Your investment in work environment and safety pays off
A large international study shows ...
Your investment in work environment and safety pays off
The main reason many companies hesitate to invest in health and safety at work is the cost.
Nevertheless, an approved study now shows that you get your money back when you invest in safety and health.
Current figures on Return on Investment
A large international study reviewed 26 cases covering the relationship between costs and benefits when investing in an improved work environment. This peer-reviewed study is the most comprehensive in the field for determining the economic wisdom of investing in safety and health at workplaces.
And the conclusion from the study is clear - investing in Occupational Health and Safety measures (OHS) pays off quickly. In 19 out of 26 cases, businesses recouped their investment in less than a year*.
214€ per worker
This is the amount of money businesses make back on average in the first year after investing in health and safety measures*. Money spent on safety measures pays off quickly because of the benefits they bring, which makes this investment a smart financial decision. According to the study, the benefits that make up the 214€ are split into:
Avoided sick leave
This reduces the costs associated with covering for absent staff or lost work hours and is by far the biggest money saver when investing in prevention measures.
Productivity increase
Improved safety and health lead to fewer work interruptions, which is undeniably beneficial for business efficiency and workflow.
Quality increase
Investments in safety and health contribute to higher employee satisfaction which means a more motivated workforce, a better company culture overall and an increase in the quality of the work.
The industry with the highest pay-off
In 2023, a new study built on these findings and highlighted new details on how spending on Occupational Health and Safety (OHS) pays off financially. The study found that, on average, for every euro spent on OHS,
- manufacturers saw a 1.24 € return,
- transportation companies saw 2.14 €,
- and construction businesses saw 1.34 € within the first year**.
These returns include both direct benefits, such as fewer work-related injuries and illnesses, and indirect benefits, like better employee retention and morale.
Importantly, many businesses in the study experienced a return of more than a dollar for every dollar invested, demonstrating that OHS spending is a financially sound choice in these industries.
Conclusion: A smart financial decision
The collective insights from these studies make it clear: Investing in OHS is not just a compliance or ethical decision; it's a strategic financial choice with a significant positive impact on employee well-being and company profitability. By prioritising workplace safety and health, companies are not only fulfilling a duty – they're making a smart financial decision with substantial returns.
Lift safely and easily with Hovmand – it pays off
Here's a quick rundown of the benefits of Hovmand lifters:
Prevent injuries
Lifting heavy items can cause back pain and injuries. A lifter does the heavy lifting for you, reducing these risks.
Reduce sick days
Fewer injuries mean fewer sick days. Your team stays healthy and keeps working without interruption.
Save money in the long run
By avoiding injuries, you save on medical costs and lost work time.
Improve workplace morale
When employees see that you care about their safety, they feel valued and thereby happier and motivated.
The Impact lifter
Our Impact lifters revolutionise material handling by offering customised solutions for lifting a wide range of materials and goods, from drums and reels to crates and buckets, across various industries.
With a modular system that allows for bespoke combinations of legs, mast height, and lifting capacity, these robust yet surprisingly lightweight aluminium and steel lifters are designed for ergonomic safety and efficiency, effortlessly handling loads up to 200 kilos (~441 lbs).
The INOX lifter
Our stainless steel INOX lifter, meeting stringent GMP standards and IP66 hygiene ratings, is perfect for sensitive areas demanding high standards of cleanliness. Made entirely from electropolished stainless steel, it's easily cleaned and resistant to harsh cleaning agents, effectively preventing germ and dust adhesion.
With a lifting capacity of up to 300 kilos (~661 lbs.), the adaptable INOX range can be customised to precisely fit your manufacturing processes.
Related articles
Work accidents and diseases cause significant financial costs for companies. Additionally, they have a negative impact on the well-being of employees.
In this article, we delve into the cost of work accidents and diseases and detail how implementing preventative measures like Hovmand lifters can help.
Occupational Safety and Health (OSH) measures have a wide range of positive effects on both the physical and mental health of workers, ultimately improving their overall quality of life and reducing the risk of work-related disabilities.
This is made clear by the three examples we have selected in this article. Read along – maybe you can relate to the issues or solutions in the stories.
Sources:
* Verbeek et al. (2009): A systematic review of occupational safety and health business cases. https://doi.org/10.5271/sjweh.1355
** Mustard, Yanar (2023): Estimating the financial benefits of employers’ occupational health and safety expenditures. https://doi.org/10.1016/j.ssci.2022.106008