The Merits of Investing in a Culture of Workplace Safety

The Merits of Investing in a Culture of Workplace Safety

It’s no secret that labor shortages have impacted key industries for years. The Bureau of Labor Statistics’ data indicates these staggering numbers of job openings as of April 2023:

383,000 in construction
676,000 in manufacturing
1,765,000 in transportation
2,097,00 in education & health services
1,377,000 in hospitality

To put it briefly, a greater desire for work-life balance, an aging workforce, and cultural attitudes regarding manual labor have all played a part in the vacancy trends.

Considering the circumstances, organizations have been forced back to the drawing board as they try to recalibrate their strategies to attract and retain talent. Competitive wages, good benefits, and a healthy workplace culture are the cornerstones of success of any effective recruitment and retention strategy. And workplace safety should take center stage in any conversation regarding company culture.

 Making the Business Case For Workplace Safety

Workplace safety plays a significant role in attracting, retaining, and enhancing the productivity of a workforce, especially in positions that require more manual labor.

If you’re thinking of cutting corners when it comes to workplace safety, consider the following:

  • It’s the right thing to do – and required – Beyond the optics, organizations have a moral and legal duty to provide a safe workplace for employees. Failure to do so can come with hefty monetary and reputational fallout with various negative implications for your business.
  • It can boost the business’s reputation – A company’s safety record is an indicator of its operational efficiency and can improve your organization’s reputation, elevating it as an employer of choice. Demonstrating a strong commitment to your employees’ well-being fosters trust, motivating potential employees to join your team.
  • It helps control monetary losses – Investments in proper training, safe operational procedures, and maintaining a healthy environment reduces the likelihood of costly claims and litigation.
  • It can reduce cost of attrition – Hiring new workers costs time and resources and might also cost you additional money in the form of workers’ compensation claims, as inexperienced staff is more likely to suffer workplace injuries.

Safety Considerations in Light of Frequent Weather Events

Perhaps one of the most crucial time periods in which you can show your dedication to your workforce and their safety is during extreme weather events, such as hurricanes or winter storms, that shutter your operations for days. As an employer, during these events you are expected to ensure employee safety, communicate effectively, and, where possible, provide resources for remote work. You also need to consider your obligations under the Occupational Safety and Health Act (OSHA) and other applicable laws, potentially regarding the provision of Personal Protective Equipment (PPE) or mental health resources.

It’s important to remember that building a culture of safety takes time. When it comes to natural disasters, you should begin your preparations far in advance, and not just when it becomes a news story. A preventive, proactive approach to disaster preparedness is especially important for events that provide little to no warning, like earthquakes and tornadoes.

How Our Advisors Can Help You

Workplace safety is a critical factor that talented individuals consider when choosing or staying with an employer. By investing time and resources into effective workplace safety protocols, businesses can maintain a top-performing workforce in a safe and secure work environment.

Navigating safety and preparedness can be a complex undertaking, which is why we recommend partnering with insurance and risk management advisors who have the knowledge, tools, technology, and resources to help you build a strategy that’s aligned with your unique operations and workforce needs. Our advisors, risk engineers, and claims team are here to help you plan for the unplanned as you traverse the unchartered waters of risk.

Contact us today to learn how we can help you build a culture of safety.

This material has been prepared for informational purposes only. BRP Group, Inc. and its affiliates, do not provide tax, legal or accounting advice. Please consult with your own tax, legal or accounting professionals before engaging in any transaction.

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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

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