It comes down to simple math. Invest in workplace safety before an accident happens, and you get to take your savings to the bank.
Liberty Mutual estimates that every dollar invested in injury prevention reduces costs for employers by $2 or more. That’s a lot of savings considering the fact that a workplace injury costs employers a whopping $30,000 on average, according to The National Safety Council.
What’s more, OSHA just raised penalty fines by 78% to take effect August 1, 2016 for safety violations that occurred after November 2, 2015. Without proper safety equipment and systems in place, a worksite accident could really break the bank.
So, how do you keep cost relatively low while keeping your workforce protected? The first step is to invest in all necessary and required safety equipment right out of the gate to take accidents out of the equation. When making these investments, it’s important to think about the life of your purchase and how it will serve you as time goes on. One way to do this it to make sure your safety technologies have the ability to integrate with existing systems and future applications.
Another proactive step is to hire a workplace safety consultant to walk through your worksite and suggest areas for improvement. The consultation and overhaul investments will be worth the savings you see down the road.
Of course, you can’t skip the investment in safety when it comes to meeting OSHA standards; and when you take care of your workforce, their work takes care of you. Employees or bystanders who are injured, or worse, on or around a job site because of a safety violation require more of investment than one made to mitigate risk in the first place. Be proactive about eliminating hazards and avoiding accidents by investing in the right equipment and systems for your specific needs as soon as you know what those needs are.
In heavy-duty industries, risk is magnified by the size of the equipment and intensified working conditions. Robust, active safety systems are available that exceed what is currently required by law but serve to mitigate risk and enhance worksite safety.
Since equipping your workforce with sufficient protective garments, accessories and safety systems is not only required by OSHA, but also reduces operational costs in the long run, the upfront investment is a no-brainer. Cutting corners does not cut costs when lives are involved. The opposite is in fact true: Pay ahead to mitigate accidents before they happen, and reap the rewards—a safe and productive workforce, deadlines met, reputation built, more contracts delivered, and a thriving bottom line.
Overall, it’s important to remember that a proactive approach to safety requires money upfront but the result is that it protects your bottom line in the long run. It all comes down to safety being an investment that helps reduce costly accidents, keeps employees and the community safety, and mitigates potential legal issues.