Whether your business is a small tech start-up, a
massive manufacturing company, or anything in between, there is a considerable amount of risk to consider. Keeping
your employees safe from harm is a top priority, but you also need to protect your culture and overall business.
Proper risk management revolves around proactive thinking and a “better safe than sorry” approach. Otherwise you could face serious disruptions or loss of business due to accidents or lawsuits. Here’s a little bit more about what goes into protecting your business, along with some of the best steps you can take to avoid possible issues:
There is a long list of protections and workplace expectations that business owners and managers needs to be aware of. An HR outsourcing partner is a vital resource for accounting for the different solutions and steps that go into complying with payroll, benefits, and other standards for your employees.
Your office or workplace also faces a number of rules and regulations. Many of these are governed by the Occupational Safety and Health Administration, and it’s critical that your business is methodical in following all expectations and guidelines. Not only do you avoid penalties or the possibility of a lawsuit, but you can apply best practices related to physical and emotional safety.
Different industries also face more specific safety laws. A law firm, for example, must comply with unique regulations, as does a marketing company or a manufacturing plant. No matter what line of work your business is in, take the time to learn about and account for all federal, state, and local regulations. Your actions will keep employees safe and avoid possible fallout from an incident or act of noncompliance.
Assessing your work space
Regulations can only go so far when it comes to addressing possible hazards. Lawmakers don’t know your specific office or workspace, so take the time to regularly inspect your facilities beyond inspections to uncover possible risk.
Physical safety is just one piece to this puzzle. Emotional well-being is also essential, mainly because employees can file abuse, intimidation, wrongful termination, or many other suits if they feel mistreated or unsafe. You need to have a full, honest assessment of your company culture and policies to keep your staff happy and avoid the risk of litigation.
As Chron found, a single suit can cost a business thousands of dollars in settlement fees, penalties, and legal costs. And the public relations fallout -even if your business isn’t formally charged – can, in some instances, be even more damaging.
Working with employees
To better prepare for moments where an employee might worry about his or her emotional or physical safety, you need to talk directly with your employees. Talking with employees can not only highlight the most pertinent risks, but also develop the best policies and strategies to minimize possible harm and better protect your business.
Holding regular trainings for your employees is an essential part of mitigating risk. There are a number of informative, meaningful sessions that are required by law and give your staff the tools to be safer and address possible concerns outright. Trainings show every employee, from an entry-level position to an executive, that certain rules and protocols are not to be ignored. They also show that everyone is responsible for adhering to safety and behavioral standards.
To hold a successful training session, make sure the person presenting has the tools and knowledge to be effective. An HR outsourcing partner can be helpful in this instance. Most HR outsourcing organizations offer risk solutions and are able to provide the necessary guidance and support.
Preparing for the unexpected
Ultimately, the best approach to mitigating risk is to stay proactive. From a small fire to a fight between employees, stepping in early to reduce the possibility of a damaging event is key. Any steps that limit the number of hazards for your employees or workspace is beneficial.
At the same time, employees are increasingly aware of the experience of their peers at competing companies. Online sites that catalog workplace successes and failures make it clear which companies are investing in employee safety and well-being, and which organizations have disgruntled or concerned staff. By making sure your workplace and team members are as well-looked after as possible, you can stand out from competitors and begin to attract the most talented individuals to your business.
The importance of staying covered
Even the most forward-thinking businesses can still face difficult challenges despite their best efforts. For that reason, a proactive culture still needs to be supplemented with insurance.
There are many different forms of protection that businesses can purchase. Worker’s compensation insurance, for example, is a wise investment beyond manufacturing, construction, or similar industries. With this insurance, your organization is insulated from unforeseen payouts and expenses due to injury. An HR outsourcing partner can help connect your business with the most highly rated insurance carriers that offer pay-as-you-go payment models and other flexible packages.
Fires, floods and other such events are among the most disruptive issues that businesses face. Insurance coverage is essential for recuperating lost product and output, but there are other ways to prepare for such a catastrophe.
Create a plan before a disaster strikes. Keep data and key information backed up, and outline how your business can get back online if your office or workplace is temporarily out of commission. Interruption insurance can be helpful because coverage allots months worth of revenue to keep your business afloat.
From natural disasters to HR disputes, your business faces considerable risk. Work with an HR outsourcing partner to develop the best solutions to keep your organization safe.