The cost of absenteeism in the US and Canada is extremely high. According to a study by the IAIABC Disability Management and Return to Work Committee, the US economy loses almost $590 billion each year due to injuries or illnesses that stop people from working.
At the company level, compensation payments for employees who have sustained non-fatal work-related injuries or occupational diseases cost nearly $40 billion each year, according to the study.
Pressure on businesses to ensure the effective management of workers compensation programs is increasing, but tackling every aspect of the approach, from workplace safety, to incident investigation and return-to-work strategies can prove immensely challenging.
In its latest article, “Best Practices to Managing Workers Compensation Costs”, Crawford & Company provides a step-by-step approach to optimizing every aspect of the program.
The study drives home the importance of reviewing a company’s entire approach to the management of workplace safety and workers compensation, examining five critical components of an effective program:
- Implementing an effective health and safety program
- Providing continued training on health and safety protocols
- Developing proper reporting processes
- Conducting a timely investigation
- Creating a return-to-work program
From engaging in pre-risk management practices to prevent workplace injuries from occurring right through to ensuring a swift return to the workplace for injured employees, the article looks at the most effective ways of reducing workers compensation costs and the overall frequency of workplace incidents.
As the costs of administering workers compensation programs continue to rise, in tandem with the increasing financial and legal burdens, proper management of every component is now a business imperative. At Crawford, we view helping our clients implement proper pre-and-post risk management solutions that place the health and safety of staff front and center as a key part of our commitment to restore lives, businesses and communities.
To download “Best Practices to Managing Workers’ Compensation Costs” click here.
