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Expert Opinion

How does the labor shortage impact workers' comp?

One result will be an increase in workplace risks for various reasons.

By Matt Zender | March 02, 2022 at 02:00 AM
Companies across the country are experiencing labor shortages for a variety of reasons. Find out how these staffing shortages can impact workers’ compensation and what businesses can do to help deal with them. (Credit: sirisakboakaew/Adobe Stock) Companies across the country are experiencing labor shortages for a variety of reasons. Find out how these staffing shortages can impact workers’ compensation and what businesses can do to help deal with them. (Credit: sirisakboakaew/Adobe Stock)

Like many other industries today, the workers’ compensation industry is constantly evolving. As the world continues to adapt and change during the ongoing COVID-19 pandemic, several of the workers’ compensation trends seen over the past two years will continue to play a role throughout 2022.

One notable trend in workers’ compensation is the changing workforce and population demographics contributing to the labor shortage that companies began experiencing in 2021. Baby Boomers have started retiring, and by 2050, the population of people 60 years and older will total 2 billion. Additionally, a record 4.5 million Americans left their jobs in November 2021, leading to a period that is now known as “The Great Resignation.”

 

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