Chapter 3:
A framework for understanding the return on safety investment
The five key areas that senior executives care about are:
- Cost
- Time
- Quality
- Risk and reputation
- Revenue
To make sure your safety goals align with your organisation’s business goals, pick crucial EHS initiatives that may overlap with these five main areas of concern. No matter the circumstance, this table below illustrates how you can showcase the ways a better safety system can deliver on these concerns as you plan and budget for the future.
How a strong safety performance can align with your business goal
Company barriers
Current / New business
Does the goal or initiative...
- Attract new clients?
- Retain existing clients?
Expected business value (example)
- Add £1M/ year client
- Keep £5M in business over the next 3 years.
How a stronger, digital safety system will deliver
Greater bidding opportunities due to higher safety performance.
Company barriers
Time to completion
Does the goal or initiative...
- Speed up existing processes?
- Get projects done quicker?
Expected business value (example)
50-75% quicker supervisor decision making (1 week down from 2-4 weeks)
How a stronger, digital safety system will deliver
With all documents digitalised & centralised in one location, you will quickly be able to find what you’re looking for.
Company barriers
Quality of work
Does the goal or initiative...
- Deliver more(or improved) product or service than the existing process?
- Better proof of quality of work to customers?
Expected business value (example)
- Reduce reported errors or stoppages to client by 20%.
- Ensure communication of job well done every time.
How a stronger, digital safety system will deliver
Provides complete transparency into your safety & reporting programme, with less room for human error. Identifying trends will now be easier, allowing for quicker, data-driven decisions.
Company barriers
Cost containment
Does the goal or initiative...
- Reduce costs? Direct or indirect?
- Allow company to grow without adding a proportionate cost?
Expected business value (example)
- 5-10% of time freed up across suspensions.
- 25% lower incident rate.
- 15% lower insurance premiums.
How a stronger, digital safety system will deliver
More insight into your safety programme. You can focus on leading indicators & reducing your injury & incident rate, which can lower the cost of insurance premiums.
Company barriers
Corporate risk + Reputation
Does the goal or initiative...
- Reduce the probability of lawsuits, fines, reputational damage, or operational shut-downs?
- Enhance company’s reputation?
Expected business value (example)
- Avoidance of cost of 1 major incident over 5 years.
- Build brand around new competitive advantage.
How a stronger, digital safety system will deliver
A digital safety system will function as a repository for all records and information, allowing you to defend yourself when needed.
