Use this simple worksheet to calculate the impact of injuries and illnesses on your company’s profits and learn more about how implementing a workplace safety and health program is not only the right thing to do for the workers but also a wise business decision that will save your company money.
Employers, business owners and managers can use the OSHA Safety Pays calculator to assess the impact of occupational injuries and illnesses on their company’s profitability.
This program uses a company's profit margin, the average costs of an injury or illness, and an indirect cost multiplier to project the amount of sales a company would need to generate to cover those costs.
The Safety Pays program is intended as a tool to raise awareness of how occupational injuries and illnesses can impact a company's profitability, not necessarily to provide a detailed analysis of a particular company's occupational injury and illness costs.
Here’s an example of a common injury… Laceration
Assuming this company has a 3% profit margin, here are the results:
The assumption might be that you send the employee to the doctor to get patched up and it’s the cost of a doctor’s visit that you are dealing with, but the cost of a poor safety program will end up hurting your company, and your employees, so much more in the long run.
Use the calculator to choose one of 47 different occupational injuries and illnesses. You can also adjust your Workers’ Compensation Costs, the company’s profit margin and the number of injuries to get a clear picture of the true impact a workplace incident could have on your company.
Tools such as the OSHA Safety Pays program can help you show management that investment in safety training, education, and written safety programs are not only the right thing to do for the workers but also a wise business decision!
Click here for a direct link to the OSHA Safety Pays worksheet. It’s free to use as many times as you like and there is no requirement, payment or email address required to access the program.
Your local OSHA On-site Consultation Office can help your businesses identify workplace hazards and develop and implement an effective injury and illness prevention program.
Adding regular safety meetings to your company’s safety and health program is guaranteed to improve workplace safety, boost team morale, lower insurance premiums, strengthen safety compliance and lower the risk of safety violations. Holding regular safety meetings with your crews, teams and staff is also the best way to ensure that your company is off to a great start meeting and exceeding OSHA’s compliance standards.