Aging-in-Place and Your Business: What Will Be Your Organization’s Role in 2024
As a business leader, have you ever considered the impact your decisions could have on the well-being of seniors in your community?
Or the employees, many of whom are balancing work demands and caring for their aging parents?
What about you a few years from now? Aging in place isn’t just about someone else. It’s a consideration that shapes the lives and future of those in your community, your employees, and you.
As a new year is upon us, it’s vital for you, a business leader, to think about resolutions and commitments that go beyond only financial and operational goals.
Considerations such as Corporate Social Responsibility (CSR), employee morale and retention, a positive brand image, and more contribute to a sustainable and positive business model.
When thinking about the coming year, consider the profound impact your company could have by making a sustained commitment to supporting seniors aging in place throughout 2024.
After all, seniors live in areas where you reside, where you do business, where your employees live, and where many of those employees care for their aging parents.
- As of 2020, 62% of family caregivers were employed while caring for someone over the age of 50
- Caregivers who are younger than 65 are more likely to work while caregiving (71%)
- Caregivers who provide care for 20 or fewer hours a week are more likely to be employed (66%).
- People caring for a parent, grandparent, or in-law are more likely to work than those caring for a spouse or partner.
- Men are more likely to work while providing care than women.
- 54% of caregivers are employed hourly, around 40% are salaried, and others report being self-employed or owning a business.
Corporate social responsibility isn’t about making a New Year’s resolution that will fade quickly but about establishing a meaningful and consistent connection with the aging community and those who support them.
The challenges seniors face are ongoing, and a year-round commitment to care is a gift for them and a way to show your company’s values.
Planning and consistency are essential when supporting your community.
Focusing specifically on supporting seniors aging in place due to choice or circumstance can be a boon for your company and its brand in the coming year.
- 8 in 10 older adults currently live independently in their own homes.
- Living in an assisted living community costs about $54,000 yearly ($4,500 monthly).
- 83% of seniors say they feel safer in their homes than anywhere else.
- Nearly three-quarters (72%) of low- to moderate-income seniors report having a chronic illness.
Understanding the Needs of Seniors Aging in Place
Understanding the unique needs of seniors aging in place is crucial for tailoring meaningful and impactful support.
This demographic faces challenges ranging from physical limitations to social isolation and loneliness. Physical health concerns, such as chronic conditions and mobility issues, can intensify with age, making daily tasks more challenging.
Socially, the absence of regular social interactions can lead to feelings of loneliness and depression, so ongoing and consistent support that acknowledges and addresses these challenges is essential.
Regular check-ins and programs sponsored by aging-in-place organizations foster social connections and make a lasting impact.
Support can’t be about sporadic assistance. Support has to be about creating a sustained network of care that enhances the quality of life for seniors throughout the year.
According to Medium, “Charitable organizations, like any institution, require stability to operate effectively. This stability is seldom attained through spontaneous, one-off donations. The essence of these organizations’ work is not sporadic but systematic. They continuously strive to support individuals and communities, launch various initiatives, and orchestrate long-term programs.”
This continuous support helps build trust and a sense of security, ensuring seniors age in place with dignity and a sturdy support system.
“For both for-profit and nonprofit organizations, financial capacity consists of resources that give an organization the ability to seize opportunities and react to unexpected threats while maintaining the general operations of the organization (Bowman, 2011).”
Understanding the needs of seniors aging in place isn’t just an insight into their challenges; it’s a foundation for building compassionate support that is consistent and effective.
Your business can positively mitigate the challenges the seniors in your community face through partnerships and other commitments throughout the year with aging-in-place organizations.
Partnerships and Ideas for Year-round Support of Aging-in-Place Organizations
Forming partnerships with aging-in-place organizations is a strategic move that allows your business to support seniors consistently throughout the year.
By making consistent financial contributions and other support, partnerships between your company and aging-in-place organizations enable seniors in your community to be supported by health and wellness programs, participate in community events, and foster social connections.
Your company can play an integral role in enhancing seniors’ quality of life and supporting the people you employ.
