This Just In ...
The Financial Impact of COVID-19 on Employers
The pandemic caused massive disruption to the global economy, and employers have been hit particularly hard. According to the Integrated Benefits Institute (IBI), lost work hour costs due to the COVID-19 pandemic in the U.S. alone have totaled over $231 billion from March 2020 through February 2022. The total number of work hours lost equated to 6.6 billion over both years.
The hardest hit sectors were educational services, healthcare, and social assistance with a loss of $30.8 billion, public administration with $27.1 billion, construction ($23.9 billion) waste management ($22.4 billion) and manufacturing ($21.5 billion).
However, these estimates do not account for all the potential financial losses associated with the pandemic, as cases are expected to occur due to new variants such as "Kraken." This will continue to put employers at risk of financial loss due to COVID-19.
Mitigating the Financial Risks
Given the potential for further financial losses due to COVID-19, employers need to take action now to protect their businesses and employees.
FEncouraging employees to undergo preventive screenings and attend wellness visits can help identify potential risks and address them before they become costly. Employers should also consider implementing an employee wellness program to encourage healthy habits and reduce the risk of absenteeism due to COVID-19.
FRather than adopt a more relaxed approach to safety protocols, employers should continue to take the virus seriously, including finding innovative solutions to enable employees to get tested and treated to ensure good health.
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