As Nobel Prize-winning economist Paul Krugman said, “Productivity isn’t everything, but in the long-run it’s almost everything...” Even when it comes to your workman's comp insurance rates.
On the up-and-up
Compared to 1947, 2016 BLS statistics on productivity show an increase of 330% more goods and services per hour of work invested. Courtesy of improvements in management, training and education, and technology, you can now accomplish in 15 minutes what took your grandparents over an hour.
But not entirely rosy
Despite this seemingly mammoth increase, however, productivity in recent years hasn’t been as strong – even given all the advancements in knowledge and technology. Since the Great Recession of 2007-2009, productivity has grown a meager 1% a year – less than half it’s 2.2% long-term average since 1947 – to land the nation in one of the lowest productivity-growth periods ever recorded. For workers, the wage gap (the difference between labor productivity gains and hourly compensation) has also widened considerably as businesses suffer a myriad of rising costs.
Helping create a new dawn
Boosting worker productivity is an obvious and effective way to fluff-up your bottom line, but unbeknownst to many, it can also preserve it. A workplace at maximum productivity levels is often driven by a workforce motivated by, interested in, and attentive to the task at-hand. This enhanced focus translates to improved protection against accidents, and likewise protection against budget-busting workman’s comp insurance rates.
Are you arming your workforce with the tools necessary to protect their productivity – and themselves? Ensure success in the seemingly never-ending battle against rising workman's comp insurance rates. Discover how Minnesota Comp Advisor can boost your business today.