How Safety Management Affects Profitability

The Occupational Safety and Health Administration (OSHA) says that employers are responsible for ensuring a safe, hazard-free work environment for their employees. Workplace safety is not only beneficial to the health and wellness of staff, but it also can benefit a company's profitability.

Productivity

• The health of employees is valuable to organizations. When employees get injured on the job, it can cause them to miss days from work. Absenteeism takes away from productivity, which costs employers time and money. Safety management programs minimize occupational injuries, thereby putting more money back into employers' pockets.

Damages

• When accidents or injuries occur, vital machinery and equipment can be damaged, as well, and may need to be replaced. This can be costly to businesses. Safety management initiatives aim to prevent accidents from occurring so that companies can retain more of their profit, rather than using their revenue to pay for repairs and damaged property.

Lawsuits

• Not having safety management standards in place puts employees at risk for exposure to hazards. If employers do not do an adequate job of securing the work environment, employees who become injured on the job can sue the business for negligence. The company would then be required to pay for the employee's medical bills and other damages.