The DocHQ ROI calculator could help to show you.
Sickness costs money. That much is known, but how far it affects a business is often vastly underestimated and calculating the true amount can be difficult. DocHQ have created a calculator to help you understand the true cost of sickness on your business.
Impacts of Sickness
By looking at the full impact of employee sickness, absence, and presenteeism on a business, it is possible to anticipate how focusing on employee health and wellness can save money.
The average employee has 6.6 days absent annually. For each of those days, an element of sick pay may be expended. But it is not just that. Who does their work? Hiring a temporary replacement is another employee wage to pay. If no-one covers them, work can be delayed, adding to costs or lost revenue. The rest of the team work to cover the absence? The extra work leads to more stress, longer hours, and an increased likelihood of illnesses such as burnout and continuing the absence cycle.
86% of employers reported in 2018 that their employees come to work when they are sick. Presenteeism involves workers usually working at a far lower capacity and spreading illness. This leads to the same issues of delayed work, lost revenue, extra stress, and other workers being affected.
It is not just general absence costs, however. Two of the top reasons for people leaving roles are boredom or a lack of progression, and the feeling of not mattering to the company or recognised in any way. This cost of replacing employees is also something which needs to be factored in.
By investing in employee health and workplace wellness, the benefits can be seen in many different areas, aiding staff retention.
Sector Differences
Both the sector and the size of a business also affects the levels of absence. CIPD report that absence is higher in the public sector, with 2.3 sick days more than in the manufacturing sector, and nearly 3 days more than the private sector. It breaks down even further within the sectors themselves. Variations such as these are also found across company size, with larger organisations reporting higher amounts of staff absence.
With so many variables to consider, it can be difficult to accurately calculate how much revenue is lost annually, and to clearly see how a wellness package could help save you time, money, and retain employees.
DocHQ ROI Calculator
DocHQ recognise that every company is different and have designed the calculator with that in mind.
It can be used by just inputting the sector and number of employees and leave it to calculate based on industry averages. It can also be customised with advanced options to calculate based on your company’s annual sick leave, average salary, number of working days per year, and your rate of attrition. A detailed report can then be downloaded.
By using the calculator, it is possible for you to clearly see the full impact of absence to your business, and to see how much could be saved by investing in employee health and wellness benefits.
For more information on how sickness impacts your bottom line, click here or contact us at DocHQ.
DocHQ Ltd is a Health Tech company improving choices. We help you connect efficiently to health support and advice whether you are at home, work or travelling. See our website for our services or call us on 0330 088 0645.
