Does your business feel the impact of an absent employee? When your team is small, it’s a real challenge to shift work responsibilities and plug holes in your production or service process due to an unexpected absence.
Studies show that when it comes to the impact of your employee’s health on your business’ bottom line, absenteeism is just the tip of the iceberg. Presenteeism – when employees are physically present in their job roles but are working below capacity because of mental or physical distress – is estimated to cost employers 7.5 to 10 times more than absenteeism.
How does presenteeism impact your business?
- A struggling and stressed employee is more likely to make errors or take longer than anticipated to complete their work, and that can cost your company more than if the same employee was absent
- Attempting to work through an illness or condition may result in a longer recovery, and longer period of lost productivity, than if your employee had rested or addressed the issue quickly
- There is a possibility that that employee may spread their illness to other workers resulting in more presenteeism and absenteeism issues.
The pandemic’s impact on presenteeism
Manulife’s 2022 Wellness Report highlights that in the nearly two years since the beginning of the pandemic Canadian employers and employees are reporting that 16% of working hours (41 days per employee per year) were lost in 2021 due to absences and presenteeism.
- 48% of employees are experiencing at least one work-related mental health risk factor
- Mental fatigue is the #1 reason employees aren’t making healthy choices
- Lack of work-life balance is the #1 mental health risk factor
- Work-related stress is the #1 factor affecting employees’ sleep
Employees are struggling to take care of their health. Consider these other challenges they are facing:
Put health insurance to work to tackle your presenteeism problem
You can help employees by removing barriers to accessing health benefits they need to better manage their physical and mental health hurdles. Now is the time to review your health plan to ensure the right one is in place for your employees’ need for support and protection against out-of-pocket health care costs.
Here are just some of the SBIS small employer health insurance plans with features that can deliver to help you take back control of employee presenteeism
Exclusive Access To Green Shield Prism Spectra, Precision And Continuum Plans
These individual health insurance plans feature different coverage levels so you can select the best option for your employees’ particular needs. You can maximize each individual’s healthcare coverage with the highest benefits through a medically underwritten plan or offer access to a guaranteed-issue individual health and dental plan that does not require a medical questionnaire. Prism plans offer coverage for:
- Prescription drugs so your employees do not have to pay out of pocket for medications, including those that help control their chronic conditions
- Dental care, because dental pain can be distracting and dental issues may make an employee so self-conscious that they spend more time worrying about their appearance than their customer’s needs, and that’s not good for business.
- Vision care to prevent or correct impairment and digital eye strain or identify more serious issues like cataracts and glaucoma that can cause vision loss
- Extended health care including physiotherapy to help with tendonitis and post-surgery issues, eliminate nagging foot pain or help employees better cope with a chronic condition like arthritis or back injury
Manulife Flexcare, FollowMe, Guaranteed Issue and Association Plans
Through a Manulife health and dental insurance plan, you can obtain the coverage your employees need to bridge gaps in provincial health coverage. Some Association plans do not require a medical questionnaire at the time of application, so acceptance is guaranteed for all employees, provided they meet the eligibility criteria.
The plans are fully backed with a 30-day money-back guarantee, and include:
- Akira virtual health service provides access to health care practitioners online 24-7-365 for prescriptions, refills, mental health support, diagnosis, referrals, and more.
- Lifeline® Medical Alert Service to provide instant help 24 hours a day, 365 days a year for an employee’s loved one living at home who is at risk of falls, recovering after surgery, has mobility issues or special health concerns, so the employee can get to work without worry
GMS Group Advantage Plan
With monthly premiums for 3 employees starting at about $100 per month, and availability up to 10 employees, GMS Group Advantage Plan allows you to choose the health and/or dental plan that best suits your employees’ needs to cover health, vision and prescription drugs and add on dental care for services ranging from routine and basic services, to major procedures and orthodontic services. You can calculate your monthly premium immediately — no need to wait for a quote, and you can use the simple application process with no medical questions. The plan includes
- Employee Family Assistance Program (EFAP) at no extra cost that provides employees with anytime access to online resources like wellness assessments, child and elder care resource locators and e-learning courses. Employees can use over-the-phone lifestyle coaching for shift-worker support, smoking cessation, relationship solutions, grief, and loss, legal advice, and financial consultation. Confidential counselling services for employees and their dependents can help with relationship or family concerns anxiety, depression, or addiction issues
Take control of presenteeism with health insurance now
At SBIS, we specialize in helping small business owners make the best possible decisions on what individual or small group health insurance plan will work for best your employees. Call us at 1-800-667-0429 Monday to Friday, 8:45 a.m. to 4:45 p.m. ET or go online to discover small business health insurance options for yourself.