Six Practical Tips to Reduce Workers Compensation Costs
(Part 2 of “Understanding and Controlling Workers Comp Costs”)
The cost of doing business continues to rise, so reducing costs associated with Workers’ Compensation is a great help to many organizations. This is part 2 of a two-part series on “Understanding and Controlling Workers Comp Costs”, a presentation by Liza Moran , VP Pinnacle Brokers Insurance Solutions. If you haven’t read part 1, don’t forget to check it out! I have added additional comments on how HRSource and HRnetSource users can use the system to support these cost-saving strategies. Continue reading
I recently attended a presentation entitled “Understanding and Controlling your Ex Mod”. (No, it wasn’t a self-help session on handling your “ex” The talk was actually a rather technical presentation on Workers Compensation, Experience Rating Plans and Strategies to Impact your X-Mod.
Liza Moran, VP of Pinnacle Brokers Insurance Solutions, was the speaker and to make sure we were all on the same page, she patiently explained what an “Experience Modification” (X-MOD) is all about. (In a nutshell, the idea is related to a merit rating system that provides employers a direct financial incentive to reduce work-related accidents. The higher your x-mod, the higher your cost.)
So, the short answer to the question of how to save money on Workers Comp is: Keep your “Experience Modification” (your X-MOD) under control. Make it better than average by keeping it below 100% (the average). OK. But how does one do that? Here were some of her points: Continue reading
This is part 2 of the two-part “Train Managers to Minimize HR Legal Issues”
Part 1 of this blog cited examples where managers and supervisors fall into legal trouble (unintentionally we hope!). There is clearly a need to provide TRAINING to minimize such issues in organizations. When was the last time YOU did training for your supervisors?
In addition to TRAINING, DOCUMENTATION is also important. Documenting policies, performance, complaints, actions taken, questionable incidents, resolutions and training. Here are a few reasons why it’s a MUST to have recordkeeping be a part of an organization’s standard practice: Continue reading
You walk into the break room while people are having lunch. As you enter the room, a fellow supervisor is talking loudly about seeing “Book of Mormon” over the weekend. He is describing the show in some detail, repeats some of the profanity from the performance, and describes some aspects of the Mormon religion that are made fun of in the show. Continue reading
Data is good. It gives leaders and managers a logical base from which to make decisions. “Big Data” has become a buzzword as new tools are now available to tackle the tremendous wealth of data companies have about their organizations. However, it can seem intimidating when you hear of PhDs doing deep-dive analysis and modeling — in an attempt to not only understand “what is” but also to predict “what will be” and how to prepare for it.
But, can a small company with 200 employees and limited resources really do this? Are “HR data analytics and metrics” buzzwords that apply only to the big guys? Continue reading
Posted in Big Data, Discussions, HR Data and Reporting, HR Research and Studies, HRIS - Automate Where You Can, Human Resources Trends
Tagged Big Data, Compliance, HR Data, HRIS, Recordkeeping, Regulatory Requirements
Recent articles and blogs have addressed the issue of making employee pay public. Companies such as Whole Foods and startups like SumAll and Buffer already make employee pay public, as do many government employers. But is making pay public a good idea at your company? Continue reading
Cathy, the HR Manager (at a company with 300 employees) felt that it was a perfect time to do an internal survey to gather feedback from employees. After all, a survey had never been done in the past, and the company had doubled headcount in the last 2 years. However, Cathy knew that the CEO’s attention was focused on other pressing issues. She needed an effective and compelling way to deliver the message to the CEO and thereby gain approval for the program and the budget. Continue reading
Training is an important HR responsibility. Recently I attended an excellent “train the trainer” session conducted by Carolyn Sorensen Balling on behalf of NCHRA, the Northern California HR Association. The HR professionals who attended, gained not just from what she said, but how she said it.
Carolyn “walked the talk”. Not only did she cover the “how to” for a successful training program, she demonstrated what effective training looks like. Carolyn shared a mnemonic to use when developing a training program: A-D-I-E. Continue reading
A recent study conducted by the University of Colorado suggests yes, that women who push for the advancement of other women in the workplace are penalized in their performance reviews. In addition non-whites who push for the advancement of other non-whites are also penalized in their performance evaluations. Does this study make sense? Continue reading
Accenture recently released its 2014 College Graduate Employment Survey. Two headline findings were:
- Companies are not providing the talent development and training programs expected by recent college graduates
- Nearly half of those who graduated in 2012 and 2013 consider themselves working in jobs that do not require their college degrees
Let me comment on those two points. Continue reading