According to the OSHA (Occupational Safety & Health Administration) an injury resulting in a "strain" has a direct cost of $32,319 (source: OSHA eTool Safety Pays).
Consider the following ROI formula:
(Gain from Investment - Cost of Investment) / (Cost of Investment) *100 = ROI
With a training program successfully in place, let's assume the cost to train employees is measured as an investment. Let's estimate the Verticlimb cost to train all employees at $10,000. The cost of training ($10,000) is listed as the "Cost of Investment." The prevention of a single workplace injury (in this case, the diagnosis of a "strain") is considered a "Gain from Investment." The savings ($32,319) is listed as the "Gain from Investment."
Using the ROI formula, let's consder the direct and indirect costs of a common workplace injury classification of "back strain."
($32,319 - $10,000) / ($10,000) * 100 = 223% ROI for training
Now include *both* the indirect and direct costs of the same "back strain" injury. The indirect cost is $35,550. The direct cost is $32,319. Direct + indirect costs = $67,869. Verticlimb training costs remain at $10,000. The ROI is now 579%.
($67,869 - $10,000) / ($10,000) * 100 = 579% ROI for training
The direct and indirect costs may be slightly different based on industry and business operation, but the theme is still the same.... Just one workplace injury can create a negative ripple effect for months, even years, to come.
But the positive impact of safety training as a part of an overall risk management plan grows over time, making the investment even more valuable. The ROI remains.
Many businesses feel that OSHA inspections and citations will not happen to them...that OSHA is for other industries. Look up the 'Frequently Cited OSHA Standards' within your industry using your NAICS code.
"The average first year cost for an LMS was $22,000 to $102,000." (2009 survey, Tagoras) This does not include the cost of courses, hiring someone to manage the system or support.
So many courses to choose from. Many satisfy general industry OSHA standards (Hazard Communication GHS) and HR areas (Sexual Harassment). Choose new courses every year.