Learn what impact – and costs – employee absences are having on your bottom line. The results of this 2014 survey conducted with Society for Human Resource Management will astound you. Many organisations are experiencing a loss of 34% in productivity in their workers for a “typical” employee absence. Find out what else the report uncovers that could convince you an automated absence management solution should be a priority in your budget.
Given the total costs associated with employee absences, it is pertinent that organisations are able to accurately track current and future absences, particularly in industries such as health care, manufacturing, retail and other service sectors, where the reliance on replacement workers or employee overtime to fill the gaps is common. In addition, monitoring employee absences enables business leaders to account for indirect costs (e.g., productivity loss) and helps organisations detect employees who have excessive unplanned absences so that they can be counselled to ensure they are only taking the paid days off to which they are entitled. Tracking employee absences also enables paid accrual days to be accounted for in the overall budget.
A clearly defined strategy to monitor and manage absences, with proper training and automation, can easily help control costs associated with absences and improve the bottom line.