The combined forces of pandemic disruptions, the “great resignation,” as workers re-evaluate their jobs, and the “great retirement,” as baby boomers leave the workforce, are creating a historic labor shortage. Here’s how to stay on top of the rising risks businesses are facing today.
The state of the American workforce
- 57 percent of contractors say the labor shortage is their top safety challenge.1
- 524K healthcare workers have left their jobs since the start of the pandemic.2
- 826K manufacturing jobs were unfilled as of June.3
Risks rise with fewer workers
- Overtired or untrained workers are more injury prone.
- Unskilled workers make more mistakes, increasing liability risks.
- Inexperienced or exhausted drivers get in more accidents.
- Overstrained workers can damage equipment and other property.
Mitigating labor shortage risks
- Offer robust pay and benefits to attract and retain workers.
- Look to automation and technology to augment your workforce.
- Recruit from broader talent pools and loosen hiring criteria.
- Emphasize new worker training and safety programs.
- Reassess your risk-management strategy.
The labor shortage is raising questions
Today’s historic labor shortage means more than just a lag in hiring. Having overstrained, absent, or untrained workers carries insurance risks, from increased injuries and professional and product liabilities, to more auto accidents and damaged equipment.
Tackling the labor shortage takes talent — we can help.Get answers
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