An investment designed to protect people’s lives, that has the potential to provide a return of 300% sounds too good to be true. But it isn’t!
Providing proper health and safety training to employees in any industry is an excellent investment in your company’s financial future.
ROI Of Health & Safety Training – What To Know
Let’s discuss the cost of workplace injuries, tips for investing, and how to calculate ROI to gain a better understanding of how safety training can lead to a tangible ROI.
The Cost Of Workplace Injuries
Understanding the cost of common potential injuries in your industry is the perfect way to begin calculating your ROI. The average cost of a lost-time injury in Ontario is $106,000. This breaks down to approximately $21,000 in WSIB premiums, and $85,000 in costs to the employer (lost productivity, retraining, rehiring etc.).
Of course, based on the severity of the injury, and the nature of your industry, this number can fluctuate.
Tips For Investing In Workplace Health & Safety
Every workplace is different, however, there are several core health and safety programs that will benefit most industries, thus helping increase your ROI. These programs include, but are not limited to the following:
- JHSC Certification and Refresher Courses
- WHMIS
- Workplace Specific Training
- Worker Health & Safety Awareness Training
- Workplace Violence & Harassment Training
Advanced Consulting & Training is here to help with all of your health & safety needs. Trust us to deliver quality results, each and every time.
Apply A Systematic Approach For Maximum ROI
Applying a systematic approach to your safety and health training services will do wonders for increasing your company’s ROI. For example, make sure all employees take the required training courses when hired, and then once a year the entire company participates in re-training. This will ensure that all employees receive refreshers of safety best practices on a regular basis.
Regular refreshers will do wonders in decreasing workplace injury, therefore boosting your ROI of health & safety training.
How To Calculate Health & Safety ROI
There is a simple formula used to help employers calculate their business’s health & safety ROI. To calculate the percentage of profit earned on every dollar spent on health & safety best practices, you will need to know the following two metrics:
- Net Gains – the cost savings of your training program
- Cost Of Investment – how much money you have spent on your health & safety program
Your ROI will then be calculated using the above metrics being inserted into this formula
- ROI (%) = [(Net Gains − Cost Of Investment) ÷ Cost Of Investment] × 100
This percentage indicates your company’s ROI for employing specific health & safety programs.
Advanced Consulting & Training – Your Health and Safety Experts!
Advanced Consulting & Training has helped thousands of employees receive proper health and safety training. This way, we ensure that our happy clients stay safe, and minimize workplace injuries that lead to unnecessary expenses. It is extremely wise from both a safety and financial standpoint to invest in proper training for your employees.
Every company could benefit from updated health and safety training, do not hesitate to contact Advanced Consulting & Training to book a well-prepared and engaging safety training seminar with our experts!
