The ninth factor that influences safety is taking greater risk with the potential for profit or gain. The purpose in any business is to maximize profit, so if there's money to be made, people tend to further push their luck and take more risks. We're naturally set up for management and employees alike to struggle with this risk factor.
A Problem of Titanic Proportions
In this month's video, Frick (who happens to be a huge Titanic buff) walks us through unnecessary risks taken that led to the Titanic's disastrous maiden voyage.
The risks were known, but arrogance that the accident could not happen to them, coupled with the profit and gain from arriving into port a day earlier, led them to take a greater risk. This decision ultimately cost thousands of people their lives.
Challenges and Risks During an Economic Boom
Statistics show that as the economy booms and more construction workers are available, workplace accidents increase at a disproportional rate.
This is caused by construction companies meeting the additional workloads by staffing crews with inexperienced employees that haven't had the time to be properly trained. Equipment maintenance and inspection can also lapse during these upturns because crews have to move more quickly to meet demands and take full advantage of the booming market.
This is a hard factor to combat, but the key is to keep your eye on the big picture. The financial gains that can be made quickly can be lost just as quickly with an injury to an employee. Whatever your company does, you'll have to do a whole lot more of it to make up for a $50,000, $100,000 or $200,000 worker's comp case -- and that's not even taking into account the losses from losing a trained member of the team on the job site.
More From Frick & Frack
If you've missed our other videos or want to review the other factors influencing risk tolerance, we've got the series so far right here:
- The 3 Key Safety Factors That Guide Decision Making
- Overestimating Capability or Experience
- Beware of Familiarity with a Task
- Seriousness of the Outcome
- Voluntary Actions and Being in Control
- Personal Experience with an Outcome
- The Cost of Non-Compliance
- Construction Safety Tips: Overconfidence in Equipment
- Overconfidence in Rescue and Protective Systems
Frick and Frack will be back next month to talk about the final factor influencing risk tolerance, observing your role models taking unnecessary risk. In the meantime, keep your eye on the big picture and avoid taking unnecessary risks.
You don't have to wait for Frick and Frack to learn all of the factors that influence construction safety. Download our guide to construction site safety today for an in-depth guide to creating a safety-first culture in your company.
