Companies offering private medical insurance (PMI) to employees as part of a benefits package are less likely to be adversely affected by staff absenteeism, new research has revealed.
According to figures released by BCWA, more than a third (38%) of the UK’s SMEs have experienced a reduction in the amount of time lost to staff illness since offering PMI as an employee benefit.
"The results suggest the provision of PMI to employees could significantly combat staff absenteeism, which last year alone cost the UK economy more than £13bn."
Jack Briggs, sales and marketing director at BCWA, said: “Staff absenteeism is now costing businesses more than ever before. This can be attributed to a greater appreciation by employers of the true cost of absence by team members and the increasing cost of temporary cover. The good news however is that taking out PMI cover seemingly reduces the amount of time staff have off ill, thereby minimising workplace disruption and having a positive effect on the bottom line.
Only two out of 10 organisations currently offer PMI to employees. Credits: Taken from Health Insurance Magazine, September 2006
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Jack Briggs, sales and marketing director at BCWA, said: “Staff absenteeism is now costing businesses more than ever before. This can be attributed to a greater appreciation by employers of the true cost of absence by team members and the increasing cost of temporary cover. The good news however is that taking out PMI cover seemingly reduces the amount of time staff have off ill, thereby minimising workplace disruption and having a positive effect on the bottom line.
