billion Caregiving Crisis Employers Can No Longer Ignore
Picture of a happy elderly woman with her cheerful carer outdoor springtime The caregiving industry stands at a critical crossroads. While millions of families grapple daily with the emotional and logistical weight of caregiving, employers are only beginning to recognize the toll it takes on their workforce. Caregiving is not just a family issue, it's a silent but looming crisis for the workplace. And with the U.S. population rapidly aging, this challenge is set to grow exponentially. By 2034, the United States will see a major demographic shift, with the number of people over 65 surpassing those under 18. This shift raises a red flag, particularly for organizations, as employees increasingly find themselves part of the sandwich generation juggling responsibilities for both aging parents and children. Without proactive solutions, families and employers alike risk being overwhelmed. Fortunately, care entrepreneurs like Seth Sternberg, co-founder and CEO of Honor Technology, are leading the charge to reimagine caregiving through innovation, personalization, and a renewed focus on dignity. Honor, along with its consumer brand Home Instead, is pioneering a new model for aging care. Sternberg's vision offers valuable lessons not only for families but also for employers, policymakers, and anyone invested in building a future where care is accessible, scalable, and humane. A Personal Motivation For Sternberg, Honor Technology was born out of a deeply personal moment. During a visit to his mother, he noticed a subtle change in her behavior. 'Driving had become harder for her,' Seth explained. It was a small detail but a powerful signal that his mother might soon need additional support. That single observation sparked a realization about the broader challenges faced by aging adults and their families. Despite a fast-growing aging population, Sternberg observed that technology and innovation had largely ignored this demographic. There were few scalable solutions for aging in place, a preference shared by 93% of older adults. Sternberg, already a seasoned entrepreneur with tech successes like Meebo (acquired by Google) under his belt, saw an opportunity. He envisioned not only improving care for seniors but also uplifting the caregivers who are vital to the system. Honor was founded with a bold ambition to make aging at home simpler, safer, and more supportive for everyone involved. The Caregiving Industry's Challenges The caregiving industry is currently valued at $153.7 billion in the United States. Yet, it remains one of the most fragmented and under-supported industries. Thousands of small, independent agencies operate across the country, often without consistent standards or resources. This lack of coordination leads to significant disparities in care quality. Adding to this, unpaid family caregiving in the U.S. is valued at an estimated $873.5 billion annually, which is equivalent to 3.2% of the U.S. GDP. This staggering figure underscores the immense economic contribution of family caregivers, who often sacrifice their own financial stability and well-being to provide care. For families, navigating this fragmented system can be maddening. Stories of caregivers failing to show up or mismatched pairings abound. Worse still, many families face prohibitively high costs, with limited public funding available for non-medical home care. For employers, the crisis manifests as hidden losses in productivity, increased turnover, and absenteeism. Sternberg explains that approximately one in five employees is simultaneously supporting an aging parent. These caregivers are often emotionally burned out, physically exhausted, and juggling significant financial strain. Meanwhile, employers, who rarely offer caregiving-related benefits, are losing valuable workers who feel forced to exit the workforce entirely. Redefining Care Through Personalization At the heart of Honor's approach is a commitment to personalization, enabled by technology. Traditional caregiving models struggle to accommodate the unique needs of individuals, often relying on generic matching processes. Honor solves this problem by integrating advanced artificial intelligence (AI) directly into its operations. 'AI is the ultimate personalization engine,' says Sternberg. By analyzing factors such as care needs, personal preferences, and family dynamics, Honor's Care Platform ensures that caregivers (or as they call them, 'Care Pros') are matched with the right clients. For example, while one Care Pro might be perfect for Mrs. Smith, they might not align with Mr. Jones' needs. Honor's technology accounts for these nuances, learning from every interaction to improve outcomes. The benefits extend beyond better matches. Honor's technology also plays a critical role in managing logistics, like replacing caregivers who call out at the last minute. Families are notified of changes and kept informed about the care being delivered, fostering trust and transparency. Employers Must Take Action For employers, the caregiving crisis presents both a challenge and an opportunity. Left unaddressed, caregiving demands will continue to drain productivity and increase turnover. But with the right support systems, businesses can position themselves as leaders in employee well-being. Sternberg highlights that many employers already offer childcare benefits. Extending similar benefits to support elder care is a logical next step. Options like respite care, financial assistance for caregiving expenses, or partnerships with providers like Honor Technology can make a profound difference. 'There's a silent crisis happening right now,' Sternberg explains. 