If you could save your company money, improve productivity and increase employee morale, would you? According to OSHA, workplaces that establish safety and health management systems can reduce their injury and illness costs by 20 to 40 percent. Safe environments also improve employee morale, which positively impacts productivity and service. When it comes to the costs associated with safety, consider the following statistics from OSHA:
• Employers pay almost $1 billion per week for direct workers’ compensation costs alone, which comes straight out of company profits.
• Injuries and illnesses increase workers’ compensation and retraining costs.
• Lost productivity from injuries and illnesses costs companies roughly $63 billion each year
Measuring the Cost of Safety
Demonstrating the value of safety to management is often a challenge because the return on investment (ROI) can be cumbersome to measure. Your goal in measuring safety is to balance your investment vs. the return expected. Where do you begin?