The demand for labor in the gig economy has reached a new high last month, with a gain of over 10,000 temporary jobs in August alone. Although five-digit growth is impressive, overall job opportunities rose by one digit more with a total of 201,000 new non-farm jobs during the same month.
This type of growth is encouraging, and if you are a business that supplies talented contingent labor, you are probably very happy with the numbers that the Staffing Industry Analysts are reporting.
While these large surges in employment are usually good for everyone, your Workers’ Compensation Insurance can suffer if your companies’ sudden surge of temporary talent is categorized improperly. If your company is only processing one or two workers at a time, the chance for them to be miscategorized is much lower than when a sudden influx of workers is hired across multiple states.
What was the old solution? “Suck it up, and pay for it during your yearly audit.”
If you happened to miscategorize a worker or if someone had a claim that wasn’t properly processed, you usually make it up by paying for it during your yearly Workers’ Compensation insurance audit – costing you money, time and a few days of real headaches.
Catching these types of common mistakes during the on-boarding process is ideal — but what can you do to optimize your current pool of contingent workers? How can you error-check a large population of workers across multiple states without hiring someone full-time or just writing a huge check on audit day?
Insurnt is the only tool that takes all of your Workers’ Compensation data and distills it down into an easy-to-understand dashboard that give you the insight you need to make the types of decisions that will save you time as well as money. As worker-demands fluctuate, and especially in boom times like these, it’s important that your on-boarding process is setup to catch these easy errors so they don’t come back to haunt you on audit day.
Insurnt isn’t just for on-boarding, either. Whether your workforce is 100 people in a single state or thousands of workers spread across the nation, Insurnt can make sense of your data and guide your company into an easier, less-painful audit. In the case of one of our clients, Insurnt saved them 185k on the first year alone — money that you can be put to better use than fixing Workers’ Compensation errors.
So if your company is amongst the hundreds that are celebrating the amazing news in temporary staffing, contact Insurnt for a consultation on how we can optimize your on-boarding and error-check your current worker population before you have to pay for it.
The good news just keeps getting better. Contact us today to put your best foot forward as we move into the final quarter.