I am guessing you would probably be emptying every bank account you have and maybe even your kids’ piggy banks (don’t to that). It is a common saying that investing in safety pays big dividends. Many safety professionals use the analogy of the 1:4 ratio.
Companies are seeing returns that big when they put that kind of financial investment into a safety program. They invest time, energy and money into writing an Electrical Safety Program, training, audits and much more. These companies are seeing reduced lost time injuries, decreased workman’s comp claims, increased morale, and fewer damaged equipment needing to be replaced. Investing in safety might also get somebody else to invest in your company.
Yes, you read that right. Safety has found its way into the stock market. If two companies make widgets and a broker is looking into investing money in widgets, that broker starts looking into both organizations. The deciding factor might be their safety records.
Let’s say Company “A” spends almost zero money on workman’s comp claims, OSHA fines, down production time, lost time for workers’ injuries, etc. Company “B” has spent a sizable amount of money to pay for these things. Who do you think looks like a better investment?
The primary point is that all the money to pay for these costly items comes from the profit margin. This same profit margin should be going to investors’ dividends.
These companies can also invest a sizable amount of money in equipment, tools and PPE. This is an area where the investment is a little more visible and detailed. New tools like arc-resistant electrical switch gear, remote racking tools, and insulated voltage rated hand tools are a sizable investment. They are also important.
In my opinion, the most important piece of PPE is a Flame Resistant (FR) daily wear. This can easily be a substantial investment if you have a large workforce, with quality FR jeans and shirts starting at $100 each.
Investing in the people of the company will reap the best return. The more support a foundation of any structure has, the better off it is for the long haul. The more appreciated employees feel, the more compelled they are to support their team with integrity, energy, and dedication. This type of profit will yield over time. There is no price on the value of it, only your own limits.
Invest wisely in electrical safety, and get that return. You will be glad you did, and your workers will be glad you did too.