New economic modeling conducted by AXA Health and the Centre of Economic and Business Research has exposed a staggering financial toll of £20.2 billion annually on the UK economy when businesses disregard women’s health in the workplace.
The study also unveils that, despite 68 percent of women acknowledging they have encountered health issues during their careers, nearly one-third (29 percent) feel unsupported by their employers.
The apprehension of hindering career progression and the potential need to exit the workforce prematurely ranks among the major concerns for women.
The ramifications extend beyond the economic realm, as personal finances bear the brunt. A striking 83 percent of women report that their finances have been adversely affected in some manner.
For instance, more than half have taken time off work, while nearly a quarter missed out on promotions, and one in five accepted lower pay, all contributing to a cumulative detrimental effect on the broader economy when scaled up.
The Office for National Statistics (ONS) estimates that in 2022, women constituted 58.4 percent of the UK’s economically inactive population.
Nevertheless, a substantial number of companies fall short in addressing the health needs of female employees, despite the potential benefits it would bring to the well-being, productivity, and satisfaction of nearly half of the UK workforce.
Adele Johnston, the founder of The Menopause Coach, shared her own experience with City A.M., highlighting how her previous employer declined her request to temporarily reduce her working hours to facilitate hormone replacement therapy when she was diagnosed as perimenopausal at the age of 37.
She recalled, “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.”
Drummond, in response to the report, emphasized, “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.”
