From keeping a check on their business insurance policies to devising marketing strategies, managers have a wide range of factors to consider in the effort to keep their companies profitable.

And chief among these should be effectively managing the attendance of employees, according to Adrian Wakeling, senior guidance manager at the Advisory, Conciliation and Arbitration Service.

"Research increasingly shows that employers who manage attendance save money and improve effectiveness," he said.

Whether it's through return to work interviews after illness or clearly outlining a standard set of procedures for staff who need to take time off due to sickness, it seems managers can save money by ensuring they are on top of their scheduling.

Indeed, with finances topping the list of many business' priorities in the current climate, properly managing attendance could be the difference between profit and loss as managers set about devising policies designed to maximise the output of their employees.