The following excerpts are from a magazine article I read many years ago but the financial thinking still applies today. Keeping people safe, reducing accidents, reducing damage, reducing downtime, reducing accidents obviously will save any company money. You will not get any argument from management, unions or employees about this. However, additional investments in safety must be justified like any investment that a company makes be it production machinery, facility improvements, material handling equipment, office equipment, etc. So safety managers must win support for the financial investment in a safety program and must provide management tangible proof of the economic gains the company accrues when it invests in safety equipment and programs. This can be done with very simple formulas. These are probably the same formulas that we use in our company today to assist our customers with figures that will be suitable to present to their board for decision. I hope this helps.
TerryW