Is worker health and safety a part of your bottom line cost savings plan? A new study says it should be. In an article published by the MIT Sloan School of Business, the authors look at numerous case studies and conclude that companies that have strong safety cultures also have increased productivity. They start by attacking the arguement that companies need to choose between increasing production and protecting worker health and safety. Many companies that give lip service to safety may sacrifice safety when it is time to “get the job done.” The authors say that is a false tradeoff. They point out that companies with effective safety management programs can reduce the costs of injuries and illness by 20-40%. Those savings go directly to margins.
One of the most interesting findings is that companies that have the discipline to make sure the work is done safely are able to use that discipline to increase efficiency. Companies that slack off on safety to achieve productivity frequently fail to achieve either.
This should be a must read study for anyone who nneeds to justify their investment in safety.