Nobody wants to work in a job where they need to fear everyday of somebody being injured. But that's not the only cost of workplace accidents that place every single minute around world. In this blog we'll go through what are the true costs of workplace accidents and how to use that information to get more budget for your safety involvement programs.
How to calculate the true costs of workplace accidents
The cost of a workplace accident can vary greatly depending on the severity of the accident and the specific circumstances surrounding it. Some costs that may be associated with a workplace accident include:
- Medical expenses: These may include the cost of ambulance transport, hospitalization, surgery, and other medical treatments.
- Lost productivity: If an employee is unable to work due to an injury, it can result in lost productivity for the company. This could include lost revenue, as well as the cost of hiring temporary staff or training new employees to replace the injured worker.
- Legal fees: If an accident results in a lawsuit, the company may incur legal fees.
- Damaged equipment or property: If an accident involves damaged equipment or property, there will be costs associated with repairing or replacing these items.
- Workers' compensation: If an employee is injured on the job, they may be entitled to workers' compensation benefits. These benefits may include payments for lost wages, medical expenses, and other related costs.
In addition to these direct costs, there may also be indirect costs associated with a workplace accident. These may include things like reduced morale and increased turnover among employees, as well as damage to the company's reputation.
Overall, the cost of a workplace accident can be significant and can have far-reaching consequences for both the injured employee and the company. It's important for companies to prioritize safety in order to prevent accidents and mitigate their potential costs.
How to use this to get more budget for safety
There are several ways you can use the potential costs of a workplace accident to persuade management to invest more in safety:
- Present data and statistics: Provide data on the frequency and cost of workplace accidents in your industry or company, and show how investing in safety measures can help reduce these costs. You could also present data on the financial benefits of investing in safety, such as reduced workers' compensation costs and increased productivity.
- Highlight the human cost of accidents: In addition to financial costs, accidents can also have significant emotional and physical impacts on employees and their families. Sharing stories and statistics on the human cost of accidents can help illustrate the importance of investing in safety.
- Emphasize the long-term benefits: While investing in safety measures may have an upfront cost, it can also have long-term benefits for the company. This could include reduced turnover, improved employee morale, and a positive reputation in the community.
- Offer specific solutions: Along with presenting the case for investing in safety, it can also be helpful to offer specific solutions and ideas for how the company can improve safety. This could include implementing new safety protocols, providing training for employees, or purchasing safety equipment.
- Seek support from other stakeholders: It can be helpful to gather support from other stakeholders, such as employees, unions, and industry groups, to build a stronger case for investing in safety. This can show management that the issue is important to a wide range of people and can help build momentum for change.
By presenting a strong case and offering specific solutions, you can help persuade management to invest more in safety measures and create a safer workplace for everyone.
In conclusion, workplace accidents can have significant financial, emotional, and physical costs for both employees and companies. By presenting data and statistics, highlighting the human cost of accidents, emphasizing the long-term benefits of investing in safety, and offering specific solutions, you can make a strong case for increased safety investment to management. By prioritizing safety, companies can reduce the risk of accidents and create a safer, more productive workplace for everyone.
If your organisation is looking for a tool to manage and conduct safety walks, audits and inspections, have a look at Falcony. It enables you to better involve your staff in safety matters, create clarity on non-conformities, prevent and decrease the number of injuries in the workplace, and gather actionable data while doing these.
We are building the world's first operational involvement platform. Our mission is to make the process of finding, sharing, fixing and learning from issues and observations as easy as thinking about them and as rewarding as being remembered for them.
By doing this, we are making work more meaningful for all parties involved.
More information at falcony.io.