Poor employee health is one of the most persistent problems effecting productivity, profitability and competitiveness for Irish organisations and companies according to new research.
Fusion HR, a corporate health services provider, has analysed the health risk factors identified by just under 600 Irish employees through its Health House wellness portal to estimate the cost of poor employee well-being on the Irish economy.
The company then applied productivity impact factors which resulted from a key study carried out in 2005, at the University of Michigan, on the association of health risks and job productivity of over 28,000 employees, to quantify its findings.
According to the results, €2.4 billion per annum is the cost of lost productivity to the Irish economy due to poor employee well-being. This equates to approximately €1,200 per employee for the approximately 2 million Irish workforce.
Chief Sales Officer at Fusion HR, Conor Hoey says, ""We recommend that companies and organisations develop a wellbeing strategy that meets their needs and resources. We provide the tools to enable them discover the risk factors that are within their organisations and once these are known an integrated plan in conjunction with employees can be developed and measured.
"For example, a 15% reduction in employee risk factors would result in a productivity improvement of €360 million for Irish companies in addition to improvements in employee welfare, productivity and less strain on the health system.”