Safety is the top priority in any workplace. None of your company’s hard work is worth anything if you can’t get your workers home safe. For that reason, safety is its own ultimate reward, and doesn’t need to be justified by any other indirect benefits.
While you certainly don’t need a second reason value workplace safety, that doesn’t mean there isn’t one. A safe workplace offers financial benefits for your business as well. Injuries and accidents place a substantial economic strain on any business. In fact, workplace injuries have cost the Australian economy over $60 billion. Coupled with the remorse of injured co-workers, workplace accidents cost your business in multiple ways.
Let’s examine how accidents at work cost your business valuable money, resources, and time, and what you stand to gain from investing heavily in effective workplace safety.
The many costs of workplace accidents
An accident in your workplace can cost your business dearly in several regards, all of which will negatively impact your bottom line. The economic costs of workplace accidents include:
- Reduced productivity – Serious workplace accidents usually mean that either one or more of your employees will be absent for an extended period or that new and less productive employees will need to be hired and trained. Either way, your business will be less productive.
- Lost time – Employees on medical leave are still earning wages, but your business won’t benefit from the productivity that normally comes with those wages. Accidents often cause businesses hours of lost time in response and assessment.
- Workplace repairs – Often, workplace accidents are either caused by, or are the result of, equipment failure. Accidents often result in expensive repairs or replacements, as well as the time lost with that equipment out of commission that may well have been avoided with routine maintenance or preventative measures.
- Liability insurance premiums – Workplace accidents often result in pay-outs from your liability insurance, and pay-outs often result in higher premiums down the road.
- Reputation – Accidents reflect poorly on any business. The ensuing damage to your business’s reputation can cost you opportunities for some time. Reputations are important internally too, and businesses with a reputation for poor workplace safety will likely suffer from low morale and productivity. Your business may even suffer from higher turnover, resulting in fewer workers experienced with your construction site or warehouse safety procedures, and ultimately the risk of further accidents down the road.
How good workplace safety benefits your bottom line
In any industry, from construction to warehousing and beyond, a safe workplace is probably doing better financially. Given the extensive costs of workplace accidents, the costs of investing in workplace safety, from on-site assessments to preventative equipment maintenance, is relatively little. A safe workplace can operate efficiently, without interruption. It can attract and retain quality staff through high morale and an enviable reputation. Best of all, your workers will be safe and healthy.
Invest in workplace safety before accidents occur
It makes good business sense to prevent workplace accidents, and investing in equipment such as industrial safety barriers from Dexsafe is a great way to show your staff that you value their safety. Contact Dexsafe today to arrange your safety consultation.