Recent studies of employee attendance reveal that 66% of U.S. employees took unscheduled time off in 2007 for reasons unrelated to sickness.
The cost to employers? A whopping $74 billion.
Does your organization manage employee absences? Can it afford not to?
The number of different absence management programs is about equal to the number of companies trying to address the problem, so you want to make sure you're trying ones that work best.
Programs to reduce absenteeism range from strict control and discipline, to those that do away with absence control programs altogether and measure output instead of attendance.
Past studies have shown that employee absences, whether planned or not, easily translate into lost profits by increasing operating expenses and decreasing revenue growth. In fact, direct costs of unscheduled absences can average as much as 4 percent of payroll.
And that's the good news! This figure actually doubles—even triples—when considering indirect costs, which include overtime, lost productivity, overstaffing and hiring/training of replacements.
Why not join IOMA and our experts Brenda Stewart with Randstad and Bob McKenzie, President of McKenzieHR in this invaluable audio program to learn how you can reduce the costs of absences at your organization.
In just 90 minutes you'll discover:
- How an absence management program can help you control costs
- That implementing a wellness program can reduce absenteeism and positively impact your bottom line
- Utilizing Employee Assistance Programs can control absences
- That engaging employees in the solution to a high absentee rate may be your answer
- The costs are associated with time-off and disability programs—and how they affect your bottom line
- The real truth behind paid-time off banks and how they can improve absence management at your company
- How you can implement the DOL opinion letter that allows employers to take partial-day deductions from paid time-off banks, even if the employee is paid on a salary basis under the Fair Labor Standards Act