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The Hidden Savings of Accident Prevention

Generic / All Industries

Accident prevention is a common phrase used to notate the plans, preparations and actions taken to avoid potential accidents and injuries. For companies and their employees, there are many benefits of having a prevention plan in place. However, many companies only recognize the basics such as fewer accidents or less money spent on workers’ compensation costs. This is because some of the benefits are easier to spot than others.

Read ahead to learn about the “hidden” advantages of accident prevention.

 

Increased Employee Retention

Employee retention is a key component of a growing business. Finding, hiring and training skilled talent can be both costly and time-consuming. When a company has high turnover, these tasks must be completed regularly – which requires the use of valuable time and resources.

One cause of high employee turnover is stress caused by an unsafe, unproductive work environment. In a stressful work environment, employee satisfaction and retention plummet. In fact, studies show that workplace stress is accountable for almost 50% of voluntary turnover.

According to Gallup, employee turnover in the United States costs employers over $1 Trillion yearly. This is because replacing an employee can cost between 33% and 150% of his or her annual salary. Anytime a worker leaves the company, the organization’s operations, bottom line and employee morale are impacted.

An accident prevention plan is one way employers can boost employee morale and retention. With a prevention plan, employees feel safe and valued and are proven to be more attentive to safety. Thus, fewer accidents, reduced turnover, and boosted morale. Ultimately, when employees stay at a company long-term, the company saves time and money.

 

Improved Workplace Productivity

Workplace injuries caused by slips, trips and falls alone account for more than 260,000 missed workdays a year. A couple of missed workdays may seem trivial, but they add up quickly. After an extended period of time away from work, injury-related missed days from work can cause a company’s productivity to suffer – especially if multiple employees are out

When productivity is down, the overall wellbeing of the company and each of its team members are directly impacted. Low productivity leads to a lack of motivation and creativity, decreased employee engagement and morale and lower profitability.

An accident prevention plan sets forth protocols and procedures to ensure that team members get home safe. When employees can safely and efficiently perform their jobs, workplace productivity improves, and workers’ compensation costs are reduced.

 

Protected Profits

Occupational slip and fall injuries cost employers and employees $70 billion each year in workers' compensation and medical expenses. Workers’ compensation insurance is critical for protecting companies and their employees from the devastating financial effects of workplace accidents. However, the amount of money companies spend on accident claims each year can be significantly lowered with a strong safety solution. With an accident prevention plan, companies can allocate funds to better support other parts of the business rather than spending them on workers’ compensation costs. As a result, profitability is improved.

 

An accident prevention plan can make a significant difference not only for workplace safety but also for the company’s bottom line. As you consider methods for creating a safer, more profitable workplace remember to importance of creating a strong accident prevention plan.

 

Read Direct Vs. Indirect Costs of Workplace Accidents to learn about the different costs of not having a safety plan.

 

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Country: United States

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