Can Improving Workplace Safety Save Businesses Money?

When you own or manage a business, there are a lot of important tasks on your plate. From making hiring decisions to managing sales to establishing partnerships, there is a lot that goes into making a company successful. But perhaps one of the most important tasks business owners and managers face is keeping their employees safe. Workplace safety is obviously important for employees, it can also save the business money. Let’s explore a few ways workplace safety can help relegate costs.

When employees sustain injuries or illnesses on the job, it can cost the company serious money. And according to OSHA data from 2016, businesses that implement health and safety management systems cut these expenses by up to 40%.

Unfortunately, there are several ways employees can get hurt while working. While there are some more dangerous jobs, like construction, where falls remain the number one cause of death, those with office jobs can sustain injuries as well. Workers compensation is designed to protect employees who do end up getting hurt or ill as a result of their job, which can be costly. Lack of proper safety protocols as well as simply having an unsafe work environment can lead to more workers comp claims than expected.

But when businesses implement safety and health protocols to further protect their employees, they won’t have to face as many workers compensation claims. This alone can save employers quite a bit of money. It can even be something as simple as ensuring snow and ice are removed properly to ensure employees aren’t added to the one million Americans who get injured in slip and fall accidents every year.

But workers compensation isn’t the only way to save money regarding workplace safety. If companies are seeing a lot of expenses going towards lost productivity, increased turnover rates, and employee absenteeism, then better health and safety measures may be the answer.

When employees feel they’re working in a safe environment that is good for their health, they’re going to be more productive — healthy-feeling employees tend to do better work. And they’ll actually want to come to work, which significantly reduces absenteeism and turnover. Employees want to work somewhere where they feel their employer cares about their well-being. And making health and safety a priority is an easy way for employers to show they care.

So while it may not seem like better workplace safety systems are needed, they can make a big difference in reducing workers compensation claims and increase employee productivity and satisfaction. All in all, it’s important for business owners and managers to remember that prioritizing workplace safety is an investment, not another cost.

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