Strong health and safety practices don’t just prevent losses – they drive profitability, enhance leadership and attract top talent, writes Safewise consultant Kaye Byrne.

When it comes to workplace health and safety, there are numerous significant misconceptions. One of the most important is that a company’s profitability is only affected by H&S when something goes wrong. Many companies view the measures as a means of preventing the monetary losses associated with claims; it is viewed as a means of safeguarding their current possessions. Is there anything more to gain from perfecting H&S than avoiding lawsuits and expensive fines? It’s time to investigate the relationship between safety and health and a successful business.

A successful business is not something that just happens. Because it requires time and financial investment, or because H&S regulations may interfere with other business operations, there is occasionally a tendency to see H&S as a barrier. In the end, it seems that profitability suffers as a result of it. The truth couldn’t be further from the reality. According to a Ministry of Business, Innovation and Employment study, companies with stronger safety and health records also make a lot more money. To put it briefly, a business that is safe and healthy is more likely to have a healthy profit and loss sheet.

Putting your H&S best foot forward will help your business in many ways, some more apparent than others. The benefits of accepting your health and safety responsibilities are broken down as follows:

Leadership: Improved leadership, good leadership and adherence to H&S regulations are frequently directly correlated. If the work environment is unsafe, it frequently indicates that employees are not being properly managed. However, leaders who effectively fulfil their H&S responsibilities are typically proactive, deliberate and adept at problem-solving, all of which are positive for the company.

Improved reputation: A company that has a solid reputation for H&S is more reliable and appealing to all parties involved. Prioritising safety can improve a company’s reputation and lead to favourable feedback. Building customer confidence is essential to draw in and keep clients. An excellent place to start is with H&S.

Better hiring and retention: Companies that take a strong approach to H&S have a better chance of drawing in and keeping top talent. This results from workers’ desires to work for organisations that care about their health and safety.

Improving workplace H&S is one of the best business decisions you can make if you’re trying to increase your profits. Here’s a quick tip: consider it an investment rather than a cost. Every dollar you invest will not only protect your company from mishaps, lost productivity and financial penalties, but it will also pave the way for your employees to realise their full potential.