Financial Reasons For Managing Health, Safety and Environment At Workplace

1-Equipment Damage:

Equipments are highly expensive and managing safety at workplace can prevent equipment damage.

2-Medical Costs:

Cost paid for medical treatment of victims can be saved.

3-Staff Turnover:

Staff turnover will high which is very costly, as hiring of new workers and training them will take too much cost.

4-Sick Leaves:

Injured worker will be on sick leave and take weeks to recover, so this medical leaves cost will be paid by the organization.

5-Worker Compensation:

injured worker is seeking legal advice to seek medical compensation that need to be paid by the organisation to injured employee?

6-Action by enforcement authority:

Authority can make fines or penalties.

7-Loss of Contracts:

Accidents happening can cause loss of contracts and effect organization indirectly. This invisible cost can be prevented by managing safety at the workplace.

8-Loss of Reputation:

Loss of reputation is one of the most affective indirect cost which cannot be beard at any spot and is due to accidents, which can be saved by complying with safety rules and reguations.

9-Workers Morale:

Workers morale will fall ultimately, and they cannot work passionately which can effect the organization financially.

10-Cost of Workers Strike:

Workers will do strikes due to non serious behavior and will affect the organization.

11-Accidents Investigation Cost:

Cost will be paid for the investigation of accidents which only can be prevented by following HSE.

12-Lost Time Cost:

Due to poor culture (congested area, no good working conditions) time will be lost.

13-More Productivity:

Good workplace can increase productivity which will make cost friendly environment.

14-Prevention of Property Damage:

As a result of accidents property will also be damaged and very high cost will be paid for it.

Following are also some financial reasons for managing safety at workplace.

Reduce cost associated with accidents, Reputation management, Improved employee Retention, reduce workers absenteeism, Lower insurance premiums, Repairs to plant and equipment, production delays, overtime working and temporary labor

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