Calculating the True Value of Creating Work Safe Videos for Your Team

When producing work safe videos to teach and train your team how to safely perform their day-to-day duties, the first question business owners often ask is, “What’s it going to cost?” The reality is, every business operates on a budget or with a budget in mind, and as a business owner, it’s understandable to be concerned about the costs of training and onboarding new team members. Industry reports go as far as to say that $986 is spent on average to train each new employee, or in other words, in 2020 alone U.S. companies spent an estimated $82.5 billion dollars training new employees.

Calculating the true value of creating work safe videos for your team also requires a consideration of not only what businesses are spending on training, but more specifically, what businesses are spending on safety training as well as what businesses are losing as a result of work related injuries or safety issues. To help you see the true value and importance of producing work safe videos for your employees and anyone on your team, we’re calculating the true value of creating work safe videos.

The Cost of Not Training Your Team on Safety

Studies by the U.S. Bureau of Labor Statistics have proven that providing safety training to your employees saves on average between $4 and $6 for every $1 that is invested into the training. But what happens if you don’t provide safety training? 

If you’re not providing work safe videos or some other form of safety training for your workers, you could be taking huge risks. Not only will you not see savings in worker health, but you’ll also miss out on reduced safety issues such as injury or illness at work, and lower instances of litigation which can result in stiff fines, penalties, or other expenses.  In other words, when you don’t offer safety training, you run the risk of:

• OSHA penalties.
• Increased employee complaints.
• Increased litigation.
• Increased worker sick days.
• Increased risk of workplace injury.

How Much Do Work Safe Videos Cost to Produce?

In order to truly calculate the value of creating work safe videos for your team, you must not only consider the potential risk of not providing safety training which can have a wide range of penalties, fees, and other outcomes. You must also consider that a lack of training will result in expenses for the business such as when employees require time off for injury or illness, when new employees must be hired because an employee is lost over safety issues, or when litigation occurs resulting in substantial expenses for the business owner. However, it’s also important to think about what safety training is going to actually cost to provide.

At Beverly Boy Productions, we specialize in the production of work safe videos that you can use to train your team on a variety of safety topics and issues to minimize your risk of worker injury or complaint. The average cost to produce work safe videos is between $1,000 and $10,000 per finished minute. Each safety training video is typically between about 2 and 5 minutes long, for a finished estimated production cost of somewhere between about $2,000 and $50,000. Of course, these rates vary drastically because there are so many different options and ways that work safe videos can be produced it’s impossible to estimate the cost of production without additional factors considered.

It is important to consider the fact that any work safe videos that you produce to train your team can be used over and over again so that you can provide training to your team as needed, no matter how large your team is or whether you hire new employees that also need training. You won’t have to pay for repeat training from a trainer, nor will you be required to invest in further instructional programs after you’ve paid the initial cost of producing your work safe videos. This is very important, because as time goes on, it would actually bring your overall training costs down, not up with each newly hired employee.

Calculating the True Value of Work Safe Videos

Armed with an idea of what many businesses spend on training, how important safety training is to prevent injury, litigation, loss of worktime, or a variety of other issues, it’s time to begin calculating the true value of work safe videos.

While it might cost you, let’s say $10,000 to produce a work safe video (remember there are tons of factors involved so this is a random estimate and is not reflective of what you should actually expect. The only way to determine a true cost would be for you to discuss a video estimate with our team) that video could be used to train your employees across a huge organization. If you had 100 employees, you just provided training for a cost of $100 per employee, or about 1/10 of the national average. If you were to hire 10 more employees, you could use the same work safe videos to train those employees too, bringing your average per employee training cost down to just $90.91 per employee. 

Your total average training cost is going to go down as you hire more employees and find yourself having to continue work safety training with video. But that’s not the only thing to consider, you must also consider that work safe videos also have the value of:

• Improving worker safety to minimize on the job injuries resulting in fewer instances of litigation and lower worker lawsuit costs.
• Ensuring compliance with OSHA and other regulatory agencies to eliminate the costs involved in being fined for a lack of safety training. 
• Improving worker retention by making your workers feel as if you value their safety and prioritize them. Minimizing the cost of bringing on additional employees to fill worker roles.

Also recall that the U.S. Bureau of Labor Statistics estimates that you get between $4 and $6 per $1 spent on training each employee. So, if you were to spend $90 training each employee, you could guess that rather than the lack of training costing you in litigation, the effectiveness of providing work safe videos that train your team will result in about $450 gained per employee ($90x$5 for the average of our example above).

Ready to start producing work safe videos that you can use to keep your team safe and save your business tons of money? Give Beverly Boy Productions a call!