Bahamas News

Workplace Safety Can Optimize Business Productivity and Profits

May 5, 2021 – Workplace injuries are some of the major challenges in the workforce productivity, workplace efficiency and a demotivating factor toward the achievement of key organizational goals. And to the far end, injuries can plunge a business into unprecedented heavy losses resulting from loss of revenue and skilled labor. 

The Chamber of Commerce, workplace safety guidelines state that workplace injuries carry a heavy toll on business.  Additionally, injuries disrupt the production and inflict cost in terms of insurance liability, compensation to injured workers and their families and cost in terms of reputation and turnover. 

According to the Chamber of Commerce guidelines, the best way to deal with workplace injuries is to be proactive. Finding and resolving potential hazards before they cause an illness or injury can save thousands, even millions, of dollars.  It can also be the foundation for improving the business in other areas.

Further, the Guidelines state that businesses adopting workplace safety programs such as the OSHA’s Voluntary Protection Programs (VPP) and the Safety and Health Achievement Recognition Program (SHARP) have shown that implementing such programs result in higher quality products, more outputs and boosted profits. 

While the core goal is to prevent workplace injuries, illnesses and deaths, establishing proper safety protocols can go a long way in ensuring better morale, improvement in the overall process, service & products, better employee retention rate, and improved business or organizational reputation. 

A study involving a small group of people who implemented the OSHA’s SHARP program found the average number of worker compensation claims dropped by 52 per cent, and the cost per claim dropped by 80 per cent. The average lost time at work per claim decreased by 87 per cent, and claims based on per million dollars of payroll were reduced by 88 per cent.

Workplace accidents can lead to time loss due to stoppages, investigations, hiring and new member training.  Also, workplace accidents can damage material, machinery and property, leading to hidden costs equal to 2.7 times the direct cost.

Therefore, workplace safety is a key area of focus for any business that cares about its employees’ safety and improved productivity. 

With proper hazard mitigation programs, early hazard identification and control, achieving a safe and healthy workplace becomes possible. According to the guidelines, understanding the hazards in the workplace is critical to addressing them. 

For more detailed information on workplace safety guidelines, you can read the full ChamberofCommerce.org workplace safety guideline. 

Source: https://www.chamberofcommerce.org/workplace-safety-guide

Most Popular

To Top