According to the consultants at Arinite Health and Safety, the cost of complying with H&S regulations is much cheaper than the average fines being handed out. Take into account compensation payments, reputational damage and prison sentences for negligent directors, and you end up with a very compelling case. Rather than asking whether they can afford to be compliant, more and more organisations are realising that they simply can't afford not to be.
What about my industry?
As you can see from the above graph, Arinite looked at a number of different industries and calculated the average breach fees applied to each. You also see the total cost to that industry and the number of fines handed out. It makes sober reading, especially when you consider the effect on workers' lives and their families.
What investment do we need?
A key part of your investment should be the cost of ascertaining exactly how to improve your H&S function. This may be by investing in a good quality Health and Safety Management software solution, which will be able to store and retrieve data efficiently for you to analyse.
One like EvoSafe, with Google heatmaps helps you identify hotspots that need attention, especially when this is combined with MI dashboards which give you a real time RAG-coded view.
Software with a workflow functionality can also follow the steps you've identified for your procedures. It prioritises actions for you and your team to ensure maximum team efficiency. Our customers love that it flags tasks that are pending or overdue in the workflow, so that important maintenance checks or audits are never missed.
Another solution is to hire experienced consultants. Don't forget though, to give you the best advice possible, they will also be reliant on your data. To see the complete article by Arinite please click here.
You can also book a free demo here!