Outline The Economic Benefits That An Organisation May Obtain By Implementing A Successful Health And Safety Management System.
- Reduces risk to an organisation – risk assessments allow the identification and onwards management of risk
- Reduced risk allows/attracts reduced insurance liability coverage
- Ensures legal compliance and as a consequence helps the organisation to avoid costly legal as well as civil actions.
- Having less accidents/incidents means that time is more productive and as such would improve overall financial performance (could even have quality improvement connotations).
- There will be cost savings to employers (as stated earlier), individuals – as they will not have earnings affected due to accident/ill-health absence, the economy would benefit by having additional availability of cash and of course society would not be faced with the financial burden of caring for persons who are ill/recovering/disabled due to poor and /or unsafe working practices.
- It would allow target setting and as such economic benefit would be obtained by the company being aware of their performance and effectively managing it accordingly.
Other Important Health and Safety Topics:
- How to Pass NEBOSH IGC In First Attempt?
- Guidance On NEBOSH Command Words / Action Verbs
- Why We Manage Health and Safety?
- Barriers In Promoting Good Standards Of Health And Safety at Workplace.
- Purpose Of Three Main Sections Of An Organization’s Health And Safety Policy.
- Circumstances That May Require A Health And Safety Policy To Be Reviewed
- Setting Of Health and Safety Targets & Their Importance
- Reasons Why An Organization Should Review Its Health And Safety Performance
Other Important Useful Links:
- HSE Interview Questions and Answers
- NEBOSH IGC Past Papers Free Download
- NEBOSH IGC Examiner Reports Free Download