Drug and Alcohol Misuse Cost UK Business Industry £4.1 billion Every Year
Workplace substance abuse is becoming more and more of a problem, with an estimated 17-18 million lost working days in the UK annually. Each year the UK business industry loses £4.1 billion due to employee’s misuse of drugs and alcohol*. Businesses are hit hard in terms of absenteeism, loss in productivity, healthcare costs, and worker turnover. So what should employers be doing to tackle this problem?
Businesses are being encouraged to implement Employee Assistance Programs (EAPs). These short-term counselling and referral services are intended to help employees and their family members deal with personal problems, including substance abuse, which may adversely impact their work performance.
According to Alastair Mordey, Programme Director at The Cabin Chiang Mai, a leading addiction treatment facility, “ Increasing numbers of employers are recognizing the benefits of implementing a comprehensive alcohol and drug-free workplace policy and providing Employee Assistance. We advise them on how to conduct brief in-company interventions, when it is prudent to send the employee for psychological assessment, and in serious cases, referral to substance abuse treatment facilities.”
Who Should Take Responsibility in the Workplace?
Those responsible for conducting such policies are generally the employee’s line supervisors/managers. However, it must be made clear that they are only responsible for evaluating an employees’ work-performance, not diagnosing suspected substance abuse. The intervention aims to restore the employees’ productivity and is not intended to be punitive.
5 Steps For A Successful Intervention
- Identify an employee who may be affected by drugs or alcohol abuse.
- Keep a conclusive record of work performance, especially as it may be necessary to counter the employee’s denials.
- Initiate a discussion. This sets the tone for subsequent meetings and is crucial in achieving a successful intervention.
- If the employee’s job performance does not improve following the second discussion, referral then becomes necessary.
- The follow-up meeting is to assess progress in meeting job expectations and work performance.
The aim of Employee Assistance Programs (EAPs), is to help employees, not to discipline them. The Cabin Chiang Mai is working to increase productivity and wellbeing within UK businesses, limiting the damage caused by alcohol and drug misuse.
Editor’s Notes:
- Alastair Mordey (BA hons, RDAP, ADAP) is the Programme Director and Head Counsellor at The Cabin, an addiction treatment centre in Chiang Mai. He is a certified and accredited addiction counsellor with over 10 years’ experience working in treatment services.
- Website: www.thecabinchiangmai.com.
- *Statistic taken from Addictions UK
To interview Alastair, or to use this story, please contact Katie Wilkes on 0845 225 1500 or email katie@fullportion.com
Our FX trader Alex Hope comments on the extra £50 Billion printed by the Bank of England…
Bank of England Print Extra £50 Billion to Help Stimulate The Economy
Interest rates still remain at a record low in the UK, with the economy sluggish and the Sterling still relatively weak compared with pre-recession times.
Yesterday we saw the Bank of England raise their Asset Purchase Facility to £325 billion and announce the printing of an extra £50 billion to help stimulate the economy. The Bank of England had already raised the Asset purchase facility late last year from £200 billion to £275 billion. Many traders and speculators in the City of London believe that this could increase as far £500 billion later in the year. The question I ask myself is, how will this affect the Sterling? And will it really help the economy?
As an FX Trader it’s important to keep up-to-date with economic data and monitor it minute by minute. When the Bank of England left interest rates at a record 0.50% and added more money to the purchase facility, Sterling rallied against most majors. Many amateur traders and even friends of mine asked the question ‘why’? Well, the simple answer is; printing more money can help an economy in the short term as it helps pay down debt, and put more money in the economy etc. Industry professionals believe that the Bank of England will then raise interest rates in order to counter inflation, which has been elevated in the UK for some time. A central bank generally aims for an annual average inflation of 2% to keep prices from rising too sharply. However, with all the extra QE, inflation is due to as more money enters the economy.
GBP vs. USD ‘Cable’
Sterling has for the last 2 years been in a tight range against the Greenback. The range has been between 1.47-1.67, a very small range relative to pre-recession movements. People ask when will we see the Pound go back to giving us $2? The simple answer is, ‘not anytime soon’, the US like the UK also embark on QE which they are still undergoing to kick start their economy. In the long term ‘one month, one year etc’ currencies whose central bank have printed extra liquidity, start to fall in value. So the initial reaction we had when the Bank of England raised QE Sterling rallied in FX space, but over the next week or month we should see it start to fall slightly. The only way we wouldn’t see this happen is if another major such as the Dollar came under severe pressure of its own!
The UK economy will remain sluggish this year until we see signs of improvement in the unemployment rate and also house prices which still remain low! I personally feel the Bank of England won’t start raising interest rates until the U.S does and they’ve already hinted 2014. So we’ll see!
“Greeted like we were old friends” SW15 review of Caparossa Putney
The team at SW15 enjoyed a pleasant evening of fine Southern Italian hospitality at Caparossa read their review here.
Our client FX Trader Alex Hope discusses The Federal Reserve and Inflation…
The Federal Reserve and Inflation!
Fed Chairman Bernanke has defended the Central Banks’ newly established price goal and rejected the suggestion that he was prepared to allow higher inflation to help create jobs.
We saw Bernanke speak yesterday in front of the House Budget Committee, Republican representative Paul Ryan (chairman of the committee), pressed Bernanke on the subject of inflation, to which he responded ‘we are not seeking higher inflation’. Many believe that in March the Fed will introduce more Quantitative Easing by ‘Printing Money’, as the U.S economy is still suffering from a deep and prolonged recession. To help stimulate economic activity the Fed Chairman had previously allowed QE which he is believed to continue to do.
As we all know; printing Dollars out of thin air creates… Inflation!
So, what can Ben Bernanke do to help the U.S economy instead of QE? Many speculators and traders are un-convinced of his abilities. The Fed has run out of bullets; interest rates are still at a record low and are not expected to rise till 2014. The Fed’s mandate is to boost the economy and help reduce unemployment, which will prove a difficult task. If we see more QE introduced, hard assets such as Gold and Oil will rise, and surpass record levels as the Dollar is still in an ever declining state.
‘To Achieve economic and financial stability, U.S fiscal policy must be placed on a sustainable path that ensures that the debt relative to national income is at least stable or, preferably, declining over time’ Bernanke said.
Traders are not as rough on the US currency so far this year compared to early last year. Since there have been a few signs of improvement, we will have to wait and see what actions the Fed take in March!
Cliff and Tom from Coach Trip in Checkum Campaign
Cliff and Tom from Channel 4′s successful teatime television show Coach Trip, are working with Macmillan Cancer Support raising awareness for Testicular cancer.
2000 mean are diagnosed with Testicular Cancer in the UK every year.
For more information about Testicular Cancer and to view the campaign click here.
