Recent Workers Compensation Trends You Must Know
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.Read more
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What is Worker’s Compensation Insurance?
In India, The Workers Compensation Act 1923, is a compensation act wherein employers are required to compensate their workers financially in case of any accident that might occur at the workplace, leading to injury or demise of the worker. A workers compensation Insurance helps employers fulfill this obligation.
Workers Compensation Insurance, also known as Employee Compensation Insurance or Workmen Compensation is a type of commercial insurance policy that provides coverage to the employees in case of disablement, injury, or death due to on-the-job accidents.
Workers Compensation Trends
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.
Restructuring pays for remote working
There is no denying that remote working has helped organizations optimize costs, boost employee well-being, and better work-life balance. However, organizations need to understand business objectives and create appropriate pay models that are competitive and fair. Organizations should evaluate the extent to which geographical factors impact the pay and reconsider the pay structure based on performance, skill set, and the organization’s long-term goals.
Increase in remote work claims
Working from home has its pros and cons. While employees might get improved flexibility, reduced commute time, etc., the Work from Home (WFH) environment has at the same time led to reduced socialization, an increase in stress levels and more prone to the neck, back and shoulder injuries. Research has shown that due to a decrease in activity levels, instances like neck, shoulder, and lower back pain have become common. Also, the not-so-ergonomic WFH desks are to be blamed for muscle aches and pains.
Continuing with work flexibility
The current working scenario can be easily called a hybrid one as many employers are giving their employees the flexibility to work as per their schedule, provided the quality and timelines at maintained. Some of the popular workplace flexibility include:
- Flexibility in log-in and log-out times
- Options to work from home, office or hybrid
- Opportunity to choose work shifts
Mental health and wellness in focus
Even before the pandemic hit our lives, mental health was an area of concern due to increasing work stress leading to loss of productivity. The problem was only aggravated after COVID. With technology taking center stage, features like telehealth, telemedicine, online yoga and fitness session, etc., are expected to become more common in the workers compensation industry in the coming years.
Safer work environments
Organizations are working hard to maintain workplace safety and reduce the chances of workers getting injured. Focusing on workplace safety can help reduce the overall workmen compensation policy claims and lower the insurance premium for the same.
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.