Reducing Workers' Compensation Costs
A recent article by the American Society of Safety Engineers demonstrates how proactive steps to promote workplace safety and reduce workers' compensation costs can have a significant positive effect on the bottom line. This isn't just fluff. The article cited a study by Liberty Mutual that found that every $1 invested in workplace safety results in a $3 savings. Human Resources professionals are often involved in workers' compensation management either in conjuction with safety and health professionals or are responsible for the entire process. In service environments, many organizations give no attention to safety or workers' compensation - they view this insurance as a necessary evil that cannot be managed. It's required by statute, so just find a broker to get it for you. With such an approach, employers are missing the opportunity to impact significantly bottom line expenses, promote productivity, reduce absenteeism and positively influence morale. Such an approach will not only reduce accidents and expenses, but will get employees back to work and enable the organization to determine whether such injuries are genuine or suspect.
