A recent discussion in the Orlando Sentinel with workplace expert, Isabel Perry emphasizes the importance of workplace safety programs. Aside from the legal and social responsibility requirements, there is a cost effective aspect that, once realized, make work place safety mandatory. Fewer accidents result in lower insurance cost and increased productivity.
With respect to costs, if a workplace injury results in a $2,000 cost for a company that maintains a 10 percent profit margin, the company needs to increase revenues by $20,000 to pay for that accident.
Perry maintains that the most effective improvements for workplace safety include nonslip flooring and matts and safety harnesses for elevated work environments. She also contends that there is a $3 savings for every $1 spent on safety – an investment well worth it.