Unplanned employee absences such as short-term disability, workers' compensation, sick days, and FMLA do have a significant cost associated with them.
Now there's an Internet-based "Lost Productivity Calculator" that employers can use to calculate the specific cost of that lost productivity. The Calculator can also help organizations evaluate how to manage their disability programs; either STD or LTD, as well as workers compensation, and FMLA.
The Calculator can be found at
To use it you enter company-specific information with a defined list of variables such as holiday and vacation time.
The calculator will provide you with a lost productivity estimate — the dollar value of the employer's lost time from absences.
Reporting options include:
* Lost productivity and unplanned
as a percentage of total annual payroll
* Lost productivity due
to unplanned absences
* How much you could save if you could
reduce absences by a certain %.