Improve Your Bottom Line with Safety Compliance
Employers can significantly reduce costs by improving upon their safety and health management systems. By reducing workplace injuries and illnesses, the costs associated with workers’ compensation benefits, medical expenses, and lost productivity can greatly impact profitability.
Workplace illnesses, injuries, and fatalities cost the country billions of dollars each year. In 2014, an estimated $1 billion per week was paid for direct workers’ compensation for disabling, non-fatal workplace injuries, according to the 2017 Liberty Mutual Insurance Workplace Safety Index.
Here is a list of expenses that can be reduced with a quality safety program.
Lower Workers’ Compensation Costs
Many injuries can be prevented before they occur. Therefore, making safety a priority with a documented safety program that is endorsed by top management is the easiest way to lower workers’ compensation costs. Better workplace safety leads to fewer claims, and fewer claims directly affect your workers’ compensation rate.
Lower Medical Expenses
Studies show that with every dollar invested in injury prevention, businesses see a $2 to $6 return, according to Safety and Health Magazine. A safe work environment that includes proper uniforms, equipment, safety supplies, and first aid products will help lower medical expenses in the event an employee needs medical care.
Avoid OSHA Penalties
To avoid these costly reparations, businesses can take advantage of following simple safety and health guidelines to ensure OSHA compliance. As of Jan. 2, 2018, the minimum cost of an OSHA (Occupational Safety and Health Administration) violation is now $12,934. When it comes to willful and repeat violations, penalties jump to $129,336. It only takes one workplace safety or health violation to severely hinder a business’s financial standing.
Reduce Cost for Accident Investigation
Being proactive with employee safety keeps everyone focused on the job they were hired to do. An injury can disrupt your regular workflow, which can have costly repercussions. A lot of time and money is spent on investigating the accident, completing reports (incidents, near-miss, OSHA recordables, workers’ compensation, etc.), staying in contact with the injured employee and his or her medical providers, training replacement employees, and implementing return-to-work policies and procedures. Businesses can prevent these investigative costs by simply being proactive when it comes to safety.
Improve Employee Satisfaction and Retention
A new survey conducted by EMPLOYERS, found that the safety of the work environment was among the top criteria employees consider when evaluating a new job offer. With the U.S. unemployment rate at 4.1%, businesses are finding it harder than ever to fill their workforce with talent. In order to motivate job seekers, business owners can leverage a safe workplace. Furthermore, by demonstrating support for employees, employers encourage attendance and produce happier and more motivated employees.
Improve Lives Overall
Safety compliance not only improves your business’s bottom line, but it also contributes to the overall quality of life of your employees. Workers who suffer a disability can lose 40% of their income over five years, according to OSHA. Businesses play a huge role in making sure their employees return to their families in the same condition they began their day, which also promotes successful lives and families.
Finding the Right Solution
Workplace safety requires ongoing involvement. Depending on the size and field of your operations, it can take a full-time position to ensure employees are safe and your business is compliant. For those who don’t have an on-site safety management team, an outsourced service is a valuable tool.
Implementing a CITY Clean and Simple uniform program in food processing, industrial manufacturing, and wholesale trade industries is an advantageous addition to any safety program. We can provide your employees with the appropriate work-wear for many industries.
To further increase your safety efforts, CITY can also provide you with first aid and safety supplies including over-the-counter medications, bandages, safety goggles, and gloves. Our facility services representatives take full ownership of your program, regularly visiting your site to restock, remove expired products, and organize supplies.