Total Financial Impact of Employee Absences in the U.S
Executive Summary Total Financial Impact of Employee Absences in the U.S. Data Highlights from the DEFINITION Total Financial Impact of For the purpose of this research, employee absences were defined as paid days off offered per full-time employee in 2013, including 1) Employee Absences Survey vacation and personal time off, 2) sick time off, 3) paid time off Direct Costs of Paid Time Off as a (PTO), and 4) other paid time off, such as for bereavement, parental and civic needs. Costs associated with unpaid time off, including Percentage of Payroll: The total direct those associated with the Family and Medical Leave Act (FMLA), are cost of employee paid time off, accounting not included in the calculations. for wages/salaries, overtime costs and replacement worker costs, was 15.4% as a percentage of payroll. The direct cost Introduction of total paid time off offered in 2013 as a The direct cost of total The Total Financial Impact of percentage of payroll was 8.1%. Overtime paid time off offered as a Employee Absences Survey, produced costs were 5.7% as a percentage of percentage of payroll was in collaboration with and commis- payroll, whereas the cost of replacement sioned by Kronos, Incorporated, 8.1% in 2013. workers, such as temporary employees, was designed to measure both the was 1.6%. direct and indirect costs of employee replacement workers, and productivity absences, including costs associated Indirect Costs of Paid Time Off as a loss of co-workers and supervisors were with payroll, replacement workers, Percentage of Payroll: The indirect also measured.
[Show full text]