The Ageing Workforce and Workers’ Compensation
Ageing workforce management and workers’ compensation are linked, due to the risk of injuries and claims rising with age. Self managing workers’ compensation can lead to bottom line savings through reduced premium costs, which can be reinvested into managing your mature workforce. This will ensure your workers’ compensation costs remain low and staff welfare remains high.
Demands to prolong working life and increase productivity are under discussion in Australian policy; hence designing for an ageing workforce is a critical workplace issue. Millions of dollars have been wasted by employers over the years as a result of not sustaining the performance of their people once they begin working, despite the impact that people have on efficiency. Rather than considering people as assets to be preserved, often they are, in effect, treated as liabilities – frequently being replaced with business critical knowledge and skills for no reason other than length of service.
