Why is Workplace Safety Critical for the Success of a Small Business?
Safety is more than just avoiding fines; it’s about Creating a Motivated & Productive Workforce
As a small business owner, we are aware that you’re dealing with a thousand responsibilities and tasks daily. From searching for clients, dealing with them, paying a hundred bills, resolving employee complaints and more – a small business owner has no other option but to multi-task.
Amid these hundreds of tasks, very often small business owners fail to consider workplace safety. They falsely assume that investing in workplace safety is nothing but an unnecessary expense. The truth cannot be farther from that.
A Safety Conundrum
Many small and medium businesses fail to invest in workplace safety. They fail to realize that SMBs are the ones that benefit hugely by investing in workplace safety. Also, SMBs are the ones that are most likely to be hit in case of a workplace accident.
Very often, small business owners assume that they don’t have the necessary budget, time or resources to consider investing in workplace safety. However, remember that creating a safety culture at work doesn’t need to break the bank.
On the contrary, by investing in workplace safety, you end up saving money in the long run.
The Top Reasons Why Small Businesses Should Invest in Workplace Safety
Hidden Costs of a Workplace Accident hits SMBs pretty Hard
Did you know that worldwide billions of dollars are spent every year on workplace accidents and injuries? The direct cost of an accident at work is paying for the medical expenses of the injured employee. This is a huge expenditure that could seriously dent your annual budget.
While the direct costs are significant, it’s just the tip of the iceberg. There are plenty other indirect expenses involved like – lost productivity, paying compensations to the injured employee for time off work, hiring temporary workers, training temporary workers, loss of employee trust, reduction in customer service quality and more. Other intangible hidden costs include legal fees, brand image damage, negative publicity, loss of employee engagement, settlement costs and more.
All these expenses – both direct and indirect – hit SMBs pretty hard. Remember that for every penny you spend on direct expenses, there are two or more pennies of hidden costs.
Every Business Place has Some Risks Involved
Even if your employees don’t work in a hazardous environment, they are sure to encounter workplace risks daily. Very often, small business owners assume that jobs that involve dangerous tasks like scaffolding, electrical wiring, or use of chemical substances are the ones that need workplace safety practices.
On the contrary, according to safety regulations, something as simple as a cleaning agent is considered a hazardous substance. Even if all your employees work at a desk, you need to ensure that the ergonomics of the space is right so that your employees don’t sustain long-term damages like back and neck pain and more.
Something as mundane as tangled wires and cords at the workplace could lead to potential falls and slips.
The bottom line here is that irrespective of the nature, size, and industry of your business, you need to take steps to ensure that your workplace is safe for all.
Worker Compensations are Huge
Another main reason why all small businesses should implement health and safety training in the workplace is to protect themselves from costly worker compensation claims. As per law, the employer must keep their employees safe in the workplace.
Failing to do this, the employee is entitled to sue your business and demand compensations from you. Plenty of businesses have found themselves bankrupt due to expensive worker compensation claims.
To protect your business from costly lawsuits and legal fees, you need to provide your employees with the right safety training and invest in the right methodologies to reduce risks at your workplace.
Compliance to Safety Rules and Laws
According to the Indian workplace laws, all businesses are required to provide employees with a safe workplace. To do this, you have to start by educating your employees about the hazards in the workplace. This involves labeling all cleaning products, putting up signs that alert employees about workplace dangers and hazards, creating a detailed safety manual that list all procedures and policies, and more.
Remember this – the more time you spend on improving workplace safety, the better is your business protected from accidents, damages and costly expenses in the future.
Being proactive about workplace safety also shows your commitment to creating a safe workplace, thereby protecting your business from labour laws and other workplace laws.
Save Money
While it may seem contrary, investing in workplace safety can help your business save money in the long run. Very often, small business owners feel that there is no need to invest in workplace safety training, especially when there are no accidents in the workplace, until now.
However, remember that,
Workplace Safety is not Expenditure, but an Investment.
It protects your employees not only today but also tomorrow and for several years down the line. When you invest in workplace safety, you save money in several ways like – no paying for time off, no hospital bills and even reduced insurance premiums and more.
Boost Employee Morale and Productivity
Several studies prove that when employees feel that they are appreciated and taken care of, they are likely to be more productive. Safety training doesn’t just keep your employees safe but also shows them that you care for their wellbeing.
Employees know that they are working in a safe workplace. This, in turn, improves productivity and boosts employee morale.
Final Thoughts – Workplace Safety, a Cornerstone for the Success of Small Businesses
There’s no doubt that health and safety training is essential for all businesses. But, it matters more for small businesses. This is because, as a small business, you’re bound to have a small team. And, even if one employee is absent due to workplace injuries, it can impact the overall productivity significantly.
Loss of morale, confidence, and stability as a result of workplace accidents is highly detrimental to the growth of your small business. Remember that, safety training isn’t something to be afraid of. Or something that is expensive. When done correctly, safety and health training not only saves money but also boosts productivity, thereby helping your business gain an edge over your competitors.
Are you ready to get started with workplace safety training for small businesses? Get in touch with Totalika’s safety experts to help you get started!