HR Case Study 10
STHRM, Inc. Saves Client $204,000 in Less Than Six Months
Providing value to clients since 1993, STHRM, Inc. is a value-oriented source for Human Resources solutions. Our private consulting and custom-designed systems present a high-value, low-cost solution to fixed-cost human capital issues. Our staff has more than twenty-five years of corporate human resources experience with “Fortune” listed, “Inc. 500,” and privately owned businesses. The following STHRM, Inc. case study exemplifies the type of opportunities and challenges we undertake and the sound, value-added solutions we provide.
Client: Service company with 75 employees based in Northeast Ohio.
Challenge: The client’s Ohio Bureau of Workers’ Compensation was in penalty rating.
- Conducted a safety inspection
- Wrote the Premium Discount Plan (PDP+), which was approved by BWC
- Investigated new manual classification through BWC
- Brought into compliance with Ohio Drug Free Workplace
Results: In less than six months, STHRM, Inc. achieved these specific and measurable results:
Drug Free Workplace and PDP+ saved the company $18,000
Lead in reclassification of BWC risk class, reducing costs by $22,000 per year
Initiated request for BWC audit resulting in recovery of $9,000
Wrote PDP+ plan, which was accepted by BWC
Sourced new TPA, resulting in annual cost saving of $53,000
Conducted quarterly safety inspections to maintain a safe work environment and maintain new lowered BWC costs
Challenged and won an unemployment claimChallenged BWC case resulting in dismissal
Financial Results: STHRM, Inc. leadership achieved the following financial results:
- Net annualized savings of $204,000
- Provided client an opportunity to increase Operating Income Improvement savings by $204,000
- Based on an improvement of $204,000 in EBITDA, estimated value creation for this client is in excess of $1,020,000
Client’s Comment: “STHRM, Inc. accomplished a great deal of work in a little bit of time and it is worth the investment.”
Notice: In order to maintain strict client confidentiality, business-specific information has been removed from this case study. The presented situations, activities, programs, projects, actions, and subsequent results are accurate.
If you are interested in learning more about this case study, results and services offered by STHRM, Inc. please contact, Glenn Levar (telephone: 440-979-1046, e-mail: firstname.lastname@example.org). To learn more about STHRM, Inc. visit www.sthrm.com.
STHRM, Inc. has teams and strategic alliances with executive wealth management experts, health and life insurance brokers, 401(k) providers, interim executives, professional advisers, operations professionals, third-party workers’ compensation administrators, and employment/contract attorneys.
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