Bottomline! The magic word that casts a long shadow on all of our business decisions, and yet there is never a point where we can say, “Ah! I don’t want any additional profitability”. In fact, one of the key drivers of tangible profitability - Employee Health & Safety – is increasingly stealing the spot light while simultaneously undergoing an unprecedented state-of-the-art transformation. This transformation is triggered by the realization of the potentially endless possibilities of connecting industrial IoT to robust and comprehensive safety management software.
In Part I of this 2-part series, we discussed commonly used strategies that may be used to target Reduction of Frequency. Specifically; how health and safety management software has encouraged many organizations to refocus and rededicate their current-state EHS training management system. Also, continuous improvement efforts have greatly enhanced traditional approaches with the digitization of behavior-based safety software applications. All of these are significant contributors on the path of frequency reduction – but a focus on severity reduction may be approached in an entirely different manner.
As a Safety professional, I have been on both sides of this question and different arguments are presented by different stakeholders.
- Should your organization have a risk function that operates autonomously from the EH&S Function, the debate may be more focused on reduction of severity.
- Should EH&S align with an operational component, the benchmark may be slanted towards reduction of frequency.