Impact of Wellness on Workforce Productivity in Global Markets Report to the US Chamber of Commerce Bruce Rasmussen Kim Sweeny Peter Sheehan Victoria Institute of Strategic Economic Studies ID: 1032217
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1. Health and the Economy: The Impact of Wellness on Workforce Productivity in Global Markets Report to the US Chamber of Commerce Bruce RasmussenKim SweenyPeter Sheehan Victoria Institute of Strategic Economic StudiesVictoria University, MelbourneDelivered by Professor Bruce RasmussenDirector, Victoria Institute of Strategic Economic StudiesWashington DC April 2016
2. Ageing is rapidly increasing the proportion of older workers in many countriesSome countries have a rapidly ageing workforce eg China and some other developing countries . Some countries, e.g. Japan, and the United States, already have ‘old’ workforces.Both types of countries need older experienced workers. Therefore, keeping older workers healthy and working becomes an issue for economic growth and development.2Source: International Labour Organization 2016, ILOSTAT Database.
3. The proportion of older workers in developing countries will continue to increase significantly3Countries such as Indonesia, and Mexico with young workforces will experience a rapid in increase of about 5 percentage points in the proportion of workers aged 50-64 between 2015 and 2030.`
4. Burden of disease: Non-communicable diseases (NCDs)4NCDs (cardiovascular diseases, cancer, chronic respiratory diseases, diabetes and mental illness) are generally thought of as a challenge only for developed economies, when in reality the disease burden of NCDs is as high among DEVELOPING economies as developed economies.Source: Institute of Health Metrics and Evaluation (IHME) 2015, GBD Data.Among the countries surveyed, NCDs, as measured by years lived with disability (YLDs) are as high for developing as developed countries.NCDs are 86% of the total morbidity disease burden.
5. The double challenge: Ageing and the burden of disease5The burden of NCDs rises steeply with age. On average the burden at age 65 is about 50% higher than at age 45.
6. Productivity loss 20156% GDPPresenteeism averages 3.3% of GDP compared with 1.3% for absenteeism and 2.4% for early retirement Presenteeism, that is, sick but at work, is a far greater cost to productivity than absenteeism.Absenteeism, presenteeism and early retirement, 2015
7. Over the period to 2030 most countries face rapidly increasing economic loss due to absenteeism, presenteeism and early retirement
8. Key takeaways98