A new report from the Intersociety Forum (ISF) highlights how businesses can achieve better outcomes by embracing a comprehensive, risk-based approach to Environmental, Health, and Safety (EHS) practices. Moving beyond compliance, companies can create safer environments, improve productivity, and enhance their competitive edge. Investing in workplace safety isn’t just about meeting regulations — it’s a strategic advantage that drives growth.
The True Cost of Workplace Injuries
Despite advancements in safety technology, workplace injuries and fatalities remain an ongoing challenge. In 2023, the U.S. Bureau of Labor Statistics reported that one worker died every 99 minutes on the job. The National Safety Council (NSC) also found that work-related injuries cost U.S. businesses a staggering $167 billion in 2022, which includes wage and productivity losses, medical expenses, and administrative costs.
These costs are avoidable, and businesses that adopt proactive safety practices can reduce these financial burdens. Prioritizing safety not only protects workers but also improves operational efficiency and reduces the risk of long-term costs.
Moving Beyond Compliance
The ISF report outlines three core principles that can help businesses strengthen their safety practices and achieve better results:
Principle 1: Business-Driven Practice: Standards and Worker Well-Being
Safety is about more than compliance—it’s about creating a holistic approach that supports both physical and mental health. Businesses that prioritize worker well-being see higher employee engagement, improved morale, and greater productivity.
Principle 2: Beyond Compliance: Embracing Risk and Safety Management Systems
Effective safety practices go beyond meeting regulatory requirements by proactively identifying and mitigating risks. By integrating risk management systems into every level of decision-making, businesses can stay ahead of potential hazards and reduce injuries.
Principle 3: Leading Indicators: Revolutionizing Recordkeeping for Predictive Insights:
The report emphasizes the importance of utilizing leading indicators, such as near-misses and safety audits, to predict and prevent incidents before they occur. Shifting from lagging indicators to leading indicators helps businesses take action before accidents happen, creating a safer work environment.
Investing in Safety for Long-Term Success
As Mark Chung, executive vice president of safety leadership and advocacy at the National Safety Council, stated: “This data confirms what safety professionals have long understood: Investing in worker protection not only saves lives but also drives economic growth and operational excellence.” Companies that prioritize safety see clear financial benefits, including reduced injury rates, improved productivity, and enhanced profitability.
According to a 2024 report by Ernst & Young, companies with high-performing EHS functions experienced faster increases in net income, revenue, and market capitalization compared to their average-performing counterparts. Safety practices aren’t just an expense — they are a critical investment in business success.
Steps Employers Can Take to Improve Safety
Businesses can take several steps to create a safer, more productive workplace:
- Adopt Proactive Safety Management Systems: Implement systems that manage and mitigate risks, embedding safety into everyday decision-making.
- Provide Comprehensive Safety Training: Ensure workers have the knowledge to recognize hazards, respond to emergencies, and stay safe.
- Support Worker Well-Being: Beyond physical safety, consider workers’ mental health and create an environment where employees feel supported in all aspects of their health.
- Leverage Predictive Data: Use leading indicators and predictive analytics to identify and prevent risks before they escalate.
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