Wheres my return on investment when I spend money on
Safety& Well-being
Investing in health and safety measures can provide a variety of quantifiable and intangible returns on investment (ROI).
Here are some key areas where your business may see a positive impact:
– Operational Continuity
– Risk Mitigation
– Compliance and Legal Costs
– Employee Engagement
– Reduced Absenteeism
– Improved Employee Morale and Retention
– Increased Productivity
– Enhanced Reputation
– Access to Contracts and Markets
– Lower Insurance Costs
1: Operational Continuity:
Effective health and safety measures contribute to your business continuity. By reducing the likelihood of accidents or incidents, your company can maintain consistent operations and reduce potential downtime.
2: Risk Mitigation:
Identifying and addressing potential safety and well-being risks proactively can prevent costly incidents. This includes not only direct costs associated with accidents, but also indirect costs related to investigations, legal proceedings, and reputation damage..
3: Compliance and Legal Costs::
Complying with health and safety legislation will reduce the likelihood of expensive legal disputes and penalties. Failure to comply may result in fines, legal issues, and reputational harm. Investing money into compliance can protect the company from these risks.
4: Employee Engagement:
Investing in health and wellbeing programs demonstrates that your company cares about its employees' well-being. This can result in higher levels of employee engagement, loyalty, and a more positive safety culture.
5: Reduced Absenteeism:
Implementing health and safety measures can help to create a healthier workforce, resulting in fewer sick days and lower absenteeism. Your employees will believe that their safety and well-being are your top priorities, resulting in a more dependable and productive workforce, which will have a beneficial impact on overall business operations.
6: Improved Employee Morale and Retention:
A safe and healthy workplace helps to boost employee morale. When employees feel appreciated and safe, they are more likely to stay with your company, lowering your expenses of recruitment and training.
7: Increased Productivity:
A safe and healthy work environment promotes productivity. When employees feel safe in their job, they are more likely to concentrate on their tasks, resulting in increased efficiency and productivity.
8: Enhanced Reputation:
Your businesses reputation can be enhanced by demonstrating a commitment to health and safety (e.g., attainin ISO accreditation (OHSMS) 45001, (EMS) 14001). This positive image can attract consumers, partners, and investors who value working with
organisations that are socially responsible and safe.
9: Access to Contracts and Markets:
Certain clients, particularly those operating in specific industries e.g., construction, horticulture, manufacturing etc., may demand verification of comprehensive health and safety protocols prior to engaging in contractual agreements. Adherence to these stipulations enhances business prospects and facilitates entry into new markets.
10: Lower Insurance Costs:
By actively managing and mitigating risks, businesses can often negotiate lower insurance premiums and ACC levies. ACC and insurers and typically view companies with robust health and safety practices as lower risk, resulting in potential cost
savings.
Long-term benefits
While the return on investment in health and safety measures may not always be immediately quantifiable, the long-term benefits can significantly outweigh the initial costs.
Additionally, the intangible benefits, such as a positive corporate culture and enhanced reputation, can contribute to a sustainable and resilient business.
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