Today’s post is a continuation on our return on investment series and this time around I would like to discuss the impact online safety incentive programs can have on a company’s safety record. (The first blog in this series was on wellness program return on investment possibilities.)
The National Safety Council estimated in 2006 that the average economic cost of a work related injury was just over $30,000 dollars and that there are over 4.4 million injuries in the workplace every year. The total cost of workplace injuries and fatalities for American companies is about $155 billion dollars annually. When you combine the cost of workplace accidents and employee off-the-job injuries the cost soars to an estimated $361.5 billion dollars.
In order to combat the high costs associated with workplace injuries, many organizations turn to the power of safety incentive programs to improve safety awareness and safety compliance in the workplace, on jobsites and at home. Organizations are finding online safety incentive programs are now the best solution to raising workplace safety awareness and require minimal start up costs compared to paper-based safety programs of the past.
In addition to the basic set up of the safety program website, there are additional features that can really maximize safety incentive program participation and relevance. Many of my clients have integrated safety quizzes, employee feedback forms, safety contest information and employee of the month pages to encourage workers to be safe both in the workplace and at home.
According to an article in Today's Facility Manager Magazine from May 2009, "A recent study by Liberty Mutual found that for every dollar spent on safety, management can expect a $4 to $6 return on the $1 investment."
When companies currently utilizing safety incentive programs were interviewed by the NFIB to gauge the impact of the incentive program the following results were reported:
-96% said safety awareness was increased
-84% saw a reduction in accidents
-77% believed that incentive programs were effective
-73% said absenteeism had decreased
-70% said the programs were cost effective
-55% experienced a reduction in workers' compensation costs
Improving the safety record of an organization can be done as this research demonstrates with the help of safety programs. The key is to engage employees to participate in the safety incentive program and encourage their safe behaviors both in the workplace and at home. Starting an online safety program is one safety solution that is both cost effective and makes safety information accessible from anywhere for participants.
Be sure to check back on October 12th for the next segment in our return on investment series when I will cover online sales incentive programs returns.