The difference between Health and Safety systems that COST money and those that SAVE money
Investing in health and safety systems and technology is often seen as a cost to the business. However, leading health and safety professionals and business leaders understand that the real cost lies in not taking steps towards improving the safety of the work environment.
The key is choosing the right type of system and technology.
2.9 million nonfatal workplace injuries and illnesses were reported by private industry employers in 2015. The financial implications for businesses are huge. From cost related to lost work days due to death and injury, to insurance, worker compensation and law suits and fines, the total costs associated with accidents and incidents can quickly spiral out of control.
According to the United States Department of Labor, Businesses spend $170 billion a year on costs associated with occupational injuries and illnesses - expenditures that come straight out of company profits.
As an example, according to OSHA’s Safety Pays Calculator, a single incident that leads to an amputation costs a business over $160,000. Assuming the business has an average profit margin of 3%, it would require additional sales of over five million to make up for it. And even something as simple as a sprain quickly adds up to costs of over $60,000.
But where there is risk, there is also opportunity. Businesses that manage to reduce incidents and injuries in the workplace can realize savings of 20 – 40%. In today’s competitive markets, this can be the difference between being the top player in a market and struggling to make ends meet.
The choice for health and safety systems and technology has huge implications for a business both in terms of safety and financial performance. The wrong choice can cost lives - as well as a lot of money.
To really make a difference for the safety of the workforce as well as the financials of the business, software and systems need to reduce the number of incidents, injuries and accidents - not just help the business be compliant.
The good news is, a new breed of health and safety software is emerging that has the potential to significantly reduce workplace incidents and injuries and through that, help businesses reduce the associated costs.
A NEW BREED OF HEALTH AND SAFETY SOFTWARE
Innovative health and safety professionals are increasingly turning to tools that are not only about direct health and safety processes but also focus on two really important related areas: Communication and collaboration.
Motivated by the belief that the most effective way to create a truly safe work environment is to engage and empower the entire workforce to take an active role in health and safety, industry leaders are turning towards technology that can help them achieve this.
Health and Safety Communication and Collaboration Software
Broadly categorized as ‘health and safety communication and collaboration software’, these emerging tools are different from traditional safety software in that they focus on people first, rather than processes. Designed for a mobile-first environment, they provide an easy and intuitive way for businesses to engage their workforce in health and safety efforts.
Focused on worker participation first and foremost and compliance second (compliance is seen as a direct result of participation), these new systems can be a powerful tool in helping businesses create a truly safe work environment for everyone.
These innovative new tools combine seven key characteristics that set them apart from traditional solutions and make them more effective in the fast-changing modern work environment. To learn more about these 7 characteristics, download the FREE White Paper below.