Businesses are missing out on £8 billion every year due to poor policies to deal with risk and hazards, the Institution of Health and Safety (IOSH) has reported.
This results in enterprises losing their competitive edge due to low productivity, legal bills, illness, accidents and absenteeism caused by a lack of attention to risk and hazard management, the study found.
“Businesses are missing a trick with health and safety,” IOSH president Steve Granger declared. He described how, in the current global marketplace, the wellbeing of an enterprise’s workforce will be an indicator of its potential for success.
He claimed it was “frankly wrong” for the government and other people to describe this legislation as red tape.
In opposition to this, a recent report from the British Chambers of Commerce stated the ambiguous nature and large volume of health and safety is a burden on many businesses while acknowledging it could be particularly important in certain sectors.