The cost of chronic disease for companies results in lower productivity, absenteeism, and increasing cost of health benefits and drug expenditure.
Employee sickness has a direct impact. Not only does the work suffer, but the cost of health benefits rises too. This is why employee wellbeing is far more valuable than just checking off the box.
David, a key employee spearheading the new marketing project, is absent for weeks because he is battling a chronic illness. As a result, the work will stall, the deadline will shift, and it will cause a significant loss. This isn't just a human story; it's a financial one, etched in the rising costs of less effective corporate health benefits.
Let’s admit – drug prices are rising day by day, and traditional health plans are falling short of meeting the employee needs. Every day of employee absence, has an effect on ROI with a deeper strain on both the budget and the team’s productivity.
When David succumbs to a preventable chronic condition, the impact ripples beyond his health.
The answer to David’s health and productivity lies in a simple yet powerful shift – instead of using the band-aid of reactive care, one has to choose a permanent solution of proactive care.
Also, it is about recognizing that a healthy workforce is productive, and that investing in employee well-being is not just a feel-good perk, but a strategic business decision too.
Studies show that an investment in wellness programs, and companies that have embraced preventative health, can yield a significant return on investment. Here is an instance where the Soma Analytics 2017 research ↗ determined FTSE 100 companies that prioritized employee engagement and well-being outperformed the rest of the FTSE 100 by 10%.
“Leah Stringer, a workplace strategy expert, and author of The Healthy Workplace ↗, believes that human health should be the foundation of workplace design, and of business, because companies thrive on the innovation and abilities of their people, and if employees are sick, overweight, stressed, sleep-deprived or disengaged, they prevent the company they work for from thriving and maintaining a competitive advantage in the marketplace."
Remember the leaky faucet you kept ignoring? Sure, a single drip may seem harmless, but with time it's litres, (and dollars) wasted. Neglecting employee health has similar consequences. While offering basic health benefits might feel like ticking a box, as an Employer/ HR, your strategy is ineffective for the future of the company.
It's time for a real solution! Proactive benefit programs are the place to start. Here’s how your ROI will be positively impacted:
Build a more resilient, productive workforce that focuses on prevention and takes control of their well-being.
Ready to rewrite the future of your organization? Count the cost of sickness, and convert it into long-term savings through prevention. We can create a healthier workplace together with our corporate nutrition programs and tailor-made, personal nutrition counseling.