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How Adopting Standards for Health and Safety Help Your Bottom Line

Posted by EHS Insight Resources on October 12, 2020 at 5:37 PM

Going to work can be really stressful but it shouldn’t be made more stressful by dangerous working conditions. While some basic health and safety measures are regulated by the Occupational Safety and Health Administration or OSHA, those may be considered the bare minimum, and they may not address all the risks present at a particular company.

That’s why companies need to be proactive in the investigation and identification of the potential safety hazards in their workplace and develop strategies to minimize those risks. And while those changes naturally benefit employees by keeping them safe from harm, they benefit the company too: they improve the bottom line.

Reduce Costly Workplace Safety Incidents

A workplace safety incident can incur thousands of dollars in damages, fines, fees, and penalties for a company, far more than just the medical costs of the employee who is injured. Those financial costs can spiral to include repairing or replacing damaged equipment or vehicles and a loss of productivity across a team, department or organization.

Health and safety training ensures that employees face a minimized threat of harm from general risks like slipping and falling to specific risks such as handling hazardous materials like insecticides to kill agricultural pests. It is important to note that not all costs are measured in dollars and cents. Recognizing and alleviating potential risks that reduce workplace safety incidents also improves the standing of the company among its community, vendors, and competitors. This can have a long-term benefit of building a loyal customer base.

Minimize Regulatory and Legal Risks

When there is a serious workplace safety incident at your company, it may spark an investigation by state or federal workplace safety officials. You may find your company subject to regulatory fines and penalties if it’s determined that the company was negligent in some way, to say nothing of the legal risks, where the costs can be astronomical.

When you have established a series of measures for health and safety help geared toward creating a safer workplace culture for your employees, it can mitigate the fines and fees you may be facing. It shows your company has made a serious and thoughtful attempt to cultivate stronger workplace health and safety practices.

Cut Down on Human Resources Costs

Employers spend thousands of dollars each year due to employee absenteeism and turnover. Not only is it costly but it also decreases employee productivity when workers are on the job. A rotating door of staff threatens cohesiveness and trust. A serious workplace accident can leave your employees feeling preoccupied and concerned for their safety and that of their coworkers, too. Instead, health and safety help and strategies guide employees toward feeling confident in their safety so they can focus on their jobs, stay engaged, and stick around. That focus can enhance productivity and improve sales and profit, boosting your company’s bottom line.

Developing and embracing health and safety help for your employees requires an investment of time and money that can actually improve your company’s financial performance. When employees are educated about potential threats, they can act to minimize them.

As an organization, your improved workplace safety standards will also reduce costs associated with workplace illness and injury. And finally, when employees feel valued, as often happens when workplace health and safety help is provided to them, they are more invested in their jobs, from showing up every day to doing their absolute best in everything they do.

Topics: OSHA, Performance Improvement, Workplace Health and Safety, Incident Management, Safety Management, Safety Culture

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