Reducing workers’ compensation costs is something that any business owner of any size should never overlook. Whether a 30% savings for you equals $3,000 or $300,000, there is no reason a business should be overpaying for workers’ compensation.
Among the Top 10 excuses businesses claim for why they have not implemented a program to reduce their workers’ compensation costs.
- Too costly, something that in reality is a misperception, referring to the cost containment process;
- The business is decentralized and its operating units are in fact autonomous;
- The company is centralized, thereby making it unable to have any sort of influence on the operating units’ decision-making;
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“13 Research Studies to Prove Value of Return-to-Work Program & Gain Stakeholder Buy-In”
- The business is unionized, therefore the union will forbid it from making the necessary changes (in most cases, this is simply false);
- A business that is too large (one with an abundant amount of silos, regulation, and inflexibility) or too small (too few resources) can’t decrease costs;
- The business simply believes it is unable to have a return to work program;
- The company believes it is unable to produce modified or transitional positions in its environment;
- The company’s management does not back them (bad take in order to achieve commitment);
- In fact, the claimant’s (plaintiff) attorneys are the root of the problem, making it impossible for the company to improve;
- Those businesses based in other countries with U.S. operations claim there is too much litigation in America.
At the end of the day, many businesses simply do not have the wherewithal on how to go about decreasing comp costs.
In fact, with a little time and effort, many of the roadblocks to reducing comp costs can be turned aside, despite what seems like overwhelming obstacles at the start of a cost-containment program.
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Pick One Strategy And Get Started
The best way to go about it is to break down the process into smaller pieces, making it easier to handle over time. Pick one simple piece of the puzzle-like injury response, or return to work and get started. As the great Zig Ziglar said, “you don’t have to be great to start, but you do have to start to be great!”
Author Michael Stack, CEO Amaxx LLC. He is an expert in workers’ compensation cost containment systems and helps employers reduce their workers’ comp costs by 20% to 50%. He works as a consultant to large and mid-market clients, is a co-author of Your Ultimate Guide To Mastering Workers Comp Costs, a comprehensive step-by-step manual of cost containment strategies based on hands-on field experience, and is founder & lead trainer of Amaxx Workers’ Comp Training Center , which offers the Certified Master of Workers’ Compensation national designation.
Contact: [email protected].
Workers’ Comp Roundup Blog: https://blog.reduceyourworkerscomp.com/
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