Safety Cost Calculator(s) and how they can help

When we attempt to track costing related to workplace incidents there are a few techniques and tools that can be used.

Currently there are paid applications that can track costs as part of their investigative process and, there are some free ones.

Occupational Safety and Health Administration (OSHA) – has created the Estimated Costs of Occupational Injuries and Illnesses and Estimated Impact on a Company’s Profitability Worksheet 

WorkSafeBC – has created the Workplace Incident Cost Calculator

One of the most useful pieces of information generated with these tools is cost of the incident compared to the organizations profit margin and therefore the profits required by the organization in order to cover the cost of the incident.
For example;
  • Annual Incident Costs of $25,000
  • At a 5% profit Margin
  • $500,000 of income must be generated to cover the costs of the incident

 

Go ahead and click through to the free resources and play around with them a bit then attempt using them during your next incident investigation, quarterly incident summary report or annual review meeting.

Contact us for Health and Safety and Incident support.