'Employers are losing talented, hardworking people because caregiving responsibilities become untenable. Offering concrete solutions is not just the right thing to do, but it's also a smart business decision. Retaining employees is cheaper than replacing them and providing the support they need builds loyalty and productivity.' A New Vision for Aging in Place The broader implications of Honor's work extend well beyond corporate America. With only 4% of older adults living in senior communities, 90% of seniors prefer to age in place according AARP's Home and Community Preferences Survey. Yet, many households are woefully unprepared to meet the challenges this entails. Mobility issues, cognitive decline, and logistical barriers like grocery delivery or medication schedules can quickly snowball into crises. Honor's long-term vision is to build a caregiving infrastructure that not only adapts to these challenges but anticipates them. The integration of smart home devices, remote monitoring, and AI-driven care plans could drastically reduce costs and improve accessibility. For example, wearable tech integrated into Honor's existing systems could allow for real-time health monitoring, reducing the need for constant physical supervision. Combining technology with compassionate human touch, Honor aims to redefine what it means to age with dignity. Transforming the Workforce One often-overlooked element of caregiving is the workforce itself. Caregivers, or Care Pros, are the largest workforce in the U.S., yet their jobs are often undervalued and unstable. High turnover, low wages, and irregular hours have long plagued the industry. Honor is tackling these challenges head-on. From day one, the company has focused on treating caregivers as professionals. They're provided with training, consistent schedules, and tools that offer stabilization. More than just a rebranding exercise, this focus on 'Care for the Care Pro' creates better experiences for workers and, by extension, for the families they support. Sternberg sums it up perfectly: 'If you take care of the caregivers, they can take care of the clients. It's a simple concept, but one that's been ignored for too long.' What Employers Can Learn from Honor The lessons from Honor's approach aren't just for caregiving companies. Every business can benefit from adopting a more empathetic, holistic view of employee needs. For organizations preparing for the challenges of 2034 and beyond, caregiving benefits should be as standard as health insurance or 401(k) plans. Whether through financial subsidies, flexible work arrangements, or direct partnerships with care providers, investing in caregiving benefits is an investment in the future. Supporting employees in their caregiving journeys reduces stress and enhances productivity. Most importantly, it builds the kind of loyalty that no salary increase can match. A Call to Action The caregiving crisis is not a far-off problem. It's here, woven into the fabric of family life and workplace culture. The solutions, however, are within reach. By combining innovation with compassion, we can create systems that support not just aging adults but the generations who care for them. For families, businesses, and society at large, the stakes couldn't be higher. Caregiving should not be a burden borne in silence. It's time to recognize its impact, invest in innovation, and build a future where aging is met with dignity, purpose, and support for every individual involved. Note: I've personally navigated the complex and often overwhelming challenges of caregiving, for my father during his final years and now for my mother. May this article inspire you to take proactive steps to explore options and prepare for the care your parents deserve, with compassion and foresight.
Forbes
25-06-2025
- Business
- Forbes
The $157B Caregiving Crisis Employers Can No Longer Ignore
Picture of a happy elderly woman with her cheerful carer outdoor springtime The caregiving industry stands at a critical crossroads. While millions of families grapple daily with the emotional and logistical weight of caregiving, employers are only beginning to recognize the toll it takes on their workforce. Caregiving is not just a family issue, it's a silent but looming crisis for the workplace. And with the U.S. population rapidly aging, this challenge is set to grow exponentially. By 2034, the United States will see a major demographic shift, with the number of people over 65 surpassing those under 18. This shift raises a red flag, particularly for organizations, as employees increasingly find themselves part of the sandwich generation juggling responsibilities for both aging parents and children. Without proactive solutions, families and employers alike risk being overwhelmed. Fortunately, care entrepreneurs like Seth Sternberg, co-founder and CEO of Honor Technology, are leading the charge to reimagine caregiving through innovation, personalization, and a renewed focus on dignity. Honor, along with its consumer brand Home Instead, is pioneering a new model for aging care. Sternberg's vision offers valuable lessons not only for families but also for employers, policymakers, and anyone invested in building a future where care is accessible, scalable, and humane. A Personal Motivation For Sternberg, Honor Technology was born out of a deeply personal moment. During a visit to his mother, he noticed a subtle change in her behavior. 'Driving had become harder for her,' Seth explained. It was a small detail but a powerful signal that his mother might soon need additional support. That single observation sparked a realization about the broader challenges faced by aging adults and their families. Despite a fast-growing aging population, Sternberg observed that technology and innovation had largely ignored this demographic. There were few scalable solutions for aging in place, a preference shared by 93% of older adults. Sternberg, already a seasoned entrepreneur with tech successes like Meebo (acquired by Google) under his belt, saw an opportunity. He envisioned not only improving care for seniors but also uplifting the caregivers who are vital to the system. Honor was founded with a bold ambition to make aging at home simpler, safer, and more supportive for everyone involved. The Caregiving Industry's Challenges The caregiving industry is currently valued at $153.7 billion in the United States. Yet, it remains one of the most fragmented and under-supported industries. Thousands of small, independent agencies operate across the country, often without consistent standards or resources. This lack of coordination leads to significant disparities in care quality. Adding to this, unpaid family caregiving in the U.S. is valued at an estimated $873.5 billion annually, which is equivalent to 3.2% of the U.S. GDP. This staggering figure underscores the immense economic contribution of family caregivers, who often sacrifice their own financial stability and