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Why health and safety is a crucial part of your company’s financial success

Why health and safety is a crucial part of your company's financial success Midlands Health and Safety Consultancy

The main goal of health and safety is of course, to prevent workplace injuries, illnesses, and deaths but we must also look at the suffering and financial hardship these events can cause for workers, their families, and your business. Whilst growth and profit is the core of a successful organisation, a proficient health and safety system can have a big impact on the wider aspects of the business. Our latest article looks at why health and safety is a crucial part of your company’s financial success and how the two are integrated.

Compliance

Compliance is often thought of when it comes to health and safety and whilst it is important, it can be a tedious task which many view as having no immediate benefits. Despite the bad reputation, compliance is important and can help you prevent the likelihood of your company being involved in a costly incident. Compliance measures are also there for a reason, and they can help you keep the workplace you operate a safe environment to work in.

Increase productivity

Good health and safety can also increase the overall productivity of any business. With proper measures in place, your employees will be able to carry out their jobs more efficiently, while remaining safe. This is because their morale will be highly uplifted knowing that they have very little to worry about concerning their health and safety at the workplace.

Enhance reputation

If your employees feel that you care about their health and safety, they will probably tell people about it. In the end, you’ll have more competition for employment spaces, and most importantly – more people will get to know about your brand (products or services).

Reduce the costs of staff turnover

A high rate of accidents and illnesses can get in the way of staff retention efforts. Holding onto highly skilled employees is important, as their departure can cost a company in the short and long term. If your staff notice risks that aren’t being addressed, they may be likely to attempt to find better working conditions elsewhere and as a result, you may have to pay the costs of advertising, recruitment and training which are all a significant financial and time cost.

Retention of staff

Having a safe work environment can also help attract employees. Potential employees are often concerned with the safety of the workplace when considering job offers. If an organisation has a reputation for prioritising health and safety, it can be a major selling point for job seekers.

Overall, effective health and safety management is an important part of responsible business practice and is crucial for the well-being of workers, companies, and society as a whole. For further information on why health and safety is a crucial part of your company’s financial success, please contact us here.

 

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