How Safety Programs Can Improve Your Bottom Line
Occupational Safety and Health Administration (OSHA) statistics clearly illustrate how workplace safety and health management systems can dramatically reduce injury and illness expenses. Unfortunately, record-breaking inflation can make these potential safety-related savings the difference between profits and losses. When evaluating the costs associated with safety, consider the following OSHA statistics:
- U.S. employers pay nearly $1 billion per week for direct workers’ compensation costs.
- Injuries and illnesses directly increase workers’ compensation and retraining costs.
- Lost productivity from injuries and illnesses costs companies roughly $63 billion each year.
To help battle inflation’s impact on your bottom line, you must first understand how safety programs can help your business survive.