How can better workplace safety reduce insurance premium costs?
Workers' compensation is an important part of Australian industry. It protects workers from the worst outcomes of a workplace injury and helps them when times get tough. However, it can also have an impact on the bottom line of a business. In recent years, the median compensation paid out for serious claims grew by 71 per cent, rising from $5,200 in 2000-01 to $8,900 in 2012-13.
WHS training is a key part of reducing workers' compensation premiums.
As the cost of payments increase, the side-effect is an increase in premiums that cover the risk of insurance. Businesses in Australia should be looking at ways to reduce insurance premium costs. The best way to accomplish this is by improving workplace health and safety, and consequently reducing the number of claims from your workers.
Building a truly effective health and safety culture
The old idiom that people come first is no more applicable than with health and safety. Culture is foundational to driving better health and safety in any organisation. While a cultural approach to health and safety is not a substitute for engineering and system enhancements, it can help to facilitate them and drive success.
Culture stands for the actions of workers, the behaviours that either increase or decrease safety, and the shared safety values and beliefs workers have in the workplace. A strong culture ensures that all workers share the same values and are working together towards improved health and safety.
An effective culture involves and actively promotes egalitarian relationships that allow workers to communicate openly and honestly about safety. It also instills a sense of personal responsibility that promotes the idea that workers have the ability to negatively and positivity impact health and safety at their workplace.
— Safe Work Australia (@safe_work_aus) January 25, 2017
What does it take to change?
Enhancing or improving health and safety culture can be achieved but it demands specialist advice and direction. The best way to access this is work health and safety training.
Unfortunately, many business leaders believe training is just for workers and direct reports. However, changes to legislation have made it an imperative that culture change comes from the top. Leaders can learn how to proactively initiate change, rather than simply riding their luck.
At IPM Consulting, our programs are specifically tailored for different roles and outline the responsibilities and actions required to drive health and safety success. If you would like to know more, make sure you talk to a specialist health and safety trainer at IPM today.