Software Buyer's Guide
Building the case for effective workplace safety management
For business owners, maintaining a safe workplace has never been more important. For, as the data shows, firms are increasingly leveraging effective safety management protocols to gain a competitive advantage in their respective industries.
More than anywhere, that competitive edge comes out of the expense side of the ledger. Here, the cost (both indirect and direct) of safety incidents can be paralyzing, ultimately even business-ending. The federal regulator, Safe Work Australia reported that the median payout for a serious worker’s compensation claim stood at AUD$11,500, which was a 39 percent year-over-year increase. Indirect costs also soared: the median time lost for a serious claim jumped 32 percent, in the same time period.
Predictably, median costs in high-impact sectors are even higher. Again, in Australia, the average cost of a construction incident and injury borne by employers, workers, and the community ranged from AUD$3,372 for short absence injuries to AUD$1,689,193 for full permanent incapacity.
Finally, economy-wide snapshots paint a truly devastating picture. According to estimates from the U.S. safety statistics reference source, Injury Facts, workplace injuries and deaths cost the U.S. economy over USD$150 billion. Of that total, employers and workers lost nearly USD$50 billion in wages and productivity. Employers alone incurred over USD$12 billion in uninsured costs.
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