What Is Lost Time and How Does it Affect Your Business?
A “lost time” claim is created when a worker suffers a work-related injury/disease which results in them being off work past the day of the accident, incurring a loss of wages/earnings, or suffering from a permanent disability/impairment.
Most business owners want to create safe environments, as preventing injuries is much less costly than treating them. Workplace injuries that result in lost days on the job are no fun for anyone.
Unfortunately, even the best and most well-intentioned business owners who take all of the appropriate workplace safety precautions and measures to avoid injuries, will still face accidents. Accidents happen. But how you prepare for, and respond to, these accidents can make all the difference in achieving the best possible outcomes for both you and your employees.
Lost time affects both your operating costs and your productivity. When an employee is away from work, aside from the costs incurred by replacing them, there are other factors that contribute to losses.
It affects the stress level and morale of the workers left behind to compensate through the transition as one person is suddenly absent- and the employer may not be able to replace them right away. This places extra hardship on the employees as their workload increases and they are faced with uncertainty wondering if and when their colleague will return.
When you are able to replace the employee, you will often end up with a drop in productivity and overall quality of work as the new hire will have to train and adapt to what the the absent employee had already trained and adapted to.
Together these factors can culminate and result in a loss for your business. Having a plan in place for when these unexpected instances occur is a great first step towards an effective return to work strategy.
It starts by communicating with the employee, and having a third party like TeksMed doing so on your behalf will aid in helping to keep this process as smooth as possible. As one of our areas of expertise is facilitating return to work plans, and as such, we know that keeping the lines of communication open leads to successful returns to work.
Employees may be limited in their job capability upon their return and may require accommodations as they adjust. It has been shown that returning to work as early and safely as possible is the best outcome for both parties. If an employee is able to perform their duties – even modified ones – they can still contribute to the team and it boosts morale and helps to facilitate a successful return to work plan.
Having a proper plan in place for dealing with unexpected incidents of lost time, and knowing the best practices to follow when these instances occur will help set expectations and save your company money- thus relieving anxiety for everyone during what can be a difficult time.
For assistance putting together and implementing your plan to address lost time and back to work protocols, call TeksMed today at 1-877-850-1021.