Construction companies that embrace workplace safety programs do so to keep employees safe from job site hazards. Lately, however, more contractors than ever before are reporting strong safety programs bolster their bottom line.
According to a 2013 report by McGraw Hill Construction, more than half of construction companies that integrate safety management practices at their work sites have experienced increased return on investment in their projects, making safety programs not only good for workers, but a smart business decision.
The business boost could be due to a variety of factors, including spending less time and money during the course of a project that integrates safety protocols. 43 percent of construction companies surveyed for the report noted faster project schedules, with half of those experiencing schedule improvements of a week or more. At the same time, 39 percent reported their safety program helped decrease project budgets. In fact, only 15 percent of firms reported safety programs cost them more, putting holes in the pervasive myth that prioritizing safety has to negatively affect a contractor's bottom line.
"Overall, construction companies large and small are reporting positive financial impacts from safety programs, and the size of those benefits increase as the depth of the program increases," said Michele Russo, director of research communications at McGraw Hill Construction. "In an industry that operates on low margins, this is a powerful finding."
In addition to the more direct relationship between safety programs for construction and project efficiency, the report also found that putting an emphasis on safety improved employee engagement by making companies better places to work. Of the surveyed contractors that utilized a safety program, 82 percent reported an improved reputation, 71 percent reported lower injury rates, 66 percent reported they have a greater ability to contract new work and 66 percent reported better project quality.
Safety Advantage's workplace safety programs give construction companies the tools to keep their employees safe and productive. For more information about our safety management services or to sign up for one of our health and safety training classes, contact us today.