6 Ways Workplace Injuries Can Impact Your Business
It sometimes seems like everyone hopes to be the boss of their own company. You’re in a position to make the most money, and maybe with that comes the cars, the mansion, and perhaps even the yacht and the trophy spouse.
That might be how some people perceive things, but that’s seldom the reality. Yes, if you own your own company, you might be able to make a substantial amount of money, but you’re also under tremendous pressure.
You have to worry about paying back business loans, overextending yourself financially, and also managing supply routes, hiring the best employees for each position, and a million more details the average worker may not even consider.
For instance, if one of your employers injures themselves on the job, it can impact both you and your business tremendously. Here are just a few ways things might change if such as unfortunate event occurs.
Hiring New Employees Might Be Tough
Let’s say that you have to come up with a worker’s comp back injury settlement. This might happen because of:
• A slip-and-fall on your business’s property
• Faulty machinery
In theory, you should have worker’s comp insurance in place that will pay for the employee’s medical bills. It will also pay them if they have to miss some time while they recuperate.
The employee might decide that they don’t want to come back to that position. Even if what happened was obviously not their fault, maybe their family convinces them that the job is too dangerous, and they should pursue some other career path.
If word gets out about what happened, you might find it difficult to recruit an employee to replace the one who left. You might try to promote from within, but that could be a hassle.
Other Employees Might Leave
Even worse, it’s possible that after what happened, other employees will decide that the job is too dangerous for them as well. If it’s some kind of warehouse work or they’re around potentially hazardous equipment, this one event could trigger a mass exodus.
At that point:
• You might need to make a speech to try to convince your remaining employees to stay
• You might need to consider raises to improve morale
If lots of employees leave following this accident, you may need to have some sort of job fair or mass hiring event. Jobs are scarce in this economy, so you can probably find new employees before long. However, they might sense your desperation and demand higher salaries than you would prefer to give.
You Might Have Less Skilled New Employees
If several employees do quit, and you need to replace them quickly, you might have to take on some new workers with qualifications about which you are less than impressed. Maybe you’ll have to train them extensively before you’re comfortable putting them out there on your manufacturing floor.
If they’re your only options, you might feel like you have little choice but to give them a shot. Still, you’ll worry that they’re not up to the challenge based on their lack of hands-on experience, and this, in turn, can cause more accidents.
Maybe Your Worker’s Comp Insurance Refuses to Pay Your Injured Employee
Worker’s comp should be there for employees is they get hurt on the job, and it was not their fault. For instance, you can’t hold them accountable for some malfunctioning machinery.
Maybe what happened was the employee’s fault, though. Perhaps they came to work drunk and tried to handle dangerous equipment. Maybe they were fooling around in an unsafe factory area.
In that case, your worker’s comp might deny their claim, and rightly so. You might fire them for cause, or send them home to recuperate without the financial compensation the worker’s comp would provide.
Still, maybe the other employees make you out to be the bad guy in this scenario. It’s illogical for you to have to pay for their coworker’s mistake, but they might not see it that way.
Some of them might quit in solidarity, or morale might be low for a while.
Investors Might Back Out
You also might have been courting some investors at the time the incident took place. It might have been a freak accident, a one-in-a-million chance that injured your employee.
Still, investors are finicky. If they see that something happened on your property, they might decide putting up some money to back your business expansion is too risky. Unless you already had a signed deal in place, they might look for other opportunities elsewhere.
You can definitely try to convince them this sort of thing will never happen again, but perhaps they’ve made up their mind, and nothing you say can convince them otherwise.
You Might Feel Guilty
You also might deal with guilty feelings about what happened. Maybe there is nothing you could have done to prevent it, but perhaps your employee suffered a permanent injury.
You’d have to be callous not to feel bad if one of your employees lost a limb or suffered reduced mobility because of something that happened on your property. It’s not something any company creator or CEO ever thinks about when they first come up with their business idea.
You might feel so bad about what happened that you decide to shut down operations yourself. You might close the business, or if you have partners, you might decide you want them to buy you out. Maybe after what happened, you don’t have the stomach for it anymore.
Workplace accidents happen, no matter how careful you are. Any time you’re dealing with big machines, heavy equipment, etc., a slight miscalculation can prove disastrous.
Maybe you feel strongly that your company is bound for great things, and you and your employees, partners, and investors can pull through this together, along with your urging and acting as a cheerleader. It’s all about your vision’s strength and how much of a leader you can be during this challenging time.