Businesses Overlooking Costs of Injury and Illness

A survey, published by the Institution of Occupational Safety and Health (IOSH), claims that British businesses are losing their competitive edge because of a failure to tackle the risks and costs of injury and illness in the workplace.

The survey has concluded that employers are underestimating the economic benefits of worker protection and are placing it low on their list of priorities.

A source at the safety body quoted figures indicating that work-related accidents and ill health cost businesses nearly £8 billion a year, with absenteeism, low productivity and legal bills among the financial hits faced by bosses.

The overall cost of health and safety failures to the British economy, including welfare and health bills, is estimated at £22 billion.

In response to the issue, IOSH has launched a new campaign, Life Savings, aiming to "set the record straight on occupational safety and health".

IOSH says that rather than being viewed as a burden on business, good, proportionate health and safety is being used by forward-thinking CEOs and managing directors as a driver for growth.

IOSH is asking the Government to showcase good practice to demonstrate how managing health and safety can dramatically cut costs.

It also wants Ministers to make sure that their austerity measures, and blitz on red tape, do not damage people's health or lead to accidents.

Finally, IOSH is calling on the Government to reverse the decision to axe the Health and Safety Executive (HSE) advice line. IOSH says this move could deprive small businesses of vital free support.

IOSH President Steve Granger said, "Businesses are missing a trick with health and safety. When you operate in a global marketplace, and you're trying to claw your way out of recession, a happy, healthy workforce is a driver for growth."

Source: Croner

Posted Date: 01st Jun 2011