According to new research from the University of Western Australia, the country is losing billions of dollar each year due to sleep deprivation at work.
A group of Australian scientists conducted the study to determine if inadequate sleep is having an economic impact on the country’s GDP. It was published in SLEEP. The researchers used data from national surveys and databases to determine how much money Australia was losing each year to health care costs, productivity loss, and the mortality rates that were associated with poor sleeping habits.
Researchers analyzed the data and estimated that inefficient sleep cost Australia around billion per year. This includes sleep disorder health costs (million), productivity losses during workdays (billion) and premature deaths from accidents or illness (billion). The collective sleep debt would also result in a loss of well-being totaling billion.
According to the authors, we are experiencing a global epidemic of insufficient sleep. Some of this is due to sleep disorders or pressure from family, work and social activities. Others, however, have failed to give adequate priority to sleep through ignorance or choice. This problem has a devastating effect on our well-being and economic costs in terms of its negative effects on productivity, health, safety, as well as on our overall health.
Although the deficit is only 1.55% of Australia’s GDP, it still poses a serious problem for the entire economy. This study was not done in isolation. Over the past few decades, a lot has been researched into the ineffective sleeps effects on economies around the globe.
RAND Europe launched a 2016 investigation to determine the economic impact of sleep loss in major OCED nations.Marco Hafner, RAND Senior Economist, was our interviewee.He told us that he was interested in researching the topic because he felt unproductive and groggy after having his first child. This exhaustion would have likely cost his company thousands each year. He was curious about the macro-level yields if Hafner, an individual who is sleep deprived, could take on that amount of debt.
His team discovered that insufficient sleep was causing a huge hole in the global economy. The United States lost billions annually in productivity, Japan squander billion and Germany sinking to nearly billion.
What Is To Be Done?
Hafner stated that cultural changes are needed. There are still many CEOs who say that sleep is for wimps. This basically tells employees that they don’t need to prioritize their work. It doesn’t matter if you sleep or not, as long as the business deal is signed or completed. This can lead to more stress, lower productivity, and fatal accidents that could easily have been avoided.
What is the solution? Hafner believes that employers must confront the problem head-on with productive conversations, education, and collaboration. He and his team met with London-based companies to discuss ways to reduce worker exhaustion after his study was published.
Hafner stated that seeing the economic losses in plain numbers opened their eyes and led to real change. He also suggested that sleep training was an option for tired employees.
Although it is impossible to make an employer care more about sleep hygiene, individuals can take steps to improve their own habits. Start by establishing a bedtime routine. Next, cut down on technology before bed. You will be a blessing to your brain and perhaps even the economy.
