Cost of Abstenteesim
In 2016 employees from the UK lost 15.8 million days at work due to absence caused by mental health problems including conditions such as stress, depression or anxiety (source: ONS). The Office for National Statistics estimated that a total number of missed days was 137.3 million working days. Absenteeism naturally generates additional costs for employers. According to CIPD’s report, the median value per employee of such cost equals £522.
Another problem you may face as an employer is presenteeism. This term describes a situation in which an employee shows up but is not productive due to, for example, mental problems.
As an employer, you may consider implementing some strategies to improve your employees’ wellbeing. In this article, we will focus on discussing Employee Benefits as an example of a policy your company could benefit from.
Employee Benefits – What Are the Options?
Mental Health Packages
“Employee benefits” is a general term and many packages are available. If you would like to decrease absenteeism caused by mental health problems, consider options that include life cover with well-being care. Besides traditional insurance, your employees could benefit from additional services such as access to medical experts, nurses or mental health specialists. Supporting your employee during the breakdown can help avoid future costs of absenteeism. It can also strengthen the relations and increase employee retention.
Medical Health & Income Protection Packages
For other medical issues, there are many options such as a variety of income protection, dental services, life insurance, sick pay insurance, critical illness or optical cover. Some companies allow mixing the packages according to your wishes.
A lack of work-life balance may also cause stress, anxiety or even depression. You could help your employees stay in good shape by deciding to add a gym membership benefit or cycle to work scheme. Regular sport is desirable for both, physical and mental health and also can help to avoid eventual future costs.
Boosting Productivity in SME – Invest in Your Employees
99% of all businesses in the EU are small and medium-sized enterprises (SME). SMEs operating in the UK face many challenges including forthcoming Brexit and high competition. Regarding the latter, the technological development has a significant impact on the market – now enterprises compete not only in the real world but also online. Investing in specialistic software, dedicated websites and online marketing generate enormous costs, and not all companies can afford them. However, human resources are equally important, and it’s a reasonable alternative to focus on the well-being of your employees to boost their productivity.
Employee benefits increase employees loyalty and their retention. This, in turn, allows saving money on recruitment and training for newly hired. Benefits can also act as a magnet which will attract skilled employees to your company. Besides, they minimise the risk that your qualified personnel will leave you with gained knowledge & experience because your competitor offered them a better offer. Finally, employee benefits make workers more satisfied with a job and boost their productivity at a relatively low cost. They can be a remedy for both, absenteeism and presenteeism.
Offering employee benefits has many advantages. They include, for instance, reduced absenteeism, increased satisfaction and boosted performance and productivity. The return of investment considering benefit packages is enormous compared to their cost. At Five Star Mortgages, we can help your company to choose the offer that will suit your needs. Call our office on 01536 216 418 for a free consultation.