Does your management team have a mindset that rising worker’s compensation costs are “just a part of doing business”?
How are those costs impacting your bottom line?
Is it time to rethink the safety culture within your facility?
In recent years, companies have seen steadily rising direct and indirect costs* related to injuries or accidents on the job resulting in days away from work or restricted job functions.
Cornerstone offers assessments to evaluate the effectiveness of safety programs and solutions to decrease accident rates and lower costs. Through careful assessment and creation of an improved safety culture, our approach will have a positive effect on turnover, downtime, productivity and quality — ultimately lowering worker compensation costs and, in turn, improving the bottom line.
Long term, an effective program will provide your company with a pro-active approach to developing loss prevention solutions which have the ability to pay for themselves in decreased direct and indirect costs.According to the American Journal of Industrial Medicine, “companies that implement effective safety and health programs can expect to have their injury and illness rates reduced by 20% or more, and a return of $4 to $6 for every $1 invested.” Direct costs* are only the tip of the iceberg…
Nearly 50 American workers are injured every minute of the 40-hour workweek.
70% of businesses have not established successful safety and health programs.
The American Society of Safety Engineers (ASSE) estimates that workplace injuries cost employers the equivalent of 1/4 of their pretax profits.
1/3 of serious occupational injuries and illnesses stem from overexertion or repetitive motion resulting in over $20 billion in direct costs and billions more in indirect costs.
*Statistics from www.osha.gov
*Direct costs are comprised of the premium(s) for worker’s compensation insurance, in addition to out-of-pocket expenses specifically associated with an injury. (The extent to which the employer ultimately pays the direct costs depends on the nature of the employer’s workers’ compensation insurance policy.)
Indirect costs encompass a number of factors, such as: lost/lower productivity, equipment downtime, replacement worker training, lost sales and decreased morale.