well-being to provide care. For families, navigating this fragmented system can be maddening. Stories of caregivers failing to show up or mismatched pairings abound. Worse still, many families face prohibitively high costs, with limited public funding available for non-medical home care. For employers, the crisis manifests as hidden losses in productivity, increased turnover, and absenteeism. Sternberg explains that approximately one in five employees is simultaneously supporting an aging parent. These caregivers are often emotionally burned out, physically exhausted, and juggling significant financial strain. Meanwhile, employers, who rarely offer caregiving-related benefits, are losing valuable workers who feel forced to exit the workforce entirely. Redefining Care Through Personalization At the heart of Honor's approach is a commitment to personalization, enabled by technology. Traditional caregiving models struggle to accommodate the unique needs of individuals, often relying on generic matching processes. Honor solves this problem by integrating advanced artificial intelligence (AI) directly into its operations. 'AI is the ultimate personalization engine,' says Sternberg. By analyzing factors such as care needs, personal preferences, and family dynamics, Honor's Care Platform ensures that caregivers (or as they call them, 'Care Pros') are matched with the right clients. For example, while one Care Pro might be perfect for Mrs. Smith, they might not align with Mr. Jones' needs. Honor's technology accounts for these nuances, learning from every interaction to improve outcomes. The benefits extend beyond better matches. Honor's technology also plays a critical role in managing logistics, like replacing caregivers who call out at the last minute. Families are notified of changes and kept informed about the care being delivered, fostering trust and transparency. Employers Must Take Action For employers, the caregiving crisis presents both a challenge and an opportunity. Left unaddressed, caregiving demands will continue to drain productivity and increase turnover. But with the right support systems, businesses can position themselves as leaders in employee well-being. Sternberg highlights that many employers already offer childcare benefits. Extending similar benefits to support elder care is a logical next step. Options like respite care, financial assistance for caregiving expenses, or partnerships with providers like Honor Technology can make a profound difference. 'There's a silent crisis happening right now,' Sternberg explains. 'Employers are losing talented, hardworking people because caregiving responsibilities become untenable. Offering concrete solutions is not just the right thing to do, but it's also a smart business decision. Retaining employees is cheaper than replacing them and providing the support they need builds loyalty and productivity.' A New Vision for Aging in Place The broader implications of Honor's work extend well beyond corporate America. With only 4% of older adults living in senior communities, 90% of seniors prefer to age in place according AARP's Home and Community Preferences Survey. Yet, many households are woefully unprepared to meet the challenges this entails. Mobility issues, cognitive decline, and logistical barriers like grocery delivery or medication schedules can quickly snowball into crises. Honor's long-term vision is to build a caregiving infrastructure that not only adapts to these challenges but anticipates them. The integration of smart home devices, remote monitoring, and AI-driven care plans could drastically reduce costs and improve accessibility. For example, wearable tech integrated into Honor's existing systems could allow for real-time health monitoring, reducing the need for constant physical supervision. Combining technology with compassionate human touch, Honor aims to redefine what it means to age with dignity. Transforming the Workforce One often-overlooked element of caregiving is the workforce itself. Caregivers, or Care Pros, are the largest workforce in the U.S., yet their jobs are often undervalued and unstable. High turnover, low wages, and irregular hours have long plagued the industry. Honor is tackling these challenges head-on. From day one, the company has focused on treating caregivers as professionals. They're provided with training, consistent schedules, and tools that offer stabilization. More than just a rebranding exercise, this focus on 'Care for the Care Pro' creates better experiences for workers and, by extension, for the families they support. Sternberg sums it up perfectly: 'If you take care of the caregivers, they can take care of the clients. It's a simple concept, but one that's been ignored for too long.' What Employers Can Learn from Honor The lessons from Honor's approach aren't just for caregiving companies. Every business can benefit from adopting a more empathetic, holistic view of employee needs. For organizations preparing for the challenges of 2034 and beyond, caregiving benefits should be as standard as health insurance or 401(k) plans. Whether through financial subsidies, flexible work arrangements, or direct partnerships with care providers, investing in caregiving benefits is an investment in the future. Supporting employees in their caregiving journeys reduces stress and enhances productivity. Most importantly, it builds the kind of loyalty that no salary increase can match. A Call to Action The caregiving crisis is not a far-off problem. It's here, woven into the fabric of family life and workplace culture. The solutions, however, are within reach. By combining innovation with compassion, we can create systems that support not just aging adults but the generations who care for them. For families, businesses, and society at large, the stakes couldn't be higher. Caregiving should not be a burden borne in silence. It's time to recognize its impact, invest in innovation, and build a future where aging is met with dignity, purpose, and support for every individual I've personally navigated the complex and often overwhelming challenges of caregiving, for my father during his final years and now for my mother. May this article inspire you to take proactive steps to explore options and prepare for the care your parents deserve, with compassion and foresight.
