Tuesday, July 14, 2009

Safety's ROI (aside from protecting life)

Ahem. Majority of the CFOs in a Liberty Mutual Safety Workplace Study cited PRODUCTIVITY as the #1 benefit of safety.

OSHA's Office of Regulatory Analysis states that companies that implement effective safety and health management programs can expect significant reductions (20% or greater) in injury and illness rates and a return of no less than $4 for every $1 invested.

Simple calculus: safety equals efficiency, efficiency equals savings, and savings equals profitability. Therefore, safety equals profitability. Solid safety means avoidance of unnecessary costs, whether it's in damages, lost production, absent workers, extra recruitment, or an eroding reputation. And it's no surprise construction companies find a strong correlation between site safety performance and site profitability. According a U.K. HSE study: if a contractor can surpass its peers in safety performance, it's worth at least $10 million a year.

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