During any cost-cutting phase, it’s logical for companies to examine every line item on the budget. However, it has been proven time and again that safety is never a smart place to save a buck. The overwhelming costs of every preventable injury far outweighs the savings gained by switching to inferior PPE.
- Cost of injuries. $21,000+ per incident is a big number. Think about how many higher-quality PPE products could be purchased at the cost of one injury.
- Employee retention. No one wants to work for a company that has a horrible safety culture. With the cost of replacing employees at nearly 50% of their annual salary, this will get expensive quickly.
- Competitive advantages. Many companies are looking to partner with companies that exhibit outstanding safety records. One lost bid due to a poor safety record would pay for a premium safety program.
- Reduced insurance. TRIR is directly tied to insurance rates, which means every avoided incident equals savings on premiums.
- Productivity. With employee productivity as a key driver for profitability, especially during a downturn, it’s simple: if employees do not feel safe, they won’t work to their full potential. Additionally, it can take weeks for employees to recover from the trauma of seeing a coworker injured.
Click the button below to check out the OSHA injury cost calculator.