Do injuries increase or decrease workers comp cost

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Reference no: EM132272502

Assignment

An effective safety and health program has been shown to prevent accidents, reduce workers' compensation claims, and prevent some claims, and reduce the organization's overall costs.

Combined costs include the direct and indirect costs. Using past accidents of XYZ Corporation, calculate the Estimated Direct Costs, Indirect Costs and Combined total. Also capture what sales are needed to cover the total cost of the past incidents. Note you will find this formula in the posted powerpoint.

Using the list of incidents below, perform an Estimated Impact Analysis on a Company's Profits. The Company's profit margin is 15 percent. Create an excel spreadsheet providing the indirect cost, direct cost and combined total cost for each incident. Also capture the projected sales to cover each incident.

For the second part of this assignment, create a MS Word Memo to Mr. Jim Lane, President of XYZ Corporation, explaining the impact of the company's overall profit and how implementing hazard controls can save profit margins. Also explain how injuries affect the company's workers compensation benefits. Five other questions must be addressed in the memo to Mr. Lane:

1. Do injuries increase or decrease workers comp cost?

2. On or about page 185 of the text, there is a list of six basic objectives underlying workers' compensation laws. How can each of these benefit the XYZ Corporation?

3. Using the information in Chapter 9 of the text, explain the purpose of a Job Safety Analysis, when to use it, and how will this would benefit XYZ Corporation. Find a JSA via internet search and compare and contrast the JSA you located with that which is provided in the textbook (Figure 9-5) on or about page 207. Be sure to provide a reference to the JSA you found or provide an image in the memo.

4. Explain how a safety and health professional can use the OSHA Safety Pays Tool to effect change in an organization?

5. Provide a table and/or graph that explain the direct cost, indirect cost, and total cost for the injuries determined from the Safety Pays Tool. Also, explain the projected sales to cover these costs.

XYZ Corporation summary of injuries 2018:

1. Fitter had foreign body removed from eye.

2. Rigger was rigging to a load when the load shifted causing the employee to get trapped. Employee's leg was fractured in the incident.

3. Office Employee was required to undergo surgery for carpal tunnel syndrome.

4. Electrician working on the ballast of a fluorescent light was electrocuted from not properly using lock out tag out.

5. Material handler ruptured a disc in back from lifting heavy objects. Choose rupture for injury type.

6. Employee had to get leg amputated due to a company vehicle accident.

7. Welder lacerated hand on a piece of metal.

8. Employee's ladder gave way and sprained ankle when jumping off.

Reference no: EM132272502

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