Wellness Calculator shows financial impact of staff sickness on your business
Posted on 14th March 2023 at 20:45
While there may be discrepancies in the actual figures for how much ill health costs UK businesses each year, all the headlines show that it’s measured in billions of pounds.
But for most Verve clients, the term ‘billions’ is like Monopoly money. £42 billion is as equally alien as £56 billion. Both figures are bandied about.
You need figures you can use. Figures that show how much ill health is costing your business. Figures with which you can actually do something.
The Verve Healthcare Wellness Calculator can give you a realistic figure for your business. Not just the cost of absence and covering for staff who are off sick, but also the cost of presenteeism - when your staff are working when they would be better off having some time off sick. It also reveals the costs that come directly off your bottom line when staff members leave through ill health.
When you get to the calculator, you’ll see three simple steps:
Select your industry, plug in your number of employees and their average wage.
We’ll tell you your total average salary and your total salary bill including on-cost.
Then add in the number of actual working days per year, for whole-time equivalents. We know the average number of days lost per year through absence for your sector - and we know your sector’s cost of absenteeism.
We’ll tell you how much absence and presenteeism is taking from your profits
The next bit is automatic. We know your sector’s turnover due to ill health, and we know the cost of replacing a staff member on an average salary
We’ll tell you how much you could have avoided paying to cover the cost of people leaving your company due to ill health
The calculator is great, but we would also urge you to factor in the other costs - those that are particularly important to you and your company:
The hidden costs of ill health that can impact your business
Missing a deadline, impacting your reputation
Letting down a customer because you are short-staffed
Poor workplace morale ‘spreading’ to other staff members
Having to work longer hours yourself, to cover for someone who is off
Impacts on family time when you find yourself working late
Trouble recruiting if your company has a reputation of not looking after its own
The time spent churning through CVs; the hours spent interviewing
The loss of company knowledge when a valued staff member leaves
Try the Verve Healthcare wellbeing calculator for yourself today.
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