How Machine Guarding Can Increase Your ROI
Did you know that machine guarding helps businesses eliminate direct and indirect costs of accidents and, ultimately, reduces bottom-line operating expenses?
The safety and health of your employees are paramount to your company’s production, no matter what you manufacture. Eliminating potential risks by taking proper precautions to ensure their safety helps increase the productivity of your workplace.
Now, when looking to purchase high-quality industrial safety equipment, prices can go up fast. At the same time, you don’t want to compromise the safety of your workforce, so you must be sure that whatever you buy delivers the highest return on investment possible.
Machine guarding systems are a great ally to implementing a safety strategy that will benefit your employees and your pockets.
First, let’s take a look at what costs are involved in workplace accidents. Then, we’ll explore how machine guards can help your business.
Direct & Indirect Costs
The costs of an accident are divided into direct and indirect costs.
Direct costs are directly attributed to injuries. They include workers’ compensation payments, out-of-pocket expenses (such as medical bills and treatment), higher insurance premiums, etc.
Indirect costs fall under the unbudgeted and unexpected expenses that a company must endure. They include hiring and training costs, lost productivity, machine damage and downtime, overtime, legal fees, investigation, possible loss of reputation, etc.
Let’s Look At Numbers
Consider that usually, the direct costs of a workplace injury are only 29 percent of the total injury costs, while the indirect cost portion comprises an additional 71 percent!
As the U.S. National Safety Council (NSC) stated, the direct financial costs of workplace injuries surpass $170 billion every year. As we just stated, this is only the tip of the iceberg.
After doing some quick math based on the info we have, we realize that the total costs of workplace injuries exceed $586.21 billion yearly!
How A Machine Guarding System Can Help You
Fostering a safe environment and protecting workers should be a business’s top priority, especially considering that according to the Bureau of Labor Statistics, 2020 witnessed 2.7 million nonfatal workplace injuries and illnesses.
Machine safeguarding not only can help you provide a safe workplace but can also increase your ROI. Let’s see how.
- Machine Guarding Decreases Fines
First off, you can increase your ROI by decreasing fines, downtime, and lost wages with machine safeguarding. Consider all the money you’d be spending on lost productivity and wages, lawsuits, and fines if someone gets hurt on the job!Instead, you could invest in proper machine guarding and training today to avoid paying the original investment in fines tomorrow.
- Machine Guarding Improves The Safety of Your Workplace
OSHA machine guarding standards and regulations must be followed to ensure maximum safety in the workplace.While machine safeguards are a requirement to protect your employees, you shouldn’t forget about proper training and how crucial it is for them to understand how to utilize machine safeguards correctly.Not only does this remove potential hazards and prevent injuries from happening. It also improves your safety culture and ensures that your workforce feels cared for. As a consequence of feeling that you’ve got their back and prioritize their health and safety, your workers will perform better, produce more, and stay with your company longer.
Remember: better safety culture = higher morale = higher productivity = higher ROI!
- Regularly Check Your Machine Guarding
You should never wonder whether or not your machine safeguards are working correctly.Make sure to check and assess your machine guarding system regularly to ensure it’s still working properly. Don’t underestimate the importance of an assessment — it could make a difference and guarantee the safety of your employees.
Custom Solutions That Suit Your Needs
When it comes to the safety of your workforce, nothing should be compromised, especially considering that machine guarding systems help you both ensure the safety of your employees and increase your ROI.
At Folding Guard, we’ve been helping businesses for over 50 years and have provided them with custom solutions to suit their needs and protect their employees. We are dedicated to our customers and are here to help you before, during, and after the installation process.
Contact us today, and let’s build the foundation for a safer workplace together.