safety vs cost

With competition increasing, companies must be concerned about cutting costs and trimming expenses. These costs must be reduced not only to save money, but also to compete with other organizations who offer similar services.

Although the importance of safety is obvious, it is often very difficult to balance the reality of costs with the necessity for safety programs. But does safety actually cost money? In the short run implementing safety will likely have some costs. After all, production time must be taken for training, and safe equipment must be purchased.

In the long run however safety does not cost a penny. In fact effective safety programs have been known to actually save companies 4 dollars for every dollar spent. Not only will you reduce compensation and insurance costs, but you will keep trained workers, which makes you more efficient and profitable. In addition your customers will continue to use your services ultimately keeping you, your employees, and your subcontractors employed!