An occupational hazard of any segment of the construction industry is safety. From injuries to fatalities, construction sites can be costly. When accidents occur, work is slowed, fewer workers are available, and overall morale can be compromised. Added to this is insurance and worker’s compensation costs. It can become challenging to keep costs down while keeping employees safe.
New technologies have emerged to help improve onsite safety and ultimately reduce cost. Peter Schermerhorn in his article, New Construction Technology Is An Insurance Game Changer, explains that the use of wearables, sensors, and drones allows site managers to identify potential issues before a problem occurs. This can also improve insurance underwriting and understanding of how a work site operates.
Unlike other industries, advances in technology have not had the same impact on eliminating the workforce. Rather, it has enhanced the employee experience. Being able to identify and avoid potential safety issues provides a security that also impacts morale. Moreover, it can increase employee retention.
Given the choice of staying with a company that is proactive about safety, or moving to a company that hasn’t invested in technology resources, most people would stay where they are. This is especially important in today’s market where the workforce is aging, and bringing in young skilled workers is challenging.
An investment in technology can pay for itself many times over with increased retention, decreased accidents, and greater attendance.
Contact Insurance Systems Group for more information.