How Do You Know If You Are Winning in Workers’ Comp Management?

In any initiative at a professional organization, how do you know when you’re winning? How do you know when you are succeeding or a cup pushing a stated goal? Hello, my name is Michael Stack and then the CEO of Amaxx. And today I want to talk about this simple concept of how to know when you are winning and in our case, how to know when you are winning in a work comp management program, how do you know you’re succeeding? How do you know you’re driving towards success of reducing work comp costs and improving injured worker outcomes? And I’ve got a very simple concept of how to do this. And I want you to take note, first thing, you have to figure out what you’re going to measure. What are you going to measure? So we have our, if you follow any of my trainings or any of my best practices, we have our five critical metrics.

Drowning In Data, but Lacking Meaning

We have our five critical metrics. We are swimming in data. We are drowning in data and analysis and numbers, but oftentimes it just lacks, meaning none of it lacks actionable, meaning of all the data and numbers that we have. So break it down. What is it that you’re actually managing? What is meaningful for you? So we have our five critical metrics. Are we trying to work? Ratio cost per FTE, lag time? How many employees are to work right now and your sales to pay for accents? Do you want more detail on that? We’ve got a ton more information. Look through my blogs, download our five critical metrics worksheet, read below this video. First, figure out what you’re going to measure. Second, identify what is good and what is bad and document it, document it, document it and record it. Set this goal. If you’ve got to measure what is the goal you’re trying to achieve?

What are Good and Bad Results?

What is good look like over this period? What does bad look like over this period? Because I guarantee you, if you’re not tracking this, you are going to forget the difference. You’re going to forget the difference because you’re going to be a month down the road, two months around six months down the road, a year down the road. And you’re going to have a goal that maybe at one point, Hey, if we hit this, if we had X, that would be amazing if we actually could accomplish that, there’ll be amazing. But now you’ll accomplish it. You’re you’re up here. And it just doesn’t feel that great. And you say, well, why aren’t we up here? You know, why aren’t we doing better? Your senior managers start to say that your clients start to say that what have you done for me lately? And so now you start to track this of what is good and what is bad.

Sometimes Winning Doesn’t Feel Like Winning

And you can have that perspective. You can have that engagement to say, in fact, we are winning in this area, even though it might not feel like it there’s some areas for us to improve. When we set our goals at the beginning of the year, we said, if we can accomplish this, we’ll be doing tremendous. And you continuously improve have the idea of what exactly it is. You’re measuring and have it documented of what is good and what is bad. It will lead you on this path towards success in work comp management. Again, my name is Michael Stack. I’m the CEO of Amaxx. And remember your work today can have a dramatic impact on your company’s bottom line, but it will have a dramatic impact on someone’s life. So 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 the founder & lead trainer of Amaxx Workers’ Comp Training Center, which offers the Certified Master of Workers’ Compensation national designation.

Contact: mstack@reduceyourworkerscomp.com.

Workers’ Comp Roundup Blog: https://blog.reduceyourworkerscomp.com/

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