As 2016 approaches, many organizations turn their focus to a budget for safety. Let’s take a look at financial impact analysis over time.
Financial Impact Analysis:
Workers compensation overpayments
Direct and indirect injury costs
Company expense impact
Key Performance Indicators – Balanced Scorecard Metrics:
Leading and lagging process and outcome metrics
Safety Perception Survey:
Benchmarks and measures the improvement in the level of employee safety behaviors.
Quality Satisfaction Index:
Improves quality of process outputs by identifying and removing the causes of defects (errors) and minimizing variability in the system functions
INCREASED SAFETY = INCREASED PROFITS
Claim totals the Work Comp Carrier paid: $27,813
Conservative Multiplier to calculated indirect costs: 4.0
Total Indirect Costs: $111,252
BOTTOM LINE PROFITS
Eliminating these costs would increase your bottom line profits by $111,252 or
Assuming a 5% profit margin, the sales equivalent of $2,225,040*
*Based on an interior systems manufacturing company with sales of $45,000,000 and 250 employees.
Three Sixty Safety will help you measure safety key performance indicators (KPIs). Measuring KPIs accurately and reliably is a key to predicting future performance, improvement goals and cost.
Our Goal: Everyone goes home safe…Every Day!