05 Dec The ROI of Safety
Safety is an investment in your entire workforce. The potential savings could be significant!
The National Safety Council (NSC) and Center for Disease Control and Prevention (CDC) have done several studies detailing the direct cost of an injury (which includes workers’ compensation, medical expenses, civil liability or litigation costs, and property losses.) NSC estimates that the average cost of a fatal injury is $1.42 million. CDC’s estimate is $991,027 thousand per injury. That’s a tremendous potential exposure for any company. Plus, you have to factor in indirect costs like workplace disruptions, worker replacements, increased insurance premiums, attorney fees and employee and family pain and suffering.
We know that sometimes the decision to spend money, up front, is not an easy one. It is hard to see all of the costs associated with safety. But when looking at the facts and real-world results, money spent on improving safety is a great investment in your personnel and resources.
Not only does safety make sense economically, it makes sense to keep workers safe. Employers should carefully weight the decision and prudently invest methods and systems to keep employees safe. It just makes sense!