For years experts have been talking about the "gray tsunami" that threatened the workers’ compensation industry. The crushing wave said to be coming was not one of earth temblors and overwhelming waves, but rather a current of retirement from an aging and long-entrenched workforce.Workers' CompensationLegislation & Regulation
And in the aftermath of Covid and the ‘great resignation’ now underway in America, it appears the devastating force of the long-predicted event is now washing up on our shores.
Dealing with employee turnover and attracting new talent to the industry was a major focus of the All-Committee Conference of the Southern Association of Workers’ Compensation Administrators (SAWCA) held at St. Simon’s Island, Georgia last week.
Numerous sessions touched on the issue, and a couple were directly dedicated to the problem. And while the drain of talent and institutional knowledge is a challenge for the private sector, it was clear that it may be a looming disaster for the state agencies that regulate the industry.
Some agency heads reported retirement rates of 10% or more, and all were struggling to replace those who were departing.