Sickies could cost the economy more than $60 million this Friday… how are YOU preparing?

Australia Day sickies could cost the economy

The Australian economy is predicted to lose more than $60 million on Friday, not because of any major catastrophe or the stock market crashing, it’s because more than 200,000 Australians are predicted to take a sickie! Seems ridiculous, right? So how do you protect your business from the planned sickie…?

With Australia Day falling on a Thursday this year, it’s predicted to cause havoc for businesses. If your staff don’t turn up to work on Friday, it could be costing you hundreds or even thousands of dollars. The costs could come from either paying for other staff to work overtime to cover absentees, or just lost opportunities through fewer staff members being on deck.

How are you preparing for this potential issue in your business? Have you encouraged staff to take annual leave on Friday? Annual leave can be a liability to your business, and chances are that your staff have plenty of it accrued. According to Roy Morgan research, Australians have an average of 21 days’ annual leave stashed away. Taking the one day this coming Friday is not likely to hurt their overall leave balance, and it would take some of the potential burden off you, the employer.

It’s not too late to check in with staff and make sure they are coming to work on Friday, or suggest they may wish to take a day of leave. If you know today about their plans, you can plan ahead for Friday. If staff leave you in the lurch later this week, it’s not only bad for your business, it can create a trust issue with your employee.

On the topic of annual leave, have you planned your own leave for the year ahead? Entrepreneurs and small business owners are notorious for not taking enough of their own personal time out from their business. We know how tough it can be to take a break from an entrepreneurial endeavour… it can be stressful to leave the business in someone else’s hands, and closing it temporarily can be costly. If you plan enough in advance, you could potentially work around that period and give your customers notice that you’re taking a break. Locking in your leave for the year now gives you something to work towards – not to mention look forward to.

From all the team at Spotcap, happy Australia Day! We hope you and your employees have a great day… and turn up for work this Friday – or have a great long weekend!