The Health and Safety Solution That Saves – A Financial Perspective

When it comes to meeting health and safety regulations and standards, every company has an obligation to do it. They have a responsibility to make ensure that occupational hazards for their workers are minimized or eliminated. Any suggestion  of negligence and there  can be severe  penalties  or class action lawsuits. Although these requirements are necessary to avoid injury and save lives, at times the perceived financial and time invested for some companies impacts on competing priorities and the return on investment for continuous safety improvement is delayed.

As business requirements increase, so does the need for cost-effective solutions that can immediately guarantee an increase in  efficiency. Solutions, such as SafetyIQ,  can bring  significant value for an organisation managing travel risks..

Companies can take advantage of  a number of financial benefits that greatly improve not only productivity but also profitability. This can be viewed  in the following way.

Increased Business Output And Growth

Companies can benefit from increased worker productivity, if an effective implementation process is followed when proper health and safety solution is implemented. This is because a safer working environment, along with no occupational hazards, is very likely to contribute to higher worker commitment that would materialize in fewer cases of absenteeism and sick leaves.

According to research from Hesapro, nearly 75 percent of workplace accidents result in more than 20% of sick leaves in a month. Employees that work in the construction, oil drilling, and mining industries, for instance can contribute to greater business output if effective health and safety solutions are implemented, particularly around journey management.

Fewer Compensation/Overtime Payments

Another major advantage of utilizing health and safety standards is the substantial amount of savings companies can witness in the form of fewer compensation and overtime payments.

Workplace injuries, as a result of a lack of instructions on using machines and other equipment, can prove fatal or result in serious injuries. In such scenarios, companies will be obliged to pay a significant amount of compensation in the form of medical fees and other benefits.

Avoidance In Paying Court Settlements

Last but not least, there is also a risk of workers filing a class action lawsuit against the company if a group of workers faced serious damages from the failure of the company to provide adequate protection and safety measures. If prosecuted, the company will become liable to pay heavy court settlements and fines that can adversely impact the financial position of their business.

In conclusion, companies need to perceive meeting health and safety laws and regulations as a way of not only meeting legislation, but also to enhance their financial position by way of higher cost savings in the longer-term.