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Investing in health

By Joe Hockey - posted Tuesday, 9 September 2008


Not only were there these dramatic improvements in these important lifestyle markers, but as a sideline, productivity in the workplace markedly improved as well. The presenters at the Davos conference heard that simply acknowledging the importance of the health and wellbeing of individual employees to the corporation was a powerful enhancer of lifestyle changes in itself. Most importantly, and not unpredictably, these programs saw workplace satisfaction grow as well.

These are not the first studies on workplace wellness programs and the benefits they produce not only to their employees, but to their own business bottom lines. One review of the economic return of workplace wellness programs found that they achieve an average of 25 to 30 per cent lowering of both medical and absenteeism costs in around three and a half years. Specifically, they found around 27 per cent reduction in absenteeism and around a 32 per cent reduction in workers' compensation and disability costs. (Chapman LS. Meta evaluation of worksite health promotion economic return studies. The Art of Health Promotion, 2003, 6(6):1–16.)

Having been Minister for Human Services, where I had over 35,000 employees, I can assure you on an economic basis alone that is an enormous effect.

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The World Economic Forum heard that in the workplace wellness programs that were presented, participation rates usually started at around 30 per cent and grew to around 70 per cent in seven years. In other words, you need perseverance and realistic expectations. (Working towards Wellness: Global Example, Prof Mark Batt et al.)

The message is starting to take hold in commerce and industry. Investing in the health of your human capital - of the people who generate your profits and fill your workspaces - yields untold dividends to your bottom line. Health is not a drain on resources that is devoid of an upside. Investing in the health and wellness of people in your business is a sound investment in your business itself. Furthermore, communal investment in health and wellness is a sound investment in communities.

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About the Author

Joe Hockey is the Federal Shadow Minister for Health and Ageing and Leader of Opposition Business in the House of Representatives.

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