January 12, 2017
When it comes to risk management, studies show that small upfront investments in prevention can provide significant financial savings over expensive litigation later.
That’s why dozens of corporations are turning to LiveSafe, a safety and prevention tool, to help identify and mitigate risks before they manifest while also helping risk managers satisfy their duty of care obligation.
So how do you identify and mitigate risks while keeping it cost effective? The answer is crowdsourced intelligence gathering.
Crowdsourcing enables an “ounce of prevention” approach that meets the duty of care standard in a way that is cost effective for the company, and exceeds employee expectations for a modern work environment.
Let’s take for example workplace violence, which are traumatizing events that cost 100 times more to respond to than the cost of typical prevention programs.* For hazardous facilities, the annual cost to companies from negligence injuries and illnesses is $250 -$300 billion.** The cost of behaviors like discrimination, bullying, and harassment is $64 billion*** and employee theft comes in at $60 billion annually.****
Deputizing employees using LiveSafe allows them to feel empowered to do something when they see situations that should be reported. Using their smartphones, employees can send valuable tips using video, audio, images and text to security officials and risk officers.
By allowing your employees to feel empowered to have a say in their safety and security, it also increases morale and helps retain employees.
To learn more about mitigating risks and fulfilling duty of care obligations, download our latest white paper.
* – Nixon, W. (2004). The financial impact of workplace violence. The National Institute for the Prevention of Workplace Violence, Inc.
** – Leigh, J. Paul. “Economic burden of occupational injury and illness in the United States.” Milbank Quarterly 89.4 (2011): 728-772.
*** – “The Corporate Leavers Survey: The Cost of Employee Turnover Due Solely to Unfairness in the Workplace.” Level Playing Field Institute, 2007, www.lp .org/wp-content/uploads/2015/05/corporate-leavers- survey.pdf. Accessed 25 October 2016.
**** – Leinbach-Reyhle, Nicole. “New Report Identifies US Retailers Lose $60 Billion a Year, Employee Theft Top Concern.” Forbes, 7 Oct. 2015, www.forbes.com/sites/nicoleleinbachreyhle/2015/10/07/new-report- identifies-us-retailers-lose-60-billion-a-year-employee-theft-top-concern. Accessed 25 October 2016.