Most employers would agree that it’s important to be proactive when it comes to workplace safety. But, do you know why it is so important to identify, measure, and improve the most significant leading indicators, so you can prevent safety incidents before they occur? Capturing historical data, developing predictive trends and determining ROI will help to keep your employees safe and this derivative is crucial for many reasons.
Implementing workplace safety is pertinent for your business because it not only creates a culture of safety in your workplace, but because it also inspires workplace employee engagement and increases ROI.
Here are just a few of the top reasons why workplace safety is crucial for any business and how OSHA compliant safety incentives can help:
3 Reasons Why Workplace Safety Is So Important
1. Legal & Ethical Obligations
Most would agree that employees should never compromise their health and bodily safety to perform their duties in the workplace. Employers have both the legal and moral obligation to provide a workplace that is free from known dangers. Work injuries and illnesses can affect every aspect of life for workers and their families.
Your workers may be affected by many life-altering complications due to illness and injury in the workplace, including:
- Pain and suffering,
- Loss of income and financial well-being,
- Stress on relationships,
- Loss of job or career,
- Health-care costs beyond what is covered by insurance
- And worst of all, loss of life.
Employees may also suffer from low self-esteem and insecurity, mental health problems, loss of independence, other medical problems, and damaged relationships.
This is why employers need to develop an OSHA compliant safety incentives program fit for their facility. Not only will you find your employees’ morale is boosted through a culture of safety and trust, but you will also help ensure that your company is legally covered in the unfortunate event of an accident. Simply put, creating workplace safety is the right thing to do.
2. Loss of Revenue
Besides being painful and traumatizing for all involved, including the employee, their family and others, workplace accidents are incredibly expensive for employers.
According to the Occupational Safety and Health Administration (OSHA), businesses spend almost $1 billion per week on costs associated with occupational injuries and illnesses, and those expenditures come straight out of your profits.
Employers can save $4.00 to $6.00 for every dollar spent on a safety and health incentives program. Workplaces with successful safety and health management systems reduce injury and illness costs 20-40%, according to OSHA.
Whether you are a large corporation or a local small business, one injury alone can cause major financial setbacks. The costs that a business may incur include:
- Production losses
- Wages for work not performed
- Increased workers' compensation insurance costs
- Damage to equipment or machinery
- Hiring and/or training new employees
- Decline in product quality and worker morale
- Decline in worker morale
- High turnover and lost work time
Workers’ compensation insurance doesn’t even begin to compare to the cost of injuries, illnesses and deaths in the workplace. Insurance only begins to scratch the surface when it comes to these costs. Implementing a well-rounded and OSHA compliant safety incentive program not only keeps your employees safe but is also proven to provide positive results for your company’s ROI.
3. Employee Satisfaction and Retention
A safe and healthy workplace attracts and retains quality employees. In high-turnover organizations, highly engaged business units achieve 24% less turnover. In low-turnover organizations, the gains are even more dramatic. Highly engaged business units achieve 59% less turnover.
Desirable candidates will be less likely to work for and be engaged with a company where a lack of safety protocols prevents them from succeeding in their career due to fear and insecurity while on the job. If you have a proven workplace safety system in place, your company is more likely to increase workplace employee engagement and:
- Have more satisfied, productive workers who
- Produce higher quality products and services
- Return to work more quickly after an injury or illness
- Feel loyal to the organization
- Be a better place to work
- Retain employees
- Establish positive community relations
Your company will benefit from a safety incentives program that will not only encourage a culture of workplace engagement but will also create a healthy bottom line when it comes to employee retention. Statistics reveal that highly engaged teams show 21% greater profitability -- proof that engaged and retained employees create positive ROI for businesses. Both the company and the workers thrive in a safe, healthy, respectful and caring environment through the incentives program.
What Is A Safety Incentives Program?
As defined by the OSHA, a positive safety incentive program encourages or rewards workers for reporting injuries, illnesses, near-misses, or hazards; and/or recognizes, rewards, and thereby encourages worker involvement in the safety and health management system.
Creating a safety incentive program that resonates with your people creates a culture of safety and encourages safe behaviors that can help keep accidents and preventable mishaps at bay. The key is to ensure the program fits the goals and objectives of your company and should involve your employees in both the development and implementation.
Here at CA Short, we understand that creating an OSHA compliant safety incentives program is complicated and no easy feat, so our certified experts have done the heavy lifting for you. Our complementary checklist will help you determine if your safety incentive program is up to par to meet regulatory compliance guidelines (OSHA). Contact us today to ensure OSHA compliant workplace safety within your company.
