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Tag: compensation law

How to Reduce Workers’ Compensation Costs in 2023

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Are you finding the best strategies to control or reduce workers’ compensation costs?

Every company takes specific measures to ensure their employees are safe and sound while on their job. Nevertheless, mishaps and accidents are unavoidable and can happen even at the safest job site. To prepare for such instances, every company provides workers’ compensation benefits.

However, to avoid it affecting the company’s cost, read about some strategies you can follow.

What Are the 6 Strategies to Lower Workers’ Compensation Costs?

A company with a reputation for corporating a quality workers’ compensation policy attracts potential employees to the organization. This not only boosts business growth but also adds to the goodwill.

However, maintain manageable workers’ compensation costs to continue a smooth business flow. The strategies that can help in the process are below:

1.Save Money on Compensation Insurance

As you opt for your employee’s health insurance, seeking the best compensation insurance policies is crucial. Following are the ways you can get the best policies:

Try to speak to several companies regarding the monthly premium and rate they can offer to your company.

Find out what your competitors are choosing and try to gather information on the same.

2.Ensure Following Best Claim Management Practices

Ensuring following best claim management practices will reduce the payout by almost half. So, this is a crucial strategy for any business.

The best practices, however, include the following:

Make direct communication with employees to address concerns that might arise anytime.

Ensure every necessary documentation is filed within the time and always verify the coverage.

Try to maintain a note of all work completed on the claim.

3.Focus More on Safety

One effective way to improve the morale at your business is to instigate a safety platform so that they work stress-free. This will reduce your workers’ accidents or injuries and show them that the company takes care of them.

Here is what you can do:

Try to constantly provide your workers with the necessary safety resources and best practices.

Consider regular safety checks, often monthly and weekly, to ensure they are fit to work.

Try replacing and placing old equipment and dangerous objects in places out of easy reach.

4.Form a Procedure for Injury

It is necessary to manage and take care of any onsite injuries before they worsen, and this could be an effective strategy to reduce costs.

For this, you can do the following:

Ask your managers, supervisors, and other workers to take immediate action during such an incident.

Train them so that they can make quick decisions that will help in reducing the severity of the mishap.

5.Encourage a Return-to-Work Program

Organizations that are in contact with injured workers during their stay at home are likely to have lower costs with workers’ compensation claims. So, encourage your workers to return to work after they heal.

In that case, the company will have to pay less, and the injured workers will get their paychecks quicker after returning to work early. Thus, allowing a win-win situation on both ends.

6.Look for Safety Rewards

Check with your insurance provider to ensure they provide credits for completing a year safely. These policies are being paid after the expiry of policies. Therefore, you must check before claiming one.

Workers’ compensation is a necessity for any organization. You will notice a reduction in workplace mishaps as you start implementing these strategies, therefore not allowing the costs to appear burdensome. In addition, when these best practices are followed well, your workers will return to work as soon as they are medically fit, thus allowing a smooth production flow.

Contact us if you need assistance regarding the worker’s compensation policy. Also, if you are interested in learning more about such strategies, explore our blog section.

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Reference Links:

https://news.briotix.com/9-workers-compensation-cost-reduction-strategies

https://bailyagency.com/blog/blog-reduce-workers-compensation-costs/

https://www.emcins.com/losscontrol/insights-d/2021/11/workers-compensation-costs/

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December 13, 2022
6 Mistakes That Lead to Higher Compensation in Companies
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Compensation is an important factor influencing a business’s ability to attract talented candidates. Thus, it must be treated as an investment to hire, retain and motivate qualified workers. However, employees typically think they are paid too little, but this must not force employers to pay higher compensation.

It must be a perfect balance between inflation, demand, competitor package, and other factors. While it is impossible to get everything right, one can try and reduce their mistakes to a minimum by identifying the common ones.

Interested to know more? Then check out the following points mentioning the same!

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What Are the Common Compensation Mistakes and How to Fix Them?

Here are some compensation mistakes managements often incur while fixing terms. One should learn about them to avoid them while designing their company policy and ensure a competitive, fair pay system:
- Ignoring Organisational Goal
An organization can maintain the most effective pay policy only when the needs of its employees are aligned with the company’s target. So, before setting employee compensation and salary, management must always consider company goals. Later, craft the compensation in a way it meets these goals.
- Not Negotiating Salary Terms Well
Companies often have a disparity in their pay. While some can negotiate their salary term better, some can not. This leads to differentiation in pay for men, women, people of color, and other classifications. So, management must ensure they pay their employees according to their compensation strategy and not based on their negotiation skills.
- Not Considering Employee Performance While Matching Competitor Package
It will be wrong if a company maintains a competitive system of raises, compensation, and promotion among similar employees. Rather companies must set a benchmark to identify if an employee is being overpaid or underpaid concerning their performance. Also, one must consider these while reviewing annual performance to simplify data-gathering.
- Considering Wrong Survey for Decision-Making
It is a common practice among companies to review salary surveys available in the market to determine what competitors of similar industries, sizes, and locations are offering to their employees. However, companies must understand that many tend to exaggerate the job and pay level. Also, there are times when surveys may match the job but not a job description. So, it might be misleading.
- Not Disclosing Every Information Regarding Employee Pay Process
When employees cannot understand a company’s compensation system or find gaps in policy, they form an opinion that they are receiving an unfair salary. This further lead to low employee engagement and increased turnover. However, management can avoid this by paying little attention to maintaining transparency and educating team members about what they can do to earn.
- Ignoring Pay Equity
Pay equity is an important factor that employers often miss to maintain. However, this can attract several actions among the company since now legislators are incorporating pay equity law under which employees have the right to get share pay information. Not to mention, salary information is easily available online. So, if an employee does not get fair pay and he or she finds out about it, it can increase penalties and damages for violations. Therefore, companies must maintain parity in pay.

