Over the last few years, the automotive industry has taken a pounding – of that, there is no doubt. Numerous manufacturers and associated companies have either been through, are in the process of, or, will be entering into voluntary liquidation or insolvency agreements with law firms, stakeholders and potential investors. Sadly, if world economics continue the way they are, then there will be more causalities to come. As time goes on, the best a company can do is to protect its own interests.
The Knock-On Effect
If you are in the industry then, nobody needs to tell you how massive the consequences are for any other businesses already in contract with them. In fact, you may wish to look into an automotive risk assessment service; there will be an entire gang of companies that may have contracts already written and signed that could take them down with the manufacturer or supplier. Given the fact that there is a huge network of financially connected companies within the motor industry, it’s a cutthroat area of operations but, it doesn’t have to be that way.
At least you don’t have to get involved if you don’t have to or want to, because there are still some major players still producing motors at a steady rate of production. It could be a wise move to look into what they are doing differently and see how you could adopt the same methods and techniques into your business plan moving forward. Of course, it would involve occupational health and safety in automotive industry. As the old saying goes, ‘stick with the winners.’
A glance of the overall market and the differences between the companies that are in trouble as well as those that aren’t offers an insight into areas that could help cement your company’s future. Moving forward, you will of course want to speak with a professional before making any moves.
Smarter Recruitment And Retention Policies
Talent acquisition issues and excessive spending are more than just your average staffing issues. Some sources go as far as to say that even a 5-point hike in turnover can end up costing something like a car dealership thousands, per person, over a year which suggests that retention of good employees has never been as important as it is now.
It might be easy to think, oh well, I’ll get another employee and just pay him less to do the same job. What if the first employee is one of the best sales people on your team, or the most experienced? Business and relationships are all about people. You may never find another great employee, so take time to make use of the 24 hr health and safety support hotline that is on offer in your location, not just for guidance on the safety of your workplace but also in cases when workers are getting stressed out.
It’s All About What’s On Offer
It is pretty clear to see that customers and employees should be listened to as much as possible. If you take good care of employees as much as you do with your customers, your workers will be inspired to do their best to help ensure your business’ success. While accidents and other misfortunes involving workers can happen, the best thing a business can be is be ready for it and look after its valued employees.