· Regulatory changes and the increase in Self Insurance Licenses

· Salary increases and the impacts of finding suitability qualified candidates

· Increase in demand for Mental Health qualifications & experience

As 2024 unfolds, the workers compensation landscape in Australia continues to evolve rapidly, driven by regulatory changes, rising claims costs, and a shifting talent pool. For Workers Compensation Managers, Leaders and Internal Recruitment Teams, this means an increasingly competitive environment for sourcing, developing, and retaining top industry professionals in self-insurance roles.

With self-insurance comes complexity, and with complexity comes the need for experienced professionals who can manage claims end to end, specialists who can navigate compliance, and leaders who can optimise outcomes whilst often running small teams. The stakes are high. The need for skilled professionals is greater than ever.

Here are the key trends and insights from HAYLO People, that are shaping the self-insurance workers’ compensation recruitment market in 2024.

The Rising Demand for Specialised Talent

In 2024, businesses are feeling the pressure of rising workers’ compensation claims costs, which have increased by 5% year-on-year (Safe Work Australia). This has pushed many organisations to review their claims teams or expand their team’s size as a way to manage claims more effectively.

At HAYLO People, we’ve seen this shift first-hand across both permanent hiring and contract/temporary assignments nationally. The squeeze on salaries for Self-Insurance teams is providing challenging environments to attract talent with the scheme agents/Claims service providers/Insurers (have I covered them all??) which is increasing remuneration across the board. This has taken away the volume of applications Self-Insurers were once used to receiving through online job boards.

Regulatory Shifts and Their Implications

2024 has brought several significant regulatory changes across different states, these are changing the way brokers engage with claims, regular upskilling and training internally and creating a need for talent who often need to work across multiple states and legislations. Finding this talent can be tricky and often expensive to hire.

Navigating the Talent Shortage

The labour market remains tight, with Australia’s unemployment rate holding steady at 4.1% (Australian Bureau of Statistics), which is leading to a shortage of qualified workers compensation professionals. The demand for skilled self-insurance experts is higher than ever, yet the talent pool remains limited. If you’re looking for someone with a solid background in claims management, end to end skills, and multi-legislation exposure, particularly in self-insured businesses you’re competing in a very tight market.

Our consultants here at HAYLO People are experts in identifying and attracting hard-to-find candidates in this highly competitive market. We’ve helped businesses secure experienced talent, even in the most niche areas of workers compensation (a little HAYLO plug but it’s true, we see ourselves as an extension of the SI industry).

As you’re likely aware, this means candidates with the right mix of skills and experience are commanding premium salaries. The salary increases over the past 12 months are not like anything we have seen for the past 5 years. Whilst that’s a bold statement, it’s a fair view of the speed of salary changes we are seeing nationally. Whilst the biggest salary changes have been in NSW, QLD and WA. For senior and specialist roles, those figures can be even higher as many businesses are starting to explore Self-Insurance licenses.

The Self-Insurance Trend: More Companies Considering Applications

According to the WorkCover Queensland report, the number of self-insured employers has grown by 8% in 2024. This is particularly true for industries like construction, manufacturing, and healthcare, Industries that are seeing increasing adoption of self-insurance as a strategy for managing costs and risks more effectively.

This shift presents a fantastic opportunity, but also a challenge: companies now need to find professionals who not only understand claims management but can also tailor their expertise to the unique demands of self-insured frameworks. You’re not just looking for general workers’ compensation professionals, but those with a deep understanding of the intricacies of managing claims, financial, and injury prevention programs within self-insurance models often without specialist and admin support.

At HAYLO People, we have a proven track record of supporting Self-Insurers with our consultants deeply immersed in the world of self-insurance, allowing us to identify the specific skills and experience required to successfully manage these complex frameworks (plug number 2, promise it’s the last one).

Technology Disrupting Claims Management

The integration of technology and data analytics into the claims management process is no longer a “nice-to-have”, it’s essential. Anyone who attended PIEF or recent industry events, it’s certainly an ongoing talking point along with AI. According to PwC Australia, 62% of self-insured businesses plan to increase their investment in digital claims management systems over the next 12-18 months.

Mental Health and WHS: New Priorities for Employers

Mental health-related claims have surged by 12% in 2024 (Comcare), with businesses now facing a greater focus on mental health management and injury prevention as part of their workers compensation strategy. Employers need experts who can integrate physical and psychological injury management into their self-insurance programs.

As the industry evolves, employers will need workers compensation professionals who are not only experts in managing claims but are also equipped to handle the growing focus on workplace mental health. We have seen a huge increase in the request from HAYLO clients requesting Mental Health experience and qualifications.

The self-insurance workers compensation recruitment market is more dynamic and competitive than ever. With rising claims costs, regulatory changes, and the ongoing talent shortage, the challenge for leaders is clear: attract, retain, and develop the right talent to navigate these complexities and drive success in your workers compensation programs.

HAYLO People are your trusted experts within workers compensation and with our industry-specific expertise and proven track record of successful recruitment across all levels in self-insurance workers compensation teams, we can help you secure the talent you need to stay ahead in this competitive market. Let’s talk about how we can help you build the right team to meet the upcoming challenges of 2025.