Chronic illnessesexact a heavy toll on businesses, budgets and economies. According to a [s]World Economic Forum[/s] report, they account for the lion’s share of healthcare costs in developed markets and, increasingly, emerging markets – having an even greater impact on productivity, through increased absenteeism and presenteeism. The report says that US companies that target just three major risk factors can save an average of $700 per employee each year in healthcare costs and productivity improvements, with the savings in Europe closer to €400 per employee. The report says in many parts of the world, while companies do not benefit directly from savings in healthcare (due to out-of-pocket or public funding), the productivity gains are available to all.
A [s]UK health report[/s] has found that the lack of understanding of effective health and well-being programmes is costing the economy over £100bn annually. A [s]People Management[/s] report says the study from the [b]University of Salford[/b] and [b]Cavill Associates[/b] found that despite an increase in investment to improve workplace health in recent years, time and money is being wasted on poorly planned and executed health initiatives. In response to the findings, experts have called on organisations to form ‘strategic partnerships’ to help tackle the UK’s health deficit. The report highlights best practice examples of effective health and well-being strategies already used by employers in the City of London.