Every business has a bottom line goal, but the strategy to reach mass profit differs. However, one tactic can benefit all companies’ profitability and sales – workplace safety. Right now, you may be abiding by workplace safety standards to avoid penalties from the Occupational Safety and Health Administration (OSHA), thus maintaining profit by eliminating such unplanned fees. But, going beyond the bare minimum to foster a healthy work environment increases productivity, boosting credibility and preventing accident expenses. These three tactics are essential to meeting bottom line goals.
Consider the following examples of how workplace safety initiatives increase productivity and profit:
Eliminate Accidents and Liabilities
Unfortunately, OSHA regulations don’t eliminate all accident vulnerabilities. Even the most compliant corporation can suffer a devastating incident. Per the 2016 Liberty Mutual Workplace Safety Index, nonfatal, disabling workplace injuries cost American businesses $62 billion in workers’ compensation costs annually.¹ Slip and fall accidents are the second most common cause of disabling injuries at 16.4 percent of the overall national burden, with compensation costing $10.17 billion. Slipping and tripping without falls comprise 3.8 percent of the total burden, or $2.35 billion. Keep in mind, these steep figures only account for direct costs of workplace accidents. Indirect costs, including training and compensating replacement workers, repairing damaged property, undergoing investigations, lost productivity, administrative expenses, low employee morale, increased time off work and diminished brand reputation can be 20 times as high, according to the American Society of Safety Engineers.
Boost Internal Rapport and Public Reputation
Core value lists, placed clearly on company websites and social media pages, help build trustworthiness between business leaders, employees and consumers. As a small business owner, your personal responsibility goes beyond list making – you must ensure company morals and standards, including safety, are recognized and maintained from the ground up. Retaining principles within your organization lifts employee morale and contributes to solid productivity, increasing net income while minimizing turnover rates.
In addition, positive company culture driven by leadership morals attracts fresh talent who can help your business skyrocket. Today’s workers seek purpose at work, sometimes prioritized over pay, benefits or diversity. In a recent study published by IBM Institute for Business Values, 25 percent of Millennial respondents (majority) said their no. 1 career goal is to make a positive impact at their organization.² Today, young job hunters use services like Glassdoor.com to read reviews and first-hand feedback from past and current employees. No matter how strong your core values look, the public can easily find out if management fails to practice what they preach.
Workplace Safety and Floor Mats
Eagle Mat and Floor Products helps small businesses enhance their workplace safety standards to build a more profitable and trustworthy organization. Our durable, commercial floor mats provide better traction and moisture-absorbent technology to remove preventable slip-and-fall hazards throughout the workplace. Our customer support team is available to consult and assist your safety floor mat decisions. Reach out to us at 877-333-1018 to speak with a representative today.
² http://www-935.ibm.com/services/us/gbs/thoughtleadership/millennialworkplace/
