Business reputations can take years, decades to build, but only moments to ruin. Recovery can take a long time, and cost a small fortune. With a 24/7 news cycle and social media, brand damage travels faster than ever.
Some of the worst industrial disasters in history, such as the Deepwater Horizon or Exxon Valdez oil spills, Fukushima, Chernobyl, and the Three Mile Island accident have a lasting impact on the lives of hundreds, even thousands of people.
Workers and the general public can be affected, injured, even killed, as a result of mistakes, negligence and sometimes, tragically, gross incompetence.
The impact of these incidents can last years and cost companies and their insurers billions. Reputations take a long time to repair.
The Escalating Cost of Reputational Damage
Even incidents on a much smaller scale, where staff, contractors or the public are injured or killed, can cause irrevocable reputational damage. Not only are companies, whether they are at fault or not, hit with bad press and negative social media comments, but they open themselves up to harmful litigation.
Injured parties can seek compensation in court, and if it looks as though laws have been broken, the government – usually through the Health & Safety Executive (HSE) – can also take action. In cases where mistakes or negligence caused harm, fines and punitive damages can cost millions.
The repercussions from at fault cases – when an accident was preventable – take a lot of work to fix; and even when mistakes are difficult to prevent, the cost can be considerable. Sadly, journalists eager to increase clicks are quick to sensationalise accidents, even when businesses are found blameless. Non-guilty verdicts and retractions don’t generate many clicks or page views.
Safeguarding Against the Preventable
Now, the good news is, there are dozens of ways to prevent accidents. We have a robust health and safety culture in the UK, known for being a safe country to work. Accidents in workplaces, including those involving the general public, are falling.
However, the price we pay for a positive safety culture is constant vigilance. Technology is also making this easier, which is why Papertrail is proving a valuable tool for organisations of all sizes. Papertrail was created out of the need to find a simple, reliable way to keep accurate records and demonstrate compliance.
Our robust compliance platform is used to record assets, manage inspections, repairs and maintain compliance with the relevant health and safety legislation. Teams in large organisations are using Papertrail to leverage operational efficiencies and reduce compliance costs. Instead of worrying about health and safety, managers can focus on customers, mission critical projects and hitting targets. Rest easy, knowing that Papertrail has assets and compliance covered, protecting your reputation from harm.
Need to protect your organisation from potential reputational damage? Get in contact today.