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A New Look at Getting an Edge in Business
October 14, 2008
TORONTO – During tough times, having an edge in business may be the difference between success and failure. A new report from the Shepell·fgi Research Group looks at ways organizations can get an edge, with practical steps that reduce costs and increase productivity.
“Every business strategy must be implemented by employees,” said Rod Phillips, President and CEO of Shepell·fgi. “Generally, intangibles such as flexibility and judgment account for how well a strategy is executed. Health has an impact on these functions, and as such, it impacts productivity.” While health may be seen as a business advantage, the absence of health is a concern in terms of direct costs as well as productivity.
“Employee absences are an obvious cost to any business,” said Karen Seward, Senior Vice President of Business Development and Marketing at Shepell·fgi. “Because absence is hard to ignore, many employers focus on the process of getting people back to work, without ensuring that employees get the help they need to resolve the reason the absence occurred in the first place.”
The findings of the Shepell·fgi Research Group show that when absence and disability management services are focused on workplace health programs, such as an Employee Assistance Program (EAP) and Training, the cost savings range from 16% to 61% when compared to previous costs. “This is money that goes directly to the bottom line,” said Seward. “In addition, there are opportunity costs from healthy employees and reduced absence that provide further benefits.” In an integrated approach to health and absence management, the greatest improvements are seen when employers provide a structured outreach program to employees in need.
A change in an employee’s work habits or a brief absence may indicate the need for support. It’s important to reassure employees that there are resources available to help solve issues such as financial strain, as well as significant personal health and emotional concerns. These services are generally available from an EAP, and should be leveraged at the appropriate time.
“Integrating an EAP with Absence and Disability Management, works because it make sense,” said Paula Allen, Vice President of the Shepell·fgi Research Group. “Whether an employee is on the job or absent, they should be offered the same support services, but in a more focused way,” Allen continues, “Shepell·fgi’s data shows that a critical opportunity arises within the first 1 to 3 days of an absence. Many disability management programs begin long after this period. Leaving someone on their own to flounder during the early stage of an absence is a missed opportunity. Employers will be less able to afford this expense in tough times and in a competitive business environment.”
Download the full version of the Report
For further information, please contact:
Stephanie Baumann
Senior Manager, Marketing Communications
Shepell·fgi
Phone: (416) 355-5609
Email: sbaumann@shepellfgi.com
About Shepell·fgi
Shepell·fgi is Canada's leading provider of workplace health and productivity services, including prevention-focused Employee Assistance Programs, Health and Disability Management, Organizational Health and Global Services. The company services over six million employees and their families across Canada, the United States and internationally. Shepell·fgi helps organizations maintain healthy employees and healthy workplaces.
The Shepell·fgi Research group, a division of Shepell·fgi, has a mandate to educate employers and business leaders on physical, mental and social health issues as these factors impact employees, their families and their workplaces. The Shepell·fgi Research Group offers a precise understanding of health and wellness trends by conducting sector and issue-based analysis. Since 2004, the Shepell·fgi research group has published thirteen issues based reports and seven sector based reports.
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