Construction is a hazardous industry. The project-based nature and fragmentation in the industry lead to change and uncertainty requiring special expertise. To handle those, construction firms must develop strategies and action plans along with the experience gained from lessons learned. Among the risks, safety risks are of critical importance leading to accidents. Hence, firms need to strengthen their safety programs, review their strategies for safety management, and develop effective safety training sessions to protect their workers. This study focuses on the success factors promoting safety performance. In this respect, a questionnaire was designed and administered to the Engineering News-Record (ENR) 2020 Top 400 Contractors. The questionnaire data was utilized in conducting a factor analysis to group and name the factors considering the total variance. The analysis of the factors resulted in six-factor groups; namely, project and firm-related factors, demographic factors, practical factors, motivational factors, organizational factors, and human-related factors. Project and firm-related factors were found to be the most essential factor group in terms of promoting the effectiveness of safety training. The results of this study are expected to guide industry practitioners in terms of reviewing and revising their safety training programs.