The last few years during and post-COVID-19 have been tough on the economy, especially on small businesses. Business owners are working with tighter budgets and are cutting or reducing many activities or programs that don’t directly benefit the bottom line. What to cut and what to keep? Undoubtedly, this is a tricky balancing act for any manager as each budgetary decision has many pros and cons. Unfortunately, in too many cases, safety ends up in the “cut camp”, whether it’s reducing safety equipment expenditures, personnel, or training. Unfortunately, some employers only rethink the importance of workplace health and safety training after an injury occurs. It’s not only your legal responsibility to combat accidents, illness, disabilities, and disease in the workplace – it’s also the right thing to do.
Costs Associated with Workplace Injuries
Injuries can be expensive, but do you know how much an injury costs? With any injury, there are two types of direct and indirect costs. Let’s start by examining each type.
Direct costs are measured easily. Some examples are:
“Indirect” costs can far exceed direct costs. Unfortunately, these are often not easily measured. Indirect costs can be 3 to 10 times higher than direct costs, depending on the type of business and the circumstances following the accident. Some examples of indirect costs are:
Looking at an injury from a holistic perspective, we can see it affects not only the individual who got injured but the entire company. An injury hurts production, lowers morale, requires excess administrative effort, and ultimately removes money from the bottom line. Of course, there are many other reasons why you should never skip safety training. Still, there is a straightforward way to avoid it: Make sure workers regularly attend the proper safety training course for their industry and carefully follow the workplace safety regulations they have learned in class.
Global Hazmat is a training and consulting company that can keep you updated with the newest workplace safety training requirements. Our online course catalogue makes it simple for you and your employees to train in all elements of transportation of dangerous goods, workplace safety and other health and safety requirements. Contact us to learn more.