Here are a few strategies that may be helpful in convincing a CFO to prioritize workplace safety. It may not be clear at first why improving safety with analytics is important, but reducing accidents and improving an X-mod has high impact on costs. Talk with CompScience about how we can help reduce injuries with the Intelligent Safety Platform.
But first, here’s the financial logic of focusing on safety:
Overall, it is important to approach the conversation about improving workplace safety in a way that speaks to the concerns and priorities of the CFO. By presenting data, research, and the financial and reputational benefits of improved safety, you may be able to persuade the CFO to prioritize safety.
But, lowering an X-mod is key.
X-Mod, or Experience Modification Rate, is a factor used by insurance companies to adjust workers’ compensation premiums for individual employers based on their safety record. The lower an employer’s X-Mod, the lower their workers’ compensation premiums will be.
There are several financial benefits of lowering X-Mod, including:
Overall, lowering X-Mod can have a number of financial benefits for businesses. By investing in safety and reducing the risk of workplace injuries, businesses can save money on workers’ compensation premiums, improve cash flow, and become more competitive in their industry.
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