While lists of “Top Workplace Risks” are popular, key risks vary from industry to industry, business to business, and even year to year for many organizations. That’s why effective strategies focus on the process of identifying critical risks and targeting them with best-in-class solutions — and continually repeating this process to ensure ongoing improvement and cost savings.
Businesses spend $170 billion a year on costs associated with occupational injuries and illnesses that impact the bottom line. The recent increase in “mega claims” (those typically totaling $3 million or more in incurred losses) to a 12-year high further complicates the issue. These measurable losses allow companies to calculate return on investment (ROI) when taking specific loss control actions that they can measure against improved loss experience.
However, few people realize how rare an effective risk control process is — one that truly fires on all cylinders.
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