Did you know that emergencies can strike at any moment, affecting businesses of all sizes and industries? According to a report from the US Occupational Safety & Health Administration, there are about 10,000 cardiac arrests that occur in the workplace each year in the United States alone. This not only costs employers financially but also leads to significant time and productivity losses due to the injured worker. The total cost of work injuries in 2021 was $167.0 billion, according to NSC Injury Facts. This figure includes wage and productivity losses of $47.4 billion, medical expenses of $36.6 billion, and administrative expenses of $57.5 billion. While some may be aware of the essential benefits of first aid, there are many more benefits that may save businesses a fortune.
In this blog, I will discuss the important benefits of having first aid in your organization and how it can significantly impact your company’s finances based on real statistics and surveys.
- Insurance Discounts
Implementing proactive measures to improve workplace safety can lead to potential insurance discounts. According to an article from Forbes, key factors affecting workers’ compensation insurance premiums are your industry, payroll, and claims history. Both the number and severity of claims are considered when determining the workers’ comp rate for your business. Businesses with high-risk profiles and many workers’ compensation claims in the past are subject to higher insurance rates. Therefore, having safety measures in place to avoid the severity of injuries can help reduce insurance costs.
- Legal Compliance
Ensuring your workplace meets all legal requirements and standards is key to mitigating legal risks and liabilities. According to the Occupational Safety and Health Administration (OSHA), it is a requirement that employees be given a safe and healthy workplace that is reasonably free of occupational hazards. Employers are required to provide medical and first aid personnel and supplies commensurate with the hazards of the workplace.
- Immediate Response to Injuries
Swift and effective response to workplace injuries is crucial in minimizing their impact and associated costs. In the minutes following an injury, the difference between preparedness and panic can have a significant impact on what happens next. Keeping a cool head after a worker is injured on the job can help minimize the severity of the injury for the employee, as well as protect the business owner from additional liability.
- Reducing Recovery Time
By addressing risks proactively, businesses can minimize downtime and expedite the recovery process after incidents. According to an article from the National Institutes of Health (NIH), individuals who received first aid from a medically trained provider were more likely to show improvement or recover compared to those who received first aid from an untrained provider.
- Preventing Further Injury
Implementing preventive measures can significantly reduce the likelihood of accidents and injuries, thus lowering overall costs. A study published in the Journal of Occupational and Environmental Medicine found that businesses that prioritize safety training and hazard identification experience a notable decrease in incident rates, resulting in substantial cost savings over time.
- Enhancing Workplace Safety Culture
Having first aid training in the workplace fosters a culture of safety among employees, leading to increased productivity and reduced incidents and associated costs. It also enhances the reputation of the business and reduces the turnover rate. According to a survey, most working Americans (89%) said workplace safety is more important than ever before, and almost all employees (97%) said feeling safe is an important factor in deciding where to work.
In conclusion, incorporating first aid services in the workplace offers numerous benefits, ranging from cost savings to meeting legal compliance and improving employee well-being and productivity. By investing in first aid training, equipment, and protocols, businesses can create safer and more resilient work environments, ultimately contributing to their long-term success.
At Managing Change, we understand the critical importance of immediate first aid interventions in such situations. With our extensive experience in delivering CPR/AED and First Aid training, we are dedicated to equipping your team with the essential skills needed to respond effectively to emergencies.
