Digitalization, Occupational Safety

Why modern occupational safety is worth every penny

6 important reasons to get your budget ready

5 minutes09/06/2022

Successful companies allocate a meaningful amount of their budget towards occupational health and safety. Here are 6 good reasons why it is both worth every penny, and worth doing it now. Learn why occupational health and safety needs modern solutions that will sustainably advance your company. We summarize the reasons on this page and link you to related articles, webinars and whitepapers.

Reason #1. Digitalization affects occupational safety

The enormous potential digitalization holds for occupational safety is often not fully realized. At the same time, the health risks of being able to work anywhere and anytime are often underestimated. By investing in the right knowledge and technologies, you can protect your employees and get your company ready to face the future.

Reason #2: EU Taxonomy and ESG criteria require excellent occupational health and safety performance

In the future, whether and under what conditions companies can access financial markets, will increasingly depend on their ESG performance in the areas of Environment, Social and Governance. The aspect of occupational health and safety is anchored in the second ESG factor - Social - which means that a company's ESG performance is is closely linked with the work EHS professionals do.

Reason #3: The Return on Prevention (RoP) factor is 2.2

The economic success of occupational health and safety is measurable and can be calculated using the so-called RoP (Return on Prevention). An international study concludes that the RoP factor is 2.2. This means that every euro invested in prevention, brings a return of 2.20 euros from a business point of view. 

Reason #4: There are all-in-one solutions for your budget

You don’t have to spend your budget on various one-off solutions for occupational safety. You don’t need multiple budget allocations to cover all the relevant expenditures of modern EHS management. A software solution is composed of modules and can bundle a variety of main focal points, such as accident reports, hazardous chemicals, audits or trainings.

Reason #5: Successful companies are paving the way

Companies in various industries and of different sizes have already put their budgets to work and achieved a breakthrough in occupational safety with the help of modern software.

Reason #6: Occupational safety can be a lucrative investment

You should view your occupational safety budget as an investment. With the help of financial indicators for your desired and actual scenarios, you can conduct a long-term cashflow analysis for the investment you are considering, taking the total net value of the project, the time needed for amortization and the expected percentual dividends into account.