Basics of Occupational Health and Safety

1.1 Introduction A key component of contemporary corporate governance and human resource economics is Occupational Health and Safety (OHS). It includes methodical policies, procedures, and practices intended to promote employees' physical, mental, and social well-being while preventing work-related accidents,occupational diseases, and psychosocial risks. OHS has transformed from a compliance-focused role into a strategic investment in human capital in the context of modern economies characterized by globalization, technological upheaval, and growing labor market flexibility (Belzer & Quinlan, 2025). Human resource economics views labor as human capital, an asset whose worth is based on institutional support, motivation, skills, and overall health. The deterioration of human capital is accelerated by unsafe and unpleasant working circumstances, which lead to decreased productivity, increased absenteeism, labor turnover, and greater organizational costs (Kwon & Kim, 2020). OHS regulations are therefore essential to maintaining long-term economic efficiency, organizational performance, and labor quality The goal of this chapter is to give a thorough explanation of the fundamental ideas of OHS from the standpoint of human resource economics. To show how OHS supports sustainable human capital development, it incorporates theoretical underpinnings, legal frameworks, economic cost-benefit analysis, organizational culture, and performance evaluation.