After the Covid-19 outbreak, there has been a major shift in the ‘needs’ aspect of the new age employee, employers are rethinking employee benefits and compensation programs. The new format and culture amongst employees are not just demanding pay that will bring justice to their efforts but also entails looking for useful benefits. In the below article, we shall focus on recent workers compensation trends that employers should be aware of.
Due to changing work dynamics, employers are now expected to increase transparency and agility while drafting and implementing a compensation policy. We list down a few workers compensation trends that all companies big or small, across industries can implement.
Businesses are actively working to make workplaces safer by improving their risk management plans. This has led to fewer workplace injuries and workers' compensation claims. Prioritizing safety not only protects employees but also reduces workers' compensation costs, benefiting both parties.
In 2023, technology, such as telehealth and telemedicine, is becoming more popular in workers' compensation. Telehealth offers injured employees:
This can speed up employees' return to work and lower their overall medical and claim expenses.
Quick treatmentContractors must ensure that workers are equipped with the appropriate PPE, such as hard hats, safety goggles, gloves, ear protection, and high-visibility vests. PPE should be regularly inspected, well-maintained, and replaced as needed.
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Conclusion
These workers compensation trends can help employers take steps to reduce the overall workers compensation claims. It can help organizations rethink their budget allocations and employee benefits programs to make informed, favourable decisions for business and their people. With workers compensation insurance, you can protect your business from the risk of financial loss in case of worker injury. At the same time, it helps in keeping the business in line with The Workmen Compensation Act 1923.
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