We can all agree in theory and in practicality, that safety is good for everyone and protecting employees’ safety is the right thing to do. What many companies may not have, however, are the financial optics of injury prevention, and the real cost of incurring workplace injuries.
OSHA’s “$afety Pays” program was put in place in order to help employers assess the impact of occupational illnesses and injuries on their profits. The intention of this program is to act as a tool to raise awareness for the financial burden of occupational injuries, and in effect, how lack of safety protocols can result in decreased profitability.
The above table shows the types of preventable injuries that frequently occur in the workplace. Since these costs directly affect a company’s profits, the company would need to generate a significantly higher amount of sales to cover these costs.
A large portion of the costs of an injury are indirect costs. These are any wages paid to injured workers for absences not covered by workers’ compensation such as the wage costs related to time lost through work stoppage associated with the worker injury, the overtime costs necessitated by the injury, administrative time spent by supervisors, safety personnel, and clerical workers after an injury, training costs for a replacement worker, lost productivity related to work rescheduling, new employee learning curves, and accommodation of injured employees; and clean-up, repair, and replacement costs of damaged material, machinery, and property.
EXP platform’s proven root cause analysis, investigation methodologies and workflows help reduce injuries. The reduction of just one to two injuries per year covers the annual cost of EXP software. EXP’s award-winning customers have achieved a 92%+ reduction in recordable injuries & 88%+ reduction in lost time injuries since implementing the EXP platform.
EXP Integrated Compliance Management Systems provide all of the necessary tools to implement comprehensive world-class QEHS and GRC programs.
