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The risk of a poor risk assessment

Oct 28, 2019

Risk assessments are an integral process to effective Risk Management, and yet far too many businesses still view the ri...

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Workplace injuries, illnesses and fatalities not only affect employees, but also cost organisations billions of dollars yearly in wasteful expenses. According to the United States’ OSHA, businesses spend up to $170 billion a year on occupational injuries and illnesses. 

The value of human life is immeasurable, which is why it’s critical that when designing a workplace or preparing a job site, potential hazards are either eliminated or minimised. Proper training and installation of the right safety equipment should also be taken very seriously.

A culture of safety is imperative because your employees are the engine that powers your company. A well-maintained, high-performance team endures challenges and creates a scalable and profitable company that stays ahead of the competition and on top of risks. 

A well-executed safety culture is great for business and is critical to the legal and social obligations of your company. Best practice calls for organisations to adhere to a safety culture and this is the mark of excellence in any organisation.

Here are five ways that your safety culture translates to business growth.

 

1. Demonstrates Social Responsibility to Stakeholders

No company can attain sustainable growth without ensuring the health and safety of its workers. This is achieved by careful consideration of health and safety issues, taking the necessary steps to realise zero occupational accidents, address long working hours and supporting the physical and mental health of employees. Failure to do this affects performance and profitability.

 

2. Enhances Reputation and Credibility

Accidents and fatalities have a negative effect on a company’s reputation. When serious incidents occur, they affect public perception of your company and impact new business efforts and strain relationships with current clients and suppliers.

 

3. Maximises Performance and Productivity

Anything that improves employee morale improves productivity. If your employees know that measures have been implemented to ensure their safety, they will concentrate more on their work, without hesitation or distraction. Without a positive safety culture, employees are anxious and unfocused about working in a hazardous environment.

 

4. Prevents Disruption and Downtime

Accidents require investigations, corrections, equipment reviews and fresh supplies, causing significant disruptions and downtime. This downtime can slash productivity and result in scheduling and delivery delays, potentially damaging customer relationships. A safety culture helps curb any incidences of downtime.

 

5. Reduces Worker Compensation Claims

Fewer workplace injuries result to fewer compensation claims, which is great for your bottom line. Workers compensation premiums are tied to the number of claims filed by your employees. This means that if you have many of your workers filing for compensation, your insurance premiums will increase.

Today, many organisations are required by law to demonstrate high standards of corporate governance as pertains to health and safety as well as transparency. The modern economy is market-driven, and society is more empowered in their buying decisions, therefore organisations have to ensure that health and safety is at the core of their business. 

A safety culture offers you the following benefits: 

  • A positive stakeholder engagement
  • Maintains and promotes investor confidence
  • Ensures that the organisation is socially responsible
  • Improves your image, brand value and reputation

To discover how Vault can transform your company’s health and safety performance, get a demo today.

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