Businesses which rely on a small number of key staff should prepare themselves for unexpected disruptions, one sector commentator has claimed, a course of action which may prove successful with better absence management.
The research by Scottish Widows revealed that 67 per cent of small and medium-sized enterprises (SMEs) have not taken the necessary steps to insure such workers which could leave them exposed to loss of profitability or, in the worst case, complete commercial failure.
Commenting on the findings, Malcolm Tarling, media relations officer for the Association of British Insurers, said some firms were underestimating the importance of key assets, such as their employees.
“The data also shows that some businesses do perhaps rely too much on the expertise, skills and ability of one or two key employees,” he added.
According to Scottish Widows, four in five (81 per cent) of firms are dependent on a key employee whose loss would seriously impact the profitability and potentially the survival of the business.