May 17, 2022

Giving Notice: How Workforce Attrition Impacts Workers’ Comp

The U.S. workforce continues to change. Millions of workers grow older, inclusion for women and minorities has increased, remote work is more common, and worker priorities have changed. And when the workforce evolves, aspects of workers’ comp can be impacted – whether downstream impacts on timing and access to care for the injured worker, or the ways in which claims organizations must adjust and strategize for their own staffing challenges to continue operations running smoothly and effectively.

Based on results from Healthesystems’ 2022 Workers’ Compensation Industry Insights Report, workers’ comp professionals now view the changing workforce/workplace as the number one factor impacting resiliency in workers’ comp, with 71% of workers’ comp professionals ranking the changing workforce as their top industry concern.1

Workforce trends have always trickled down in some way to employee populations, and subsequently, workers’ comp. But in a world changed by COVID-19, a new movement has entered the picture – the Great Resignation – with employees voluntarily resigning from their jobs in mass waves. Millions of Americans are leaving their jobs, with some industries losing significant portions of their workers.

Employees Are Calling It Quits…

  • 4.5 million Americans quit their job in November 20212
  • 3.3 million quit in November 20202
  • 65% of employees are looking for new jobs3

And Leadership Is Feeling The Pressure

Among executives and CEOs:

  • 88% are experiencing higher than normal turnover3
  • 73% anticipate work shortages will disrupt business4
  • 57% believe attracting talent will be a challenge4

Why Are Workers Quitting?

While there is no single reason workers are leaving their jobs, the pandemic has contributed several reasons and exacerbated others.

Read the article in full online at RxInformer.

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