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Quarter 2 Risk/Reward with Tom Precia: Preparing for Growth and Competition in Wisconsin

Image source: Fabick Cat / {{cc-by-sa-4.0}}

Fabick Cat begins equipment delivery at Foxconn job site. Image by FabickCat is licensed under cc-by-sa-4.0

Ground was broken last month on Foxconn’s planned facility in Mount Pleasant, marking the official start of a project expected to have as much as a $7 billion economic impact on Wisconsin’s economy.

Foxconn has named 27 Wisconsin subcontractors to build the facility and is forecasted to purchase one third of its annual $4 billion in supplies from Wisconsin vendors. Those subcontractors and vendors will need their own subcontractors and vendors, and so forth. It’s an exciting yet challenging time to be in business in Wisconsin.

As the saying goes, “A rising tide raises all ships.” Steady economic growth means more opportunity to realize your goals and the vision you have for your company. Our professional team here at Integrated Risk Solutions is here to help your team turn those visions into a reality.

An immediate challenge will be competition for resources. Mostly, that means people.

Later this month, our benefits team is hosting a free seminar where you’ll have an opportunity to hear from top business development and talent acquisition experts on how to best position your business to thrive in Wisconsin’s burgeoning economy. Topics covered will include:

  • How Foxconn will impact the job market
  • Smart hiring practices
  • Strategies for retaining the best people in a hyper-competitive environment
  • Innovative benefit package options that help control cost

Innovation is the key to managing your cost of risk in transformational times like these.

So, in addition to the forward-thinking experts our benefits team has assembled, we have also partnered with leaders who are revolutionizing the way businesses pay to treat work injuries. You will begin to hear more about bundled surgical costs, pre-negotiated fees, and even early intervention options that can help you care for injured employees without triggering claims.

A fee schedule to control medical costs for work injuries remains something of a “Holy Grail” for Wisconsin, but it is a worthy goal, and Integrated Risk Solutions remains committed to it. Through our continued involvement in the Wisconsin Worker’s Compensation Advisory Council and your input through Wisconsin Employers for Equitable Worker’s Compensation, we hope to influence the State Legislature to approve positive change for Wisconsin business. As Wisconsin’s economy grows and changes, it’s imperative that lawmakers keep up.

On these and many other fronts, we are working to make sure you have all the right tools to thrive in these exciting, challenging times. Talk to your Account Executive about the opportunities you anticipate in the next few years, and we will make sure you have the right insurance and benefit solutions to make the most of them.