Of course the main reason for implementing a safety program is to protect workers from injury and death. But what’s good for your workers is also good for you as a business owner.
Commitment to safety is correlated with:
- Improvements in product, process, and service quality
- Better workplace morale
- Improved recruitment and retention
- A more favorable image and reputation (among customers, suppliers, and the community)
And that’s not all. Accidents are costly, and cause loss to a business. There are direct costs, which are the only costs most companies consider when they think about the risks of ignoring safety. But there are indirect costs as well, which average at least 2.7x the direct costs. In other words, if you want to have an accurate picture of the cost of ignoring safety, you should take your direct cost estimate and triple it. By avoiding accidents, you’re saving your company a lot of money.
Image source: OSHA