Employee lawsuits can be costly, with the average cost to defend and settle a workplace claim sitting around $160,000. As organizations strive to use resources more effectively, whether by implementing new technology or expanding their teams, the cost of not managing workplace incidents, both in dollars and resources, should be top of mind this year. HR professionals are now inundated with responsibilities, from hiring and retention to onboarding and incident management. And as their list of responsibilities expands, it’s crucial that organizations implement incident management platforms to mitigate risk, manage and automate workflows, and support the ever-increasing demands of human resources departments.
Misconduct is costly, but with Work Shield, organizations experience fewer losses with an average 10x return on investment (ROI) or more. Not only that, one client partner lowered incident-related costs by 90% after partnering with Work Shield for one year, and another organization reduced their average annual incidents from 41 to 11 after implementing the trusted solution. Read on to learn more about the costs, the benefits of an incident management technology solution, and calculate your own organization’s potential ROI with Work Shield.
The Risk of Not Properly Managing Workplace Incidents
Fewer losses mean better organizational outcomes, and we know defending and settling workplace claims impacts the bottom line. Not only are there settlement fees to consider when harassment and discrimination charges arise, but the aftermath trickles down into a multitude of business areas that end up costing employers exponentially. For instance, lower productivity, lower employee engagement and a toxic workplace culture are all side effects of not effectively and efficiently managing incidents at work. Additionally, research shows that organizations lose approximately $22,500 in productivity and employee turnover per individual due to sexual harassment. As employers make efforts to examine resources and reduce risk, it’s imperative that an updated, tech-forward incident management system is put into place. Today’s workforce requires cutting-edge HR technology and forward-thinking strategies to fully combat these unwanted workplace happenings.
The Benefits of an Incident Management Platform
As employers, it’s time to cultivate cultures of support, automate manual processes, reduce liabilities, and cut the drama by implementing the proper technology systems to manage workplace incidents and streamline HR processes. There is a way to reduce the risk of the extreme costs associated with work incidents, and it doesn’t require a long onboarding or IT professionals to kickstart the process. In fact, Work Shield’s innovative incident management technology platform is secure and easy to implement, which are two must-have elements in any effective HR software system. Through this third-party tech-enabled solution, employers and HR teams can easily track and manage all workplace incidents in one intuitive platform to ensure resolution.
Can your organization survive a misconduct claim? Explore what your ROI could be after partnering with Work Shield by running the numbers of your employee count, incident rate and incident results through our easy-to-use ROI calculator here.