Anyone who can do basic math can tell you that when it comes to running a business, sometimes the difference between success and failure can all boil down to a fistful of dollars. Which is largely why in today’s business, more than ever, if you are not generating revenue you don’t get a seat at the table. And regardless of your personal opinion, is that really asking too much? Why shouldn’t all aspects of a companies operation, including safety, add some type of measurable value to the organization, preferably monetary.

The sales troops are out there pounding the pavement looking under every stone, moving mountains and molehill alike to generate revenue. Meanwhile, your labor and production departments are working overtime hours, canceling vacations, shedding blood, sweat and tears to meet sales orders, production deadlines and quotas. And let’s not forget the management team, whose job is nothing short of a fireman due to the many flames that they constantly put out to keep the business running smoothly.

So in the midst of all this, where does safety fit into the equation, between the request for another dozen pack of gloves, and extra safety glasses because the old ones are scratched up and have poor visibility? As if that wasn’t enough, the employees require forklift training, and let’s not forget preparation for the yearly safety audit. With all this one might ask, where is the value?

And there in lies the riddle… If safety is so important, what value does it add or is it just a byproduct of business with the sole purpose of costing employers money? Here’s a staggering fact – OSHA estimates that businesses spend about $170 billion a year on costs associated with occupational injuries and illnesses – expenditures that come straight out of company profits. That’s 3.4 billion per state when divided evenly across the U.S. How much is your business contributing to that number in your state?

In contrast, workplaces that establish good health and safety management programs can reduce these costs by 20 to 40 percent (Up to 1.36M per state). In today’s business environment, these costs can be the difference between operating in the black and running in the red. Keep in mind though that the benefits of safety and risk management are far reaching, in most cases saving companies money on workers compensation cost, fines, lawsuits, and allowing for discounts on insurance premiums.

In short, proper risk management provides the consistency and reliability needed to build strong safety cultures while growing your business. Workplaces with active health and safety programs coupled with employee safety trainings have fewer injuries, are often rated “Better Places to Work,” and have more satisfied and productive employees. So is safety costing you money? Yes, but only if your not investing in it.

ReSolve offers recommendations to control your source of risk based off of external best practices and industry standards. Contact us today to find out how we can assist your company.

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