How Today’s Labor and Supply Markets May Be Affecting Your Risk

Many employers are facing challenges centered around the current labor market where employees are harder to establish and maintain.  Although we may recognize some of the direct and indirect costs such as employee turnover and reduced capacity there may be a few other impacts as well.    

Many of the effects of today’s labor and supply chain have a cascading effect that impacts multiple portions of our business. 

Going beyond the factors mentioned above, some companies experience employee turnover.  Direct and indirect costs for advertising open positions, screening resumes, interviewing candidates, hiring, onboarding, and training can add up quickly.  These costs can often be measured as a percentage of annual salary which may vary with the type of position and skills required. 

Despite best efforts, hiring unpaired candidates to the job needs (mental and physical)  can lead to turnover as well as the risk of injury adding to the cost and/or need to hire/train personnel

The Innovise Risk Control Team can assist with your business risk.