The cost of employee health and safety programs is more than a line item on the budget sheet— especially today. A poorly managed program can not only potentially result in productivity and inancial losses, but more importantly, can be a threat to the safety and wellbeing of employees. That’s why it’s essential that organizations make health, safety, and environmental management a priority.
Liberty Mutual’s 2019 Workplace Safety Index showed that workplace-related injuries cost businesses around $1 billion per week. But the costs are arguably much higher when accounting for productivity losses, decreases in employee morale, and even potential damage to brand reputation. Now that most businesses face regulatory mandates to monitor things like employee temperatures and other safety precautions to slow the spread of the pandemic, it’s imperative that clear, reliable programs able to track health and safety concerns in real time are adopted. Organizations that don’t prioritize these programs can realistically expect to pay a very dear price.
In light of recent events, we anticipate even more challenges ahead for organizations in every industry looking to improve their health and safety programs.