Question 7: Answer

The following financial arguments would be used to convince MD:

 If no investment is put on improving health and safety of the company
then it would lead to more serious incidents, accidents and more
financial losses. So doing nothing in this regard would also be
disastrous.
 By spending money on health and safety would lead to unsafe
working conditions and in such circumstances skilled staff turnover
rate get increased.
 Costs associated with training arrangements required for newly hired
employees is also significant that will be financial strain on company.
 If financial resources are allocated worker feel comfortable to retain
their employment in that company that provide them security of health
and life. This will turn out a financial benefit for MSL.
 Workplace accidents can become reason of disrupting business of
the company due to negative and bad reputation and bad publicity in
the market.
 The stock present at warehouse could be damaged due to any major
workplace accident. Damage to the stock would also disrupt business
of the MSL.
 After any workplace accident, first aid and medical treatment would
be required for the injured worker. Costs associated with first aid
arrangements and hospital treatment are also significant that would
disrupt business of the MSL.
 After workplace accident, the injured worker requires sick pay, so
cost associated with sick pay could also be significant.
 Company’s equipment and vehicles could also get damaged
whenever any major workplace accident occur. The cost associated
with maintenance of damaged equipment and vehicles could be high
and can disrupt the financial budget of MSL.
 The injured worker could claim compensation amount for his suffering
and his loss then company would have to pay a considerable amount
to him in this regard.
  Major workplace accidents lead to enforcement actions imposed by
competent enforcement authorities. In case of enforcement action,
the company could be financially penalized
 The workplace accidents lead to higher insurance premiums by the
insurance companies that really disrupt the budget of the company.

References:
 RRC International study text book, Element no 1,page 4 and 5
https://www.hse.gov.uk/leadership/benefits.htm
 https://humanfocus.co.uk/blog/why-is-health-and-safety-important-for-
workplaces/#:~:text=The%20Financial%20Argument%20for
%20Health,insurance%20or%20might%20be%20uninsured.
 https://cenheard.com/training/free/foundations/arguments-for/
 https://www.risgsolutions.co.uk/financial-benefits-of-implementing-
health-and-safety.html