The Return on Investment from Workplace Injury Prevention
Investing in workplace injury prevention can seem costly up front. Yet, a deeper look reveals a return on investment that’s hard to beat.
Injuries in the workplace harm the health of employees, halt productivity, and can irreversibly damage the outlook of a business.
As workplaces have evolved throughout the pandemic era, so have the potential risks for employees, leaving businesses and workers alike wondering how to stay safe.
The solution lies with occupational health and safety, commonly referred to as OHS, the umbrella term for workplace risk assessment and injury prevention.
A recent study in Ontario pointing to high rates of return on OHS investments, with some even exceeding 100 per cent, demonstrates that investing in OHS is a financial no-brainer.
But ultimately, an investment in workplace injury prevention is an investment in the workforce itself. A safe working environment ensures employees are comfortable and happy, in turn reducing turnover and increasing productivity (e.g. not being distracted during work because your back is on fire).
The Importance of Occupational Health and Safety
Unsafe working environments can lead to a plethora of problems which may drain your coffers, including:
- Employee injury and lost-time claims
- Damage to property/equipment
- Injury event investigations
- Hiring and training of replacement staff
Even if you’ve transitioned to a WFH or hybrid work system and don’t think injuring yourself on the job is possible, think again!
The only way to prevent these risks is to properly invest in OHS for yourself and your employees.
But, just how valuable is such an investment?
Investing in Workplace Injury Prevention
The Ontario study, led by Dr. Cameron Mustard at the Institute for Work & Health, examined the benefit/cost ratio of OHS investment across three sectors in Ontario.
By looking at 289 manufacturing, 88 construction, and 56 transportation employers, the researchers calculated the average return on OHS investments in these sectors.
Their conservative estimates for these investments were a yielded return of 24 per cent in the manufacturing sector, 34 per cent in the construction sector, and 114 per cent in the transportation sector.
Going beyond just the financial return on investment, these figures also consider the non-quantifiable value of investing in OHS, such as employee satisfaction and wellbeing.
With a positive return across the board, an investment in OHS is not only a financially sensible choice but goes beyond this to cultivate a passionate, hard-working, and, most importantly, healthy workforce.
The Role of Ergonomics in OHS
Ergonomics is an integral part of proper OHS practices and vital for maintaining a healthy lifestyle while at work.
But, not every line of work comes with the same possible risks. So, recognizing the dangers your career field may entail is a vital part of prevention.
If you want to ensure you’re doing all you can to keep yourself safe while on the job, EWI Works has the perfect resources.
Want to improve your work environment overall?
Our Employee Experience Enhancement Tool reviews several crucial aspects of your workplace and provides an actionable assessment to improve areas which may be lacking.
Not working in the office?
Our Industrial Ergonomic Tools show you how to prevent injury while working with heavy loads, repetitive tasks, and more!
Sacrificing your health to be an effective worker is unnecessary. Ergonomic solutions are a way to stay safe, increase productivity, and ensure that you can continue doing the work you’re passionate about.
EWI Works offers many services that can improve your quality of life. We have developed several cost-effective remote services to help you transition to remote work. Find out more about our Online Training, Services, and Resources.