Organizations seeking to control insurance costs should consider working with their HR departments to review specific hiring practices and identify employee benefits costs drivers. By hiring qualified talent and having the resources they need to be healthy, organizations can retain great team members, minimizing turnover to reduce hiring costs, and keep Worker’s Comp and benefits claims as low as possible. Here are three key areas to focus on:
1. Hire Qualified (or Train) Employees
Well-trained, qualified talent not only keep workplaces safe, but also reduce costs associated with on-the-job injuries. To avoid accidents and injuries, your employees should have the capabilities, knowledge, and training to do their jobs safely. Here are a few ways you can do that:
- Make sure new-hire candidates understand the demands of the position.
- Check for certifications and licenses.
- Invest in field-specific education and training.
2. Identify Benefits Costs Drivers and Encourage Healthy Behaviors
The health of your employees matters because chronic diseases and health claims drive up your employee benefits costs. The best way to identify the cost drivers in your population is by using a data analytics platform, which identifies the risk in your population. Once identified, risk mitigation strategies can be implemented. Here are some key steps to consider:
- Identify the reason for benefit cost increases.
- Manage chronic diseases.
- Implement wellness programs.
3. Foster Work-Life Balance
Promoting a healthy work-life balance can yield significant benefits for your organization, including keeping benefits costs as low as possible. Healthy and happy employees tend to be more productive and overall miss fewer days of work.
TIP: Encourage employees to take time off when needed and offer flexible working hours (including remote work options).
Contact PSA
PSA is here to help you retain great team members, minimize turnover to reduce hiring costs, and keep Worker’s Comp and benefits claims as low as possible. Connect with our experts to learn more about the strategies discussed above.
