Essay question answer

Occupational Safety Training and Development
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Institution

Occupational Safety Training and Development
Safety and health training development is a primary aspect of any organization. Financial budgeting and planning should be conducted to achieve cost containment in the company. The finance teams should, therefore, understand the effects of cost initiatives and how it could affect the business imperatives in the hospitals. Training and upgrading the employees’ skills in health sector minimizes errors hence quality service delivery.
Question 1
Calculating the breakeven point requires the financial manager to determine both fixed and variable costs for the services or products a company produces or delivers (Cascio, 2018). Considering the case provided on computer-based training cost, finding the breakeven point cost would require the hospital to hold all the variables constant. The step would provide a drop in the value of breakeven point. For instance, the hospital’s new training cost is reduced by $20,000, therefore, determining the breakeven point involves taking the fixed cost of $80,000÷ (Price ̵ Variable cost). A three-year cost distribution of $30,000 would be the maximum cost that the company could consider for initiating the program. The outlined distribution would ensure that the initial training cost is covered hence the hospital can realize different profit margins. The maximum acceptable cost would therefore, take between 20,000 and 30,000 since this would be within the cut cost.

Return on investment is significant in measuring investment performance. It would require the hospital finance management to calculate returns on investments based on cash flows in and out of business. The excess cost over the recovery of the capital determines the return on investment. For the scenario outlined, the return on investment would involve the cost that the hospital would be realized, after $80,000 has been covered, and variable and fixed rates have been recovered.
Question 2
Health and safety training plays a crucial role in reducing financial expenses spent on different occurrence out of accidents. The benefits of safety training include prevention of workplace accidents, enhancement of machine safety at the workplace, reduction of lawsuits from the clients and minimized chances of company closure. When the employees lack safety skills, an error that results in lawsuits and fines from the regulatory agencies could occur. Such occurrences are often costly for the company (Cascio, 2018). Therefore, providing training prevent extra expenses on accidents and minor errors.
The training further ensures that the equipment and machines at the workplace are safe for the employees to use thus meeting the safety standards. The company adjusts to safety measures thus reducing the chances of the company being cited for safety violation issues. Increased number of qualified personnel are most likely to apply for jobs in the business. Competent employees would be beneficial since the company achieves its goals on a timely basis and quality service delivery is achieved (Cascio, 2018).
An organization would often achieve significant profits since accountability of mistakes is taken seriously. Safety of equipment at workplace ensures constant productivity and quality service delivery to clients. Quality is fundamental to any business. Therefore, an organization would attract more clients thus increased sales and market for the company’s products.
The benefits that have the strongest argument involve lawsuits due to lack of safety of the company’s working environment or errors that result in lawsuits especially in the health sector. The issue of accident would also raise a significant concern since the company would spend money on insurance issues and health-related cost. Minimal concerns could be raised in a case where the safety of the company attracts more competent employees with less qualified personnel. Regulatory agencies would often recommend the company for quality employee safety.
Question 3
Management of any organization should provide resources and support for safety and training programs. Aligning the budget to provide for financial needs of safety programs enhances quality training (Cascio, 2018). Furthermore, they should allow the employees to plan themselves for the training program. Managers should communicate its commitment to safety program by outlining different goals and strategies for achieving quality service provision. Providing employees with an opportunity to raise concerns about safety measures ensures effective implementation of different policies within the organization.
Worksite analysis plays a crucial role in identifying potential risks to safety. Therefore, the management should ensure that it accesses different issues at the worksite. Assessment includes checking equipment standards and encouraging employees to report incidences that could hinder their safety (Cascio, 2018).
Work-based involvement of the management is an essential form of communication that ensures that safety measures should are crucial for every employee. The managers should demonstrate the practice of safety regulations so that the employees can understand and emphasize on implementing guidelines of safety rules. A working environment that is free of hazards allows the employees to work with confidence hence improved productivity (Cascio, 2018). Furthermore, management could improve safety techniques by introducing regular programs that upgrade the skills of the employees’ skills more so on safety techniques.
Summary
Safety training should regularly be conducted to ensure the safety of employees. Increased productivity and sales could be achieved through the safety of the company. Management should support safety training by providing relevant resources and financial needs.

Reference
Cascio, W. (2018). Managing human resources. McGraw-Hill Education.