Workplace Injuries Cost Billions Posted on January 9, 2015June 23, 2021 by Kyle Schmidt It doesn’t matter the size of the business — every company in America can benefit financially from improving the health and safety of its workers. It doesn’t matter the size of the business — every company in America can benefit financially from improving the health and safety of its workers. While managers and executives may concentrate on upholding federal and state health and safety regulations, there’s still opportunity to go above and beyond. Doing more than the minimum is the best way to generate new savings and benefits from improved safety. A Lack of Understanding Holds Businesses Back One of the reasons companies don’t feel they need more comprehensive and aggressive health and safety programs is because they don’t fully understand how much workplace injuries and deaths cost. The National Safety Council found work-related injuries and deaths cost the U.S. economy $198.2 billion each year, according to the U.S. Department of Labor’ blog. Considering workplace injuries and fatalities are almost all avoidable, that’s nearly $200 billion that didn’t need to be spent or could have been used in ways to help the U.S. economy stabilize following the recession. Safety Initiatives Provide Tangible Results It only takes considering the issue seriously once to understand how enhanced health and safety programs save businesses money. Good programs minimize the number of workers who are hurt on the job, which in turn reduces the amount of money companies pay for medical care, litigation and hiring replacements and temporary workers. Additionally, as businesses’ safety numbers improve, they pay less for workers’ compensation insurance, not to mention they face fewer U.S. Occupational Safety and Health Administration fines. It may be difficult for each company to add up how much they spend on worker injuries and deaths each year, but it is not hard to see the potential savings from lowering the number of work-related accidents. Health and Safety Programs Offer Intangible Benefits In addition to the very real ways businesses save money by reducing worker injuries and deaths, there are also other benefits companies can gain that are hard to measure. Businesses that strive to keep their workers healthy and safe are likely to boost employee morale. Workers who are less worried about injuries, which could impact them and their families for the rest of their lives, will be happier to show up to work each morning. Employees can also be proud to work for a business that shows it cares about the workforce. Improving morale can lead to more productive employees and a lower turnover rate. Companies not only have healthy employees showing up to work, they build an experienced workforce. Additionally, a great safety rating and culture of health and safety can help businesses build a brand known for treating workers well. Not only will employees think better of the company, but so will potential customers.
