Investing in Health and Safety Helps Create a Successful Business
Businesses today are faced with increasingly rigorous health and safety regulations. That is why it’s important to recognize the value of cultivating a safe and productive workplace through comprehensive and reliable health and safety protocols.
Health and safety matters to investors
When an organization takes steps to prevent workplace accidents from occurring, they also protect their bottom line. For investors, this is a positive implication of a company’s financial position, operational performance, and core competencies in mitigating risk and growing long term shareholder value. When looking at whether or not to invest, conscientious investors will carry out their due diligence and thoroughly screen a business’s health and safety data. Thus, companies today must have an effective system established to collect health and safety data, generate safety performance scores, and record key performance indicators to share with potential stakeholders.
Health and safety matters to employees
In addition to investors, health and safety are of extreme importance to employees. They are the backbone of the organization and should always feel safe and valued. Proper safety protocols reduce stress at work. Safety measures allow employees to do their jobs, without having to worry about injuries or ailments in the process. Safety programs also create productive environments. Learn more about how productivity and safety go together in the workplace. Lastly, safe work premises are generally kept to higher standards and are home to happier, more engaged employees. This reduces absenteeism and employee turnover. It goes without saying that employees will not want to work for an organization that puts their personal safety at risk.
Health and safety matters for your reputation
Reputation and revenue have a positively correlated relationship. A good reputation stems from a positive brand image. Customers may choose your company for several reasons – positive brand associations, brand equity, a sense of community, shared values and beliefs, and so on. However, one thing is true: a bad reputation will deter customers from your brand. Naturally, consumers don’t want to be associated with a company that is not universally well-liked. A bad reputation can result from many scenarios – safety being one of them. If your company is known for frequent workplace accidents and poor treatment of employees, your brand image is sure to take a hit. A good reputation for safety is necessary to attract and retain both customers and employees.
Health and safety matters for your bottom line
Safety is an investment. Good health and safety procedures don’t just safeguard employees and customers, they also cultivate an environment that provides a solid foundation for economic success. Injuries present financial complications for both employers and employees. Safety is not a trade-off. The question should never be: “Do you want to be safe, or do you want to make money?” Safety is an investment that, if not made, will cost you in the future. The United States Department of Labor reported that businesses collectively spend close to $170 billion per year on costs associated with workplace injuries and accidents. This amount is completely avoidable and comes directly out of each company’s profits.
The bottom line is this: companies that channel their energy and resources toward workplace safety are simply better than those who don’t - both financially and organizationally. Health and safety are good for business, no matter what.