Over two-thirds of employers think absenteeism is a growing issue for their business, find research from Legal & General.
68 per cent of employers believe that absenteeism is a growing issue for their business, research by Legal & General reveals today (6th February).
Only 8 per cent of those employers surveyed as part of Legal & General’s Workplace Wellbeing research said they would never treat absenteeism as a threat to their business. The research revealed that employee absenteeism was estimated to cost businesses in the UK on average £120,000 a year. Due to the significant costs absenteeism can entail for a business, 97 per cent of employers surveyed were interested in a solution that would help to reduce this cost.
Legal & General’s research surveyed 2000 full-time employees and 200 Managing Directors or HR Managers from a range of different sized companies. The survey also asked the participants what the main reasons were to treat staff absenteeism as a threat to their business. 54 per cent of employers agreed the biggest threat would be an increase in long-term absence levels and 43 per cent agreed that they were worried about the cost to cover the work of the absent employee.
Martin Noone, Managing Director, Legal & General Workplace Health and Protection, said: “That 68 per cent of employers we surveyed think that absenteeism is a growing issue for their business reiterates our concern that is a problem which is becoming more prevalent. Our research shows that employers estimate absenteeism costs their business an average of £120,000 annually which is a huge cost and one that many employers do not necessarily think about, even less mitigate for.
“Our research highlights the interest from employers to find a solution that would help to reduce the cost of employee absences to their business. Group Income Protection can aid the longevity and stability of a business, but is also important for an employee who has had to take unexpected long-term leave. The employee can be provided with the essential financial support and rehabilitation where appropriate, to allow a speedy recovery, meaning the individual will be able to return back to work at the earliest possible time.”