A new resource for Nova Scotia’s employers is being introduced that allows business owners to calculate the cost of workplace injuries and see first-hand the dramatic financial impact these incidents can have on their profitability.
The workplace incident cost calculator is a natural addition to the small business safety tool kit which was introduced to the small and medium-sized business community in Nova Scotia last spring.
The tool kit had been developed with direct and ongoing consultation from business, industry and safety association partners, and it was overwhelmingly embraced by the community, said the Workers’ Compensation Board of Nova Scotia (WCB).
The workplace incident cost calculator provides specific information for five industries:
There is also a “custom” section that can be adapted for other industries operating in the province.
“We know that the greatest costs of a workplace injury are the impacts on the employee and their family, and these consequences are becoming better understood by employers,” said the WCB in a news release. “What is often harder to grasp are the financial costs associated with a workplace injury or incident, which is why this tool will serve as an important resource. These costs don’t just impact the individual organization; they take their toll on our provincial economy.”
In Nova Scotia, more than 770,000 days are lost to workplace injuries every year. That’s the equivalent of 2,400 working years. Looking at it another way, it represents the population of Digby, N.S., (and more) off work for an entire year.
Nova Scotia employers are paying the WCB $300 million ever year. The WCB hopes this new tool will allow employers to better understand the financial ramifications an injury or incident can have on an organization and provide the foresight to invest in the right equipment and training.
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