The Economic, Business and Value Case for Health, Safety and Well-Being

Abstract

This chapter explores the economic, business and value case for the promotion of health, safety and well-being (HSW) which are recognized as key priorities in the current literature. There is a wealth of data demonstrating that in the long term, the most successful and competitive companies are those that have the best health and safety records, and the most physically and mentally healthy and satisfied workers. In spite of the evidence, companies are not always willing to implement initiatives for the promotion of HSW largely due to lack of awareness of the strong business case and benefits of promoting HSW initiatives. In this chapter, we first explain the link between employment, work and HSW outcomes which impact the vitality of society, organizations and workers. We then illustrate the ‘materiality’ of HSW by reviewing the literature and evidence base on the business case for HSW management. While the business argument has often looked at the hard and cold facts of economics and money, the chapter concludes by highlighting the importance of taking a holistic view of the business case which considers not only the economic case but the value case for protecting and promoting HSW.