I'm looking for formulas used by industry experts--and more
importantly, the supporting documentation for the formulas--to
calculate the cost of absenteeism to a typical Canadian business.

Some would argue that there is no real impact on the business until
you have to hire additional resources to cover for the employee
(overtime, temp employees, etc.).  They say that, in short,
absenteeism, has no measurable financial impact on a business unless
replacement resources are deployed.

The other extreme is taking the all-in wages and benefits for that
employee and multiplying that figure by a number representing the
additional admin, medical and HR costs the organization incurs because
of the absence.  They do this to take into consideration the
infrastructure required for managing absenteeism.

From a purely EBIT (Earnings Before Interest and Taxes) perspective,
the first point of view seems accurate.  Common sense, however, would
indicate that when you pay an employee to stay home (even if you
aren't hiring replacement employees for the day), you're losing money.

So what is the accepted Canadian industry standard calculation?  If
there are no accepted standards, are there at least four (4)
well-substantiated calculations used by professionals?  Do any of
these professional groups have an interest in artificially increasing
(or decreasing) the cost measurement?

Details:
Formulas should help me come up with a cost per employee/day, likely
taking into account wages, benefits and other costs I can slot in.
I would like at least 4 formulas, with documentation supporting each
one.  If multiple organizations use the same formula, that?s fine.
I would prefer that at least 2 of the formulas reference Canadian material.
I?m using this to support an ROI surrounding an investment targeted at
a reduction in absenteeism.