If you want to improve project profitability, results of a new contractor study suggests you should invest in safety training.
A VISTA StartSmart blog points out that McGraw-Hill's Safety Management in the Construction Industry measured many significant improvements in project performance -- the kind of improvements that build competitive businesses -- that contractors report as a result of investing in strong safety programs.
A few highlights:
- 73% of contractors report an increase in project return on investment of 1% or more, with a fifth noting an increase of greater than 5%
- 73% report a decrease in project budget of 1% or more, with 24% noting a decrease of more than 5%
- 50% report project schedules shortened by a week
- 71% of respondents saw a reduction in the incidence of reportable injuries
The report concludes that investing in safety is a no-brainer for contractors:
"Given the relatively low cost of instituting safety practices, these benefits can help drive companies, especially smaller (contracting) firms, to justify greater investments in their safety management programs."