Best practices to managing workers compensation costs
Absenteeism significantly impacts corporate profitability, costing Canadian companies over $16 billion per year. In the United States and Canada, almost 2 million people sustained a non-fatal work-related injury or occupational disease. The resulting consequence is time away from work, impacting both the employee and employer, and $40 billion per year in workers compensation payments.
The effective management of workers compensation programs can present considerable challenges to employers. The complexity and cost of administering these programs is on the rise, which can impose considerable financial and legal burdens on an organization. Proper management of these programs is vital to ensure the well-being of employees and reduce costs associated with employee absences due to workplace injuries.
In this article, Anthony Magagna, director, Human Risk Services, Crawford & Company (Canada) Inc., and team members Donna Riggs, team lead and Catherine Royet, consultant, share some best practices to help employers develop workers compensation programs that are both effective and cost efficient.