Arto Reiman, Tuomo Räisänen, Seppo Väyrynen & Tommi Autio (2019) Strategic accident reduction in an energy company and its resulting financial benefits, International Journal of Occupational Safety and Ergonomics, 25:1, 153-160, DOI: 10.1080/10803548.2018.1462990
Strategic accident reduction in an energy company and its resulting financial benefits
|Author:||Reiman, Arto1; Räisänen, Tuomo2; Väyrynen, Seppo1;|
1Industrial Engineering and Management, University of Oulu, Finland
2Oulu Energy Group, Oulu, Finland
|Online Access:||PDF Full Text (PDF, 0.2 MB)|
|Persistent link:|| http://urn.fi/urn:nbn:fi-fe2019111943038
|Publish Date:|| 2019-11-19
This study provides a case example of an energy company that prioritized occupational safety and health and accident reduction as long-term, strategic development targets. Furthermore, this study describes the monetary benefits of this strategic decision. Company-specific accident indicators and monetary costs and benefits are evaluated. During the observation period (2010–2016), strategic investments in occupational safety and health cost the company EUR 0.8 million. However, EUR 1.8 million were saved in the same period, resulting in a 2.20 cost–benefit ratio. The trend in cost savings is strongly positive. Annual accident costs were EUR 0.4 million lower in 2016 compared to costs in 2010. This study demonstrates that long-term, strategic commitment to occupational safety and health provides monetary value.
International journal of occupational safety and ergonomics
|Pages:||153 - 160|
|Type of Publication:||
A1 Journal article – refereed
|Field of Science:||
222 Other engineering and technologies
© 2018 Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in International journal of occupational safety and ergonomics on 23 Jul 2018, available online: http://www.tandfonline.com/10.1080/10803548.2018.1462990.