How can you make sure your ISO 45001 investment pays off?

Many companies that adopt ISO 45001:2015 do so because it is required in their industry or because senior management recognizes it as a great approach to create, protect, and support employee well-being. In our last post, we discussed how much ISO 45001 implementation costs. We investigated the cost of implementation, but the profitability viewpoint is frequently neglected, particularly by senior management teams who are primarily concerned with project costs and may be less ready or able to perceive possible benefits. So, how can you assure and demonstrate to upper management that your ISO 45001 implementation is beneficial for your company?

Benefits of achieving ISO 45001 certification in Dubai

Wizms was able to obtain ISO certification in UAE in a simple manner. We discussed the general advantages of ISO 45001 certification in our previous post, Benefits of ISO 45001 Certification, but what specific financial benefits may be obtained? Consider the following: 1.Employee well-being and its relationship to productivity:Employee well-being is commonly recognized and considered to increase when firms build an OHSMS (Operational Health and Safety Management System) and become accredited to the standard. Employees that are consulted, involved, and communicated feel better and are more likely to be diligent and productive. Almost many contemporary businesses will evaluate productivity and output in both unit and monetary terms, so this metric should be very simple for your finance team to compare to before adoption. More information on employee benefits may be found in our article ISO 45001 OHSMS Benefits for Employees.
2. Improved process efficiency:As part of ISO 45001, better and safer ways to accomplish activities will be developed – typically while hazards and risks are identified and then mitigated or removed. Process improvement typically leads to increased productivity, which leads to increased production per employee. You should also discover that some activities demand fewer resources, resulting in cost savings. This fiscal measurement can be linked to the measurement in the preceding section. Companies' ISO 45001 Certification Requirements. This article discusses the importance of ISO 45001 Certification in Dubai. The benefits of ISO 45001 OHSMS Certification Training were employed to help our firm increase its profit in the market. 3.Employee loyalty:Obviously, satisfied employees who feel appreciated are less likely to depart than those who do not. Estimates of the cost of training new workers vary, but it is widely recognized that the cost is comparable to 6 to 9 months' compensation to teach a new staff member, and this may grow in specific industries where specialized training and abilities are necessary. With such high expenditures, particularly for small businesses with low turnover, effective employee retention provides a considerable financial benefit. To assist you to quantify this, your finance department should be able to determine personnel turnover rates and related expenses before and after ISO 45001 implementation.
4.The number of sick days is a basic yet useful metric.You may compare your average number of sick days to the national or regional average and then compare like for like with your own company before and after your ISO 45001 implementation to determine how much money your firm saves.
5. Customer loyalty as a result of your reputation: Certification to most recognized standards, as well as ISO 45001, will improve a company's reputation. In this context, the financial value of ISO 45001 certification might be difficult to quantify and can vary depending on the industry.It is, however, somewhat simpler to quantify the sorts of contracts, bids, and recurring business that your firm would not have qualified for without ISO 45001 certification, and you can also appropriate a monetary measure against this. Examine your present order book or contract list and determine which contracts you would keep if ISO 45001 were not in place; this will provide you with a useful starting point.
6.Delays and accident investigation time are eliminated: Improved OH&S performance will result in fewer accidents, less investigation time, and fewer delays for your production department. This all adds up to a measurable cash gain for your company over a fiscal year.

ISO 45001 - Making the numbers add up for your company

As you can see, ISO 45001 may be a beneficial long-term investment for any business, particularly those in industries with unusually high levels of risk or manufacturing techniques that are highly specialized and resource-intensive. While many senior executives perceive ISO 45001 as only a cost to the organization to fulfill compliance standards, with little or no financial return - nothing could be farther from the reality. Perhaps this is the approach you should use when presenting an ISO 45001 project proposal to the senior management team; emphasis on the financial advantages, which can be considerably higher than the short-term cost.