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Products & Services Human Resources Compensation, Rewards, Recognition and Benefits

Worker's Comp Program Administration: Optimizing Resources

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ID: 4886


Features:

Metrics, Graphics, Summary Matrix


Pages/Slides: 55


Published: Pre-2013


Delivery Format: Online PDF Document


 

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Single User: Authorizes use by the person who places the order or for whom the order was placed.

Sitewide: Authorizes use of the report for a geographic site. All people at site can view the report for a year and copies can be printed.

Corporate: Authorizes use for the entire company for a year and copies can be printed. No limitations for usage inside the company.




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919-403-0251

  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • SPECIAL OFFER
Workers' compensation represents a major potential cost to employers. Given that reality, workers' compensation programs must be administered in such a way to maximize cost-effectiveness and productivity.

Recent research involving a survey of executives at 18 companies-mainly in the manufacturing and aerospace and defense industries-aids managers and executives in defining benchmarks in workers' compensation program administration. The 55-slide presentation enables leaders to identify any gaps in this area and plan targeted improvements.

Industries Profiled:
Aerospace; Banking; Manufacturing; Medical Device; Telecommunications; Financial Services; Chemical; Defense; High Tech; Utilities; Energy; Automobile


Companies Profiled:
Boeing; U.S. Steel; Teleflex; SBC Communications; Rockwell Automation; Raytheon; PPG Industries; Northrop Grumman; Lucent Technologies; Exelon Corp; Emerson Electric; DTE Energy; DaimlerChrysler; ConocoPhillips; ChevronTexaco; Cisco Systems; Bombardier Aerospace


Study Snapshot

A major focus of the study is staffing, with a goal to understand the best way to manage resources internally and externally. All of the companies in the research use a Third-Party Administrator (TPA) to some extent. Working with this model, leaders want to pinpoint which activities are best kept inhouse and how to best manage the TPA to maximize efficiencies.

Key Finding

Key findings included that the return-to-work rate averaged 93% for the benchmark class and 98% for the top quartile, with that segment being defined as companies that outperform 75% of the entire class for a metric. Assuming a $10K employee replacement cost, the gap between the benchmark class and the top quartile for the return-to-work rate represents a potential savings of $28M.

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.