Safety Facts
Important Facts About Safety
- Every year, six million workers suffer non-fatal workplace injuries
at an annual cost to U.S. businesses of more than $125 billion. (From OSHA)
- Lost productivity from workplace injuries and illnesses costs companies
$60 billion each year (OSHA)
- In 2004, total economic costs of occupational deaths and injuries in
the U.S. were an estimated $142.2 billion and a total of 120 million workdays
were lost that year due to occupational deaths and injuries (National Safety
Council).
- Businesses in the U.S. spend $170 billion a year on costs associated
with occupational illnesses and injuries (From the American Industrial
Hygiene association). Direct costs, including Workman's Compensation
claim costs, increased insurance premiums, legal and emergency response
fees, medical costs and equipment and tool repair costs are often of
greatest concern to company management. However, indirect costs are
actually more significant. These include lost production, reduced
productivity and morale, the costs of hiring and retraining replacement
workers, diminished competitiveness and spoiled/damaged products and the
costs of injuries and incidents that a company incurs over a year become
dramatically clear when measured against the company's profit margins.
For every $1 in direct costs there are from $25 to $50 in indirect costs.
- Workplaces that establish occupational safety and health (OSH)
systems can reduce their injury and illness rates by 20% to 40% and
see a return of $4 on every $1 invested ,according to AIHA and OSHA.
- Additional benefits: More than 40% of 231 senior financial executives
at large and mid-sized companies surveyed cited productivity as the top
benefit of an effective workplace safety program. The second most frequently
mentioned benefit: reduced costs as identified by just over 28% of the
respondents.
- A company's stakeholders, including workers, neighbouring companies,
regulators and investors, may look at company safety programs as evidence
of superior management, transparency and good corporate responsibility.
Points to ponder: A company's OHS program and reputation for safety contribute
to its marketability by demonstrating its culture and commitment to health and
safety, and by helping to attract and retain workers and promoting customer
satisfaction and loyalty.
- A safety program maximizes profit from existing investment by improving
existing processes, ensuring safe worker behavior and choosing initiatives
that don't require major investment.
- A well-designed program improves product development, as safety and
health initiatives increase worker morale, which in turn increases creativity
and initiative, getting new products to market faster, thus increasing shareholder
value.
For more information, to contact Barb.
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