Have you ever taken the time to evaluate how much time or money you spend trying to keep your employees healthy? Have you ever taken the time to understand how much your organization spends a year on sick pay, insurance, accidents or sick leave? If you haven’t, don’t worry: you’re not alone. But that’s no excuse.
Pro-actively investing in health and safety can help lower the number of fatalities, injuries, and illnesses in your workplace. It can boost your bottom line through savings in workers’ compensation costs and improve productivity.
This investment can also improve your financial performance. In fact, a new study has found companies that focus on the health and safety of their workforce are outperforming the stock market and yielding greater value for their investors.
The study, published in the September issue of the Journal of Occupational and Environmental Medicine, tracked the stock market performance of a group of U.S. companies that had won awards for their health and safety programs. Between 1999 and 2012, a $10,000 dollar investment into one of the stock portfolios achieved a rate of return of 78% – or $17,872, besting the stock market S&P 500 average. This research adds to the growing list of literature that links the health of a workforce to its safety and performance.
The companies involved in this study received Corporate Health Achievement Awards that were based on standards of practice developed by the CHAA. We’ve listed some of these standards below to help your company determine the areas in which you may want to consider investing:
- Health evaluation of workers
- Occupational injury and illness management
- Traveler’s health
- Mental and behavioural health, and misuse of substances
- Workplace health hazard evaluations, inspection, and abatement
- Education regarding worksite hazards
- Personal protective equipment
- Toxicological assessment and planning
- Health promotion and wellness
- Absence and disability management
If you choose to pro-actively invest in workplace health and safety, get in touch with us. We can provide you with the services you need to minimize the health and safety risks in your workplace, and optimize your return on investment.
If you have any questions about what you should be doing to improve health and safety in your workplace, reach out to us through our contact page or on Twitter @DriverCheckCA!
Fabius R, Thayer RD, Konicki DL, et al. The link between workforce health and safety and the health of the bottom line: tracking market performance of companies that nurture a “culture of health.” J Occup Environ Med. 2013;55(9):993-1000.