How Workplace Injuries, Illnesses Impact the Bottom Line
OSHA has updated the $afety Pays Program to include the most recent workers’ compensation data from the National Council on Compensation Insurance. It helps employers understand the impact of workplace injuries and illnesses on their company’s profitability.
The program uses a company’s profit margin, the average costs of an injury or illness, and an indirect cost multiplier to project the amount of sales a company would need to cover those costs.
It is intended as a tool to raise awareness of how occupational injuries and illnesses can impact a company’s profitability, not to provide a detailed analysis of a particular company’s occupational injury and illness costs.
The “$afety Pays” program:
- Allow users to pick an injury type from a drop-down list or to enter their workers’ compensation costs
- Prompts users for information to do the analysis, including their profit margin and number of injuries
- Generates a report of the costs and the sales needed to cover those costs
OSHA provides many resources to help employers develop an effective safety and health program to improve safety and reduce costs.
Benefits include reduced absenteeism, lower turnover and workers’ compensation costs, higher productivity, and increased morale.
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