Risk is part of life and part of business. Without risking failure, we are guaranteed not to succeed, therefore, all successful companies look at risk, and how to manage it. When considering risk management, companies tend to think about physical infrastructure and data security, but a company’s staff is one of its biggest assets.
Human Resources risk management is more than just ensuring that the payroll gets sent on time and that the employees PII is held securely, important as these factors are. A properly constructed HR risk management plan will look at the whole arena of personal and, in particular, consider the following factors:
Look after the physical safety of the workplace. Regardless of Workers Compensation claims, healthy employees are more likely to be productive employees. It is essential that regular inspections be made of the workspace, and immediate action is taken where issues are discovered.
Prevention is better than cure. Take time to create a plan for the prevention of illness and injury at work. Make sure your employees know about the plan and can utilize it.
Have a strategy for when it happens. Unfortunately, no matter how well you try to control the workplace, there is still the possibility that an injury occurs, and a workers compensation claim is made. This is where having a process for administering and managing them is essential. This process should include a methodology to monitor the treatment status with medical staff and coordinate return-to-work or light-duty working on the employee’s return.
Train, Train, Train. Workplace discrimination lawsuits cost U.S. businesses an estimated $64 billion annually. Not being a part of that statistic starts with HR training on behavior in the workplace together with sound management practices. Having managers trained in knowing what to look for and how to act goes a long way long way towards reducing that risk, at a fraction of the cost of a lawsuit.
Human Resources is a fundamental part of a company’s overall risk management portfolio. Call ModernHR today to find out how we can help your company.