With increasing absenteeism, employers are losing ground in terms of effective programs that keep healthy workers on the job. various studies and research published in past revealed that the rates of unscheduled absenteeism hiked to its highest level since 1999. Absenteeism cost some large employers as much as $850,000 per year, and even manifold when lost productivity, morale and temporary labour costs are considered.
Corporates are engaged in a tug of war for their employees' time. Unscheduled absences trending upward, companies need to develop a better understanding of why employees are calling in sick, it’s an impact on other employees who are expected to pick up their slack, as well as the impact it has on customers and anyone else relying on the absent worker.
We were acquainted with Corporate Wellness programs long back in 1970s fitness craze, but lately, corporate wellness programs have become a need for an hour for all organizations. International Foundation of Employee Benefit Plans(IFEBP) tells that 90% of organizations provide wellness benefits. Also, three of the five have wellness budgets. We can expect a huge hike in these health budgets to in coming years. Also, two-thirds of human resources managers’ report that, in the past five years, their companies have broadened health and wellness options.
DID YOU KNOW: Productivity losses stemming from absenteeism cost employers $225.8 billion each year, or $1,685 per employee.
Last year, absenteeism in the public and the private sector due to illness or injury rose to 4.4 per cent. Which implies 44 out of 1000 working days were time lost on sick leaves.
Sick leaves delay work projects falling behind schedule. They generate stress for other workers, who try and patch up for lost productivity. Since some may need to work overtime to make up for the time lost and work delayed, they add to overtime bills. Corporate Wellness programmes help us to enhance productivity and employee retention.
The findings are crystal clear. Unhealthy employees cost employers money and take a toll on the bottom line of business. As much as $2.7 trillion in annual healthcare expenditures are owing to people with chronic and mental health conditions.
As per studies, If we talk about the lost productivity due to missed work, it has ended up to cost employers as much as $225.8 billion, or $1,685 per employee, annually.
It is surprising to know that the above figure is attributable to the six PREVENTABLE chronic diseases namely cancer, diabetes, hypertension, stroke, heart disease and pulmonary conditions.
87.5% of healthcare claims costs are due to an individual’s lifestyles!! Isn’t this a wakeup call??
Employers should aim in developing programs and an overall strategy for employee wellness. The need of the hour is to gather data to properly assess and measure the effectiveness of wellness initiatives. In such scenario screenings, interest survey and health records will play a crucial role to determine employees’ needs and interests. The findings above create opportunities to assist employers to implement appropriate programming. And also help launch healthy eating drives and running fitness challenges, offering exercise classes and developing ideas to get employees to move towards a lifestyle change.
“Wellness at the workplace, when rightly done, can brings great benefits,”
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- October 09, 2020 At 11:10 AM