As written in The Conversation by Yetaotao Qiu, Assistant Professor, Asper School of Business, Michael Magnan, Concordia, Yu Wang, Dongbei University.
Every year, millions of workers are injured or die on the job, imposing enormous human and economic costs. The socio-economic impact of workplace safety is hard to avoid and presents governments and organizations with a major challenge.
In the United States alone, more than 2.6 million work-related injuries occurred in 2023. These incidents resulted in an estimated economic cost of US$176 billion and a loss of around 103 million workdays, according to national data.
In Canada, a recent report estimates the economic costs of workplace injuries at $29.4 billion, which is even higher than in the U.S. once population size is taken into account.
A large body of research shows that external pressures shape workplace safety, with finances, regulatory enforcement and corporate governance being key drivers. However, emerging evidence points to the influence of corporate leadership itself — particularly the “tone at the top” set by chief executive officers (CEOs).
Previous studies suggest that certain executive traits can undermine safety. Overconfidence, equity-based pay incentives and regulatory compliance can impact safety policies, often negatively. What remains less explored is the role of a CEO’s personal traits and backgrounds. Our recent study sought to fill that gap.
Read the full story in The Conversation.
