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Employers not up to Speed on Worker Absence Cost

Posted By PIA Western Alliance, Tuesday, October 28, 2014

The Aon Hewitt 2014 Health Care Survey found most employers dont take employee absence into account when it comes to the company bottom-line. Those following such statistics are surprised. Employee absence has a high cost of about 8% of all income.

 
 

Here are some other factoids from the survey:

  Just 22% say they coordinate health and absence management with workers compensation.

  More than half say theyre going to start doing that in the next three to five years.

  36% that dont measure the cost of absence using data and metrics say their primary focus is the frequency and duration by medical condition.

 

The report said, Coordinating the related employer programs to effectively use data analytics and improve results is still in its infancy.

The 8% cost for employee absence is for:

  Payroll

  Replacement salary costs

  Overtime

  Benefit costs

  Indirect costs

Tags:  Employers not up to Speed on Worker Absence Cost  Insurance Content  Insurance News  Weekly Industry News 

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