Workplace injuries could mean significant disruptions and costs to your company as well as your employees and their families. Expenditures may include litigation, fines, and costs to accommodating injured workers. Disruptions may include declined productivity and employee morale, increase absenteeism and poor employee mental health. Least of all, your business reputation is at stake. A company does not want, or need, negative media attention as it can be catastrophic. A company needs to earn public trust, retain, and attract clients, investors, and top talent.
Over the past decade, studies have shown that researchers, like those at the Institute for Work and Health, are seeing correlations between proactive investments in occupational safety and health and lower incident rates with higher profit margins.
Over time you WILL see a return on investment. The preliminary findings of an Institute for Work & Health study on estimating the financial benefits to employers of health and safety prevention expenditures shows an average tangible and intangible return on investment of $1 to $3.21 for every dollar invested. That ROI is a 3-fold return for some businesses.
Investing in safety also means investing in operational and behavioral reliability, and companies that demonstrate strong organizational support for safety experience improvement not only in safety, but also in absenteeism, employee turnover and other indicators of employee well-being.
Because injuries happen for a variety of reasons, due to changes in process or technology, it is important to assess and re-assess existing programs and how they serve the needs of your organization.
Protecting your most valuable resource, YOUR EMPLOYEES, is always good business. A focus on safety and injury prevention ensures a business can maximize productivity and optimize performance. There is no question that employees who feel supported and safe at work contribute to the well-being of the business in the long run, and this is good for everyone.
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Participation in WSIB’s Health and Safety Excellence program provides Ontario businesses with a roadmap that helps develop health and safety systems based on best practice. Investment in the program can earn businesses rebates on WSIB premiums and lower premium rates. The funding can be leveraged to invest in addressing gaps and make improvements. For more information on the program and how EMC supports visit Health & Safety Excellence program on our website.