Recent research shows that length of employment is one of the most important variables in determining workers' compensation claims. It ranks higher than age as a contributing factor. When there is an influx of new workers or when older workers return, there may be a greater loss-time frequency. This difference is especially significant as the economy continues recovering from the recession of the late 2000s. For workers who were spending their first month on the job, injury rates were as much as six times higher than average during that time period.
According to research, employees who were at a job for less than a year posed the biggest risk of loss, and the highest frequency of claims was among this group. This factor was not affected by age. Workers who were inexperienced had as much as four times the loss cost relativity. For those who had been working for two or more years at a job, the loss costs were significantly lower. Also, the number of claims was much smaller. However, claim severity was higher among older workers whether they were new or had been with the company for many years. The best way to navigate these risks and offset the impact of improper experience is to develop a strong plan for recruiting, hiring and training workers. These are a few helpful controls to implement for pre-employment procedures:
Also, keep in mind that risk management should never be abandoned after hiring. Safety and health can only be maintained in the workplace with persistence and perpetual training. While thorough safety training should be rigorous for new hires, it should be refreshed regularly for all workers. To learn more about this topic, discuss with Rod Hanks 214-275-8372
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Rod Hanks
Rod has owned The Hanks Group, a Leading Nationwide Insurance agency since 1999. We help families and business owners protect their most valuable assets with a broad range of insurance products. We believe that finding the right auto, home, life and commercial insurance for our clients Starting out with 1 employee in a small office in East Dallas, The Hanks Group has grown to be one of the largest Nationwide Insurance Agencies in the Dallas Fort Worth Metroplex, with offices in Dallas and Fort Worth. Rod is always available to answer any questions about insurance or business at 214-275-8372 Archives
October 2018
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