10 Benefits of ISO 45001 for all bussinesses

ISO 45001 is a standard that helps organisations integrate aspects of health and safety into their workplace. The standard specifies the requirements for an occupational health and safety (OH&S) management system, allowing organisations to minimise and prevent workplace accidents, hazards or injuries, and medical illnesses. An ISO 45001 management system presents many benefits for organisations and their employees when implemented appropriately. Improved employee safety, enhanced stakeholder confidence, increased productivity, reduced risks and demonstration of commitment to safety are some of the significant advantages of ISO 45001. Be with the ISO Council to get to know the benefits of ISO 45001.

Benefits of ISO 45001

Here are some additional benefits of ISO 45001 to help you if you are weighing the pros and cons of implementing this standard.

1. Improved employee safety

According to the Australian Bureau of Statistics (ABS), 563600 individuals suffered from a work-related injury or illness between 2017-2018. This is the most evident advantage of implementing ISO 45001. It has the potential to minimise workplace illnesses and injuries by giving organisations the tools to prevent such incidents. The health and safety programmes recommended within these standards can be customised to every organisation’s individual needs. Hence, with the help of the tools and customised health and safety programmes, organisations are empowered to address risks that may cause potential threats to their employees.

2. Enhanced stakeholder confidence

Beyond the obvious advantages, complying with the ISO 45001 standard is a great way to show regulators, investors and customers that an organisation is serious about workplace safety. When stakeholders are confident in an organisation’s ability to maintain a safe work environment, they are likelier to do business with them. The decision to acquire an ISO 45001 certification showcases the organisation’s ability to make informed decisions. As a result, shareholders are less likely to scrutinise the organisation’s future decisions.

3. Increased productivity

the International Labour Organization (ILO) states that workers take four days of absence from work every year due to work-related injuries. Similarly, according to the Australian bureau of statistics, 60% of individuals who suffered a work-related injury or illness required time off in 2018. Evidently, any time an employee is injured and can’t return to work, the overall productivity suffers. Additionally, organisations also lose time when hiring and training a replacement.

Moreover, if equipment is damaged during the incident, organisations may temporarily shut down their operations. Hence, the application of an ISO 45001 recommended OHS management system helps to enhance productivity by reducing work-related injuries.

4. Lower insurance costs

Similar to how a safe driver keeps a car’s insurance rates low, tending to workplace safety can reduce commercial insurance rates. By reducing the risk of injury, organisations also decrease the chances of an employee needing to file a claim. As a result, organisations that implement a successful ISO 45001 management system enjoy lower premiums. Additionally, they may not need to provide work compensation.

The new amendment in ISO 45001 standard asks management to commit to safety. By making health and safety a part of the organisation’s management system, this standard holds top-level executives accountable for employee wellness.

5. Reduced risks and identify potential safety

ISO 45001 provides a framework to organisations that help to identify potential safety issues before they escalate to an accident. By eliminating these risks, organisations can enjoy the comfort of lesser adverse events.
Identify opportunities: The ISO 45001 not only focuses on risk management through identifying potential hazards but also helps employees uncover opportunities. With better productivity and safety, organisations can reinvest their energies into research and innovation.

6. Stand out as industry leaders

As the latest version of the ISO 45001 was published in 2018, it is still considered as a relatively new. Being among the few companies that have achieved compliance with this new standard is a great way for organisations to set themselves apart and showcase that they are updated with industry specific best practises.

7. Gain a competitive advantage

Many organisations, particularly those in Australia, tend to favour companies adopting ISO standards. This is particularly helpful if an organisation is bidding for work or contracts. Utilising the ISO 45001 standard allows companies to gain a competitive edge. Contractors understand that any company with ISO label is vigilant with their internal assessments, management systems and management reviews.

8. Engagement in employee safety

Employee involvement is crucial for the success of any safety program. The ISO 45001 standard provides a structured framework through which worker consultation and participation can be enhanced.

9. Becoming proactive

Many organisations have a reactive method of addressing safety concerns. In contrast, a proactive safety culture is the necessary ingredient in creating sustainability. Unlike other standards, which focuses on controlling known hazards, the ISO 45001 requires organisations to be proactive with their assessments. Proactive assessments allow for the timely identification of sources or situations that have the potential to cause harm.

10. Demonstrating the organisation’s commitment to safety

The ISO 45001 is globally recognised as a symbol of safety and health. By acquiring the ISO 45001 certification, organisations can demonstrate their commitment to following best health and safety practices.