The following is an excerpt from our latest guide, "A Business Owner's Guide to HR: Is There a Better Way?"
Workplace safety is too important for employers to overlook. With nearly 3 million nonfatal workplace injuries and illnesses reported each year by private employers, the costs are nearly $250 billion annually, in addition to the pain and suffering experienced by the workers and their families.Costs your business may incur include increases in workers’ compensation premiums, loss of productivity, overtime paid to other workers, damage to equipment and disruption of the team, just to name a few.
Proactive approaches to fostering a safer work environment can make a real difference from a cost point of view as well as an employee safety and satisfaction perspective. Studies by insurance carriers indicate that investment in proactive workplace safety programs can yield a return on investment of approximately $6.15 for every $1 spent.