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WHS Management - Business Case

Risk Management - What is the Business Case

The corporate gains associated with WH&S  programs are twofold: on the one hand, labor costs are reduced, while on the other hand, employees’ ‘health capital’ is enhanced.

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Investing in workplace health and safety risk management can reduce the costs associated with occupational hazards, which take the form of a risk premium for employees (higher wages to compensate for the increased health risk at work), penalties imposed by the regulatory bodies and direct costs due to injuries or accidents (lost days, replacement costs of damaged material, machinery and property, workers’ compensation, new employees’ learning curve)

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Research published in the International Journal of Workplace Health Management (2008) estimate there is a $3 saving for each $1 invested in occupational health and safety programs. 





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