How rising costs & healthcare inequality impact workforce health

Did you know that the triple challenge of a cost of living crisis, ageing population and medical inflation in Asia is likely to lead to the gradual erosion of workforce health and productivity due to the unaffordability and inaccessibility of medical care?

If companies do not take proactive steps to address the region’s growing healthcare gap amounting to roughly US$1.8 trillion,¹ such as by reviewing their existing health and benefits approach, their healthcare cost burdens could foreseeably increase due to rising claims in addition to manpower attrition and shortages amid the war for talent.

In MMB’s ‘Rising costs and healthcare inequality in Asia: Impact on middle class workforce & solutions’ report, we reveal the pressures the workforce in Asia currently faces, their five most urgent needs, and how employers can step up and provide inclusive health and benefits solutions that cater to their key needs:

Family structures are becoming complex and Asia’s family units are evolving from extended families to nuclear families. Find out how to best support families of different needs.

Mental health, disabilities and LGBTQIA continue to be sensitive issues commonly overlooked in the workplace. Find out ways to support these unique needs.

Preventative care measures are key to reducing chronic ailments that can be health and benefits cost drivers. What can your company do to encourage employees to be proactive in caring for their health?

Governments are increasing the retirement age, especially in Asia. What can employers do to help employees age healthily and to stay productive in their later years?

Future-proofing business operations include protecting employees’ health from the effects of climate change, and being one-step ahead of regulatory requirements.

The report also reveals:

What challenges Asia’s workforce face that can impact employers.
Why employee health expenditure for companies is set to increase.
How companies can benefit by providing the relevant health and well-being solutions around these key needs.

Be the employer that empowers workforce health and well-being

Playing a constructive role in helping your workforce cope with healthcare and cost of living challenges that can lead to improved employee retention and talent attraction, greater health and productivity, as well as financial outperformance.²

To find out how to begin, download your copy of the report for actionable insights and start building a resilient workforce and winning the war for talent, or contact a MMB representative to learn how employee-focused health and benefits solutions can be tailored based on your organisation’s needs and costs considerations.

Gain more in-depth insights in our next report

Look out for our article series taking a closer look into each of the five key needs, their impact on the workforce, and what companies can do to address these needs.

Also look out for the upcoming MMB Health on Demand 2023 report in May and discover the latest workforce needs and attitudes around employee health and benefits. Be the first to know what matters to the workforce.

1 - Asia's health protection gap. Swiss Re. (2018).
https://www.swissre.com/dam/jcr:05411fab-a11a-4537-b16f-baa77da564f9/Asia's+Health+Protection+Gap_Regional+Infographics.pdf

2 - Companies That Promote a Culture of Health, Safety, and Wellbeing Outperform in the Marketplace. Journal of Occupational and Environmental Medicine (2021). https://journals.lww.com/joem/fulltext/2021/06000/companies_that_promote_a_culture_of_health,.2.aspx

Rising costs and healthcare inequality will impact workforce health. How do companies respond?

Be the employer that empowers workforce health and well-being

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Gain more in-depth insights in our next report