The High Cost of Sickness: How Cold, Flu, and COVID-19 Impact Business Revenue
The impact of sickness on businesses and the economy can be significant, especially during times of widespread illnesses like colds, influenza, and COVID-19. In this blog, we will discuss the financial impact of these illnesses on businesses and the economy, and what can be done to mitigate these losses.
The Cost of Cold and Flu
According to the Centers for Disease Control and Prevention (CDC), the annual cost of influenza in the US is estimated to be between $71 and $167 billion. This cost is due to lost productivity, medical expenses, and other related costs. In addition, the CDC estimates that employees who come to work sick cost businesses up to $225 billion each year in lost productivity.
The Cost of COVID-19
The COVID-19 pandemic has had a significant impact on businesses and the economy. A study by the National Bureau of Economic Research found that the pandemic has led to a 31% decline in US employment, with small businesses being hit the hardest. The same study estimates that the economic cost of the pandemic in the US is between $6.9 trillion and $16.6 trillion.
Mitigating Losses Due to Sickness
There are several ways that businesses can reduce the financial impact of sickness on their operations:
Encourage Sick Employees to Stay Home
Encourage employees who are feeling sick to stay home to prevent the spread of illness in the workplace. This can help reduce the overall number of sick days and increase productivity.
2. Offer Flexible Work Arrangements
Offer flexible work arrangements, such as telecommuting or flexible schedules, to allow sick employees to work from home or take time off without sacrificing productivity.
3. Provide Paid Sick Leave
Provide paid sick leave to employees to ensure that they can take time off without worrying about lost wages. This can also help prevent the spread of illness in the workplace.
4. Maintain a Healthy Workplace
Maintain a healthy workplace by promoting healthy habits, such as regular hand washing, covering coughs and sneezes, and providing hand sanitizer and cleaning supplies.
5. Ensure the workplace’s Indoor Air Quality is clean and safe
Ensure the building’s HVAC system is maintained and operates as per the ASHRAE guidelines for reductions in Air Borne Diseases which include adequate Airflow rates and distribution, filtration and humidification controls
Conclusion
The financial impact of sickness on businesses and the economy can be significant, but there are steps that can be taken to reduce these losses. Encouraging sick employees to stay home, offering flexible work arrangements, providing paid sick leave, maintaining a healthy workplace, and maintaining the HVAC system to ASHRAE standards can all help reduce the spread of illness and minimize the impact of sickness on businesses and the economy.
Atlabach Consulting is a world leader in providing Computational Fluid Dynamic Modelling of virus transmissions within a building along with Probability of Infection Analysis to fully understand the health and safety of your occupants currently and afterward. www.atlabach.com