Most businesses vastly underestimate the magnitude of the financial risk in health-related issues.
In business, as in life, health underpins everything else.
The pain of absenteeism
The direct cost of your people overshadows nearly all other operating costs of running a business. Employee absenteeism costs money. The direct cost is far outweighed by the indirect costs of absence by a factor of typically three. Additional pressures on colleagues mean performance suffers and the extra cost of hiring temporary staff adds a further financial burden.
But, that’s just the cost you can see. There are other hidden costs relating to angry customers, loss of sales and missed targets.
Many companies do not have the ability to connect health symptoms with their root causes in the business that pose a health risk.
This is precisely where Miller Health can help.
HR are expected to deal with the absences, without being able to identify the root cause.
Critical illness, private medical insurance costs and income protection premiums may significantly impact your operating costs. If your employee doesn’t show signs of getting better, then you may have no choice but to use any one of these. Finally, ill health retirement is not a right and eligibility for this has to be considered with care.
Litigation is expensive, even if your organisation is found to be blameless. The last thing you want is for an employee to take legal action against you, but it does happen. If you have misunderstood your legal obligations, or even have incomplete documentation to back you up, you could be found liable and face hefty fines.
Take the road to recovery
Optimising the health of your employees promotes the health and wealth of your business. Invest in your people and reduce your financial risk.