Remember that the impact of sustained efforts goes beyond seasonal gestures, creating a lasting positive influence on the lives of those we aim to serve.
Ideas for Year-round Support
NP Source, a nonprofit digital marketing agency, says, “The world of corporate giving (CSR) in 2024 is ripe with opportunities for nonprofits and companies to join forces and address societal challenges with creativity and determination.”
Here is their list of Emerging CSR Trends:
- Employee giving is on the rise — giving employees multiple ways of getting involved gives them the freedom to choose how they want to share, i.e., monetary contributions and time.
- Companies are developing year-round CSR strategies — corporate giving initiatives year-round lead to increased employee engagement, a more significant philanthropic impact, and heightened brand awareness.
- Corporate volunteerism is making waves — employees are five times more engaged when their employer offers a volunteer program.
- Companies are matching employee donations at higher ratios — matching contributions is an excellent way to communicate supporting a cause your employees can get behind.
- Non-profits are proactively pursuing matching gifts — primarily due to companies creating more generous employee-giving programs.
- Companies and nonprofits are developing partnerships — corporate partnerships open the door to a solid connection and deeper understanding of the challenges and solutions nonprofits offer.
- More small and mid-sized companies are developing CSR strategies — the trend of more small and mid-sized companies developing CSR strategies reflects the growing recognition of the importance of responsible business practices across industries.*NOTE — You can engage employees in other workplace giving trends like payroll deductions or corporate volunteer opportunities
- Companies are prioritizing disaster relief and crisis response — companies can significantly mitigate the impact of environmental crises.
By creating enduring partnerships and implementing year-round corporate social responsibility programs, your business can be a steady pillar of support that aging-in-place nonprofits need to make a lasting and positive impact on the lives of seniors in your community.
In addition, your consistent support of organizations that help seniors at home also helps the people (maybe you?) who always have to be ready to give care to their loved ones when needed.
Create a Lasting Impact
Forming enduring partnerships with year-round corporate social responsibility (CSR) programs is about positively impacting the lives of seniors and acts as a strategic move that can benefit your business.
Consistent giving establishes your company as a reliable and visible supporter of aging-in-place organizations, fostering a positive brand image.
In addition, the ripple effects of your corporate generosity extend to enhanced employee engagement and a positive corporate identity.
Your company’s dedication to community welfare won’t go unnoticed. Customers, investors, and employees are more likely to align with an organization that actively contributes to the well-being of its community.
By creating enduring partnerships and implementing year-round corporate social responsibility programs, your business can be a steady pillar of support that aging-in-place nonprofits need to make a lasting and positive impact on the lives of seniors in your community.
In addition, your consistent support of organizations that help seniors at home also helps the people (maybe you?) who always have to be ready to give care to their loved ones when needed.
A Final Thought
As we approach 2024, consider making a resolution that goes beyond the typical financial and operational goals.
The challenges seniors aging in place face are ongoing, requiring a year-round commitment to care. Their caregivers, who may be your employees, also face challenges balancing their work with the time and energy needed to care for a loved one.
As a business leader, your sustained support through the year can significantly impact the lives of those in your business and community facing the ongoing challenges of seniors aging in place and their caregivers, potentially your employees.
So, become part of a compassionate and connected community by supporting aging-in-place organizations in your community through 2024.
To learn more about how your business can make a lasting impact in supporting your seniors, contact the Kane Senior Citizens Council (KSC)
Life is a beautiful gift. We wish you and yours a healthy, safe, and prosperous 2024.
Sources
- Caregiver Statistics: A Data Portrait of Family Caregiving in 2023, 06.2023
- Choice Mutual, Aging In Place: Statistics + How To Prepare In 2024
- Our Epidemic of Loneliness and Isolation, U.S. Surgeon General Advisory on the Healthy Effects of Social Connection and Community, 2023
- Financial Sustainability for Nonprofit Organizations
- Medium, the Steady Rhythm of Kindness: Why Consistent Donations Matter More than You Think, 07.2023.
- NP Source, 8 Top Corporate Giving Trends for Watch in 2024 + Examples, 11.2023
