Not only that, 93 percent of the indirect influences are filtered through mental and/or physical health, so that even job or workplace factors, such as job satisfaction, support from managers or feeling isolated will exert their own influence on productivity via mental and/or physical health.

“At first glance the results may not be surprising as we've known for some time that the way companies operate has a direct impact on employee health, but also that employee health directly impacts the success of companies,” Francois Millard, SVP and chief actuarial officer at Vitality Group, is quoted saying.

Millard adds, “What's concerning is that despite these identified issues, organizations continue to spend billions of dollars on addressing the symptoms related to physical and mental health rather than the causes.”

The report cites a finding from health and productivity research organization the Integrated Benefits Institute that in the U.S., poor health costs employers $530 billion and 1.4 billion workdays of absence and impaired performance.

Such findings were recently bolstered by the World Health Organization's report on burnout as an occupational phenomenon, underscoring the need for employers to keep a handle on employee health and well-being.

Read more: 

• EAP counseling can reduce work stress and improve productivity
• Is your company culture undermining employee productivity?
• 3 ways to reduce presenteeism and improve productivity