Whether short or long term, losing staff to absence can have a significant impact on any business.
According to research by the CIPD* in 2007, employee absence is a significant cost to 90% of businesses. Their most recent employee absence survey reveals that on average sickness costs employers £659 per employee every year.
That means that employee absence costs employers 8.4 working days for every member of staff per year. To put it another way, 3.7% of working time is lost to absence.
By putting measures in place to combat ill health and/or accidents, employers can pro-actively make a difference, helping control absence costs and improve employee morale and productivity.
In addition to putting structures in place to pro-actively help combat ill health, it is important to consider putting in place solutions that also offer financial protection if an employee is off work long-term. These benefits can assist both employers and employees at times when they may not be able to work due to ill health.
With the recent rise in employment legislation, Health Protection Solutions can also help ward-off potential civil cases brought by employees as the products can help demonstrate a duty of care and responsibility by the employer.
Benefits like Private Medical Insurance and Group Risk have also become essential parts of benefits packages, and can actually help position any company as a caring employer, helping to attract and retain employees.
* Source: CHARTERED INSTITUTE OF PERSONNEL AND DEVELOPMENT. (2007) Absence management. Survey report. London: CIPD. http://www.cipd/co.uk/surveys