Whether it is healthcare costs, lost productivity or lost earnings, failing to manage occupational risks cost European firms (which includes those in the UK) €570billion last year – and that does not include fines and costs resulting from prosecutions for contravening health & safety regulations.

That is the message in two new videos from the British Safety Council. The videos explore issues around investing in health & safety to prevent these losses.

One is called The Business Benefits of Health & Safety:

The other is called Economic Incentives for Investing in Health & Safety

The videos were made with the European Agency for Safety & Health at Work (EU-OSHA) and, says Neal Stone, Acting Chief Executive of the British Safety Council, they “present the costs of failure, the benefits of taking action to train workers and ensure safe and healthy systems of work, and possible incentives to encourage employers to do more”.

He says that as well as the cost, failing to manage risk results in 450million work days lost each year across the EU and adds: "Our Benefits video presents evidence to support claims that investing in health & safety produces a return on investment, through better productivity and avoided sick leave, of 2.2 – that is, employers get over €2 back for every euro invested.

“Yet still not enough employers are taking action to invest in health & safety.

"As well highlighting the evidence of the benefits, other parties can incentivise employers to do more. Our Incentives video examines a points approach to setting insurance premia that is being trialled in Germany – and how the tax system can encourage employers to invest in training or safer machinery.

“We hope these videos will both bring home the seriousness of health & safety and stimulate ideas and action to prevent further injury and ill-health at work. As EU-OSHA says: A general approach that includes training, involving workers and a commitment from senior management is decisive for good health & safety.”