< Previous2019-2023 FIVE YEAR PLANThe financial statements presented in the Five Year Plan are unaudited.80 WCB 2018 ANNUAL REPORTWCB 2018 ANNUAL REPORT 81In 2018, the Board of Directors adopted a new strategic framework to guide the organization into the future. The framework provides a clear direction and guides the organization to achieve its vision, A safer Manitoba that fosters prevention and return to work.To succeed in our new vision, the WCB has revamped its strategic goals to focus on four priorities that will provide an operational framework for how the organization conducts its business. The Five Year Plan looks to the future, outlining significant initiatives that will build on the strategies for success in each of the four priorities.INTRODUCTIONCreate a SAFE Work CultureDeliver Excellent ServiceEnable Successful Return to WorkGrow our People82 WCB 2018 ANNUAL REPORTTIME LOSS INJURIES Reduce the number to 12,000 or less—Achieve a rate of 2.2 or less per 100 full time workersGoal:• Reduce the number and severity of injuries.Major Initiatives:Expand and enhance Manitoba’s safety infrastructure through Industry-Based Safety ProgramsSAFE Work Manitoba is committed to working in partnership with existing industry-based safety programs and directly supporting the establishment of new safety programs in additional industries.Increase and expand other Prevention ProgrammingSAFE Work Manitoba is committed to increasing public awareness and stakeholder engagement, increasing participation in education and training as well as expanding certification and standards.CREATE A SAFE WORK CULTUREFive Year Targets: In the five year period covered by this plan, the WCB is focused on the following milestones:DAYS LOST TO WORKPLACE INJURY OR ILLNESSReduce the number to 748,000 or less—Achieve a rate of 1.38 or less per 100 full time workersSEVERE INJURIES Reduce the number to 2,200 or less—Achieve a rate of 0.4 or less per 100 full time workersWCB-COVERED PAYROLL Achieve at least 42% that is SAFE Work Certified—Increase percentage served by an industry-based safety program to 72% or moreWCB 2018 ANNUAL REPORT 83ENABLE SUCCESSFUL RETURN TO WORKMajor Initiatives:Improve Return to Work practicesThe WCB is committed to promoting the value of Return to Work and supporting best practices in Return to Work. This includes helping workplaces increase the effectiveness of their Return to Work programs, delivering Return to Work training and ensuring the WCB provides quality services to assist workers to return to meaningful and productive work as soon as safely possible after an injury. Improve our customers’ compensation and Return to Work experience The WCB understands and cares about the diverse needs of our customers. The WCB will continue to implement best practices in customer service and Return to Work by making improvements in telephone service and providing enhanced training in best practices.Goal:• Reduce days lost and improve the return to work experience.Five Year Targets: In the five year period covered by this plan, the WCB is focused on the following milestones:Achieve at least 95% of injured workers returning to health and meaningful work after 60 daysAchieve at least 70%of injured workers returning to health and meaningful work after 10 days84 WCB 2018 ANNUAL REPORTDELIVER EXCELLENT SERVICEMajor Initiatives:Enhance customer service throughout our organizationThe WCB is committed to continuously seeking out new and innovative ways to enhance service to our customers. The WCB will continue to develop comprehensive customer service initiatives, implementing recommendations from the customer journey maps for workers and employers, improving the overall customer service experience, and enhancing ways for customers to provide feedback.Improve customers’ experiences with our assessment processes and claim experienceThe WCB is committed to continuing to implement enhanced online services for employers including making improvements to online payroll reporting and implementing online account statements. For workers, the WCB is committed to improving the claim experience through improved communication methods and streamlined processes.Design and implement electronic healthcare reporting and billing Healthcare providers play a vital part in the recovery and return to work of injured workers. In order to improve the quality, timeliness and efficiency of reporting and billing processes, the WCB has launched a multi-year project to enable electronic healthcare reporting and billing from physiotherapists, chiropractors and doctors. Use business intelligence to continuously drive excellenceThe WCB is committed to continuously utilizing and enhancing our data analytic capabilities. Access to rich WCB data gives our organization timely information to support performance monitoring, strategic planning, and identify opportunities to further improve the service we provide to our customers. Evolve our technical infrastructure to support collaboration, innovation and mobilityThe WCB is committed to enhancing our technology to support strategic initiatives, collaboration, innovation and online capabilities. Improvements include modernizing and simplifying the technical infrastructure and improving the online applications available to external customers and stakeholders.Stakeholder outreach strategyThe WCB is committed to collaborating with partners and continues to reach out to stakeholders to deliver information and resources and gather feedback through new channels such as the Manitoba Chambers of Commerce AGM, the first ever WCB Return to