Some safety professionals shy away from discussing the financial implications of safety performance—but in doing so are they doing a disservice to the people their safety program is supposed to protect?
Danny Smith examines this issue in his article The Other Side of the Coin, which appears in the April 2015 issue of OH&S Magazine.
The article explores the thorny issue of workers’ compensation, noting how the cost of insurance claims are on the rise. There is a direct link between preventing injuries and lowering the overall cost of compensation, and Danny demonstrates that it behooves safety professionals to spend more time considering the financial benefits of reducing workplace incidents.
As Danny says in the article, “it can be hard to properly examine the financial side of safety… But just because it’s hard to capture and measure the specific financial benefits of reducing injuries doesn’t mean we should shy away from discussing safety’s impact on an organization’s bottom line.”
Safety folks in any industry will find the article interesting, and it is available to read online.