UK - Improved training, communication and management policies can cut the "significant" costs to business of sickness absence, employee benefit specialist John Scott & Partners claims.
And it warned there were major unintended consequences of taking a stand against staff who seemingly abuse the sick pay system.
The employee benefits consultant claims many employees see sick pay as an acceptable way to boost their holiday entitlement, and companies frequently struggle to enforce their absence policy.
A survey carried out by the Chartered Institute of Personnel Development showed that 62% of small to medium-sized enterprises believe sickness absence to be a “significant” cost to their business.
But JS&P’s employee benefits development director Simon Gibson said that by adjusting policies and procedures to manage absence, companies could keep their workforce “on-side”.
He said improved training and communication was important, and companies had to ensure they complied with the updated Disability Discrimination Act 1995 when offering health management.
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...