Even though it is documented by the Occupational Safety and Health Administration (OSHA) that employers who develop and implement safety management systems significantly reduce workplace injuries and illnesses, these are the programs that tend to get cut in tough economic times.
According to the Liberty Mutual Workplace Safety Index, workers compensation due to work-related injuries cost America $53 billion in 2008.
Injury and illness can also lead to a decrease in productivity, morale and profits, suggesting that preventing such events allows businesses to operate more efficiently when effective safety and health management systems are implemented, according to OSHA.
"Employers that invest in workplace safety and health can expect to reduce fatalities, injuries, and illnesses," OSHA states. "This will result in cost savings in a variety of areas, such as lowering workers' compensation costs and medical expenses, avoiding OSHA penalties, and reducing costs to train replacement employees."
Safety systems vary across workplaces, and include safety budgets for safety products and personal protective equipment as required by OSHA.