The global market for Environment, Health, and Safety (EHS) is projected to reach $8.6 billion by 2024. That’s an impressive CAGR of 10.2% from 2019 when the market was valued at $5.3 billion.
Why is the demand for EHS solutions expanding so rapidly?
Well, businesses have increasingly become aware of the need for real-time visibility. More organizations are investing in robust EHS systems to reach higher levels of operational efficiency, stability, and security.
In this friendly guide, we tell all you need to know about Environmental Health and Safety, including why you need to focus on it in your business.
Read on to learn more.
What Is an EHS System?
As we pointed out earlier, the letters EHS stand for Environment, Health, and Safety.
An EHS system incorporates the laws, regulations, rules, programs, professions, and workplace efforts that help safeguard the health and safety of employees, the public, and the environment.
Many businesses today have various programs in place to manage EHS risks at the workplace.
An EHS system attempts to identify workplace hazards and control them. The system also aims to inform employees about potential hazards and train them on how to work safely, protecting themselves, other workers, and the environment.
To help companies achieve their goals, there are many varieties of EHS Software available in the market today.
What Is EHS Software?
EHS software refers to a data management program designed to assist you to avoid safety incidents at the workplace and track them when they occur. The software helps a business maintain regulatory compliance.
A typical EHS software solution covers an array of functions that majorly focus on security and compliance. Some of these functions include:
The majority of top EHS software solutions are compatible with your mobile devices.
That makes these applications more convenient to use anywhere you and your employees are.
Why Is an Environmental Health And Safety System so Important?
Investing in EHS has many significant benefits for a business. Below, we outline eight good reasons to make EHS your top priority this year.
It Helps Enhance Worker Safety
The top reason organizations around the world invest in EHS systems is to keep their employees safe. Workers are a business’ most valuable asset. That’s why you need to establish a safe work environment for them.
The right EHS software gives you thorough reporting and recording abilities. It makes it easier to prevent employee injuries.
You thus get to avoid potential costs from absenteeism, lawsuits, compensation claims, and new staff recruitment.
You Get to Boost Increase Productivity
Implementing a strong EHS system shows your employees that you treasure their well-being.
When employees work without worrying about their safety, they’re motivated to become more productive. Over time, you’ll notice that your retention rates improve as there’s more job satisfaction.
The opposite is also true. Failure to invest in a reliable EHS system results in more safety incidents. Employees are generally demotivated, and the turnover rates are high.
Your Company Starts to Attract the Best Talent
The modern employee ranks workplace safety among the most important factors when considering working for a company.
If you intend to attract the best of the best in the industry, guaranteeing their safety can be a major incentive. Demonstrating that you have a foolproof EHS system in place is an excellent place to start.
EHS Programs Can Increase Customer Loyalty
Competition in the modern economic space can be ruthless.
One way to set yourself apart is by showing that you care about your employees, the public, and the environment.
Most consumers research these issues when deciding which businesses to do business with. Why not direct this EHS-friendly client base into your business?
An EHS System Makes You Compliant With Legal Requirements
As you may have realized, every incident that happens within your workplace can be a finable offense.
When you’re trying to grow your business, you want to avoid spending money on costly fines. Strive to be compliant with all workplace regulations.
Get the appropriate EHS software for your business. Note that the functions of different EHS software may vary depending on the industry. EHS software for businesses in the construction field, for instance, may prioritize protection from falls.
You Get to Reduce Carbon Footprint
All companies have a responsibility to ensure environment safety. You need to be always on the lookout for ways to reduce your business’ carbon footprint.
The right EHS program provides you with accurate data on your carbon footprint and provides you with actionable intelligence on what actions to take. The software helps you to comply with the regulations of the Environmental Protection Agency.
EHS Helps You Cut Insurance Costs
Insurance agencies usually assess the costs of litigation expenses, civil liability damages, workers’ compensation, and so on when determining your insurance premiums.
A workplace that’s unsafe and where workers frequently get sick will drive insurance premiums up, and vice versa.
By boosting safety in your workplace, you can keep potential insurance expenses low. When fewer employees get ill, your insurance company pays fewer claims.
You Boost Investor Confidence
Implementing a watertight EHS system can help potential investors gain more confidence in your business.
Most investors will only partner with businesses that can demonstrate seriousness in their management systems. Most banks are also willing to finance companies with good management systems.
Investing In a Reliable EHS Solution Pays Great Dividends
As you can see, every company needs a reliable environmental health and safety system in today’s business world. With such a system, an organization can keep worker workers and the general public safe and reduce its environmental impact.
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