Companies in resource-intensive foundational industries today are looking to achieve growth, while also increasing sustainability and reducing operational risks – including risks to the health and safety of their own workforce.
Forward-thinking companies are allocating a meaningful amount of their budgets toward occupational health and safety measures and resources. Effective occupational health and safety process require modern solutions that can simultaneously advance your company and improve sustainability, while protecting workers.
Here are 6 good reasons why those investments are worth every penny, and worth doing right now.
reason #1. digitalization affects occupational safety
The enormous potential digitalization holds for occupational safety is often not fully realized. At the same time, the health risks of being able to work anywhere and anytime are often underestimated. By investing in the right knowledge and technologies, you can protect your employees and prepare your company for the future.
reason #2: EU taxonomy and ESG criteria require excellent occupational health and safety performance
In the future, whether and under what conditions companies can access financial markets will increasingly depend on their Environment, Social, and Governance (ESG) performance. The concept of occupational health and safety is included in the second ESG factor - Social - which means that a company's ESG performance is closely linked with the work EHSQ professionals do.
reason #3: the return on prevention (RoP) factor is 2.2
The economic success of occupational health and safety is measurable, and can be calculated using the so-called RoP (Return on Prevention). An international study concludes that the RoP factor is 2.2. This means that every euro invested in prevention, brings a return of 2.20 euros from a business point of view.
reason #4: there are all-in-one solutions for your budget
You don’t have to spend your budget on multiple one-off occupational safety solutions. You don’t need multiple budget allocations to cover all the relevant expenditures of modern EHSQ management. A software solution composed of modules can bundle together a variety of functionalities, such as accident reporting, tracking of hazardous chemicals, and audit or training scheduling.
reason #5: successful companies are paving the way
Companies in various industries and of different sizes have already put their budgets to work and achieved a breakthrough in occupational safety with the help of modern software.
reason #6: occupational safety can be a lucrative investment
You should view your occupational safety budget as an investment. With the help of financial indicators for your desired and actual scenarios, you can conduct a long-term cashflow analysis for the investment you’re considering, taking into account the total net value of the project, the time needed for amortization, and the expected percentual dividends.