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Don't Forego Safety Program Investments
Why should you put the effort into improving workplace safety and health?
Work-related injuries, illnesses and deaths are costly to everyone. A safe and healthy work environment pays, in more ways than one. The National Safety Council estimates the average cost of a lost-time injury to be over *$36,000.
Employers can save $4.00 to $6.00 for every dollar spent on a safety and health program.
Workplaces with successful safety and health management systems reduce injury and illness costs 20%-40%.
“Workplace safety processes must be in place at all times. They are even more critical during business downturns. If companies believe they will save money by reducing or ignoring safety for their workers, customers and communities they do business in, they are mistaken. The ongoing positive results are in and have been for companies that have a strong safety culture and continually invest in and implement effective safety processes. Not only does their bottom line benefit positively, but their company reputation stays intact, employees stay safe and healthy reducing health care, workers comp, training and turnover costs not to mention keeping customers, the communities they do business in, vendors and employees happy. Safety is good business.”
In order to remain viable long-term, a company must maintain a solid safety process even through difficult times. The most successful companies in the long-term also have the strongest safety performance.
For some companies, one injury can mean financial disaster.
The cost of workplace injuries, illnesses and deaths is much greater than the cost of workers' compensation insurance alone. Insurance is just the tip of the iceberg when it comes to these costs.
Injury costs to a business can include:
Safety Pays for Everyone
The cost of injury prevention is far less than the cost of an injury. A safe and healthy workplace attracts and retains quality employees. It's an asset to a community, operates more efficiently and enjoys a healthy bottom line. The business and the workers thrive in a safe, healthy, respectful and caring environment.
What Can Safety Professionals Do?
According to the U.S. Small Business Association, 82% of businesses fail due to poor cash flow. One good way to sell your safety program to management is to tie it into your cash flow. Show how accidents impact your bottom line.
Some Safety Impacts on Cash Flow
1. Insurance costs
2. Lost Productivity
3. Reputation: A reputation of being unsafe can cost your business in many ways:
4. Absence : What is the cash flow impact on:
Example of Cash Flow Impact
Then you could go to your management and explain:
5. Citations and Fines: Some safety fines are very significant!
Safety needs to be seen as an investment rather than a cost.
Today's business climate makes operating without a safety program a business venture of high risk. You can greatly minimize that risk by continuing or initiating a membership affiliation with the Utah Safety Council. Click here for details on becoming a member or utilizing your membership benefits.
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