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With so many complexities involved in figuring employee compensation, companies should get professional help. Those looking for experienced management assistance can contact us. We can maintain a simplified and accurate system of payroll, employee compensation, HR, and risk management services to improve company productivity and turnover. Remember, employee compensation is one of the company’s highest operating costs and needs special assistance. Also, if you want to read more about management and other services, check out our blog section now.

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Reference Links:

https://www.payscale.com/compensation-trends/5-mistakes-pay-brand/

https://www.terrastaffinggroup.com/resources/blog/compensation-mistakes/

https://hrdailyadvisor.blr.com/2012/04/28/the-six-most-common-compensation-mistakes/

https://sbshrs.adpinfo.com/blog/8-compensation-mistakes-and-how-to-avoid-them

https://www.compa.as/blog/common-compensation-mistakes

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August 2, 2022
Know About South Florida Workers’ Compensation Law for Trucking Business
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The state of Florida requires every employer to cover the workers’ compensation of their employees. However, the coverage requirement for an employee may differ from one employer to another. For example, it depends on the number of employees, type of industry, and entity organization.

Want to get more insight into how much your company is liable to pay as workers’ compensation? What if one does not meet it? Read along to find out more on this!

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How Much Does a Trucking Business Have to Pay as Workers’ Compensation?

A business involved in a trucking operation must protect its employees from injuries and employers from a lawsuit by covering them under workers’ compensation insurance. According to the law, the minimum requirement is $ 100,000 per occurrence, $ 100,000 per occurrence by disease, and $ 500,000 aggregate.

However, this rate may vary depending on factors like –
- Employee’s payroll
- Location of business
- Industry and its risk factors
- Employee number
- Claim history
- Coverage limit
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Who Gets Coverage under Workers’ Compensation?

If a business has four or more employees, it is mandatory to get workers’ compensation insurance. This insurance will cover the medical and hospital bills of the employees. In addition, it pays for temporary total disability costs, ambulance costs, and permanent disability. However, the truck driver must have got injured due to the following reasons only:
- Injured while unloading or loading freight
- Got wounded in an accident
- Slipped and got injured while entering or getting out of the truck
- Got hurt when carrying roadside repairs of the truck
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What Happens in Case of the Non-Compliance with Workers’ Compensation Law?

Employers in the state of Florida who do not provide workers’ compensation to their employees attract several civil penalties. The most immediate one is that the company must stop its operation immediately until it complies with legal rules and pays the required penalties.

This penalty charge usually amounts to double the insurance premium payable by the employer for the previous two years. In addition, if the employer does not comply with this stop-work order, he or she may also be liable for criminal charges.

So, it is paramount for an employer to bear this cost. However, one can always reduce the burden by controlling the premium amount, incorporating cost-saving measures, and avoiding accidents.

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How Can Companies Reduce Workers’ Compensation Cost?

The following are some practical ways that companies can adopt to reduce their workers’ compensation costs:
- Introducing Safety Program
When companies take measures to avoid accidents even before they occur, it reduces their workers’ compensation cost-effectively. The best way to do so is by introducing a safety program to keep the employees safe. One can also take safety training at regular intervals for the purpose.
- Implementing Return-To-Work Program
The claim becomes costlier day by day until the worker comes back to work. So, to save the company money, one must implement a return-to-work program either by allowing them to cover light-duty hours or work on a part-time basis. This also lowers the risk that employees might never return to work.
- Partnering with a PEO
To help reduce the cost taking the help of a PEO can be an ideal decision. A PEO assists by maintaining a lower number of claims, looking after the company’s safety measures, and managing the worker code to reduce workers’ compensation insurance premiums.

Apart from reducing workers’ compensation costs, there are also other managerial areas in which a trusted PEO can help you. So, if you are looking for professional assistance in maintaining your company’s payroll, worker management system, cost control, compliance with HR terms, and assistance in employee recruitment, contact us. To increase your knowledge about what we do, you can also scroll through our blog section.

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Reference Links:

https://www.commercialtruckinsurancehq.com/workers-compensation-for-truckers

https://www.insureon.com/small-business-insurance/workers-compensation/florida

https://www.barbeejackson.com/workers-comp/florida-workers-comp-trucking/

https://www.findlaw.com/state/florida-law/florida-workers-compensation-laws.html

https://www.cornerstonepeo.com/post/how-companies-can-reduce-workers-comp-costs

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June 1, 2022