It's bad business to skimp on workplace safety and health

As older workers make up a growing part of the workforce, it makes good business sense that their well-being is prioritised.

- David Michaels

A study conducted in South Korea in 2021 on safety and health at work found that the overall estimated rate of work-related fatalities per 10,000 workers was much greater in older workers (0.973) than in young workers (0.239).

Generally, older workers experience higher frequencies of workplace fatality and injury severity.

For Singapore's growing ageing workforce, with 27 per cent of resident labour force workers aged 55 and above, it was estimated in a 2023 study by the NTUC and Tsao Foundation that for every worker exiting the workforce, there will only be 0.7 entering in 2030.

Promoting age-friendly workplace safety practices and designs is essential to enable older workers who wish to continue working. By managing workplace safety effectively, businesses not only support their employees but also enhance operational excellence and overall performance.

CAUSE AND EFFECT

The cost and impact of workplace incidents is multi-faceted. Not only could there be loss of life and limb which affects workers, their families and their livelihoods, businesses with a less-than-stellar safety record often face many additional costs.

Injuries slow production, and time and money need to be spent to find new hires and train them. These businesses may also suffer from reputational damage; in some countries, such businesses may be levied heavy legal penalties, further damaging their reputation, having been labelled in the media as unsafe.

Over the years, I've spoken to corporate leaders to better understand what drives them to keep their workers safe, and most often, they expressed concern for their employees' well-being and emphasise their desire to avoid any harm.

Some also highlighted that "safety pays" by lowering costs and admitted to concerns about the reputational damage that could follow a major incident at their company.