Within the ever-evolving sphere of workplace regulations, a multitude of states have adopted...
The Cost of Workplace Injuries
We all understand that safety is essential, but do you realize simply how costly a workplace injury can be? Injuries can cost organization owners hundreds of thousands of dollars when all is said and done. The additional expense to pay for injuries has a powerfully negative result on a company's bottom line.
Why is profitability also an essential problem for you? The only manner in which employers can remain in business is to run at a profit, which potentially can be threatened by a severe workplace injury.
The Real Cost of Workplace Injuries
It might be unexpected to hear that most companies do not have a high profit margin of 3% is about average. Costs take a large piece of the income, and competitors limit how much we can charge for our services.
Each time an accident takes place, the expense of the injury should be subtracted from revenues. Think about the following two examples:
- At a 5% earnings margin, an additional $20,000 in earnings is needed to compensate for a $1,000 injury.
- If the revenue margin is nearer to 1%, an extra $100,000 worth of new income is required to maintain that revenue level for the same injury.
As you can see, that adds up to a lot of additional income just to compensate for a single injury. Every time a worker gets injured, other workers are affected too. You may need to work extra hours to offset lost production, or if there aren't enough new jobs to compensate for the injury, the business might be required to make difficult budget decisions such as cutting hours or instituting layoffs.
Likewise, recuperating from an injury can mean time far from work, decreased compensation, unpleasant rehab, and discouraging adjustments to everyday life.
Operating at a revenue is vital to our success, our leading priority is to keep our employees healthy and safe. That's why we count on you to help practice good security concepts, including following all security procedures, even if they seem unneeded or slow you down. Safe work behavior will contribute to our bottom line and everybody's job security. By observing safety preventative measures, we can limit on-the-job accidents.
It is always better to spend a bit more time doing the job safely than to risk getting a significant injury. Always follow our security guidelines and stay alert for hazardous conditions. Think about practicing good safety as both profitable and pain-free a great deal for everybody!
Also, learn how important Ladder Safety can be for your employees' safety and well-being.