Why Execs Need to Invest in Safety

Company executives hold a high level of power in an organization to ensure operations run smoothly and budgets are met. With safety programs emerging as a major need in the workplace, it directly affects the operational effectiveness of any organization. With this in mind, why is it so difficult to convince executives of its value? To answer this, we must put ourselves in the shoes of executives. Discussing the financial benefits of investing in safety programs and the technological feasibility of managing it is crucial to convincing execs of the importance of safety. Workforce Compliance Safety can help with the creation of a safety program and ensure it is maintained at a high level.  

Saving Money on Training 

Safety training is a requirement by law and a great way to minimize workplace injuries, diseases, or fatalities. Communicating a financial incentive pertaining to a cost-savings strategy is very beneficial. Conscious of the bottom line, saving money on mandatory costs such as safety training is a way to persuade decision-makers and senior management on the importance of this; online training is a great way to do this. However convincing them to invest in safety training originally is where the challenge lies, and explaining a proven ROI (return on investment) history of investing money into an improved safety program is necessary.  

Investing into Safety Culture Pays

With the Covid-19 pandemic strengthening occupational health and safety standards, investing into organizational safety programs has become essential. Many laws and regulations have become more firm in regards to OHS and industry safety regulations. Needless to say, company executives are aware and must work with safety managers to be proactive in ensuring safety compliance. However, when it comes to investing additional money into safety, many execs are adamant and more concerned about budget. Explaining that businesses need to spend money on safety in order to save money, and save lives, is necessary to show investing money into safety programs are both tangible and real. 

Beyond the laws and regulations, investing additional money into safety, results in a high ROI. Ultimately, there are countless benefits to investing in safety programs, safety culture, and overall safety management that executives understand better. Learning to speak the language of organizational executives and senior management is integral to influencing them of the value of safety. On average, for every $1 of direct costs of an accident, a company will spend an additional $4 in indirect costs, according to a WorkSafeBC report. Communicating how injuries cut into your bottom line is how you can speak their “language.” Some of the key benefits of investing in safety includes: 

1. Improving overall Productivity and Morale 
2. Reducing Workplace Injuries and Illnesses
3. Lowering Operational Costs and improve the Bottom Line
4. Saving Time on injury-related investigations and paperwork 
5. Fostering a Safer Work Environment to make employees feel safe 
6. Reducing Workers Compensation costs 

Workers Compensation Costs 

Workers compensation protects businesses and their employees by providing benefits as compensation for lost wages due to workers injured on the jobsite. The reduction of incidents will help keep WCB costs down and allow company executives to see the potential for incredible cost-savings by investing into safety culture.

Once their attention is grabbed, introducing benefits such as improved efficiency, reduced costs, and the value of obtaining COR/ SECOR can be very powerful. Obtaining a COR or SECOR often results in a reduction of WCB (Workers Compensation Board) costs; offering an incentive for many executives and safety managers. 

Technology and the Opportunity to Save 

Technological advancements have made it much easier for companies to manage safety programs, improve operational efficiency and save money in doing so. EHS Software has become increasingly common for companies to implement to ensure safety management is at its full potential. Consequently, all safety data is centralized and organized, and workplace injuries are significantly reduced. For company executives, an impeccable safety record is an area of utmost importance. It creates the opportunity to significantly save on WCB costs, improve the bottom line, and create a safer safety culture in the workplace. All things considered, understanding how to speak the “language” of company executives is imperative to get them to understand the value of investing in safety. Interested in teaching your workers on strong safety culture? We serve a long list of courses about Safety culture.

For free infographics about 10 Reasons Why Workplace Safety Is Important. Click here! We recommend printing, promoting, and sharing these infographics to inform workers and employees of the importance of a strong safety culture.