Benchmarking provides a way to track the progress of your Workers' Compensation program
First, it provides a baseline so you know where you started. From there you can develop reasonable cost reduction goals and determine where you rank against national average. The best benchmark is to compare business units internally, for example, compare your lowest cost divisions against the divisions with higher costs.
- Cost Per Claim
- Cost Per Employee
- Losses as a percentage of payroll
- Losses as a percentage of revenue
- Sales to pay for accidents
- Projected savings
Establish improvement goals for each performance measurement you chose.
Enter data for each operating unit to benchmark your workers' compensation costs against national average or fourteen industrty groups.
