People tell us with great pride that their company regularly pays employee safety bonuses.
It’s a good idea. Accidents are expensive, so rewards for working safely is a good idea – right?
Well actually no – it’s a pretty bad idea.
Safety bonuses tend to encourage employees to avoid reporting safety incidents and accidents. When people stop reporting accidents, the opportunity to eliminate workplace hazards is lost. Safety incidents increase in seriousness and frequency.
As part of the due diligence process, reviewing workplace safety culture can identify potential risks that may not appear in the financial statements.
Chemvalon’s experienced industry professionals can examine how safety is managed within an organization and assess how well a key business risk is managed and controlled.
Achieving the highest standard of safety performance is a critical success factor for any business operating within the chemical industry. A bad attitude toward safety can mean an expensive culture change that investors need to be aware of before the deal is closed.
Contact Chemvalon to discuss your situation and needs.