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Companies Underestimate Cost of Leaves of Absence
This article is new this week in The Business Journal's small business how-to section. To see what else is new, click here or click on the "how-to" tab at the top of The Daily Business Journal Online home page.While 96% of larger companies have formal documented leave of absence policies, fewer than two in 10 calculate costs associated with them and only one-third track leave utilization, according to a recent study from global human resources outsourcing and consulting firm Hewitt Associates.According to Hewitt's survey, companies' top three reasons for not tracking LOA costs are lack of resources (34%), the issue is not a top management concern (20%) and no methodology in place to generate meaningful results (17%). <more>"