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."
(read the VISTA blog, get a free copy of the McGraw-Hill study . . . )
