The past two years have seen significant changes in the workforce. Even before the pandemic, companies were facing staffing shortages and recruitment issues. Now, as the pandemic continues, employees have come and gone in record numbers.
In November 2021, 4.5 million Americans left their jobs during what’s being referred to as “The Great Resignation.” Much of this has resulted from the lifestyle changes and shifting workplace expectations prompted by the pandemic, such as work-from-home opportunities. Additionally, Baby Boomers have begun to retire––by 2050, people aged 60 and older will account for 2 billion of the population. So, how does the labor shortage impact the Workers’ Compensation industry?
As workplaces deal with understaffing, the employees who remain are likely to feel the brunt of it, as they work longer hours and face over-exhaustion. In an attempt to fill gaps and keep businesses running, companies are also more likely to hire temporary and untrained workers. These circumstances can result in an increase in Workers’ Compensation claims if exhausted or under-trained employees fail to follow protocols or cut corners. Keep reading to learn more.
Risk Innovations has two decades of expertise in Workers’ Compensation. As a specialized Workers’ Compensation wholesaler, our brokers can identify the best coverage and carrier partners to meet your clients’ needs. Contact us today to get started.