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Disability and mental health issues are silently depleting Canadian companies billions of dollars in payroll costs, talent management expenses and lost productivity, but Mercer shares a cost-effective total health management strategy that can get your employees back to work and have a measurable impact on your people, overall business, and ROI.
The rising cost of employee healthcare is impacting employers, in Canada and around the globe, with no indication of relief causing some to examine their ability to continue offering the same benefits package. But, there’s a silent side to the healthcare dilemma that could have an even greater impact on cost, productivity, and talent management.
Stress- and health-related absenteeism, brought on by financial strain, work load, personal issues, unhealthy lifestyles, and so much more, is threatening to deliver a rude awakening to many Canadian organizations. Individual companies are losing tens of thousands – if not millions – of dollars in lost productivity from workers calling in sick or going on disability.
But there is a way to address the challenge to mitigate the toll it takes on your bottomline, your employees. We are diving much deeper into the data to present solutions you can use.
- Benefit costs have risen from 3-4% of payroll in 2012, are about 5-7% today, and are estimated to increase to 15-25% in 2022.
- Companies lose an estimated $16.6 billion in productivity per year due to workers calling in sick from a mental health issue.
- Disability strikes one in five Canadians due to a psychological health issue in any given year.
Mercer focuses on the total health management of employees and the overall organization to ensure you and your people can be successful. Total health can include disability, vacation, finances, education, wellness, EAPs, fitness, and much more.
Why the urgency? Healthcare costs will continue to escalate, and total health programs with measurable strategies and outcomes have been proven to substantially decrease absenteeism, increase growth, enhance productivity, and create happy workers.
Benefits costs are projected to take en ever-increasing bite out of your payroll budget, but there’s an additional (often hidden) cost that if you haven’t felt it yet…you probably will.
Absenteeism costs Canadian employers billions of dollars as workers stay home due to physical illness, stress, and more. And while wellness programs are proven to increase productivity, they only work when companies actually employ them.
See recent data on the rising cost of absenteeism and mental health issues, the impact comprehensive wellness programs make, and considerations for developing your own total health management program that provides a real return on investment.
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