A major highlight of the 2024 report is the staggering $4.9 billion annual toll of poor workplace health and safety practices in New Zealand. This figure has risen from $4.4 billion in the previous year, indicating a growing concern. The costs include fatalities, serious injuries, lost productivity, healthcare costs, and compensation claims. The reports stress that improving health and safety could result in significant economic savings, not just for individual businesses but for the country as a whole.

For context, the reports compare New Zealand’s performance with countries like Australia and the UK, which have more effective health and safety systems. If New Zealand could match Australia’s performance, the country would save $1.4 billion annually. Achieving the same standards as the UK would save an even more impressive $3.4 billion. These comparisons underscore the need for stronger regulatory frameworks and better practices to address these preventable costs.

Both reports emphasize the importance of building economic resilience, particularly as businesses face global challenges such as climate change and geopolitical uncertainties. Digital transformation and automation are key strategies recommended to keep businesses competitive and adaptable. By investing in technology and innovative practices, businesses can enhance productivity and respond more effectively to changing market conditions.

The push for economic resilience also ties into the growing need for a transition to a low-carbon economy. While some sectors, such as agriculture and manufacturing, are already making progress in reducing their environmental impact, the reports highlight the need for more urgent action. The long-term sustainability of New Zealand businesses depends on this shift, not just to meet government targets but also to ensure future growth and viability in a more eco-conscious global market.

Workforce well-being is another central theme of both reports. Moving beyond traditional health and safety measures, the reports call for a more holistic approach to employee well-being that includes mental health support, flexible working arrangements, and upskilling opportunities. The reports suggest that businesses that invest in the mental and physical well-being of their employees tend to see higher productivity, lower absenteeism, and a more engaged workforce.

Mental health, in particular, has become a growing concern. The 2024 report highlights how work-related stress and mental health issues are becoming more prominent, with many businesses recognising the importance of creating a supportive work environment. Implementing strong mental health programs and fostering a positive work culture are increasingly viewed as essential components of a thriving business.

Sustainability continues to be a major focus. The reports emphasize the importance of integrating sustainability into business operations, with a particular focus on adopting circular economy practices that minimise waste and make more efficient use of resources. Biodiversity and the protection of natural ecosystems are also key considerations, especially for sectors such as agriculture and energy, which have a direct impact on the environment.

Additionally, the reports advocate for businesses to play a more active role in social responsibility. They highlight the need for inclusive growth, where businesses focus on diversity, provide opportunities to disadvantaged groups, and support local communities. By taking on these roles, businesses not only contribute to social well-being but also strengthen their reputations and foster greater customer loyalty.

The State of a Thriving Nation 2023 and 2024 reports provide valuable insights for businesses looking to improve their health and safety performance while contributing to a more resilient and sustainable New Zealand. The economic cost of poor health and safety is significant, but by adopting better practices, businesses can not only reduce these costs but also foster a healthier, more productive workforce. Furthermore, integrating sustainability and social responsibility into business strategies will be key to long-term success in an evolving global economy.

For more details, you can access the full 2024 report on the Business Leaders Forum website.