The Cost Of Safety And Employee Wellness - Mi-wea
The Cost of Safety andEmployee Wellness
AgendaDirect versus Indirect Safety ExpensesCalculating Incident CostsBudgeting for SafetyAverage Cost of SafetyEmployee Wellness Programs
Why the Concern? Workers’ CompCosts Medical Costs Absenteeism Presenteeism Employee Turnover Loss of Productivity QualitySchedule DelaysTrainingLegal FeesEmployee MoraleLost Contracts
Executive Motivators1. Workers’ compensation costs2. Right thing to do3. Increases profitability4. It’s the law5. Too many accidents6. Employee morale7. Productivity8. OSHA fines59%51%33%31%29%26%23%20%
Billion Dollar QuestionDoes safety improve a company’s bottom line?
Direct Safety CostsWorkers’ Comp CostsMedical CostsIndemnity PaymentsSalaries
Indirect Safety Costs AbsenteeismPresenteeismEmployee TurnoverProductivity ConcernsCommunity Perception QualitySchedule DelaysEmployee MoraleLost Contracts
QuestionIs safety a fixed budget?
3 Easy Stepsfor Calculating the Impact of a Loss
Step 1:Calculating Direct CostsMedical costs Indemnity Payments Direct Cost
Step 2:Calculating Indirect CostsDirect CostXCost Multiplier Indirect Cost
Cost MultipliersIf your direct cost is: 0 – 2,999Use this costmultiplier:4.5 3,000 - 4,9991.6 5,000 - 9,9991.210,000 or more1.1
Step 3:Calculating Total CostDirect Cost Indirect Cost Total Cost
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Did you Know? Claims reported more than 3 days after injurycan add: 16% to Medical Costs 38% to Indemnity Costs Claims reported more than 12 days after injurycan increase the likelihood of AttorneyRepresentation by: 67% for Medical Claims 69% for Indemnity Claims
Sales required to pay for an accidentProfit Margin1%2%3%4%5%100,00050,00033,00025,00020,000 5,000500,000250,000167,000125,000100,000 10,0001,000,000 500,000333,000250,000200,0002,500,000 1,250,000 833,000625,000500,000AccidentCost 1000 25,000
Safety Budgeting Planning and Preparing Strategic Plan for Safety Industrial Hygiene Sampling Strategy Internal and External Audits MOC
51546154715481549155316281632Safety WagesProfessional DuesContinuing EducationTraining - ExternalCellular ExpensesMinor Safety EquipmentTraining - Employee WagesSafety FootwearPersonal Protective EquipmentSafety UniformTraining - InternalContract ServicesMedical / HygieneOffice SuppliesMileageSubsistence
Selling Loss Prevention – Step 1Calculating Profit MarginTotal Profit/Total Sales Profit Margin
Organizational Safety BudgetWhat’s the magic number?
Selling Loss Prevention - Step 2:Calculating the ImpactTotal Cost of the Incident/Profit Margin Additional Sales Needed to Pay for theIncident
Wellness ProgramsEmployee Wellness ProgramsPPT-065-011
Employee Wellness Programs A comprehensive health program designed tomaintain a high level of well being through properdiets, light exercises, stress management andillness prevention.** According to Business DictionaryPPT-065-012
Wellness ProgramObjectivesEmployeeWellnessPrograms Establish the significance of the wellnessprogram Educate management on the benefits ofproductivity and the costs of its loss due toillnesses Establish steps necessary to implement andmaintain a successful wellness programPPT-065-013
Employee Wellness Programs Establish a method of testing the success ofthe wellness program Assess which wellness programs are best forvarious work environmentsPPT-065-014
Reasons for a Wellness ProgramEmployeeWellness Programs Increase in stress levels Increase of workplace diversity Expanding work hours High health care costs Illness preventionPPT-065-015
Reasons for a Wellness ProgramEmployeeWellness Programs The need for a healthier lifestyle Aging Workforce Disease and obesity- Poor diet and physical inactivity are the-second leading cause of death behind smokingPPT-065-016
WellnessWellnessProgramEmployeeProgramsUnhealthy Lifestyle Costs Can consume upwards of half the company profit Cost employees and employers in lost productivity Disease, disability and deathPPT-065-017
Primary RiskAreas ProgramsEmployeeWellness Smoking Lack of exercise Unhealthy eating habits Overweight/obesity Alcohol and substance abuse StressPPT-065-018
Benefits of a Wellness ProgramEmployeeWellness Programs Many individuals in the workforce spend moretime at work than home – leaving anopportunity to promote healthy habits and tolower business costs Reduced workers’ compensation costs Increased productivity Reduced absenteeism Reduced presenteeismPPT-065-019
Benefits of a Wellness ProgramEmployeeWellness Programs Lower turnover- reduced costs recruiting and training newemployees Reduction in the number of injuries Weight reduction Enhanced physical fitnessPPT-065-0110
Benefits of a Wellness ProgramEmployeeWellness Programs Improved employee awareness Increased loyalty Improved company moralePPT-065-01
How to Establish a Wellness ProgramEmployeeWellness Programs1) Organize a planning committee wellness champion peers within your department Human Resources management anyone else in your organization thatsupports a wellness programPPT-065-01
How to Establish a Wellness ProgramEmployeeWellness Programs2) Utilize a wellness survey Assess common issues such as stress,obesity and smoking, An assessment survey is often available atno extra cost from your insurancecompany, or from an outside vendor at lowcost Be sure that you are following HealthInsurance Portability and AccountabilityAct (HIPPA) and Genetic InformationNondiscrimination Act (GINA) regulationswhile conducting an assessment surveyPPT-065-01
How to Establish a Wellness ProgramEmployeeWellness Programs3) Develop goals, expectations, objectives andincentives based on the wellness needs fromyour survey4) Obtain outside help contact organizations about sponsorshipsprograms and national corporate wellnessplans contact gyms – corporate membershiprates, cash, time off or premium discounts network with other businesses that haveestablished wellness programsPPT-065-01
How to Establish a Wellness ProgramEmployeeWellness Programs5) Develop a wellness proposal and budget stats from the wellness survey goals, mission statement, objectives andincentives outside vendors/businesses – discounts6) Market handout information weekly or monthlyto keep employees updated set dates for health assessmentsregularly stay in contact with outside vendors,sponsors, etc.PPT-065-01
Questions?
Employee Wellness Programs . PPT-065-01 How to Establish a Wellness Program 3) Develop goals, expectations, objectives and incentives based on the wellness needs from your survey 4) Obtain outside help contact organizations about sponsorships programs and national corporate wellness
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
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̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
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