Financial Justification

FINANCIAL JUSTIFICATION

In 2005, the U.S. Labor Department determined that there were 4.6 injuries per 100 full-time employees in the workplace. Injured employees required an average of 19 therapy visits (Workers Compensation Research Institute). The average number of workdays lost was nine days and sprains/strains accounted for 40% of the injuries. A work-related injury resulted in a loss of approximately $38,000.00 including wages, productivity loss and medical expenses (National Safety Council, 2005). Furthermore, the National Safety Council documented that the longer you wait to treat worker’s compensation injuries, the greater the cost. Manual handling and lifting are the major causes of work related back injury and pain (Keyserling and Chaffin, 1986).

Based on this data (see other pages for more statistics), the following can be used as an average Return on Investment for lift assist equipment:

  • Lost Time Injury Cost:
    • $38,000.00
  • Average cost of Lift Assist System:
    • $20,000.00
  • Average payback time to employer:
    • 8 months (Based on a workers annual salary of $30K)

 


Safety is always a solid investment