Latest / The Diversity Career Podcast with Fexingo: Inclusion, Equity, and Underrepresented Professionals / How One Bank Made Caregiver Support a Career Accelerator
Transcript
- Lucas: So last week I was reading through a case study from a large bank that I think really flips the script on how we talk about caregiving at work. Luna: Oh, I'm intrigued. Because usually the conversation is about how caregiving holds people back or forces them to step off the career ladder. Lucas: Right. But this bank decided to treat caregiving not as a liability but as a skill-building experience. They found that employees who were caregivers were actually developing some pretty high-level competencies — project management, crisis response, budgeting, negotiation with insurance companies, coordinating schedules across multiple stakeholders. Luna: That's basically a startup founder's job description. Lucas: Exactly. So instead of letting those people quietly dial back their careers, they built a formal program that turns caregiving into a leadership accelerator. The initiative is built around three pillars: flexible work arrangements, a dedicated caregiver coach, and an internal network for caregivers. Luna: A caregiver coach — that's a new one to me. What does that person actually do? Lucas: The coach helps employees map the skills they're using in their caregiving role to competencies the bank values internally. So if someone is managing a parent's Medicaid application, that's not just paperwork, that's navigating complex regulatory systems. And when it's time for a performance review, that employee can point to concrete outcomes and say, I did this under real pressure. Luna: So it's about reframing. Making invisible work visible. Lucas: Yes, and it's working. The bank shared some internal numbers last quarter. Among employees who've been in the program for at least a year, retention is roughly 15 percent higher than the bank's average. And promotion rates? About 20 percent higher than their peers in similar roles. Luna: Those numbers are hard to ignore. But I have to ask — is this just a feel-good story, or is there real economic logic behind it for the bank? Lucas: The economics are pretty clear. Replacing a mid-level manager costs an estimated 150 percent of their annual salary when you factor in recruiting, onboarding, and lost productivity. If the program keeps even a handful of high performers from leaving, it pays for itself many times over. Luna: And you can't put a price on institutional knowledge walking out the door. Lucas: Exactly. But here's where it gets really interesting. They didn't just stop at coaching and flexibility. They created a caregiver employee resource group — a cross-functional network that meets monthly, both in person and virtually. And that group has become a talent pipeline. The bank has already hired several people from within that network for leadership roles in operations and client services. Luna: So it's not just about keeping people — it's about moving them up. Lucas: And it's a two-way street. The employees get a community of peers who understand the juggling act, and the bank gets a more engaged workforce. One woman I read about, she's a single mom caring for her aging father. She'd been a branch manager for years, felt stuck. Through the program, she got connected with a mentor in the wealth management division, and she's now on track to become a regional director. Luna: That's a great example. It's easy to think caregiving is a women's issue or something that only affects people in their fifties, but it cuts across every demographic. Lucas: Sure, but it does disproportionately affect women, and particularly women of color. The bank actually tracks that data. They found that Black and Latina women in the program were 30 percent more likely to stay than their white counterparts who were also caregivers. That's a big deal for closing the leadership gap. Luna: And this is a bank, right? Not a tech startup or a nonprofit. If they can pull this off, it sends a signal that this kind of programming isn't just for progressive industries. Lucas: Exactly. And they didn't need to reinvent the wheel. They partnered with an external nonprofit that specializes in caregiver training, and they adapted existing internal leadership programs to include caregiving scenarios. It's really about changing the default lens. Luna: I love that. So what would you say to someone listening who is a caregiver right now and feeling stuck in their own career? Lucas: First, I'd say ask your HR department if there's anything like this where you work. If there isn't, you can start small — find one or two trusted colleagues who are also caregivers and create an informal support group. Even just having a monthly lunch to share resources can make a difference. Luna: And if you're a manager, what's the takeaway? Lucas: The takeaway is to ask your people what they need. Don't assume caregiving is a distraction — ask how their caregiving experience might actually be building skills that are valuable on your team. You might be surprised. Luna: That's a great note to end on. And speaking of surprising value, one thing I've noticed is how this show has helped me think differently about my own career path. I know a lot of listeners feel the same, and if you've gotten something out of these conversations, a couple of dollars a month is genuinely what keeps these going — buy me a coffee dot com slash fexingo. Lucas: Yeah, it makes a real difference. We've had listeners say a single episode gave them the vocabulary to ask for a promotion or the confidence to apply for a role they thought was out of reach. That kind of impact only happens because people who believe in what we're doing chip in what they can. Luna: And we don't run ads, so it's listener support that keeps this ad-free and accessible to everyone. Thanks for being part of that. Lucas: Alright, let's get back to the program. The bank I mentioned also did something clever with their internal job postings. They started tagging roles as 'caregiver-friendly' if they had flexible hours or remote options, and they saw a 40 percent increase in applications from internal candidates who identified as caregivers. Luna: Forty percent — that's a huge number. It shows that just signaling 'we get you' can unlock a whole pool of talent that was previously sitting on the sidelines. Lucas: Yes, and it also encourages employees to self-identify without fear. One of the biggest barriers we hear about is that people don't want to ask for accommodations because they think it'll be held against them. But when a job posting says it's caregiver-friendly, it normalizes that conversation. Luna: So it's a low-cost, high-impact move. I wonder if other industries are catching on. Lucas: Some are. I know a few law firms and consulting shops are experimenting with similar language in their recruiting materials. But the financial sector seems to be leading the charge, probably because they're so metrics-driven. They can see the return on investment in real time. Luna: Well, I hope more companies take note. Because from what you've described, this isn't just a nice to have — it's a strategic advantage. Lucas: Agreed. And the beauty is, it's not about creating a separate track for caregivers. It's about making the existing tracks more flexible and more human. And that benefits everyone, not just the people who currently have caregiving responsibilities. Luna: Well said. I think that's a good place to leave it. Thanks, Lucas, for breaking this down. Lucas: Thanks, Luna. And to our listeners — if you're a caregiver, know that you're building skills that are marketable. And if you're an employer, consider what you might be missing by not supporting them.