According to new data from Specsavers citing Department for Work and Pensions (DWP) statistics, there’s a £25bn productivity gap in the economy caused by failure to address hearing loss, either through geographical lack of access, or the fear of speaking up to employers.
The multiple’s survey found 84% of people said clear hearing was critical to their job, yet 64% admitted to never having a hearing check. The disconnect here is frightening and you start to appreciate how the estimated £25bn shortfall could be amassed. Wasted time, mistakes, and the general inability to do their job properly all have a detrimental effect on people in the workplace.
Despite this, 72% of people don’t raise the issue with their employer and those that do fear discrimination and being treated differently. It’s enough to make 40% of early retirees cite hearing loss as an influencer in their decision to stop working and is likely to represent another big chunk of that £25bn black hole.
The new Labour government certainly has healthcare in its plans to improve the country’s economic picture, given the recently announced plans to offer weight loss injections to the obese, long-term unemployed.
That particular proposal is expected to benefit the NHS to the tune of approximately £11bn through treating conditions related to obesity, but there’s no estimate as to how much productivity will improve.
To me at least, it seems more financially prudent to tackle health issues that the healthcare sector already has a firm grasp of, like audiology, rather than new and expensive interventions like weight loss injections.
As always, it’s worth considering the opportunities for high street optometry in these hypothetical healthcare scenarios. And as ever, it’s the large chains that stand to benefit the most.
Audiology in the independent sector has never really been a money-spinner, and those that do see some bottom-line benefit do in by outsourcing to a third-party hearing care provider.
