Money Makes Money: – When It Is Wisely Invested In Safety Training!

Money Makes Money: – When It Is Wisely Invested In Safety Training!

Money SavedWhat is your best investment in your business? Is it leadership training or staff development? Is it hiring the right staff? Is it reducing work related injuries? All of these initiatives will impact the growth of your bottom line if they are appropriately applied and supported.

We continue to see an increase in training & development spending, and overall it is worth the investment. US spending on corporate training rose by 15% last year. This represents the highest grow rate in 7 years, according to a study from Bersin by Deloitte research services.

Motorola calculated that every dollar spent on training yields an approximate 30 percent gain in productivity within a three-year period. They also used training to reduce costs by over $3 billion and increase profits by 47 percent. (source: Tim Lane et al., “Learning to Succeed in Business with Information Technology,” Motorola). (Source Forbes.com)

Over the past several decades most workplaces have also invested in training to lower the incidence of work-related illness and injury. It has becomeevident that training to reduce workplace injuriesis an effective way to reduce costs and increase the bottom line.

We have ample evidence of the positive results of safety training in our own backyard. George Marshall, Director of Operations for the Service and Hospitality Safety Association of Saskatchewan Inc. (SHSA), noted a 53% reduction in injuries and their related costsin the Saskatchewan hotel industry between 2008 – 2013. This positive change was due to extensive SHSA training plus leadership buy-in by the hotel industry for the creation ofwork cultures that valuesafe work environments.

Though there has beensignificant progress in the quest to reduce injuries, in some cases the results have not been what was hoped for. The investment has not always brought the expected returns.George Marshallobserved that “You can do all the safety training you want, but it will be of no avail if those in leadership positions don’t “buy in” to creating a sustainable safety culture”.

Leadership is the key to managing any kind of change in business. It is for this reason that the SHSA focuses on “safety-centred leadership”. Their initiatives at helping leadership teams to embrace safety as a core value has been pivotal to building safety conscious workplace cultures and the resulting reduction in injuries. The key is effective leadership!

Effective leaders are strategic. They wisely invest in training and professional coaching for themselves and for their teams. This kind of investment will result in significant returns that are not only evident in reduced workplace injuries, but also in enhanced teamwork, motivation and productivity. To achieve these results and to take their teams to the next level, effective leaders need to:

  • Have clear vision, purpose and values
  • Have the ability to “walk the talk” of organizational values
  • Be self-awareregardingtheir strengths & weaknesses
  • Have high Emotional Intelligence, EQ
  • Work strategically with determination and focused execution
  • Be courageous, persistent, resilient, and able to drive change
  • Be inspirational, engaging, responsiveand respectful.

For a free “Lucrative Leadership Assessment” to check your leadership skills, go to www.freetools.lucrativeleadership.com .

For professional and executive coaching and leadership training call Peter Neufeldt at 306-790-4570.

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