Psychosocial risks are an oft-discussed yet nevertheless under-addressed challenge in the workplace. Most business leaders, at this point, know what they are—perhaps could even name the 14 hazards listed on Safe Work Australia’s website—yet still don’t know what to do about them, per say, or understand where their responsibility starts or ends.
Fortunately for them, new Workplace Health and Safety (WHS) laws are setting the record straight, outlining exactly what organisations are expected to do to protect their workers from psychological harm.
For insurers—often the cost-bearers of such harm—this marks an invaluable opportunity to put some of the onus back on employers. By helping client organisations comply with the new regulations, insurers can reduce their exposure to claims, stabilise premium costs, and deliver tangible value to their clients—a win-win for everyone.
It’s all a matter of bridging the gap between well-meaning intent and proper execution. Employers want their people to be well at work; want them to be able to contribute their best and brightest ideas that only emerge when psychological safety is fostered. What they get stuck on is that action piece: proactively assessing their organisation’s risk profiles and taking the steps to eliminate both existing and emerging threats to workplace wellbeing.
This is precisely where insurers can make a real impact. By investing in tools like psychosocial risk assessments, insurers can enable earlier and more effective intervention, ease the toll on employee wellbeing and engagement, and reduce absenteeism and the need for further—and costlier—insurer intervention down the line.
In the latest episode of Wellbeing at Work, a Workplace Options podcast, Marketing and Communications Manager Emily Fournier, sits down with WPO VP & General Manager of Enterprise Solutions Oliver Brecht to discuss the expanding role of psychosocial risk management in future-ready insurance and explore how partnering with WPO can help insurers meet the moment.
Read an excerpt from their insightful conversation below:
