Staff Sickness Hitting Small Business Productivity
Small and mid-sized businesses report a 52% rise in absenteeism and 19% drop in productivity due to staff health and wellbeing issues
New findings have revealed the majority (86%) of small and mid-sized businesses believe employees’ health should be treated as a priority, with 27% of firms negatively impacted by employee illness.
The research, part of the Close Brothers Business Barometer (CBBB), found 52% of businesses have seen a rise in absenteeism due to illness with nearly a fifth (19%) stating it has negatively affected employee productivity and 17% confirming it has led to an increase in staff turnover.
According to government statistics, employee sickness costs the national economy around £100bn a year as almost 130 million working days are lost due to sick days.
The CBBB report, which is a quarterly survey released by Close Brothers Invoice Finance to demonstrate small and mid-sized enterprises opinions, highlighted employers efforts to target this issue with almost half (47%) of responding firms introducing perks and benefits for employees such as health insurance and a third saying they do so to motivate and inspire their staff.
CBIF CEO, David Thomson, commented on the report:
“It’s encouraging to see that businesses are taking steps to both support their workforce and counter the negative impact of employee health concerns.
“For some small businesses, managing health in the workplace may seem like a challenging and costly task, but it is an important issue and one that shouldn’t be avoided. Especially when it can bring such clear benefits to your business.”