Insurance is usually right up there with restructures and tax as a topic we like to focus on into – am I right? But I know a good guy called Dom Bish and I think he provides the kind of business support/resource that Kiwi small business owners should know about. And I don’t say that lightly. Have a look below at some insights from Dom (from his own insurance company called Bolster Risk Management) on a crucial but often overlooked aspect of business continuity that happens to overlap with HR—staffing risk. Who knew, there are a few things you can look at to reduce those risks.
For small businesses, success hinges not just on products or services but on the people behind them. One of the biggest risks to business continuity is staffing risk. When key employees are absent due to illness, financial stress, or disengagement, the impact on productivity and profitability can be significant.
Rather than reacting to disruptions, businesses that take a proactive approach to staffing risk can build a more stable and resilient workforce. Here’s how:
1. Reducing Absenteeism & Presenteeism
Employee well-being directly affects performance. Research in New Zealand and internationally suggests that financial stress is a significant contributor to absenteeism, while presenteeism (being at work but not fully productive) can be even more costly for employers. Providing access to financial education and support can help employees feel more in control, reducing stress-related absences.
2. Faster Medical Care, Faster Recovery
Health-related absences can stretch on for months—particularly when employees rely on the public healthcare system. Industry data indicates that access to private medical cover can substantially reduce wait times compared with the public system, allowing employees to receive treatment sooner and return to work faster.
3. Attracting & Retaining Talent
In a competitive job market, salary isn’t the only deciding factor for employees. Many employees report they are more likely to stay with organisations that invest in their well-being, and health benefits are frequently cited as an important consideration when changing jobs. Offering employee insurance benefits, such as health cover, is a cost-effective way to boost retention and attract top talent.
4. Financial Well-being for Productivity
Money worries don’t stay at home—they follow employees into the workplace, impacting concentration and performance. Financial workshops covering personal money management, retirement planning, and even simple steps like having an up-to-date Will can provide valuable peace of mind, helping employees stay focused and engaged.
For small businesses, managing staffing risk isn’t just about reacting to challenges—it’s about creating a work environment where employees can thrive. By taking steps to reduce stress, improve access to healthcare, and support financial well-being, businesses can build a stronger, more resilient team.
Want to explore practical strategies for managing staffing risk? I recommend you reach out to Bolster Risk Management to learn how small changes can lead to a more secure, productive future.
