An article posted by McKinsey & Company, on September 10, 2021, points out among other things that employer-sponsored healthcare works better for employees and it becomes a moral and economic imperative at societal level especially in the post-pandemic era.
The study goes on to point out the need to reframe the mindset around employee health. Two related mindset shifts are important.
First, employers need to think about health broadly, not just the care they seek as a response to illness or injury. Approximately 80 percent of employees use few, if any, medical services in a year yet American workers are substantially less healthy than their counterparts in other countries. Preventive health, behavioral health, workplace environment, well-being, and social determinants require greater focus to drive employees’ overall health.
Second, employers should view health as another investment. The goal is to consider better health for employees as a way to enhance overall productivity and business results, and not as a cost on the expense line to minimize. The COVID-19 pandemic showed poignantly how employee health impacts the business, yet every year ill employee health creates a 16 percent drag on the economy in USA — a productivity-depressing cost for businesses. A return- on-investment (ROI) mindset would lead employers to optimize where they spend resources related to the mix of the employee base.
For example, effectively treating depression and anxiety could lead to a 4:1 return (that is, $4 back for every $1 spent) in improved employee health and productivity at work. Similarly, addressing health inequities between employees of different races and ethnicities could result in cost savings of around $80 billion for US employers through the reduction of days of work currently missed by minority employees.
Global Premier Health Coverage is linked to productivity in several ways. Access to health care services and treatment can help individuals maintain good health and prevent illnesses, which can lead to increased productivity. When individuals have access to efficient and trustworthy health care services, they are more likely to seek treatment for illnesses or injuries. This can prevent illnesses from becoming more serious and potentially debilitating, allowing individuals to return to work more quickly. Additionally, regular check-ups and preventive care can identify health problems early on, allowing for more effective treatment and faster recovery times.
Another way Global Health Coverage can improve productivity is through the reduction of absenteeism. When individuals are sick, they are usually unable to work or work productively, resulting in lost productivity and income. Access to health care services can help individuals recover from illnesses faster, reducing the amount of time they need to take off from work.
Additionally, global health coverage can improve productivity by reducing the financial burden of medical expenses. Without insurance, individuals may be hesitant to seek medical care due to the high costs associated with it. This can result in delayed treatment and more serious health problems in the long run. With health insurance, individuals can receive the care they need without worrying about the financial burden.
Finally, Global Premier Health Coverage can improve productivity by promoting overall health and wellness. Many health insurance plans offer preventive care services, such as health screenings and wellness programs. These services can help individuals maintain good health and prevent chronic health problems, such as diabetes and heart disease, which can significantly impact productivity in the long run.
In conclusion, Global Health Coverage is linked to productivity in several ways. Access to health care services and treatment can prevent illnesses from becoming more serious, reduce absenteeism, reduce the financial burden of medical expenses, and promote overall health and wellness.
By investing in global health coverage, governments and employers can improve the health and productivity of their workforce, leading to economic growth and development.