cost, workers, compensation
HR administration excellence: cost, staffing & structure of workers' compensation programs
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Workers' compensation departments, like other employee service functions, are under pressure to reduce costs, set headcount targets during growth periods and predict appropriate resourcing levels. To accomplish workers' compensation activities, 53% of benchmarked companies choose a combination of internal and external staff, according to a new study by benchmarking leader Best Practices, LLC.
The study, released April 2004, assesses the cost effectiveness and efficiency of complex workers' compensation programs and provides a comprehensive look at staffing, structure and outsourcing trends in this area of Human Resources administration.Excellence in Worker's Compensation Program Administration is available
with a complimentary study excerpt at: http://www3.best-in-class.com/rr570.htm. The extensive study reveals structure, staffing, productivity and cost metrics some of which include:
- Top quartile companies handle 36% more claims per workers' compensation
Full-time Equivalent (102 claims per FTE) than companies at average (75 claims per FTE).
- Workers' compensation program cost per supported employee are 45% lower at $29 for best performing companies compared to the benchmark average of $53; their program cost per claim is 65% lower at $458 than the benchmark average ($1,327).
- Over three quarters of benchmarked companies elect to be self-insured and almost all companies have unionized employees.
Other metrics featured in this study include:
- Annual number of claims per FTE (full-time equivalent)
- Number of employees supported per FTE
- Annual cost per workers' compensation claim
- Breakdown of annual new and open claims
- Number of third party administrators/carriers overseen
- And more...
The insights presented in this study are drawn from an in-depth survey of industry leaders, including Bombardier Aerospace, Cisco Systems, ChevronTexaco, ConocoPhillips, DaimlerChrysler, DTE Energy, Lucent Technologies, Northrop Grumman, Raytheon, SBC Communications, U.S. Steel and The Boeing Company.
Read more about this benchmarking research in our complimentary study summary, which contains sample best practices and data graphics: http://www3.best-in-class.com/rr570.htm.
Or, contact Dexter Beals at +1 919 767-9229 or at dbeals@best-in-class.com.
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