Revealed: The hidden cost of ignoring women’s health in the workplace
The latest economic modelling from AXA Health and Centre of Economic and Business Research shows that when businesses neglect women’s health in the workplace, the UK economy loses £20.2bn a year.
The report also found that despite 68 per cent of women reporting that they have faced health issues at some point in their career, almost a third (29 per cent) also feel that their employers weren’t supportive.
This figure jumps to 36 per cent when it comes to women-specific health matters such as endometriosis, fertility, menopause and periods.
The fear of hindering career growth and being forced to leave the workforce prematurely are among the top concerns for women.
Beyond the economic impact, personal finances are also impacted, with 83 per cent of women having had their finances affected in some way.
For example, over half had to take time off work, nearly a quarter say they missed a promotion, and one in five settled for lower pay.
All of which has a detrimental impact on the overall economy when scaled.
The Office for National Statistics (ONS) estimated that in 2022, 58.4 per cent of the UK’s economically inactive population was comprised of women.
Yet, few companies make the needed considerations towards the health of female workers despite the impact it would have on the well-being, productivity and satisfaction of almost half of the UK workforce.
Speaking to Morning Wire, Adele Johnston, founder of The Menopause Coach, revealed how her previous workplace refused to temporarily reduce her hours of work to allow her to begin hormone replacement therapy after being diagnosed as perimenopausal at the age of 37.
She said: “Surprisingly, despite the senior management team being predominantly female, my request was turned down, and a demotion was intimated as the only path to continuing my career at that time.”
Flick Drummond MP, serving as the co-chair of the Women & Work APPG, is actively championing AXA’s efforts to drive meaningful, transformative change within both corporate entities and society at large.
Drummond commented on the report, saying: “As this report finds, neglecting the health of women in our workplaces isn’t just a matter of compassion; it’s a serious economic oversight. The Government’s Women’s Health Strategy is visionary, and we need to work together to effectively fund and safeguard the ten-year plan into the future.
“As we approach the Autumn statement, I am committed to working with my government colleagues to ensure this is the case.”