Small business owners will know that time is money. Spending financial resources inefficiently is a drain on productivity and long-term business growth but when it comes to compliance with workplace health and safety regulations, managers can’t afford to skip the paperwork. Improper risk assessments can result in hefty fines from OHS regulators as well as court proceedings and other punitive measures.
But there is room for significant improvement.
In close association with construction contractors, SafeWorkPro has evaluated the financial cost of the traditional, paper based risk assessment process. We found that an average of 9-16 minutes is spent on completing risk assessment paperwork per worker, per job. Our risk assessment software cuts that time in half - saving business managers approximately $65.56 per worker, per month.
This cost saving may seem minimal but when put in the broader context of safe work practices, risk assessment software results in a return on investment (ROI) that almost exceeds belief. These realistic savings are based on a pragmatic risk assessment case study SafeWorkPro conducted on a construction business of 12 employees. Just read the maths.
Firstly we calculate the financial benefit of SafeWorkPro after the initial cost of an investment in risk assessment software:
$72.56 (money saved from investment) - $7 (cost of investment)
Then we divide by the cost of the investment and multiply by 100:
($72.56 - $7) divided by $7 = 9.365 (x 100)
The result is an ROI of 936 per cent! Obviously each business will receive a different level of financial benefit depending on the number of workers employed, their wages and the amount of time spent on the risk assessment process.
To read more about how we calculated the time spent on risk assessment paperwork and how much it costs, just follow the links. Or if you want to learn more about the benefits of risk assessment software, click here. All the figures point to cost savings that run into the thousands of dollars and all for the minimal sign-up fee from as low as $7 per month for each user.
Your business can experience the immediate savings SafeWorkPro has to offer, so sign up today!