Having a workplace safety training program in place is beneficial to employers for many different reasons. Preventing accidents in the workplace and keeping employees healthy so that they can show up to work regularly are among two of the primary benefits. It’s also been proven that companies with a workplace safety protocol in place tend to perform better than companies that don’t. Further, having a workplace safety protocol can give your business a recruiting advantage. Finally, and most importantly, it will allow you to save money.
OSHA approximates $170 billion spent annually on costs associated with accidents in the workplace. These expenditures are easily preventable and directly impact a business’s profits. Workplaces that implement a proper risk management program can reduce the costs by up to 40%.
Besides saving money on accident investigations, employee productivity and workers compensation, businesses can also save money on insurance by implementing a workplace safety program. Insurance brokers would be more likely to reconstruct your coverage based on having a well-designed risk management program in place. Having such a program would lend itself to due-diligence in the event of a law suit taking pace and, thus, would make a lender feel much more comfortable extending credit lines.
Also consider that demonstrating an interest in the safety of your employees does a lot for your businesses public perception. It demonstrates a level of competence that will distinguish your business in the eyes of consumers as well as investors.
Consider how the cost of safety training could affect your business. In 2013, companies spent $1,208 per employee on training and development. There are many factors that influence this number for companies including size and the industry in which a business operates. Businesses with fewer than 500 employees spent an average of $1,888 per employee, while midsize to larger companies spent around $838. Also note that when considering the training service provider, the cost margin may differ drastically. It’s important to consider the pros and cons on a case-by-case basis for each individual business.
Ultimately, many of the brightest companies save thousands of dollars annually on insurance discounts, avoided fines, lawsuits and reduced risk because of premium safety training programs. Undeniably, premium safety training programs can be difficult to obtain, especially for small and medium sized companies. That’s why it’s important to find a provider who can offer flexible packages that suit your business’s needs. The goal is to save money and protect your employees. Investing in a workplace training program is the most ideal way to go about this; but again, it’s important to make sure that you invest in the right provider.