< PreviousDeliver Excellent ServiceStrategic Goal: Strive to improve customers’ satisfaction with their WCB experience.Strategic Initiatives:Continuously strive to improve the quality of services we deliverThe WCB is committed to seeking out new and innovative ways to enhance the service we deliver to our customers. We will continue to develop comprehensive customer service initiatives, implement recommendations from the customer journey maps for workers and employers, improve the overall customer service experience, and provide additional ways for customers to share their feedback with us.We will focus on ensuring our customers’ access to the information they need takes into account the myriad communications channels available. This increase in choice will provide them with greater flexibility in how they communicate with us and streamline our processes based on best practices. Utilize data analytics and tailor services to meet the unique needs of our customersThe WCB will leverage data to support the decision-making process for our key stakeholders. For workers and employers, this means providing them with claims information and other data to help them analyze trends and gain a better understanding of WCB systems and processes. As an organization we will continue to analyze injury and return to work data to improve the customer service we provide.The WCB will also support industry-based safety programs (IBSPs) by providing meaningful data and information to assist in the delivery of injury prevention and return to work programming tailored to the needs of different industries.Improve communication with customers and stakeholdersWe will continue to collaborate with our partners to deliver information and solicit feedback through opportunities such as the Winnipeg Chamber of Commerce’s Healthy Workplaces Program, the WCB Return to Work Conference (in collaboration with the Manitoba Chambers of Commerce) and the WCB Return to Work Award which is presented as part of the Manitoba Chambers of Commerce annual Manitoba Business Awards. The WCB also commits to engaging with the healthcare community to clarify roles and expectations to promote the effectiveness of return to work programs.902020 WCB ANNUAL REPORT91Five Year TargetsIn the five-year period covered by this plan, the WCB is focused on the following milestones:80%$170%in customer satisfaction of employers and injured workersof claims paid within 14 days of injuryAchieve at least:Achieve and maintain an average assessment rate at under Achieve at least:130%Maintain the accident fund reserve in keeping with thefunding ratio target92Grow Our PeopleStrategic Goal: Attract, retain and develop our people to align with our evolving needs.Strategic Initiatives:Support the ongoing development of employees to achieve our visionThe dedication and commitment of our employees is integral to our organization achieving its goals and vision. This commitment is key to delivering exceptional service, finding opportunities for improvements in the way we do business and supporting the evolving needs of our customers.The WCB is committed to investing in initiatives that build skills and competencies and will help us continue to build a workforce focused on innovation, as well as professional growth and development.The WCB recognizes that continuous learning and development promotes employee engagement and successful job performance. We will continue to deliver initiatives that support educational, training and professional development to enhance the knowledge, skills and competencies of our staff. This includes supporting employee development in both their current job responsibilities and future career opportunities with the WCB.To promote the education, training and professional development of our staff, the WCB has introduced new corporate policies that commit to funding a broad range of educational opportunities for employees, such as half-day seminars and workshops, courses, technical training, as well as degree, diploma and certificate programs. This will ensure our employees have the knowledge, skills and competencies needed to be successful in their careers, as well as ensure our workforce is qualified and skilled in helping our organization meet its strategic goals.Enhance employee engagementEnhancing employee engagement includes ensuring our workplace environment supports and promotes mental health and safety. The WCB will continue its work to deliver on our mental health strategy, which includes leadership development, training for our staff to raise awareness, as well as initiatives that foster understanding and support for mental health issues.Enhancing employee engagement will also include continuing our work to provide employees with effective work spaces that promote collaboration and increase organizational efficiency. In the coming year, we will be entering Phase 2 of our multi-year office renewal plan, which will include ongoing upgrades and improvements to our office space throughout our organization.Investment in staff professional development and trainingRenew succession management strategiesOur organization’s success depends on our ability to prepare and plan for the future.To do this, we will be implementing strategies that promote succession management. Our workforce is changing and evolving, as people move into different phases of their careers. We are committed to ensuring we have the employees with the right skill sets and competencies to meet the evolving needs of our organization and our customers.We are committed to developing our people by providing career growth and educational opportunities, as well as cross-functional experience across departments and divisions throughout the WCB. We are committed to helping our people advance their careers within our organization and nurture a diverse, talented and innovative workforce.Investment in staff professional development and training* Average per employee per year.$650932020 WCB ANNUAL REPORT*2021–2025 Budgeted and Projected Financial StatementsThe pro forma financial statements for the years 2021-2025 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. Surplus distributions are planned to continue through 2022. The goal is to reduce 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 while considering the impacts of COVID-19. The average assessment rate used in the Five Year Plan is $0.95. Investment revenue: this amount represents a return that is consistent with the WCB’s investment portfolio profile. A steady rate of return of six per cent is used throughout the Plan, as it is not possible to predict investment markets. Actual results in this area will vary and fluctuations can be significant.WCB expenses include:Claim costs: this amount assumes that the number of injuries will increase in the next two years, over the 2020 COVID-19 levels, however the injury rate will decline during the Five Year Plan period and includes a reasonable assumption for cost inflation. Fluctuations in claim costs can occur if there is an increase to injury rates, very expensive claims, a change in the mix of old and new claims, or a change in average claim duration. Operating expenses: this amount represents salaries, employee benefits, infrastructure, the Appeal Commission, the Research and Workplace Innovation Program, SAFE Work Manitoba and administrative costs. COVID-19: The impacts of COVID-19 continue to be unknown. Assumptions have been modified to reflect potential impacts, however outcomes may be significantly different. 94Pro forma Statement of Financial Position (unaudited) As at December 31 (000’s)2020 Actual2021 Budget2022 Projection2023 Projection2024 Projection2025 ProjectionAssets$ 2,097,782 $ 2,056,042 $ 2,005,725 $ 2,034,413 $ 2,067,655 $ 2,105,099 Liabilities 1,459,980 1,499,173 1,529,679 1,557,641 1,587,211 1,619,902 Funded position 637,802 556,869 476,046 476,772 480,444 485,197 $ 2,097,782 $ 2,056,042 $2,005,725 $ 2,034,413 $ 2,067,655 $ 2,105,099 Funding ratio143.7%137.1%131.1%130.6%130.3%130.0%Pro forma Statement of Operations and Comprehensive Income (unaudited)For the years ending December 31 (000’s)2020 Actual2021 Budget2022 Projection2023 Projection2024 Projection2025 ProjectionProjected average assessment rate$ 0.95 $ 0.95 $ 0.95 $ 0.95 $ 0.95 $ 0.95 Premium revenue$217,399 $ 216,293 $ 224,208 $ 228,982 $ 233,543 $ 239,140 Investment income 145,722 87,510 86,043 85,832 87,825 88,754 Total Revenue 363,121 303,803 310,251 314,814 321,368 327,894 Claim costs incurred 185,718 198,289 198,750 195,879 198,005 201,479 Operating expenses 104,035 115,479 116,924 118,209 119,691 121,662 Total Expenses 289,753 313,768 315,674 314,088 317,696 323,141 Operating surplus (loss) 73,368 (9,965) (5,423) 726 3,672 4,753 Surplus distribution (36,284) (70,968) (75,400) - - - Net surplus (deficit) 37,084 (80,933) (80,823) 726 3,672 4,753 Other comprehensive income (loss) (46,103)-----Total comprehensive income (loss)$ (9,019)$ (80,933)$ (80,823)$ 726 $ 3,672 $ 4,753 2020 WCB ANNUAL REPORT95Workers Compensation Board of Manitoba333 Broadway, Winnipeg, MB R3C 4W3wcb@wcb.mb.ca 204-954-4321 • 1-855-954-4321wcb.mb.caNext >