The two most critical analytics to examine with regard to worker’s compensation claims are what you are paying compared to your peer-group based on the same-sized payroll and how much you are paying above the minimum cost assuming a perfect injury record. Comparing your current costs to these benchmarks will show you how much money you are leaving on the table. Often, this amount is tens of thousands of dollars. Knowing these figures, and how far you are from reaching them, gives you a clear goal to aim for and will provide further motivation and impetus for a safety and wellness program.
Of equal importance to the monetary savings you may be sacrificing are the other metrics mentioned in prior blog entries. The impact to employee safety and morale are every bit as important as the monetary considerations. Injury and low morale manifest themselves in lost productivity and increased turnover. A caring workplace environment focused on employee well-being and safety protects your staff and saves money. It’s a win-win for workers and leaders. Moving your company toward these goals simultaneously protects the physical well-being of your employees and your bottom line.
Continue on to the next in this series on Streamlining the Process!
Written by Ross Amato & Nickalas Oates
Work Comp Specialists