A study published in 2003 in the Journal of the American Medical Association found that presenteeism costs U.S. businesses more than $150 billion per year, and a separate 2003 survey found that $35 billion is lost to depression alone, according to Industrial Safety & Hygiene News. To mitigate these losses, companies need to address three pillars of employee health: physical, emotional and financial. Addressing these factors will help to reduce stress and allow employees to more fully focus on their duties while on the job.

Step 1: Promote physical health

The Journal of Occupational and Environmental Medicine reported in Dec. 2003 on the American Productivity Audit and found that health-related lost-productivity time cost U.S. businesses $225.8 billion per year. The reports cited common conditions which often sideline or impair workers:

• Migraine
• low back pain
• arthritis
• diabetes
• allergic rhinitis
• gastroesophageal reflux

Effectively managing chronic conditions such as these, and proactively heading off seasonal illnesses and other diseases, can help reduce the impact on employee health and thus preserve productivity.

Employers are uniquely positioned to protect employee health and to encourage employees to take care of themselves. Through wellness programs included in company benefits packages, employers can show a commitment to their employees' wellbeing and provide their people with the tools to better manage their own health. For example, the YourCARE Health and Wellness Program offered by CoreSource takes a holistic approach to member health, offering options such as risk assessments, health coaching, outreach to members with gaps in care and predictive models for those at high risk, to support members in their ongoing health journey.

Step 2: De-stigmatize emotional health

As we mentioned above, depression costs U.S. businesses $35 billion each year. In the past, we may have scoffed or winked at the idea of someone taking off work for a "mental health day," but today we have to recognize that depression is a real threat to employee health and company productivity. According to the U.S. Centers for Disease Control in 2016, 18.8 million American adults (9.5 percent of the adult population), will suffer a depressive illness in a given year. Even more troubling, according to the National Institute of Mental Health in 2017, 37 percent of those who have a major depressive illness have not had any kind of treatment. Imagine if 10 percent of your employees showed up to work with broken bones, and a third of them refused to see a doctor. You'd do something about it. And you can do something about this.

One easy way to help is to make it clear to your employees, through onboarding materials and intra-company communications, that their employer respects the importance of mental health, and that mental illnesses like depression are a real and valid reason for taking a sick day. Direct medical intervention is also vital to treating mental illness, and telemedicine has made it easier than ever before for employees to connect directly with trained mental health professionals.

Step 3: Alleviate financial stress

In addition to clinical depression, anxiety, or other mental illnesses, employees may find themselves preoccupied at work thinking about their financial situation. A recent survey by Bankrate found that 57 percent of Americans would be unable to handle a $500 emergency without going into debt. Unexpected expenses like car repairs, medical bills, or home repairs may be putting your employees under deep financial stress and sapping their attention while on the job. Even worse, your employees may turn to so-called payday lending institutions to get through tough times, leading to more debt and more stress. Typical payday loans last two weeks, average $350, and cost borrowers $15 for each $100 borrowed, according to U.S. government statistics.

There are, of course, other options for employees under financial stress. They can consult with debt and credit counselors, many of whom offer low-cost or pro bono services, to possibly reduce expenses. The National Foundation for Credit Counseling and Consumer Protection Bureau are good resources for getting started with debt consolidation. Employers can help alleviate stress, with no cost, by offering their employees access to the PayActiv tool. For a small fee, employees are able to access their earned wages before payday. It's their own money, not an advance or a loan, so there is nothing for them to repay. By consolidating debt, getting a handle on recurring expenses and accessing wages as needed, employees can get some breathing room and focus on their jobs, rather than financial concerns. Every day, more and more tools are being developed to help employees with their financial health, like Simplicity, a new and unique program which supports members with out of pocket responsibilities.

What's next?

There is no one silver bullet for preventing presenteeism and limiting its effects on your company. The three pillars we outlined and discussed above are key to managing the factors which lead to presenteeism, and by proactively addressing your employees' needs, you can help to lessen the impact on your bottom line. In addition, be on the lookout for new products and services, like those mentioned above, which will help you to more efficiently and cost-effectively manage the causes of presenteeism before they become a real problem.

Steve Horvath is vice president of product and marketing strategy for CoreSource.