Injuries to aging workers drive up Workers' Compensation costs, but companies can counteract the trend.
Kansas City, MO /PRNewswire/ - People are living longer and retiring later, creating a workforce that brings deep knowledge and experience to the job -- along with a higher propensity for injury. A new report by Lockton reviews the trends and shows how companies can protect aging employees and minimize the risk of costly workplace injuries.
The report, authored by Lockton's Bill Spiers , is entitled "A Safety Tsunami: The Baby Boomer Effect on Workers' Compensation." It includes an analysis of injuries and cost by age group, and it explains the specific measures a company can take to keep aging workers safe on the job.
According to the U.S. Bureau of Labor & Statistics, by 2030, one in four workers will be older than 55. Aging affects human performance and recovery time, which explains why older workers experience a high number of strains and sprains in manual labor jobs, and why workers' compensation costs rise as the workforce ages. Even so, companies value the skills and experience of older employees.
"The aging workforce is a valuable asset for companies, provided they take measures to protect the safety of these employees," Spiers said. In his report, he offers aging workforce safety strategies that include the ergonomic assessment of job duties, reassignment, flexible schedules and a wellness program focused on strength and flexibility.
Lockton's loss data analysts continually measure their clients' losses and loss trends, providing guidance on how companies can manage the risk of injury.
More than 4,450 professionals at Lockton provide 15,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For four consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.