As a small business owner, your company faces a long list of risks every day. Many of these threats are avoidable, from dissatisfied customers to property damage and employee injuries. One proven way to reduce these liabilities is through effective safety training.
Studies show that employers prioritize educating their team members about workplace dangers and proper operating procedures, reduce their risk and associated costs and create a safer work environment.
Discover the top seven benefits your business could be enjoying because of safety training:
1. Minimize Lost Work Time Due to Injury
One of the immediate effects of an injured worker being off is the hit to your production numbers. Without their skills, time and money get spent on retraining. You also have to consider the additional stress you place on your team to make up for being short-handed and the potential for increased mistakes. There is also a risk of burnout and potential accidents due to unfamiliarity with their newly added duties.
Safety training can minimize accidents from happening and causing this domino effect on your operations.
2. Get the Most Out of Your Employees
Out of the many metrics you track to gauge your company’s performance, employee reduction is near the top of the list. Workplace accidents directly impact this number, so training your team on the equipment properly and maneuvering around your premises is essential. Be sure to highlight specific dangers related to the industry you operate, services offered, and products you manufacture, too.
Knowledge is power, and empowering your staff with this information, helps them meet productivity goals safely.
3. Reduce Your Workers’ Compensation Insurance Premiums
Owning a business has inherent risks, especially if you have employees. When someone gets hurt while doing their job, you face a bevy of expenses that can quickly tank your budget. This makes workers’ comp coverage a must-have to avoid related direct and indirect costs of such incidents.
However, getting insured can create significant monthly or yearly overhead. To reduce this cost, understanding workers comp prices is essential. In addition, most insurers base their coverage rates on previous claims history and associated costs as well as those of your competitors.
Insurers also consider what steps you have taken to manage your employment risks. For example, if you provide comprehensive safety training, you may save money on your policy.
4. Attract and Keep Top Talent
Did you know that safety training boosts engagement with your employees? According to a study by the Work Institute, job sites with unsafe conditions experienced a 1000% turnover increase.
One key aspect of retaining your team members is motivation. According to a recent study, fostering a strong workplace safety culture in your company positively impacts your relationship with your staff. In recruitment, top talent will likely consider your organization above the rest because of this focus.
5. Safety Training Boosts Your ROI
Many regulatory, state and federal laws require you to provide adequate safety training. You may not realize that you can also save money on your business insurance premiums. You also have to account for the savings you’ll have in regained production time from reducing the number of accidents in your workplace. These savings translate into a better return on investment.
6. Workplace Safety Training is Key to Reducing Work Stress
Increasing employee awareness about the potential dangers in their workplace can reduce anxiety when performing their job duties. Safety programs that teach them to recognize hazards and proper reporting procedures and avoid these risks create a more secure environment filled with fewer unknowns.
Workplace safety is a frequent stress point for workers because they are keenly aware of how much they can lose if injured. Empowering them with crucial accident avoidance and reporting procedures can give them more confidence and resolve some of the stress in their daily work life.
7. Strengthen Your Brand’s Reputation
Many brands we recognize by name when mentioned, but the reason behind this recognition is important. Companies that don’t practice comprehensive workplace accident prevention or offer safety training are likely to be known for the number of worker injuries they report. This happens to smaller businesses well-known in a community and larger brands known nationally or globally, like Amazon.
You want your company to be famous for its products, services, and dedication to its team members. Implementing safety committees, education, and protocols will further support your reputation to your patrons and attract additional business.
Regardless if you have one employee or a hundred, you owe it to your team to provide a workplace that is safety conscious. Training programs are a great foundation for these efforts. They ensure that when an accident does occur, you have done everything possible to prevent it and have the procedures in place to handle the situation.