Dodge: Prioritizing safety increases, ROI, employee retention
According to a new Dodge Data & Analytics SmartMarket study, contractors employing the greatest number of the most common "safety indicators" realize the most business benefits, Sprayfoam.com reported.
Dodge found that contractors generally fall onto the "safety spectrum" in thirds — the high-end third who use the most indicators, a middle third who exhibit moderate use and the low-end third who utilize the least.
Since its last study in 2012, Dodge reported that contractors today see more benefits from safety policy implementation and have a broader acknowledgment of it as a priority.
Dodge reported that 88% of contractors at the high end of the spectrum saw improved project quality versus 56% of contractors at the low end. Contractors who prioritized safety also saw greater project ROI (75%), had better employee retention rates (79%) and were able to attract the most employees (67%) in comparison to their less safety conscious counterparts (38%, 45%, 27% respectively), reported Sprayfoam.com.
Stephen Jones, Dodge senior director of industry insights, said the benefits revealed in the report show that a strong safety policy casts a wide net and positively impacts a wide range of business functions.
Jones also said that the leading indicators Dodge uses to measure company performance could also be used as a “roadmap” by other companies that want to reap the benefits of a safety culture.
The Dodge report comes on the heels of a Bureau of Labor Statistics update on 2014 private construction work fatality figures, upwardly revised from 874 to 899 after the BLS received additional information. The BLS said this is the highest figure since 2008 and is a 9% increase from 2013. For all industries, work fatalities increased from 4,679 to 4,821, with a fatal work injury rate of 3.4 per 100,000 full-time workers.