A current trend in absence and compensation management is to create work silos. When companies separate workers compensation and disability leave programs, it can create efficient teams within your human resource department. However, not unifying your absence management strategies may create inefficiencies that can lead to a loss in revenue.
Separate May Not Be Equal
When you separate benefit programs there can be unifying data your company is missing. This data can help organizations understand what drives employees to take leave or unplanned absences. Unifying all absence and compensation programs within an organization can reduce overall cost, increase productivity and help determine the way employees use their company benefits.
A Strategy to Bind Them All
When you unite benefit programs as opposed to siloing them, your company can track important information, including:
- Lost time data
- Claim tracking
- Unaccounted for absences
- Overpayment of benefits
- Overpayment of salaries
You can also determine important information, like if your current benefits program makes employee choose between filing a worker’s compensation claim or filing for non-occupational disability benefits when they suffer a work-related injury.
If your organization is looking for ways to increase company productivity and reduce costs, you need to evaluate your absence management and absence reporting strategies. Contact the experts at Actec to learn how they can help you with accurate leave tracking and absence reporting solutions.