JULY 2021HR TECH OUTLOOK8In MyOpinionRobert Mortensen, President, Anthem Workers' CompensationByMany factors impact the bottom line. As we enter a new decade, workplace injuries and illness could be an increasing cost driver if strategies are not put in place to optimize workers' compensation programs. According to the latest research from the U.S. Bureau of Labor Statistics, in 2018, there were 2.8 million nonfatal workplace injuries and illnesses reported by private industry employers. More than 900,000 of those injuries and illnesses caused a worker to miss at least one day of work, and many of them required multiple days. Meanwhile, the U.S. Bureau of Labor Statistics notes that the number of people in the workforce who are aged 65 and above is expected to increase through 2024 rapidly. The number of missed workdays due to injuries and illnesses also increases with age, so an aging workforce means an increase in the number of employees who will miss workdays due to injuries or illnesses. Now, couple both of these statistics with financial figures: nonfatal workplace injuries amount to nearly $60 billion--more than $1 billion per week--in direct U.S. workers' compensation costs per year; and in 2017 workplace injuries cost U.S. businesses over $165 billion, including more than $50 billion in lost productivity. For businesses of all sizes, these converging trends need to be addressed. In order to reduce these mammoth expenses and restore employees to full health and productivity more quickly, businesses must examine and optimize their workers' compensation offerings. To operate optimally, employees need the right support to recover and return to their jobs as soon as they are able. But with so many potential workers' compensation insurance partners and rapidly evolving technologies to choose from, how do businesses identify the best possible partners?Addressing the True Cost of Injuries and Illness
< Page 7 | Page 9 >