Every employer has a responsibility to keep his employees safe. This is the primary reason behind the worker’s compensation. It is very important that the employers give their employees a form of security so that they will be eager to work, knowing that they are well taken-cared of. Most employers take for granted what their employees need, which isn’t good at all—because it is the employees who work hard to keep the company running, far more than the executives. Whilst worker’s compensation might take a huge chunk in the company budget, there are actually ways on how to be able to incorporate them in the financial situation of the company. There are numerous ways to insert them in the budget. Not providing worker’s compensation is not only against the law, it is also against humanity. We are done with slavery and there is no way we would want to go back to that—hence, with worker’s compensation, the employees are given a form of insurance.
1. Cut Down Unnecessary Costs
If you have been keen on your budget, you are already aware of your unnecessary purchases. Take for example your newspaper subscription to four—why not cut them to two or one instead? After all, you are not always available to read newspapers, right? Also, your extravagant victory party, why not celebrate without the pain of having to sacrifice the needs of your employees? After all, a victory party to celebrate your newly signed client deal would be victory if shared with the rest of your company!
2. Decide On How Much The Worker’s Compensation Will Be
Typically, worker’s compensation comprises two-thirds of the salary of a regular employee. How many employees do you have? How much are they earning every month? Consider this, and give at least 10% margin of error. Ask your payroll team to tabulate the salaries and give you a report on how much two-thirds of salary will cost you, so that you can decide how to get the budget. Also, try to ask the experts how much health care would cost, so you would have an idea of how much the medical bills might take you. This way, you won’t be surprised anymore.
3. Give A Ceiling Amount For Medical Care
Being the employer, you should pay for the entirety of your employee’s medical needs, but you can also provide for a ceiling per employee. This way, no one would go above the line to get more money than others. It can also provide for equality, as your employees will feel that they are being treated fairly.
4. Invest On Insurance
Insurance companies can tailor-fit the packages depending on your company size, and your budget. They will also be asking you several questions about how much you would want to pay, and for how long do you want your insurance. This will help you budget your resources better.
Indeed, there is no excuse for not giving your employees what they deserve. They work for you and take care of your company stuff, so why not take care of them in return?
Author Bio
Jenifer is a Law Graduate working as a consultant offering professional services like Consultation on Labor Law, fair HR practises to big organization. She is quite inspired by Mitchell Sexner, leading workers compensation Attorney. Find out More here http://www.sexnerworkerscompensationlaw.com/