Jail or Ruin? Is deterrence still effective?

This week Dr Rebecca Michalak wrote that penalties for breaches of occupational health and safety (OHS) laws need to be personal for people to understand the potentially fatal consequences at the work site or decisions that are made in the comfort of the boardroom. In this sentiment she echoes the aims of many who have been advocating for Industrial Manslaughter laws and also touches on the role of deterrence. But when people talk about Jail, are they really meaning Ruin? And do these options really improve workplace health and safety?