Times have changed...... everything in today’s world is faster paced & more technologically advanced. Business development and growth is an important focus for any business and we want you to maintain that focus.
In today’s world it requires a more sophisticated and hands on approach to the management of Workers Compensation and Occupational Health Safety to ensure the longevity of your business.
With ongoing legislation and culture changes with respect to Workers Compensation and OHSE&W;
- Are you able to maintain your business’s primary focus?
- Do you have the time and specialist resources to do the best for your business?
Business SA Consulting is here to develop your business. We are a progressive and dynamic organisation who doesn’t wait for change. We make it happen. At Business SA,tomorrow is today.
We understand the expense and impact Workers Compensation has on your business given Workers Compensation is the second biggest expense next to payroll if not managed well.
What businesses do not understand about Workers Compensation, especially in South Australia is the cause and effect. Most employees within an organization simply see Workers Compensation as a premium and each claim is what costs in relation to Workers Compensation.
As above, Business SA Consulting take a holistic view that there are many more cost drivers associated with the premium and why overall management and control of your Workers Compensation is extremely important to the bottom line of any business. In reality what you see as a cost of $1 could really be costing your business $4.
For example, a study of more than 50,000 claims by Hartford Insurance revealed:
- Claims reported within 2 weeks of injury were 18% more expensive than those reported with one week
- Claims reported within 3 weeks were 29% higher
- Claims reported at 4 weeks were 31% higher
- Claims reported at 5 weeks were 45% higher
Furthermore, experience shows us that employers often have a strong focus on physical hazards, but have a poor workers compensation overall strategic risk management strategy. In fact, it has been estimated that employers who actively participate in the management of their Workers Compensation and invest in systems and monitor performance can save around 70% on a typical compensation claim*.
Business SA Consulting is here to bring clarity to Workers Compensation and illustrate some of the real cost drivers;
- Management of Workers compensation is often a complex non-core skill for most business’s
- Many businesses tend to apply a low level of competence out of ignorance
- The costs can be and are significant
- Costs are often allocated as uncontrollable items and its usually the small items that end up blowing out
- Uncertainty and misbelief – “This won’t happen to us”
- Lack of investment – time, money and resources
Workers Compensation can be a complex and often time consuming side to any business. Many employers make the mistake of assigning responsibility and accountability for Workers Compensation to HR and Safety functions. In order for a business to implement strategic risk management strategies & improve bottom line results, you require; specialised skills, knowledge and training or 3rd party engagement specialised in these areas of expertise. So why not contact us today, be proactive, secure your future.
Learn more about Business SA’s Injury Management Consultants