What is Incidence Rate?
‘Incidence Rate’ refers to the rate of accidents, medical conditions, or injuries that happen in a company or an industry which is measured for a specific period of time. It uses a standardized time period so that it can be compared with other industries.
In larger companies, the spread of contagious diseases is a risk and hence, it is included while calculating the incidence rate. Hence, companies are putting additional efforts to prevent the same as repeated instances of diseases might prove catastrophic for the company.
As the incidence rate is a measure of medical conditions, it is usually described in percentages. This, along with the fact that it is measured for a standard period of time, helps in having a standardized value for every organization.