Cost for Absences: Are they ALL Accounted For?Ms Comenthia Williams
October 11, 2011 — 1,720 views
Cost for Absences: Are They ALL Accounted For?
By Comenthia M. Williams
The cost for absences has risen in today's business market compared to just five years ago. In fact, it is expected to continue to increase in the years to come. Some reasons for this shifting is due to the uncertainty of the economy's stability, the increased number of disability claims, and management's refusal to take a stance on what is a "changed society".
For some companies, the cost relating to an absence is usually time that an employee uses to be paid while out from work. These expenses, known as direct costs, are examples such as sick time, paid-time off, vacation time, short and/or long term disability, and workers' comp. However, somewhere within the tracking process, the company's financial reporting of data lacks sufficient evidence of its assets. The mediocre philosophy of "doing things as usual" has eliminated the company's ability to integrate resourceful units and produce a competitive advantage in its industry.
Possible Solutions to Implement:
The formality to track absences initiates a savings or loss for the company's net worth. Although it is considered a small factor from the company's spectrum, it carries great volume at its bottom line. Having a resourceful unit bridges the gap of unaccountability. Not having it continues the gap.
Ms Comenthia Williams
Comenthia M. Williams is an innovative and experienced professional with over a 10- year background in delivering and implementing compliance strategies and training programs. Her specializations are: Disability, Benefits, and Coaching.