How Much is Chronic Illness Costing Your Company?
Study after study shows that unhealthy workers are costly to companies. How healthy is your company and what can you do to help?
- According to Gallop, unhealthy U.S. Workers' Absenteeism Costs $153 Billion.1
- Forbes study reveals that absenteeism due to illness and poor health costs the U.S. economy more than a half a trillion dollars a year due to the cost of disability and workers’ compensation.2
- A 2014 RAND Corporation research study shows that corporations who invest in efforts to help employees manage chronic illness return an average of $3.78 per every dollar spent.3
What are the first steps to finding a solution?
- Putting employees in the right seat.
Workplace stress is most often caused by employees attempting to function outside their core value nature. Core motivational drivers cause a person to want to make a contribution in a certain way. This deepest, internal-self also prescribes the behaviors and work that serve to develop self-esteem, causing people to subconsciously desire a situation that offers them the opportunity to make the highest contribution possible. Putting employee in the right seat dramatically decreases stress and increases productivity and profitability.
- Keeping employees healthy.
Dr. Brenda Wright, Dr. Saul Quint and Dr. Neil Gordon | January 26, 2012 | Benefits Canada
Achieving high participation and engagement Visible and consistent support from top‐ and mid‐level management is essential to implementing successful health improvement initiatives in the workplace. According to Forrester Research,
- More than 70% of large‐market employers in the U.S. offer tangible incentives, such as cash, gift cards, incremental flex benefit credit dollars, gym memberships or reductions in insurance premiums, to encourage employees to enroll in and complete coaching programs. Targeted and customized communications are also helpful in encouraging participation and engagement.
- Medical costs fall by about $3.27 for every dollar spent on wellness programs
- Absenteeism costs fall by about $2.73
- 35.7% improvement in medication compliance
The part can never be well unless the whole is well. — Plato