The stock exchanges have reached all-time highs, interest rates are low, unemployment news is positive, and all indications are optimistic for the 2018 economy. When employers consistently maintain a safe workplace, they are rewarded with high employee productivity, greater financial results, and can take advantage of more opportunities than others in their industry.
Those organizations that insist upon a safe environment have leadership who have made safety the top (or at least one of the most important) priorities of their companies.
Each year seems to provide new challenges and 2018 will be no different.
To help you to grow your business, we’re sharing the top 7 2018 workplace issues, so you can develop a “road map” to avoid them.
According to George Harrison of Beatles fame, “If you don’t know where you’re going, any road will take you there.”
As we go through this review together, let’s also keep these in mind:
• The issues have legal, financial, and personal ramifications.
• A knee-jerk approach to addressing these issues will not provide effective solutions.
• Situations worsen when these issues aren’t properly addressed.
• Since you want as much influence and control when managing your enterprise, you need a plan of action to create the best outcomes.
This chart demonstrates how workers’ compensation is the center, or the “heart,” of all your risk management and insurance programs due to: (1) the inherent risks and claims that may occur, and (2) the way costs are determined for other insurance and risk management programs.
The cost of your workers’ comp insurance reflects the expenses created from your workplace injuries. When managed properly, your company’s bottom line becomes healthier. So, think of this whole process as a “ripple effect” from the injury to the financial results of your company.
Workers’ comp is a tool to finance the costs of workplace injuries like a credit line: you use it, and you pay it back, plus more. The direct cost of a workplace injury is paid by the employer through higher future insurance premiums.
Fortunately, there are many opportunities for you to reduce your company’s costs through your involvement to prevent injuries and in the ways, claims are managed. You will find the best results are achieved when you engage with your insurance advisor as a partner.
Always keep in mind this is your money we’re talking about, not the insurance company’s.
Next time, let’s review the 1st Workplace Issue You Need to Know for 2018, “Employer Housekeeping.”
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