Whatever
medical problems affect your business their financial impact
can be measured.
Absenteeism
ready reckoner - staff turnover ready reckoner
You need to determine the cost of absenteeism (including lost
time accidents), employer’s liability claims, ill health
retirement and subsequent recruitment and retraining.
Absenteeism
You
should obtain accurate details of cause specific absenteeism
by reviewing self certificates and doctor certificates (Med
3s) Using this simple method you should be able to identify
the total number of lost days and lost days due to specific
causes e.g. mental health, musculoskeletal, cold and ‘flu
etc.
By estimating how much a single day sickness absence costs
your business the total and cause specific costs can be determined.
Absenteeism
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Employer’s
liability claims
All
employers are required by law to hold employer’s liability
insurance. If an employee develops industrial illness whilst
at work and makes a successful claim against your business
the cost of this claim will impact on subsequent premiums.
You should be aware of the cost of your current insurance
compared with recent years and the impact of your recent claims
experience on insurance costs. You should identify the principle
reasons for EL claims and take steps to mitigate the loss.
Staff
Turnover, Ill Health Retirement and subsequent recruitment
and re-training costs
If
your business has a high staff turnover the costs can be significant.
You should try to understand why turnover is high and if medical
reasons are identified e.g. stress or other work related health
problems, prompt action should be taken.
If employees are retiring early due to ill health you should
investigate and establish the reasons for this as subsequent
recruitment and retraining costs will be expensive. Your business
may also have lost an important and irreplaceable resource.
Staff
Turnover - Ready Reckoner
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