3 minutes, 27 seconds read
Introduction
Safety knives, like those in the Riteknife line of products, have numerous benefits beyond simply being safer than traditional knives. These benefits include reduced injuries, lower costs for medical bills and insurance claims and lower worker’s compensation payments. A workplace with highly performing tools also results in happier and more productive employees. Workers also tend to stay at their jobs longer when they feel safe and protected from injury on the job.
Here are a few of the ways you can easily understand the ROI on safety knives:
Safety knives reduce injuries
Safety knives are designed to reduce injuries, but they also help minimize repetitive motion injuries like carpal tunnel syndrome since a properly designed knife will require less cutting force to be exerted by the user.
The cost savings associated with using a safety knife are due in part to reductions in insurance premiums and OSHA recordables (citations) because using one decreases the frequency of injuries and accidents related to cutting materials on the job site. This can also result in substantial savings over time because there is less waste due to product damage, for example opening boxes with high cost products inside.
Safety knives also contribute positively towards reducing environmental impact by decreasing waste generated by workers who accidentally damage products.
Safety knives more than pay for themselves
The true ROI of safety knives is seen not just in the cost savings, but also in their ability to reduce injuries. Injuries are expensive for companies. According to the Bureau of Labor Statistics, an injury costs $3500-$60k per incident and results in an average of 8 days off work per incident (BLS). This can be reduced significantly by using a safety knife instead of a utility knife with no safety features built in.
In addition to reducing OSHA recordables, this practice can also help reduce insurance premiums because employers are less likely to be sued due to workplace injuries when they have implemented safe practices such as wearing safety glasses or using proper hand protection while working with sharp objects like utility knives with exposed blades and no blade guards.
Productivity improves
Workers are happier and more productive when they don’t have to worry about getting injured, or worse, fired. When you reduce the risk of injury, you can improve your productivity simply by reducing the amount of time each employee spends attending to their own safety.
For example, when your employees have to stop working every time they cut themselves with a knife in order to bandage the wound and take care of it properly—not only does it disrupt their workflow for that moment but it also creates stress about whether there will be repercussions from management if they get hurt on the job.
This kind of stress negatively impacts productivity because it increases absenteeism as well as turnover rates.
Insurance premiums decrease
Insurance premiums decrease because injuries are lower. When workers use safety knives and get hurt less, their employers save money on medical bills and disability claims. This lowers their insurance premium rates from the beginning of the year to its end.
OSHA recordables decrease
So, how do safety knives impact your company’s bottom line? The answer is simple: OSHA recordables decrease.
Safety knives are tools that can help you prevent workplace injuries, which in turn will reduce the amount of money you have to spend on OSHA recordables. As we discussed earlier, OSHA recordables are preventable injuries with serious consequences for businesses and workers alike. If a worker suffers an OSHA-recordable injury at work, it could cost you up to $110,000 per incident (depending on the severity of their injuries). But what if there was a way for you as a manager or owner to save yourself from paying such high costs? That’s where safety knives come into play.
Conclusion
It’s no surprise that safety knives reduce injuries, but what about the financial benefits of using them? There is a real ROI in safety knives. The savings are significant and can add up quickly. These savings come from many places, such as lower insurance premiums and fewer OSHA recordables.
