Running a business requires more than skills, expertise, and experience. It is also about empathy and ethics, as employees tend to stick with organizations that go the extra mile with their well-being. Besides paying people fairly and rewarding them for good work, you must do your bit to provide them with a safe workplace. Not doing so elevates the risk of employee injuries, which can harm your business in more than one way. Let us explain why workplace injuries are a daunting threat for a business.
Lost productivity and morale
Employees hurt in mishaps often end up missing out on work during the recovery period. They may not be as productive as usual even as they return because the injury may affect their efficiency and confidence. Lost productivity can hit your bottom line. The worst part is that mishaps can lower the morale of the entire team. Low morale may lead to employee turnover and efficiency drop. These are the last things a business owner wants to encounter.
Training costs for replacement workers
When injured employees go off work or leave for good, you need to find replacements to avoid disruptions. Hiring a recruit is expensive and time-consuming, and training them costs even more. The worst part is that they still fail to deliver the same level of productivity and efficiency as their predecessor. Spending on workplace safety and ongoing training of employees is a far better option as it costs a fraction and delivers several additional benefits to the organization.
Perhaps, the most painful aspect of workplace mishaps is compensation lawsuits. People injured at work are likely to claim compensation from employers. They even file lawsuits if they are not happy with the compensation value. Lawsuits are common these days because of the no-win no-fee model. You may want to ask What is a No Win No Fee claim? It is a clear advantage to injured victims as they do not need to pay the lawyer’s fees until they get the compensation they deserve. Injured employees have the motivation to bring up lawsuits as they do not have to worry about legal fees.
Think beyond the mishaps and injuries because even not taking relevant safety precautions at your premises can land your business in deep trouble. You may face massive penalties for non-compliance with the safety regulations issued by the government. Knowing the industry-specific guidelines and implementing them is vital. It saves you from financial setbacks due to penalties and even jail time.
Another reason that makes workplace injuries daunting is the reputational damage they can cause to your business. Accidents affect your employer’s brand, and no one wants to work with such organizations that go slack with employee safety. You cannot expect to attract the best talent. Even worse, you may encounter dire problems with employee retention and loyalty when people do not trust your organization.
Workplace injuries are common, but they can be disastrous for your business. The consequences are far more devastating than you imagine. Frequent mishaps and injuries can disrupt operations, elevate expenses, and ruin your reputation for good. Avoiding them should be a top priority.