Having a clear, concise and generous time off policy in place will allow your business to better budget for employees’ planned absences as well as cut costs associated with unplanned absences. Additionally, you will have a more loyal, engaged and productive workforce. These conclusions drawn from the recent study released by SHRM, Total Financial impact of Employee Absences.
You can't manage what you can't measure, so having a time-off tracking and approval system is of the utmost importance.
"The more accurately employee absences are tracked and managed, the more effectively organizations can monitor, plan and budget for this expense. The impact to the bottom line of the business can be substantial, making it pertinent that organizations have a strategy to effectively track the costs associated with employee absence."
- Evren Esen, director of survey programs with SHRM
Read this 2015 CIO article to learn more.