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According to the report Aging Workforce: Cost and Productivity Challenges of Ill Health In Singapore, by Mercer and Marsh & McLennan Companies’ Asia Pacific Risk Centre (ARPC), societal ageing is estimated to drive the prevalence of chronic diseases such as cancer and diabetes by up to 200% by 2030, which means Singapore will face the challenges of stagnating productivity growth through increasing rates of absenteeism and presenteeism, said the report.
Based on current trends, productivity loss due to sickness absenteeism per employee is projected to increase by 25% based on Gross National Income (GNI). With an ageing workforce at the national level, this represents a cost of S$3.3 billion by 2030, a 43% increase from 2016.
This highlights the value of interventions for high-risk groups, such as health and wellness programmes to reduce the incidence of disease, and screening for earlier detection of disease, it added.
Employees are the most important assets to any organisation. Thus, employers should do what can be done to promote the health and wellbeing of their employees. According to multiple studies and findings, keeping employees healthy and productive makes sound financial sense, thus it is only beneficial for companies to implement quality employee medical checks and screening.
Regular employee health screening offers a variety of benefits to both employers and the individuals (employees) who work for them.
Benefits for Employees
Benefits for Employer
All organisations will benefit greatly by supporting the health and wellbeing of its workforce, with the potential for lower levels of sickness and absenteeism. Fitter and healthier employees may also concentrate better and have higher levels of productivity.