Presenteeism and Absenteeism
It is undeniable that presenteeism and absenteeism represent a significant productivity and cultural problem for employers. Businesses can no longer afford to ignore the high cost. Poor workforce wellbeing accounts for more than a 25% reduction in productivity (Source: L&G)
Ageing population and workforce
- 10 million people in the UK are over 65 years old, that number will have nearly doubled to 19 million by 2050.
- Default retirement age has been phased out.
- State pension age is rising from December 2018
- The demand for NHS care is growing faster than its budget
Healthy life expectancy has not increased as fast as life expectancy, resulting in the aging workforce and general population requiring proportionally greater demands for healthcare and social services.
(Source: Nuffield Trust, Andrew Oxlade, Telegraph: Gov.uk: AgeUK, Kings Fund)
Costs that can’t be seen
Illness or other medical conditions, can cut individual productivity by one-third or more. A relatively small decline in one person’s performance will have a ripple effect on the entire team’s results.
With increase demand on pension pots, health and social care, public services are already failing to keep up.
By default there is a cost to businesses, as ill-health among working people has an impact on the effectiveness with which they perform their jobs and their availability for work.
(Source: The Markland Consultancy and Lancaster University)
Employee Health and Wellbeing is no longer a “nice to have”, it is an essential investment tool returning ROI and VOI. However, to realise the benefits they need to be implemented correctly and targeted to meet the analysed needs of employees