Business stakeholders make decisions based on beliefs that are supported with facts. They invest in initiatives if a quantifiable return on investment and value are demonstrated. During the 2018 Institution of Occupational Safety and Health Conference (IOSH), Craig Foyle, the outgoing president of the world's largest and leading workplace health and safety body, told delegates that the key challenge for safety and health professionals was to learn how to speak the language of business stakeholders; this language demonstrates the significant return on investment of good safety, health and well-being management.
Calculating the return on investment requires a credible cost-benefit analysis; it's the ultimate deciding factor in whether an ergonomics project gets funded. This session will review five types of information you'll need to justify ergonomics improvements and how to calculate savings based on traditional injury prevention, productivity enhancement, defect reduction, employee retention, and established limits on demands. The strengths and weaknesses associated with each type of savings data are discussed. Tips on gathering and using each of these data types will are shared. In addition to the traditional approaches, the presenters will introduce the use of a cost-justification estimator as an efficient and effective means for projecting financial benefit. They will demonstrate the application of an estimator tool with real examples and explain the research data and rationale underlying the values provided by the tool.
Business stakeholders make decisions based on beliefs that are supported with facts. They invest in initiatives if a quantifiable return on investment and value are demonstrated. During the 2018 Institution of Occupational Safety and Health Conference (IOSH), Craig Foyle, the outgoing president of the world's largest and leading workplace health and safety body, told delegates that the key challenge for safety and health professionals was to learn how to speak the language of business stakeholders; this language demonstrates the significant return on investment of good safety, health and well-being management.
