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Article: Taking charge of workers' compensation. (Human Resources)
- Article from:
- Chief Executive (U.S.)
- Article date:
- May 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 Chief Executive Magazine. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mushrooming workers' compensation costs are a silent but deadly liability, eroding profits and productivity. A six-step plan can help to reduce injuries and to administer claims more efficiently.
The runaway costs of workers' compensation appear to be an unavoidable problem for many U.S. businesses. Consider its almost regular appearance in the editorial pages of the country's top business magazines and newspapers. The average workers' compensation claim for most U.S. companies was $6,138 in 1980; today it has skyrocketed to an average of $24,000, an increase of almost 400 percent. Despite this dramatic increase and its potential adverse effects on a company's ...