ROSI may come as a new acronym to some. It stands for "Return on Safety Investment" and while many may be more familiar with return on investment, or ROI, it can be helpful to pay specific attention to the value created and money saved due to investments in safety.
Creating and maintaining a safe workplace greatly contributes to a company’s operational success. Because business and safety work together, they are and should be looking at the same goals. A few ways this can be achieved is through focusing on the ROSI of EHS software.
Environmental, health and safety focuses on four key areas including:
Safety and Risk Management
By establishing data and statistics to pinpoint where injuries like slips and falls occur, companies can strategize how to prevent these incidents. As they factor in how much they pay in fines, penalties, increased insurance premiums and temporary staff, decreasing risk to ensure safe working environments becomes increasingly inexpensive by comparison. As stakeholder approval and employee awareness increases, incidents decrease, thereby contributing to a better return on safety investment. Using software to automate data collection and measurement can minimize costs while maximizing results.
Because a lot of an organization's practices are centered on documentation, it's imperative that all staff are compliant with rules and guidelines established in the workplace, as well as regulatory and government rules. By ensuring training is completed and all workers understand governance, risk and compliance standards, you can hold everyone accountable for workplace safety. Software can help ensure all tasks are being completed in a timely manner and can help guide employees through the maze of regulatory requirements.
Training and Equipment
Another key area where EHS Software can help increase ROSI is through tracking training requirements and deficiencies. All employees should be tested on equipment, understand hazards in the workplace and ensure they have the right tools to complete their assignments safely. If a company is unsure of how to train or operate certain equipment, they should consider hiring an EHS specialist or consultant who can audit the facilities to help find areas that need improvement.
Engineering can provide solutions to address certain types of incidents and design ways to avoid them through utilization of better safety equipment and safe work practices. EHS software can help guide managers in audits and this is a vital way to ensure safety in the workplace. Risk analysis is a process used to identify risks and hazards. Following up with corrective actions ensures the value of such analysis is realized.
As companies and safety personnel seek ways to improve their ROSI, OSHA recommends businesses to consider the top areas where violations and accidents are likely to occur. The top frequently cited OSHA standards:
Keep these points in mind as you identify areas where incidents are likely to happen. By targeting these areas and making appropriate corrections, this can help increase your ROSI.
Consider taking a look at EHS Insight to see how it could help you improve your Return on Safety Investment.