Everyone wants to know that they are making the best decisions for their company and their people. But there’s another compelling reason for a business to track and improve upon its safety: ROI. Incidents and injuries cost money, even if they are minor. Safety is an area in which protecting your employees can protect your business as well.
The Costs of Incidents and Injuries
An incident or injury can be costly. There are wages that need to be paid while the employee is out of work, the employee may have medical bills that need to be paid, and there may even be legal fees, fines, penalties, and other assessments regarding the incident. Work may be delayed or even stopped while the incident is investigated and new safety standards are put into place. Altogether, this creates costs that may not even be anticipated.
Safety Pays: The Benefits of Investing in Safety
When you invest in safety, not only can you reduce the prevalence and cost of incidents and injuries, but you will also find that employees are more productive and efficient when they feel their safety is made a priority. When a business cares about its employees, its employees care back.
When safety is invested in and embedded into workplace culture, the workplace can operate safer and more efficiently, and fewer incidents and injuries will occur. In reducing the number of incidents and injuries that occur, businesses also reduce the associated costs: lost work days, medical bills, legal fees, fines, etc. Additionally, showing a commitment to the safety of employees can lead to increased engagement, higher productivity, and better employee retention, all of which are clear benefits for a business.
How to Invest in Safety
Businesses can invest in safety through the use of additional safety training and safety software. Safety software, in particular, can automate some of the areas of developing safety, making it easier for businesses to ensure that they are managing their employee safety effectively.
Creating a strong culture of safety is essential and can lead to long-term benefits and gains. An emphasis on safety often comes top-down from leadership. Management can lead by example to show that safety is a priority for them. A commitment to safety from top-level management can help to inspire adoption company-wide and lead to the development of safety leadership across roles which helps to strengthen a business’s overall safety culture.
Safety software solutions work to alert organizations to potential safety issues, increase the efficiency of communication, and bring to light safety issues that need to be addressed. Together, this fosters an environment and a culture of safety that cannot be underestimated.
Safety’s Impact on the Bottom Line
We know that safety costs money. Inspections, PPE, gear, and software: It can be a considerable cost. Some businesses may worry about these costs and may decide not to engage in updated safety measures. While they care about their employees, they may see minor incidents as part and parcel with their business. But the ROI of safety is those costs compared to the ultimate cost of a major safety incident, which can be enough to shut down some businesses.
It’s important to note that even minor safety risks and hazards can damage productivity and ultimately an organization’s bottom line. Further, a lack of safety can be an indication that a company isn’t taking pride in its other processes and operations. If businesses aren’t taking safety seriously, it can lead to catastrophic outcomes.
Bridging the Gap: Introducing Technology to Improve Safety
We know that safety is important for reducing costs, but we also know that safety has a cost as well. Safety software can help to bridge the gap by enabling companies to improve safety without incurring a large amount of overhead. And that means that companies no longer need to make the choice between an additional expense and potential safety issues. In fact, studies have shown that every dollar invested in safety programs and improvements provides a return of $4 to $6 dollars in reduced cost.
Every business wants to protect its employees, but some businesses may be concerned that the cost of additional safety processes and technology could be too steep. With safety software, businesses of all industries are able to improve upon their safety with a low financial barrier to entry, and low continued costs.
