This can result in decreased productivity and efficiency, significantly impacting the business. And once the employee returns to work after a workplace injury, they may not be able to perform their job at the same level as before. In this case, the company likely pay for medical costs such as hospital visits, diagnostic tests, medications, and physical therapy, wage replacement such as worker’s compensation, and training costs associated with hiring a replacement worker while the employee is out. For example, an employee suffers a severe fall on the job and misses one month of work. The loss of one employee can have a ripple effect on the entire company. Injuries are a huge contributor to declines in productivity for many reasons, such as absenteeism, reductions in output, loss of skilled workers, and training costs. In severe cases, it may even lead to high employee turnover, as employees may choose to leave the company to avoid the risk of injury. This can decrease morale and productivity, as employees may be less motivated. When a workplace injury occurs, it creates fear and anxiety among other employees, who may be concerned about their own safety. Decrease in team moraleĪ frequently overlooked cost of workplace injuries is the potential for decreased morale among workers. Here are 5 things every CEO should know about workplace safety: 1. In many cases, these injuries and illnesses are preventable, but failure to address safety concerns can have serious consequences for workers and the company. The United Nations reports that the global economic cost of work-related accidents and illnesses is estimated to be 4% of the world’s Gross Domestic Product (GDP), with slips, trips, and falls being a significant contributor to these costs. According to the Occupational Safety and Health Administration (OSHA), slips, trips, and falls are the second-leading cause of workplace injuries and fatalities in the United States. There are many causes, from hazardous working conditions and inadequate safety measures to poor training and oversight. Workplace injuries can have a major impact on both the individual employee and to you, the employer.
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