The short answer: stress-related illnesses, from depression to heart disease, cost businesses an estimated $200 to $300 billion a year in lost productivity, according to this article on Health Advocate.
The long answer is probably a lot more complicated, and unfortunately, probably a larger loss as well. The monetary figure roughly accounts for the productivity losses from absenteeism and presenteeism due to stress related illnesses and injuries from workers. What it doesn’t account for is the presenteeism that can’t be measured, and the turnover that results from stress-related factors.
Anyone who has worked as a manager, business owner, or HR professional knows that turnover quickly adds up and when left unaddressed, can be a huge crutch for a business.
According to the 2019 Work Institute Retention Report, 20% of employee turnover in 2018 was due to work-life balance and well-being. How much of this could have been avoided if employee stress was addressed before it got to the point where they felt they needed to change jobs and/or were no longer valuable to the business?
The Work Institute also estimates that the cost to replace a U.S. worker earning a median salary can be up to 15k, or 33% of an employee’s salary. What if just half of that was invested into a wellness program for ALL employees… How much money could a business save? Moreover, how much more money could a business make?
According to the RAND study, for every dollar that an employer invested into a wellness program, the study saw a 1.5 ROI.
Food for thought, and why we do what we do.