Friday, February 17, 2012

Workplace Safety ? The Economist's Point Of View | Golden Wisdom ...

Over the past year, there have been more than forty million workers in the United States who sought emergency medical assistance due to, or in conjunction with workplace-related injuries. Almost everybody seems to be more concerned than ever with safety in the workplace, yet these untoward events keep on happening at an alarming rate. In the 21st century, several companies have been found liable for worker injuries suffered in the line of duty. In this writer/economist?s point of view, there is indeed some congruence between maintaining workplace safety and remaining solvent.

Every company, especially those involved in industrial manufacturing, is constantly looking at ways to continuously improve their products and processes. They realize that their profits are directly related to the ways and means by which they produce their products. While this may be true to a certain degree, workplace safety is often treated as something of little consequence ? to these companies, money is not everything, it is apparently the only thing.

The costs associated with operating a large manufacturing facility in America are astounding. Workplace injuries do not only burden companies with expenses and reduce productivity, they can sometimes lead to calumny and a tarnished reputation. These injuries can be reduced with proper planning and careful attention to detail. You can usually prevent workplace injury from occurring. One of the best ways to avoid catastrophe and chaos in the workplace is to keep the workplace clean and safe. Workers, too, have a responsibility in keeping themselves safe from harm.

Moreover, workplace injuries put a great deal of the onus on insurance providers and health care facilities. This often forces the aforementioned health care facilities and insurance companies to recoup expenses by increasing the cost of their services, because companies are constantly paying high premiums to ensure the validity of their workers? health care plans. Everybody loses in such a situation ? consumers are encumbered by additional expense on their part, while companies deal with workplace injuries by figuratively turning the other cheek. As such, safety and well-being of workers is conveniently ignored, while the only ones who walk out fat, contented and happy from the the whole brouhaha are the shareholders.

Pundits have long been noticing that the number of jobs being sent overseas, especially industrial jobs, only keeps increasing every year. There are a number of reasons to account for this. One of the most significant reasons is that American companies are able to shave their operating costs down to a fraction of their domestic costs, by capitalizing on cheaper labor in foreign markets. Foreign governments, eager for investment, are all too willing to accommodate the interests of big western business. Unfortunately, workplace safety is largely compromised in most cases.

If companies want to be profitable in the long term, they need to reexamine their approach to workplace safety and the health of their workers. Many of America?s largest companies have long been sourcing jobs overseas because of their lenient labor policies and cheap labor. But American companies can still earn profit while staying safe. By making a concerted effort towards inculcating safety procedures and taking preventative measures, workplace injuries can be avoided in many cases. Let this be your mantra as a business owner ? safety begets happiness begets productivity.

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Source: http://www.goldenwisdomnugget.com/workplace-safety-the-economists-point-of-view/

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