As the owner of a construction company, safety is likely one of your top concerns. Sometimes, however, you may wonder if going the extra mile on safety measures is worth the cost or time. If that's you, there's good news — comprehensive workplace training improves your bottom line.
By establishing a thorough training system, you won't just keep employees safe, but save money. Like any investment, it will take a while before you start seeing returns, but you will see them. Here are five reasons safety training matters for your bottom line.
1. Preventing Uninsurable Expenses
You may feel like you don't need more safety training because your insurance covers any costs. While insurance and worker's comp are helpful tools, they don't cover everything. On top of the medical bills and compensation that insurance covers, many other costs come with an injury.
Sick leave, material loss, lost time, legal costs and OSHA fines are just a few of the expenses you could encounter. These uninsurable costs can mean an extra $41 for every $1 you spend on insurance premiums. If you have comprehensive safety training, though, you can reduce your injury rate and avoid these expenses.
2. Lowering Insurance Costs
Comprehensive safety training affects insurance expenses by more than preventing uninsurable costs. It will also help lower your insurance rates, further saving you money. The more prone your company is to accidents, the more your premiums will be, which is where training comes in.
Insurance companies know that more thorough training decreases your risk of an accident. Therefore, if you have excellent safety training, they see you as less of a liability. You'll then be able to get a better deal on your insurance.
3. Avoiding Lost Time
Imagine you don't provide training to cover things like checking machinery before using it. Someone starts using a faulty excavator, which breaks down on site, causing the whole operation to pause. This interruption could cost you thousands of dollars in lost time, as it affects more than just the excavator operator.
A more thorough safety training program would ensure workers always pay attention to vehicle maintenance. Ignoring that step can lead to costly breakdowns and disruptions. The fewer accidents you have as a result of training, the less time you'll lose.
4. Increasing Employee Productivity
Whether or not your workers feel safe impacts how they perform. Generally speaking, if your employees feel safer, they'll be more productive, since they don't have to worry about hurting themselves. One survey found that 88% of contractors with high safety standards reported higher project quality after investing in safety.
Through comprehensive safety training, you'll instill confidence in your workers. This confidence will lead to higher levels of productivity, helping you complete quality projects faster. On top of being a health risk, a lack of training could mean less motivated employees.
5. Improving Industry Reputation
Over time, all of these benefits work together to give you a better reputation as a business. Since more thorough safety training increases productivity and decreases lost time, it leads to better results. You'll impress clients and attract attention from other workers, giving you a reputation for excellence.
On the flip side, inadequate safety training means more risk, which is a disadvantage in this business. No one wants to work with a company with a history of workplace accidents. It may take a while to happen, but eventually, safety training will improve your reputation.
Increase Your Bottom Line and Keep Employees Safe
Improving your safety training is one of the best things you can do if you own a construction company. It can be a risky industry, so it's always a good idea to further protect your employees. On top of that, you'll save a considerable amount of money.
Safety training increases your bottom line through a number of ways. With so many benefits to experience, what's holding you back?
Holly Welles is a writer focusing on construction and real estate. Her work on safety and technology has been published in Construction Executive, Constructible and other online publications. Learn more about her work via her website, The Estate Update.