Three Key Benefits of Investing in a Disability Management Program
When an employee becomes sick or injured, it can deal quite a blow to your company. Not only does their absence affect the morale and overall atmosphere of the work environment, but it can harm productivity and can be costly to the business.
Having a solid Disability Management (DM) program in place is key to minimizing the harm to your company and providing the best possible support to the injured worker. Even if your business has a great track record of having healthy employees, a single incident is all it takes to cost the company money and productivity. By putting your DM program into motion now, you can save yourself a significant amount of money and headache later on.
There are 3 main benefits of implementing an effective DM program:
- Cost savings to the business
After payroll, Workers’ Compensation premiums are the largest employment related expense that a business will have. Just like any other type of insurance, the larger your company’s claims are, the higher those premiums will rise. Furthermore, when your employee is away because of illness or injury, the level of productivity of the company drops, costing you even more money.
Having an effective DM program in place will help to both to reduce the number of incidents and to lessen the amount of absenteeism through return to work strategies.
- Expedited health care
If you or a loved one has ever required specialized health care, you know how long wait times can be. Much of employee absenteeism due to illness or injury could actually be eliminated if they had quicker access to the care they need.
TeksMed is the largest privately-held Canadian provider of expedited health care services, which means your employees can obtain specialized tests and treatment such as MRIs, CT scans, specialist consultations, etc. in a fraction of the time that they would otherwise wait going through the public system. For an employee to receive an MRI for example, they might have to wait more than 11 weeks through the public system – compared to as little as 2 days through TekMed’s expedited health care.
TeksMed continues to provide expedited health care to hundreds of Canadian companies, at no additional cost, through its DM programs paired with custom return to work plans for their employees.
- Employee Recruitment and Retention
Showing your employees that you care about their well-being helps to create a positive work environment and team atmosphere within your company. When employees know that you have their backs with tangible perks such as expedited health care, they tend to be happier and more productive. A company culture develops in which employees are actively engaged in their own safety and well-being.
These benefits along with the positive working environment you create go a long way toward helping you recruit and retain the best employees. This in turn helps to make your business more productive and profitable.
Investing in well-crafted and effective Disability Management programs is an investment in your business. It is an investment for which you can expect to receive significant returns in the form of cost savings, productivity and employee engagement over the long term.
If you are interested in getting started on your own DM program, contact the TeksMed team today!