Evaluating Safety Return of Investment (ROI)
As I have moved out of the field and in to a more corporate setting, my interest has been peaked on how to sell safety, specifically looking at new equipment that increases employee protection. I am curious to see how people turn qualitative data in to numbers (or other means) to better pitch an idea to the higher ups who are involved with the intercacies of safety development. How do you capture return of investment (ROI) when pushing new ideas withing your organization?
Comments (6)
Any cost savings projects which you're particularly proud of?
Speaking mainly to equipment, we've done this with rental equipment. Instead of renting it, we'll purchase and rent back to the customer ex. rescue equipment, SCBA's, PAPRs, gas detection, IH air sampling equipment and so on. You can show daily/weekly/monthly rates and prove that you'll be able to have it paid off in XXX amount of months and have it down the road for projects where equipment rental isn't covered.
This may work depending on your type of work. What industry are you in?
Here’s a starting point for Cost in terms of compensation due to injury. Next step for me would be to find data on frequency of occurrence.
https://injuryfacts.nsc.org/work/costs/workers-compensation-costs/