There are more than a few big misconceptions when it comes to workplace health and safety. One of the biggest is that health and safety only impacts a business’ profitability when it goes wrong. Many businesses treat health and safety as a way to avoid the financial losses that come with claims. It’s seen as a way of protecting what they already have. Beyond avoiding claims and costly financial penalties, is there more to gain from nailing workplace health and safety? Research by Safe Work Australia suggests there’s a direct relationship between profitable businesses and health and safety standards.
Keen to find out more? Read on. It’s time to explore how tackling health and safety head on can help boost your business’s bottom line.
Profit is no accident
Sometimes there’s a tendency to view health and safety as a hindrance – either because it involves an investment of time and money, or because health and safety policies may obstruct other business processes. Ultimately, the feeling is that health and safety comes at a cost to productivity and profitability. In reality, things couldn’t be further from the truth.
A Safe Work Australia study found that businesses with better track records for health and safety also have significantly higher profits. In a nutshell, a safe and healthy business is more likely to enjoy a healthy bottom line. Why? Let’s take a closer look.
The hidden benefits
Putting your best foot forward with health and safety will benefit your business in a host of ways (some more obvious than others). Here’s a breakdown of the advantages that come with embracing your health and safety responsibilities: * Increased efficiencies: An important part of risk management is identifying any hazardous manual tasks and, whenever possible, automating them. For example, a factory might use a robotic arm to lift and move heavy objects on an assembly line, reducing the risk of musculoskeletal injuries caused by manual handling. As well as eliminating risks, automation can free up staff to perform other high-value tasks and add efficiency to your work systems. * Better leadership: There’s often a direct relationship between health and safety compliance and good leadership. When a workplace or the work itself is unsafe, it often means that employees are not being well-managed. On the other hand, leaders who successfully manage their health and safety obligations tend to be forward-thinking, intentional in their actions and good at solving problems, all of which bodes well for business. * Enhanced reputation: A good reputation for health and safety makes a business more trustworthy and attractive to all stakeholders. Putting safety first can generate positive publicity and enhance a business’s standing in the local community. If you want to attract and retain customers, you need to engender customer confidence. Nailing health and safety is a great place to start. * Improved recruitment and retention: Businesses with a robust approach to health and safety are more likely to attract and retain top-level talent. This is because employees want to work for companies that are committed to their safety and well-being. This also helps you to satisfy existing staff and avoid the costs associated with training new recruits. * Greater creativity: Believe it or not, building a healthy and safe work environment can inspire creativity. Employees who feel well cared for are more comfortable trying new things and sharing original ideas. In other words, when employees feel safe and protected, they are more likely to be creative and innovative.
A risk-free investment
If you’re looking for a way to boost your profits, improving your workplace health and safety is one of the smartest business decisions you can make. When employees feel secure and valued, they are more likely to be engaged and motivated, which leads to increased productivity and bigger profits.
Here’s a simple tip: instead of viewing health and safety as a cost, view it as an investment. Every dollar you spend will not only safeguard your business from accidents, downtime and financial penalties, but also create the conditions for your staff and business to reach its their potential.
WHS advice you can trust
As a business owner, you have a responsibility to provide a healthy and safe work environment for all your staff. With constantly changing legislation and regulations, it can be tricky for you to keep up with your duties. Unsure of your obligations? Don’t worry, we are.
Thousands of businesses across Australia and New Zealand trust Peninsula for workplace health and safety support. Contact us to get all your difficult health and safety questions answered by the experts.
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