What loneliness costs UK employers
Loneliness costs UK employers:
£2.5 billion per year
Why loneliness is a cost to UK employers
Whilst loneliness is often seen as an issue relating to older people, our ‘Trapped in a Bubble’ research showed that loneliness can affect people across all age groups.
Our latest research shows 4 key ways that loneliness is a financial cost to employers.
- Sickness abscence associated with ill health effects of loneliness costs £20 million.
- Lost working days caring for someone suffering from the ill health effects of loneliness costs £220 million.
- Reduced productivity costs related to lower wellbeing from loneliness are £665 million
- Costs associated with increased voluntary staff 'turnover' are £1.62 billion.
How Co-op is responding
To help our colleagues experiencing loneliness we are re-launching our Employee Assistance Programme which enables colleagues to get confidential help and support.
In addition we know that some of our colleagues want to stay in work past retirement age to maintain their social connections and help prevent loneliness.
We have an 'all ages' apprenticeships scheme which currently has 393 apprentices aged 50 to 59 and 62 apprentices aged over 60. We are also a member of the Business in the Communities Age at Work leadership team, which shares best practice on supporting older people in the workplace.
We're also supporting our colleagues with caring responsibilities with a dedicated carers' policy.
Find out more and get involved
We've partnered with the British Red Cross in communities throughout the UK. Find out how you can get involved.