Why it Pays to Invest in Safety Management

It’s no secret that effective safety management deserves a spot on your business agenda. Whether safeguarding your workforce or enforcing safety policies and procedures, there’s a multitude of compelling reasons to do so. Today, let’s explore why safety management is not just a necessity but also a smart investment—benefitting both your business and your valued employees. 

Reduces costly and devastating workplace injuries 

Injuries are expensive! As reported by the Government of Alberta, from 2017-2020, annual Workers’ Compensation Board-Alberta (WCB) spent, on average, $695 million on injury claims. Lost productivity from injured workers along with the cost of hiring and training alternate staff results in further economic impact. 

Furthermore, according to the National Safety Council (NSC), the total cost of work injuries in 2021 was $167 billion. This total included wage and productivity losses of $47.4 billion, medical expenses of $36.6 billon, and administrative expenses of $57.5 billion. 

Invest in proper safety management to avoid injuries, which can have a significant impact on your business and overall financial stability. 

Lowers insurance premiums 

In Alberta, the insurance premium rate you pay is determined by your claims experience, industry performance, and historical data and trends, according to WCB. Lower your insurance premiums by implementing effective safety management programs to prevent accidents, incidents and injuries. 

Decreases loss of productivity 

When an employee is hurt and unable to work, the loss in productivity can result in lost revenue. Taking a proactive approach of investing in safety management now can help avoid loss of productivity later.

“The monetary value of the productivity loss is 1.3 times the costs saved from fewer injuries, which highlights the costs of workplace safety regulations.”  

Helps avoid retraining workers 

When an employee sustains an injury, the repercussions extend beyond physical well-being. They often require retraining to perform their job safely—a costly process. However, by implementing an effective safety management system, businesses can avoid extensive retraining. Prioritizing safety not only prevents injuries but also encourages employee loyalty. Workers are more likely to stay with a company that values their well-being and has safety protocols.  

Maintains a positive business reputation 

Effective safety management can also help protect your business reputation. Valuing worker safety will create a workplace that people want to be part of. A poor safety record can tarnish a company’s name and impact your future employees and business opportunities.  

A strong safety record will attract skilled workers and valuable clients because people are more likely to do business with companies they know take safety seriously. 

If you don’t have a safety management program for your business, now is the time to invest in one! Contact GoalZero today and let us help your business stay safe and save money for years to come.