Work Conference (in collaboration with the Manitoba Chambers), and the Winnipeg Chamber of Commerce’s Small Business Forum and Healthy Workplaces Program.Goal:• Strive to improve customers’ satisfaction with their WCB experience.WCB 2018 ANNUAL REPORT 85Maintain the accident fund reserve in keeping with the 130% funding ratio targetAchieve and maintain an average assessment rate at under$1Achieve at least 70% of claims paid within 14 days of injuryAchieve at least 80% in customer satisfaction of employers and injured workersFive Year Targets: In the five year period covered by this plan, the WCB is focused on the following milestones:86 WCB 2018 ANNUAL REPORTMajor Initiatives:Implement initiatives to engage employeesThe WCB is committed to increasing staff engagement and to enhancing collaboration to better serve our customers. The WCB conducts periodic employee surveys, recognizing the value of regularly soliciting input from staff and benchmarking and assessing corporate culture and engagement. The WCB continues in its efforts to implement its mental health strategy and initiatives, which incorporate ongoing education, training and awareness to staff and leaders with the aim to foster a workplace culture that is understanding and supportive of mental health issues and recognizes the importance of prevention in maintaining the health and well-being of our staff. Enhance our leadership developmentStrong leadership is essential to accomplishing organizational goals. The WCB will continue to support its leaders through training and development and by providing change management tools and strategies.Build skills and competencies to support our innovation cultureThe WCB is committed to finding new and better ways to provide service and to making our system more responsive, efficient and effective. The WCB will continue to implement agile innovation projects and support leaders in developing an innovation culture.Renew our physical work environmentThe WCB has developed a comprehensive office renewal plan to create a more effective workspace to meet the needs of our customers and gain organizational efficiency. The first phase of this multi-year renewal plan has been completed. The WCB plans to reassess and continue with the next phase of the renewal plan, which includes improvements to the remaining floors. GROW OUR PEOPLEGoal:• Attract, retain and develop our people to align with our evolving needs.Five Year Targets: In the five year period covered by this plan, the WCB is focused on the following milestones:Achieve at least 80% in employee engagementWCB 2018 ANNUAL REPORT 872019 – 2023 BUDGETED AND PROJECTED FINANCIAL STATEMENTS88The pro-forma financial statements for the years 2019-2023 present the financial outcomes of the strategic and operational plans of the WCB. The average assessment rate is maintained at $0.95 throughout the five year plan. A surplus distribution is planned commencing in 2019, with a goal of reducing the funding ratio toward the 130 per cent policy target. WCB revenues include:Premium revenue: this amount represents a combination of estimated annual assessable payroll and the average assessment rate, using reasonable assumptions for economic and inflationary growth. The average assessment rate used in the Five Year Plan is $0.95.Investment revenue: this amount represents a return that is consistent with the WCB’s investment portfolio profile. A steady rate of return of six per cent is used throughout the Plan, as it is not possible to predict investment markets. Actual results in this area will vary and fluctuations can be significant.WCB expenses include:Claim costs: this amount assumes the injury rate will decline during the Five Year Plan period and includes a reasonable assumption for cost inflation. Fluctuations in claim costs can occur if there is an increase to injury rates, very expensive claims, a change in the mix of old and new claims, or a change in average claim duration. Operating expenses: this amount represents salaries, employee benefits, infrastructure, the Appeal Commission, the Research and Workplace Innovation Program, SAFE Work Manitoba and administrative costs.88 WCB 2018 ANNUAL REPORTProforma Statement of Financial Position (unaudited)As at December 31 (in thousands of dollars)2018 Actual2019 Budget2020 Projection2021 Projection2022 Projection2023 ProjectionAssets$1,942,381$1,904,372$1,878,734 $1,850,831$1,881,535 $1,915,132Liabilities1,310,266 1,345,785 1,377,759 1,409,7121,440,068 1,470,990 Funded position632,115 558,587 500,975441,119 441,467444,142 $1,942,381$1,904,372 $1,878,734 $1,850,831 $1,881,535$1,915,132 Funding ratio148.2%141.5%136.4%131.3%130.7%130.2%Proforma Statement of Operations and Comprehensive Income (unaudited)For the years ending December 31 (in thousands of dollars)2018 Actual2019 Budget2020 Projection2021 Projection2022 Projection2023 ProjectionProjected average assessment rate$0.95$0.95$0.95$0.95$0.95$0.95Premium revenue$210,846 $219,709 $225,554 $229,811$232,735 $236,372 Investment income21,75789,42887,96086,82586,892 89,031Revenue232,603 309,137 313,514316,636 319,627 325,403 Claim costs incurred186,285204,721206,340 207,766207,626 209,196 Operating expenses99,542104,100 106,517108,716 111,653 113,532Total expenses285,827 308,821 312,857 316,482319,279 322,728Operating surplus(53,224)316657 1543482,675 Surplus distribution-(73,844)(58,269) (60,010)--Net surplus(53,224)(73,528)(57,612)(59,856)3482,675Other comprehensive income27,020-----Total comprehensive income$(26,204)$(73,528)$ (57,612)$ (59,856)$ 348$ 2,67589WCB 2018 ANNUAL REPORT 89Next >