Safety and safety programs are often thought of as a cost or a grudge expense for your business. If you do the calculations you may find out that it can be an investment, a commitment of resources to earn financial return or gain future benefits.
How does investing in safety impact the bottom line?
The calculation can be made by someone in finance or accounting. Workplace injuries have direct costs to your company which will be seen in your worker’s compensation figures. These include medical costs, wage indemnity and compensation premiums. Workplace injuries also have indirect costs (often estimated to be 5 times the direct costs); lost production, damage to public image, sick time, turnover and retraining and damage to public relations.
Once you know that injuries and illness is costing your company, calculate what the payback would be for investing in a program to create a healthy safety culture and limiting risky behavior.