How can I protect myself against costly staff absence?
With the cost of absence rising, as an employer, how do you budget for unplanned expenditure?
Sickness absence causes problems for every business. The costs are unpredictable, difficult to budget for and can be large enough to leave some companies struggling to absorb them.
Companies with an ageing workforce are most at risk from unplanned absence. Statistics for the population at large now read that 1 in 2 of us will suffer from Cancer.
Leading group scheme insurer Unum report that 29% of their claims relate to cancer alone with 62% of their claims across all sickness being in the 40-59 age group
What is Sick Pay Insurance?
Sick Pay Insurance can:
- Provides short-term financial support for sickness absence
- Pay benefit from as little as one week’s absence
- Offer professional claims management support, allowing employers to flag non-work related claims and validate claims through independent, evidence-based expertise
- Compliment a business’ existing sick pay scheme and can dovetail with long-term Income Protection plans to give peace of mind
- Is available for employers who want to provide cover for 10 or more employees
It is definitely worth investigating if this would work for you and most schemes come with added benefits such as Employee Assistance Programmes offering work/life support for employers and employees, including face-to-face counselling sessions together with access to Legal Services offering employers access to independent legal services and a Rehabilitation Service to provide practical and collaborative return to work plans, capability tests and advice on alterations in the workplace – assisting with Duty of Care needs.