The data you provide to senior management may differ from the data that is useful to the operations side of the business. Senior management wants “big picture” data such as which division is the worst performing and what is the total incurred cost of workers’ compensation. General managers need operational data such as the return to work ratio and number of lost days for their business unit.
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Once benchmarks for your units have been agree upon, the next step is to set performance goals.
There are five main measurements you should use to determine your progress:
1- Incurred Losses,
2- Number of Lost Days,
3- Return to Work Ratio,
4- Cost Per Employee,
5- Reporting Lag Time and
6- "Soft Process" Goals.
We will discuss these over the next week or so. In the meantime, calculate how much your losses cost in REAL dollars with the Cost Calculator. For more cost savings tips go to WC Cost Reduction Tips.
Do not use this information without independent verification. All state laws are different. Consult with your corporate legal counsel before implementing any cost containment programs. ©2008 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law.
FREE DOWNLOAD: “5 Critical Metrics To Measure Workers’ Comp Success”
