Will your business face a WCB rate increase this year? Can you afford it?

Sadly, 29 Nova Scotian workers died on the job in 2008.  While this is an improvement over the 41 fatalities in 2004, it is of little comfort to the families touched by these tragedies.  

The latest Worker’s Compensation Board rates show that 54% of Nova Scotia employers will see a rate increase next year.  It also shows that 77 employers will have to pay a surcharge because their claims and claim costs are significantly higher than other companies within their industry.  

Higher WCB costs negatively impact the bottom line, and sometimes the impact is significant.  Further, higher accident rates negatively impact employee morale, productivity, as well as, surprisingly, employee safety and attention to the job.     

High WCB rates and surcharges need not be.  Several employers will pay see a reduction in their rates.  So, how do employers reduce their WCB costs?

Employers can reduce their WCB costs by adopting a four-pronged strategy that includes:

1- Prevention – have the proper safety programs in place;

2- Education – training employees and supervisors on the safety programs;

3- Investigation – determine the root causes of accidents and fix the problem;

4- Return to work programs – accommodate injured employees so that they can return to work and make a meaningful contribution.

HR pros has an excellent track record in helping employers reduce their WCB costs.  In a year-and-a-half the Managing Partners reduce the medical and claim costs of a large Nova Scotia employer from $498,000 to $42,000!

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