New videos about the economics of health and safety

€570bn from Europe’s GDP was lost in 2014 because occupational risks were not properly managed – be that from healthcare costs, lost productivity or lost earnings, according to two new videos released by the British Safety Council.

The videos, business benefits and economic incentives, explore issues around investing in health and safety to prevent these losses.

The videos were made with the European Agency for Safety and Health at Work (EU-OSHA) and “present the costs of failure, the benefits of taking action to train workers and ensure safe and healthy systems of work, and possible incentives to encourage employers to do more,” says Neal Stone, Acting Chief Executive of the British Safety Council.

“With €570bn wasted and 450 million work days lost each year across the EU, it is clearly in every employer’s interest to take health and safety seriously. Our Benefits video presents evidence to support claims that investing in health and safety produces a return on investment, through better productivity and avoided sick leave, of 2.2; that is employers get over €2 back for every euro invested.

“Yet, still not enough employers are taking action to invest in health and safety. As well highlighting the evidence of the benefits, other parties can incentivise employers to do more. Our Incentives video examines a points approach to setting insurance premia that is being trialled in Germany; and how the tax system can encourage employers to invest in training or safer machinery.

“We hope these videos will both bring home the seriousness of health and safety and stimulate ideas and action to prevent further injury and ill-health at work. As EU-OSHA says, a general approach that includes training, involving workers and a commitment from senior management is decisive for good health and safety.”

The Business benefits of health and safety and the Economic incentives for investing in health and safety are freely available and accompany our recent research report into the benefits of investing in health and safety.