Prevention is the daughter of intelligence. So intelligent business leaders know that preventing workplace accidents is smart. And we all know that smart means money.
The easy way to lower business expenses is always to cut something out of the budget. An investment in safety measures is not high on the list of money-saving initiatives. But it should be. Because providing safety protocols in the workplace can save businesses a lot in the long run.
That’s why the Texas Association of Mexican American Chambers of Commerce (TAMACC) has begun a year-long campaign to remind business owners that workers are their most valuable asset and worth protecting.
“Studies have indicated that for every dollar invested in safety protocols, businesses get a $3 to $6 in reduced costs,” said TAMACC Chairman Samuel Guzmán. “That’s a real return on an investment nobody can afford to ignore.”
“Providing employees, a safe work environment is smart business,” Guzmán said.
Here are five ways that having a safety plan at work can save money:
1. Reducing worker injuries, which is the main objective, also reduces the number of sick days employees take. This translates to less downtime and more productivity, at the very least, and savings on workman’s compensation or lawsuit costs, at the most.
2. Increasing workplace satisfaction can also improve productivity. Employees who feel appreciated, valued, and protected from harm will work harder and better, increasing not just productivity but also quality. When the boss shows that he or she cares about the company’s workers, the workers will care about the boss and the company.
3. Reducing turnover is another way to save money and the retention of quality employees – those who are trained and experienced in what they do – is vital to any company that cares about its bottom line. Workers tend to stay in companies that care for their health and wellness by preventing accidents as well as the spread of contagious diseases like COVID-19.
4. Lowering insurance costs is a typical by-product of having a safe workplace. When you have a good safe workplace plan that reduces workforce injuries, it means your insurance rates go down. By reducing workman’s compensation claims, avoiding lawsuits, reducing turnover, and increasing attendance, you can lower your insurance costs.
5. Avoiding fines from the Office of Occupational Safety and Health Administration is not just good for your bottom line. It’s good for your company’s reputation. OSHA can even close your business if it finds violations of its safety standards in the workplace.
These are just some of the reasons every business should strive to provide a safe workplace environment for its employees and make safety a priority all year round. At TAMACC, we have resources to help you make your workplace safer – and more profitable.
Call us today to find out more about saving money through safety.
