Insight
How quantifying risks and productivity gains can help get safety improvements funded
Quantifying the risks and productivity gains associated with safety improvements can be an effective way to get those improvements funded. By demonstrating the potential costs and consequences of workplace accidents and injuries, and by showing the potential benefits of safety improvements in terms of reduced costs and increased productivity, organizations can make a strong case for investing in safety.
Some specific ways in which organizations can quantify the risks and productivity gains associated with safety improvements include:
- Conducting a risk assessment: By analyzing data on past accidents and injuries, organizations can identify trends and patterns, and can quantify the potential risks associated with those accidents and injuries.
- Calculating the costs of accidents and injuries: By analyzing the costs of past accidents and injuries, such as workers’ compensation claims, legal fees, and the cost of replacement workers, organizations can quantify the potential costs of future accidents and injuries.
- Estimating the potential productivity gains of safety improvements: By analyzing data on the impact of accidents and injuries on productivity, organizations can estimate the potential productivity gains of implementing safety improvements.
Overall, by quantifying the risks and productivity gains associated with safety improvements, organizations can make a strong case for investing in those improvements and can increase the likelihood of getting those improvements funded.
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