Table of Contents:

Cost

Cost is always the driving force for companies. Anything that involves occupational safety and health (OSH) has cost linked to it. This is why companies want to know the following:

  • • What is safety and health costing?
  • • How much does an accident cost?
  • • Is the company avoiding cost?
  • • Is compliance saving money?
  • • Is prevention saving money?
  • • Are our safety and health dollars cost effective?
  • • What are the benefits of safety and health related to dollars?
  • • Does safety and health avoid other cost?

The True Bottom Line

Without exception, all industries and companies face safety and health issues, which could have adverse effects upon their workforce and workplace. It matters not whether the company is a service industry, insurance agency, construction operation, or manufacturer of widgets. The workforce will be exposed to the hazards unique to that work site. It is definitely beneficial to the bottom line to not have any of the workforce injured or ill from something within that workplace. Whether the businesses are large or small, having anyone in their workforce who has been incapacitated in any way disrupts the work process. Not counting the loss of a potential key employee, the time spent addressing an incident that has caused injuries or illnesses definitely cuts into the bottom line. If this seems bad, an occupation death really has an impact.

During the investigation of an occupational death, companies often cannot function and fold because they cannot absorb the impact and cost of a job-related death. The cost alone for such an occurrence exceeds $1,200,000. If a small company experiences such an event, a workplace fatality can be business-ending.

Taking a reasonable amount of time to address OSH will have a very positive impact upon a business's or company's particular operation. Certainly, the magnitude of the safety and health effort will vary depending upon whether the workplace is an office environment or a construction jobsite. If a company just addresses the key components of OSH, they will have made some great strides forward in making safety and health an integral part of the workplace and a concrete demonstration as to the value gained by investing real dollars in occupational safety and health.

 
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