Use Your Assets to Maximize your ROI: Safety Still Makes the Grade

[tweetmeme]I published the following blog last March, and at the time I was convinced this bad economy and the stress the has come with it would be a distant memory by now. Of course the weak economy has persisted. Much like the friend or family member who overstays their welcome after dinner. IT’S LATE, GO HOME! I say the same to the notion that we can’t grow our own slice of the pie, because the entire pie is shrinking. Contrary to this, we MUST grow our slice of the pie now.

So I dusted off this blog and hope you enjoy it…again…

It’s in the high 60’s right now in Kansas City, which is forcing me to realize the year is passing by quickly already. It’s already March! I am confident in saying that soon, we’ll be saying the same type of thing about these economic times we find ourselves in right now….. “that passed by rather quickly, now what??”

However right now, with the economy being stalled out, it has forced us all to rethink our immediate business plan, growth projections, etc ., and make sure we are doing everything we can to remain competitive during these economic times. To that end, I believe that now is the time for forward thinking companies with a strong desire to succeed now and in the long term should be placing a heavy emphasis on the value of their employees.

The old maxim of ’employees are our greatest assets’ can’t be empty words. Although the job market is very weak right now, as we begin to make our climb back from this economic slowdown, the best employees will have already been taken care of or be highly sought after, leaving you with the arduous task of replacing your once highly skilled workforce with neophytes.

The cost of employee turnover is extremely high. It some business such as food and beverage it can be as high as 140%, greatly outpacing their profits, and losing quality employees now…in trying to save in the short term can dramatically damage your company’s ability to recover on pace with the overall recovery of the nation. Thus prolonging the tough times even more.

Investing in high quality training, emphasizing solid safe work practices, implementing control measures to reduce your risks, reduce your operational costs, while improving productivity will help ensure your company is poised to be strong not only in the future, but right now!

Now is not the time to panic, now is the time implement your plan for success! Starting with your employees. Investing in training through a cost effective e-learning environment can transform your company’s workforce into highly competitive, highly productive, low risk asset for the betterment of the bottom line.
The return on investment in safety programs has been demonstrated over, and over again by OSHA, by leading insurance carriers, by industry groups, and individual case studies. It’s difficult for me to sit here and believe that CEOs, and CFO’s around the country don’t understand this simple concept. An investment of $1 in safety yields on average $3-4 in return! I challenge anyone to find that rate of return on Wall Street these days.


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