Are you using old, outdated equipment? Regardless of your industry, the tools and resources you use or provide for your employees’ use are crucial to the safety and productivity of your team. Servers and other tech can develop wiring issues, and heavy equipment can slowly wear down. Even assets like pallets, shelving units, and safety gloves can cause serious safety concerns if not repaired and replaced when needed. And in addition to the general wear and tear, earlier models of many types of equipment lack the safety measures that newer versions have adopted.
However, creating a safer work environment can be a complex process, and it may not be feasible within your company’s current budget. If you’re interested in developing a safer workplace but are worried about the costs, you should consider commercial equipment financing options.
In this article, we’ll discuss why it’s crucial to create a safe work environment, common equipment safety concerns, and how you can finance your next company safety initiative.
Creating a Safe Workplace Is Vital for Your Employees and Your Company
Most companies understand that workplace safety is essential, but many don’t realize the full impact that the work environment can have on their company. The main benefit of improving workplace safety is to protect the health and wellbeing of your employees. Creating a safe workplace often involves developing safety policies and procedures and then educating employees on proper protocols.
However, knowledge alone isn’t enough to keep your employees safe. You need to provide your workers with reliable equipment and efficient protective gear.
Employees who work in a safe environment and know that their company takes their safety seriously will be happier and mentally healthier than those who don’t have that assurance. Companies that dedicate themselves to employee safety often experience benefits such as:
- Improved production and employee performance
- Lower sick time and disability payments
- Higher employee retention rates
- Better ability to attract new employees
- Diminished costs associated with equipment damages
- Increased company morale
- Decreased worker’s compensation costs
- Reduced absenteeism
- Less lost time
Still not convinced improving your workplace safety is worth all the time and effort? Check out this “$afety Pays” tool from OSHA, which uses your company’s profit margin, the average cost of an injury or illness, and an indirect cost multiplier to estimate the amount of sales your company would need to cover those costs. The results might surprise you.
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Common Workplace Equipment Safety Concerns
You’ll need to be thorough and examine all aspects of your company when developing a workplace safety plan. Although the supplies and equipment you need will be specific to your company, there are a few common safety concerns that plague many industries.
Old or faulty wiring is a serious safety concern that can cause shocks, fires, and sometimes explosions. In addition to the wires themselves, many older buildings have outdated electrical designs that are not as safe as modern integrations.
Poorly maintained or aging equipment can put your employees at an unnecessarily high risk of injury. Other than the equipment that employees use directly, insufficient or faulty HVAC and ventilation systems can compromise the air quality in your workplace and hurt the health and well-being of your employees.
Miscellaneous Safety Issues:
A bald tire on heavy equipment, a stripped gear, a cracked bolt — these small deficiencies crop up during regular use of most commercial equipment, and they can cause devastating accidents. Depending on how worn down your equipment is, you may only need to replace individual parts, or you might be better off upgrading to a newer model.
Team Financial Group Can Help Finance Your Next Safety Initiative
In addition to replacing old equipment, companies can also use equipment financing to purchase new safety gear. At Team Financial Group, we can provide financing for everything you need to help build a safer workplace. From updated heavy machinery with the latest technology to and even the office equipment you’ll need to help spread safety awareness throughout the company, we’ve got you covered.
The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.