Your cost containment goals should include an overall reduction in lost work days. The lost work days measurement indicates how effective your transitional duty program is and how severe the injuries in your workplace are. Calculate Savings from reducing lost work days. Every unit manager should be able to tell you how many injuries have occurred and how many work days have been lost due to on-the-job injuries. They should not have to look this up, it should be a number they know instantly just like they know how many widgets they have made or sold. Workers Compensation losses can be reduced by:
- 1. Reducing the number of claims and
- 2. Reducing the number of lost days of each claim
If senior management is interested in this data, everyone else also pays attention. 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. If you would like permission to reprint this material, contact Info@WorkersCompKit.com
