Optimize Your Human Capital, Reduce Health Cost...

LOS ANGELES - (Business Wire) Bin Yang, MD, the founder of The Prince Synergy (www.ThePrinceSynergy.com), a world’s leading resource in human capital, will speak at the International Society of Certified Employee Benefit Specialists (ISCEBS) Los Angeles, CA on March 19, 2008. Dr. Yang will present how to optimize human capital and reduce medical cost, turnover and absenteeism. When asked, Dr. Yang said, “This is what current economy needs most. We only need to spend time and money differently.”

How much we know and see can determine what we can achieve. If we can sharpen our insights of self and others, and break down internal and external limits, we will be able to utilize more internal and external potential, and enjoy more productivity and innovation. However, unleashing human capital within is only the beginning.

U.S. health costs have soared from 7.2% (the gross domestic product in 1970) to 16% in 2005, per the National Coalition on Health care. A WebMD study indicated that one health risk reduction can improve that person’s attendance by 9% and reduce absenteeism by 2%. There are many avoidable costly mistakes when well, ill, injured and in emergencies. In myocardial infarction, denial can lead to massive infarction, longer ICU care and rehab, and hundreds thousands dollars more. It’s better to control health and subsequent costs through educated and motivated employees.

Workplace stress is the number one reason in turnover, per Watson Wyatt. Long hours or doing more with less causes the most, 48%. We cannot stop technologies expanding availability. However, we can help managers recognize stress faster with better solutions; and help employees build relaxation hierarchy, balance work/life better, prevent and eliminate other stress. Employers can decide whether “slowing down” or recruitment costs more.

Indicated by Harris, actual illness accounts for only 35% unexpected Absenteeism, nearly one-in-10 employees every day. The other 65% includes: Family Issues (21%), Personal Needs (18%), Entitlement Mentality (14%) and Stress (12%). Paid Time-Off (PTO) banks, confirmed by Harris, have helped to control unplanned absenteeism effectively. The above health and stress management plus sharpened insights will further strengthen employees’ problem solving, and reduce not only the 35% ill time, but also the 65% portion.