Healthcare reform may be getting the most attention when it comes to the cost of the contingent workforce, but another issue may drive up your costs: a cyclical “hardening” of the workers’ compensation insurance market.
A hardening insurance market means rising premiums and stricter underwriting. Staffing ﬁrms — particularly those in areas such as light industrial and hospitality — will feel the pinch given that workers’ compensation costs represent a signiﬁcant expense for many of them. And if your contracts allow for rate adjustments when your suppliers’ costs rise, you’ll be feeling the pinch as well.
In an article in the new July 2013 issue of Staffing Industry Review magazine, Managing Editor Craig Johnson discusses the workers’ comp landscape. Read the article here.