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Published March 15, 2023

5 Steps to Save Your Organization Money, Reduce Your Risks & Retain Your People

It can often feel like storm clouds are gathering, and we’re being squeezed between increasing risks and rising costs. There are a few advanced tactics that can help save you money while increasing your organization’s sustainability. We gathered a solid panel of advisors who shared their tips on how you can leverage communication, safety and risk management to lower insurance premiums while engaging your workforce.

Here’s a recap of their best advice:

  1. Expand your hiring pool. Instead of paying expensive staffing fees, try building talent pipelines with local schools, churches and other community agencies to recruit untapped talent. Make connections with community organizers and continue to nurture these relationships.
  2. Be present & lend a hand when times get tough. Servant leadership is contagious, and organizations with active leaders (who are not afraid of rolling up their sleeves when duty calls) see higher levels of morale and productivity.
  3. Leverage safety to help reduce turnover. People want to feel valued and protected. High performers will seek out organizations with a safety-focused culture and environment. An effective safety program can also make current employees feel more connected to the organization and less likely to leave.
  4. Establish (or revive) your return-to-work policy. Allowing injured employees to return to work sooner with proper modifications can not only lower your workers’ compensation costs but help support your staff with a full salary rather than a percentage for disability. It’s a win-win!
  5. Insured costs are just the tip of the iceberg. The real costs of accidents stem from property damage and a combination of investigation time, legal fees, training replacements, overtime and more – all of which can be monitored and controlled with proper risk management.

We understand that these suggestions are not “one size fits all”. For specific details on how to implement them in your organization, reach out to your G&A service team – we’re always here to help!

This content is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. Gregory & Appel is neither a law firm nor a tax advisor; information in all Gregory & Appel materials is meant to be informational and does not constitute legal or tax advice.