Ensuring you have sound safety practices in place is not only good for maintaining the health of your employees, but also good for your business. Research conducted, as well as industry expereience, shows that health and safety programs receive a substantial return on investment.
Where does the Return on Investment Come From?
By having sound safety programs in place, your business receives benefits and returns which stem from:
- Decrease in Lost Time
- By investing in safety programs, your workers will not only have the equipment to keep them safe, but also understand how to effectively use said equipment. Furthermore, by investing in these programs, you will be reducing the number of injuries that occur on the jobsite, further reducing the expenses your business has.
- Compliance with Regulations, Laws, and Standards
- If your business happens to find itself under non-compliance with safety laws and regulations, the aftermath can be devastating. Not only will there be financial damages, but your business’s reputation will also be damaged.
- Increased Operational Efficiency
- By focusing on safety, your employees will be able to work more efficiently, without worrying about faulty equipment. Thus, a focus on safety means high productivity, supporting short-term revenue growth and long-term sustainability.
- Improved Employee Satisfaction
- Recruiting and retaining top-of-the-line workers will be much easier for your business if you have safety standards and practices in place. If you maintain a safe work environment, and show concern for your employees’ safety and health, you will have a much easier time maintaining your employees.
- Positive Reputation
- By maintaining a safe work environment, and showing genuine concern for your employees, not only will you retain your workers, but you will also ensure you have a positive reputation with your customers and the industry.
Direct and Indirect Costs
If you opt to not build and maintain your business’s safety programs, your business will suffer both direct and indirect costs.
- $32,000 – Cost per Medically Consulted Injury
- $1,000 – Injury Impact per Worker
- $1.12 mil – Cost per Fatality
- Time lost from workplace injury
- Lost in efficiency due to change in team
- Lost time due to necessary training of replacement workers
- Damages to tools and equipment
- Damages to your business’s reputation
- Loss revenue the day of the incident
Still Need Convincing?
If what you have read still does not convince you, consider this. For every dollar you spend on a safety program, your return on investment could be as high as $8. Even though major accidents may never happen in your organization, it is important that you, and your business, are prepared. A workplace fatality, occurring to the Centers for Disease Control and Prevention, costs a business nearly $1 million. Then, factoring in the indirect costs as a result of the fatality, employee replacement, insurance, attorneys, and suddenly, you are looking at $3 million. Therefore, even if you believe that something like that could never occur at your business, it is important to be prepared.
Why Foy Safety?
If you have safety concerns regarding your business, Foy Safety Consulting Inc is here to help. We are trained professionals who will work with you to meet your business’s individual needs. We will point out areas of concern and instruct you on the most cost-efficient ways of remedying them. Foy Safety will work with you, not against you, and will help ensure your business is up-to-date on all the latest safety regulations and laws.