COVID cost employers $213B in lost hours: How to mitigate further losses

(Photo: Shutterstock)

The Integrated Benefits Institute (IBI), a non-profit research and educational organization focused on workforce health and productivity, estimates that the cost associated with the loss of work hours because of COVID-19 is $213.1 billion ($167.4 billion in the first year and $45.7 billion in the second year). The number of lost hours attributed to the pandemic was 6.6 billion hours (5.2 billion in the first year and 1.4 billion in the second year).

“Historically, employers have measured the financial impact of medical and pharmaceutical claims to measure the success of the benefits administration,” notes Carole Bonner, researcher. “However, the pandemic has shone a spotlight on productivity, absence, and the costs not only of COVID-19, but also to the costs related to those absences. This study helps to better understand the loss of productivity and the recovery of the various sectors.”