How Can Companies Increase Employee Retention By Improving ROI Of …Safety programs can be a huge effort and expense for your company. That’s why making sure the programs net a sufficient return on investment is important. Good programs also can lead to a bump in employee retention. After all, safety comes first, right?
Matt Jeffs, an onsite prevention services specialist, certified rehabilitation ergonomist and physical therapist, posted about the ROI of these programs in an article on the Knowledge At Work website, an online magazine for UL, a global safety science company.
Jeffs says that when people talk about the ROI of safety programs they often don’t acknowledge how complex it is to calculate. Using a football analogy, Jeffs explains how companies can have an honest conversation about the depth and breadth of ROI.
What it comes down to, he says, is in order to have a true understanding of the ROI of safety programs, companies have to use a variety of methods and tools. Unfortunately, most companies don’t do this, he says. They’re like a football team that relies on one coordinator to run one play.
“The results are going to be pretty predictable,” Jeffs says. “Using one static metric to gauge our ROI success moving the ball forward is like using that one play. Expected returns will surely diminish upon repetition if we only rely on that single measure. This coach doesn’t consider the benefits and contributions afforded by the 10 other players on the field.”
Instead, companies need to let a variety of departments weigh in on the ROI of the programs. This helps people understand ROI and increase the buy-in of the program.
For example, letting the HR people weigh in on the game plan, the EH&S department interpret the results and the engineers add their perspective might expand everyone’s understanding.
“All stakeholders must be included in any serious discussion about how to implement, interpret and guide a game plan toward ROI success,” Jeffs says.
To sum it all up, Jeff says that attempting to gauge ROI by “static measures makes about as much sense as repeatedly sending in the same play and expecting different results.”
What do you think? How has your company pumped up its ROI of safety programs? Has it increased your employee retention?
Source: Knowledge at Work, January 2013
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