Workers compensation cost reduction strategies 1 save money on workers compensation insurance just like choosing your car or health insurance its important to 2 ensure youre following workers compensation claims management best practices arguably the most important thing a 3 focus . 7 keys to an effective compensation strategy 1 budget allocation the strategy should include the organizations approach to allocating compensation dollars into 2 develop salary ranges develop salary ranges to ensure employee pay is competitive with other organizations to be 3 salary . The compensation strategy defines the basic compensation components used in the organization and the standard rules applied to each compensation component the compensation strategy has to be in line with the business and hr strategies as the compensation of employees is aligned with the expectation of the top management from them the compensation strategy does not change often as the compensation principles cannot be changed within few days
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