A multigenerational caregiving crisis is emerging at the interface of family and work, and human resource development (HRD) should pay attention. This perspective considers the impact of multigenerational caregiving-induced responsibilities on human capital frameworks, and their implications for HRD. We believe traditional models often neglect the unique challenges multigenerational caregivers face--such as stress, absenteeism, and constrained opportunities for self-development--which contribute to the erosion of human capital. This paper uses quantitative models to show that multigenerational caregiving is a critical driver of human capital depreciation. Integrating multigenerational caregivers into human capital discourse foregrounds the need for adaptive HRD strategies. These strategies should prioritize both human capital sustainability and workforce well-being, empowering organizations to support multigenerational caregivers and build a more inclusive, resilient workforce.