Boost workforce productivity by prioritising employees’ well-being

As a crucial asset to any company, employees should be secured with a comprehensive health programme that nurtures their well-being.

Employees who feel valued and prioritised are more efficient and have higher overall workforce productivity. Since health is a key factor that influences their work performance, equipping them with comprehensive health benefits—is an effective way to support their well-being. 

In the United Kingdom economy, for instance, a 2023 study has shown that ill health amongst working-age individuals costs approximately $180b per annum, representing about 7% of GDP. Productivity losses are the most significant contributor to this figure, with productivity issues costing nearly twice as much as sickness absence and informal caregiving combined. Alarmingly, these costs have surged by around 60% since 2016, a period during which the economy has only grown by 1%.

Furthermore, a recent United States study forecasts that more than 35% of adults aged 50 and older will experience at least one chronic disease by 2035—a figure that is still expected to reach 48% by 2050. As a result, employees will increasingly spend more time away from work or if they are present, they are likely to be less productive.

Aside from physical health, mental health has also become a main concern affecting the workforce. A study based in the UK found that poor mental health costs employers up to £56b a year, which has already increased by around 25% since 2019. The World Health Organization further estimates that 12 billion working days are lost annually to depression and anxiety alone, costing the global economy $1t. These are just some of the many data that underscore employees’ crucial need for support in the health aspect.

Promoting health in the workplace

To aid these and prevent long-term effects on employers and the wider economy, companies need to prioritise various measures that promote health in the workplace.

First amongst these methods is providing insurance with physical and mental health coverage, which allows them to achieve more consistent workflows and increase productivity. As per the Cigna Healthcare Vitality Study 2023, health insurance plans are the most popular element of health and well-being programmes amongst employees.

Other advised methods are promoting a healthy work-life balance, which reduces stress amongst employees and improves mental health; implementing a workplace wellness programme for employees to have a space to nurture their well-being and increase their motivation to work; and launching workplace health education and awareness campaigns such as physical activities that make employees healthier and cut company healthcare costs. 

With these, businesses are gearing towards optimum employee productivity. Employee productivity is then crucially measured to accurately assess the efficiency and effectiveness of the workforce, allowing employers to make informed decisions for overall improvement. 

Health & well-being benefits as top priority

The latest Cigna Healthcare report, whose survey included responses from a thousand human resource (HR) leaders around the world, shows that employees’ well-being earned high rankings in the list of priorities amongst Singapore HR leaders. Health benefits ranked the second most offered employee value proposition (EVP) at 89%, with time off and working arrangements being the first at 91%. Other currently offered EVPs are work environment, career progression, parental leave, and stock or retirement. 

Moreover, health benefits are also regarded as one of the most impactful EVPs for attracting talents—creating a positive employer brand to appeal to potential candidates—alongside career progression, time off, and working arrangements. 

Health benefits also recorded a significant positive impact in areas such as employee productivity at 53%, working hours at 62%, sick days at 60%, and absenteeism—which is when employees miss work due to ill health—at 58%. These numbers, Cigna Healthcare further notes, are remarkably greater than the global average. 

Cigna Healthcare is committed to helping organisations flourish, tackling challenges with experts to build a thriving workforce. The company offers health insurance plans that are customisable to cater to the medical coverage and employee needs of organisations of all sizes.

By partnering with Cigna Healthcare Singapore, businesses are assured of comprehensive healthcare that meets the needs of their diverse employee base. Explore their services and be equipped with a healthcare programme that works. Reach them at https://www.cigna.com.sg/.