Sleeping late and missing the alarm has been identified as the top reason for lateness among UK workers, with millions guilty of sleeping late every day.
Research carried out by Travelodge estimates that as many as six million workers oversleep every day, representing some 20 per cent of the working population. The financial cost of this is thought to be as high as £619 million in lost productivity each year.
It was also found that many workers are prepared to lie after accidentally sleeping late, rather than tell their employers the truth.
Wayne Munnelly of Travelodge highlighted the problem of sleep depravation for UK workers and the subsequent cost to businesses.
"The tendency to oversleep clearly demonstrates that this country is in the grip of a sleep-deprivation epidemic," he commented.
"The subsequent inability to wake up is having a significant knock-on effect on the productivity of UK businesses."
HAS, part of the Simplyhealth Group, recently speculated that businesses which provide flexible working opportunities are more likely to benefit from increased productivity and profitability.
This follows reports from the Equal Opportunities Commission that less than half of all UK firms make flexible working available.