According to the Occupational Safety and Health Administration, around 5,250 workers died on the job in 2018. That means that, on average, 14 work-related deaths occurred in a day.
With the outbreak of the coronavirus disease, workplace safety has become more important to businesses across different industries. A lot of companies are keen on providing safety and health measures, especially to essential workers.
Regardless of what size or industry your business is in, workplace safety is crucial. But before we delve in further about the different reasons why workplace safety is important, let’s know more about workplace safety.
What Is Workplace Safety
Workplace safety or occupational safety refers to the legal rights of workers to perform their job in a healthy and safe environment. It covers provisions on safety policies, procedures, and safety equipment.
The Occupational Safety and Health Act of 1970 provided these sets of standards that businesses in various industries need to adhere to promote the safety, health, and well-being of their employees.
Two obvious reasons make workplace safety a necessary priority of companies: One, two prevent work-related injuries, and second, to avoid death occurring in the workplace.
There is also a financial impact that comes along with pain and suffering for the company. Work-related injuries and death could lead to substantial financial loss and property damage.
Other than that, injuries and deaths occurring on your work premise could tarnish your company’s reputation. Businesses with no proper safety regulations will face not only a decrease in productivity but also an increase in the attrition rate.
Importance of Workplace Safety
Safe and Productive Work Environment
It is the concern of every business to be profitable for it to survive. However, without considering the safety and well-being of its employees, a corporation is facing substantial financial loss.
Nowadays, various federal and state laws have increased demands for companies to uphold the workers’ rights. And it is for a good reason. With a safe and healthy work environment, workers are more motivated to increase and improve their productivity.
Employers should maximise the potential of their employees. And you cannot achieve this with your employees feeling stressed and anxious all the time.
Reduce Employee Absenteeism
Based on statistics, businesses suffer a financial loss of over $40 billion each year due to employee absenteeism. With employees missing work due to work-related injuries or accidents, the company’s day-to-day operation would be substantially affected.
Accidents and deaths occurring during work would also result in a work stoppage. Investigations to correct and prevent the same incident from happening would take some time. It could negatively impact production, delivery schedules and even tarnish customer relations.
Thus, to prevent absenteeism and work stoppage, companies should invest in quality equipment, company-wide workplace safety training, and uniform management solutions. Providing these would ensure reduced absenteeism and work stoppage due to work-related accidents and death.
Increase Employee Satisfaction
Every business owner knows that the employees are the most valuable assets of a company. A safe workplace would equate to a happy workplace. Various studies have shown that a safe and healthy work environment helps foster employee satisfaction since workplace safety helps develop a positive work environment.
With company policies aimed to uphold the rights, safety, and well-being of its workers, not only will you have employees satisfied with their job, but are also loyal to your company.
Research has shown that companies that protect their workers from any negative events are more likely to attract top talents and retain them. Such is crucial in today’s competitive global market.
Cut Employee Insurance Claims
Most states across the country make it mandatory for employers to provide workers’ compensation insurance to their employees. This insurance covers medical expenses, wage loss due to work-related injuries and accidents, and employee rehabilitation.
Nonetheless, the premiums of this insurance coverage are largely tied to the company’s safety history. Businesses with more reported cases of workplace accidents, injuries, and deaths have to pay higher premiums. But these higher premiums could be reduced with the company’s efforts towards workplace safety.
Safeguard Company Reputation
Not investing in workplace safety could negatively impact your company branding and talent recruitment efforts. No one wants to be employed in a company that does not place value on its employees.
Moreover, customers, competitors, and the public are likely to view your business as unprofessional. Without proper workplace safety efforts, you will lose a significant number of customers and skilled potential employees.
The company’s commitment to safety would drive the observance of good safety practices in the business. With the employers and workers gearing towards a common goal that is the safety ━ it would be a sure win for everybody.