The ROI Of Safety
Properly implementing a complete safety program is sometimes seen as an expensive endeavor. However, have you thought about what your company might get back from making this investment? Potential returns could include more work for the company, lower insurance premiums, and happier employees.
Let’s take a look at how safety is one of the most valuable investments your company can make.
More Work for the Company
Contracting companies look at a company’s safety statistics and decide if they match up to their own standards. If your company doesn’t make the cut, a client may decide to work with another company instead. Don’t let that happen!
“Having a solid and constantly growing safety program will help ensure your company is always on the forefront of a client’s mind...
Having a solid and constantly growing safety program will help ensure your company is always on the forefront of a client’s mind as a good and safe company to work with. This can be done by showing the contracting company that you have a complete and updated HSE Manual, steady safety meetings and training classes, site safety audits, and more!
Lower Insurance Premiums
Creating an atmosphere where safety is a way of life will in turn result in less incidents, near misses, and recordables. This not only directly results in lower workers compensation costs but can overtime reduce your total insurance premiums.
Through programs, like Colorado's Cost Containment Certification (CCC), insurance companies in Colorado reward their clients with a discount on their insurance costs year after year. However, a company has to do the work on their side before the insurance company will accept their proposal. This includes proving you have regular safety programs and procedures in place, a group of people continuously looking to improve the program, among other items.
If your company operates in a state other than Colorado, do a quick search to see if your state offers a CCC program. For more information on Colorado’s CCC, visit Colorado’s Department of Labor and Employment website here.
Happier Employees
Lastly, but maybe most importantly, you have happier employees. Having a full safety program in place helps show your employees you care about them and are invested in them. An employee’s family satisfaction will also increase, meaning families are satisfied with your company and happy to have their loved ones work there.
Happy employees makes it easier to create a better safety and company culture. There will be less push back from the employees and they will be willing to reciprocate the support they get, staying at the company for longer, creating a decrease in turnover rate.
These are just three of the major returns that can come out of investing in a proper and complete safety program.