fbpx
Photo: Dusanpetkovic1, Yfs Magazine, Adobe Stock

3 Reasons Why Failing to Protect Employees Can Be Costly

Failing to look after your employees can create more trouble than it’s worth.


Your employees are the heart of your business – they take your passion and ideas and turn them into something extraordinary. This means it’s essential to ensure that your employees are protected – this could affect your employees and your business. Here’s how failing to look after your employees can create more trouble than it’s worth.

 

Unexpected financial burden

Failing to protect your employees by enacting standard workplace safety policies means you could be put out of pocket if the inevitable accident happens. Firstly, there’s a significant impact on production, which is even more likely for smaller businesses that employ workers with significant roles. A slow down or halt in operations costs time and money.

Not only will you need to pay missing wages or medical expenses, but this can come at very short notice, and you may find you don’t have the money on hand to fund it. Some form of workers’ comp insurance will protect employees and ensure you aren’t left bankrupt if the worst should happen. Workers comp insurance for a small business can average around $70 a month – much less than if you were to leave things to chance.

Are you wondering “how much is workers comp insurance?” If so, check out The Hartford for further information.

 

Loss of reputation

Failing to protect your employees can also negatively impact your company’s success by damaging your reputation. Good businesses with great company cultures tend to create a positive, friendly, and supportive atmosphere. After all, we want to know the people we buy from have our best interests (and others) at heart. Once damaged, it can be challenging to improve your reputation.

If your company regularly shows a lack of care for its employees, your reputation will take a hit. After all, if a business doesn’t care about its employees, how can it truly care about customers? Furthermore, offering standard benefits, including insurance for your employees, shows you care about the well-being of those who help you succeed.

 

Diminished employee morale

Employee morale is dependent on various factors that companies can control and improve upon. Your team is the heart of your business. So keeping them happy and healthy should be a priority as you ensure things run as smoothly as possible.

Show your employees you are dedicated to looking after their physical and mental health. Offering employee perks (e.g., workers’ comp insurance helps provide peace of mind for illness) and wellness activities (e.g., exercise or self-care sessions) can enhance your employees’ work lives. This not only helps create a better company culture but creates a more productive environment too.

Bear these points in mind when running your business; looking after your employees benefits them and you.

 

© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.

   

Photo: Dusanpetkovic1, Yfs Magazine, Adobe Stock
In this article

Copy link
Powered by Social Snap