“Clive Palmer's Queensland Nickel goes into voluntary administration” another blow to Australia’s volatile resource sector.
With the mining boom coming off the boil and volatile resource prices, it’s not surprising that both employers and employees are anxious about their future.
Many companies in the industry are restructuring and shedding excess staff to streamline their business to meet the current economic climate. Companies need to be conscious when tightening their belts and sharpening their pencils that they do not sharpen their pencils too much at the expense of Safety in the work place.
Today’s employees are under pressure to take on more responsibilities and work longer hours to achieve the bottom line.
Well what is the bottom line?
In the short term it might be profits, however in the long term it is a stressed and fatigued workforce which is a recipe for incidents in the work place and a disillusioned and dissatisfied workforce which equates to a high turnover of workers.
Both long term outcomes result in a cost to a business.
The costs of staff turnover are largely hidden. They don't hit your profit and loss statement, however they are real costs to your business. They include, but not limited to:
· Lowered productivity
· Overworked remaining staff
· Lost knowledge
· Training costs
· Interviewing costs
· Recruiters
What does turnover really costs?
According to TLNT – Talent Management and HR
· For entry-level employees, it costs between 30-50 percent of their annual salary to replace them.
· For mid-level employees, it costs upwards of 150 percent of their annual salary to replace them.
· For high-level or highly specialized employees, you’re looking at 400 percent of their annual salary.
And with fatigued and stress staff the work place incidents increase.
According to Work Safe Australia published statistics:
EACH WORK RELATED INJURY OR ILLNESS COSTS APPROXIMATELY $99,100
The Nation Safe Work Month has come and gone, however the message still applies:
‘Be safe. Be healthy. Because…’ There are so many reasons for keeping safe and healthy at work. Keep these reasons in mind to ensure health and safety is not forgotten in your workplace.
Until next time.
PFM Team
With the mining boom coming off the boil and volatile resource prices, it’s not surprising that both employers and employees are anxious about their future.
Many companies in the industry are restructuring and shedding excess staff to streamline their business to meet the current economic climate. Companies need to be conscious when tightening their belts and sharpening their pencils that they do not sharpen their pencils too much at the expense of Safety in the work place.
Today’s employees are under pressure to take on more responsibilities and work longer hours to achieve the bottom line.
Well what is the bottom line?
In the short term it might be profits, however in the long term it is a stressed and fatigued workforce which is a recipe for incidents in the work place and a disillusioned and dissatisfied workforce which equates to a high turnover of workers.
Both long term outcomes result in a cost to a business.
The costs of staff turnover are largely hidden. They don't hit your profit and loss statement, however they are real costs to your business. They include, but not limited to:
· Lowered productivity
· Overworked remaining staff
· Lost knowledge
· Training costs
· Interviewing costs
· Recruiters
What does turnover really costs?
According to TLNT – Talent Management and HR
· For entry-level employees, it costs between 30-50 percent of their annual salary to replace them.
· For mid-level employees, it costs upwards of 150 percent of their annual salary to replace them.
· For high-level or highly specialized employees, you’re looking at 400 percent of their annual salary.
And with fatigued and stress staff the work place incidents increase.
According to Work Safe Australia published statistics:
EACH WORK RELATED INJURY OR ILLNESS COSTS APPROXIMATELY $99,100
The Nation Safe Work Month has come and gone, however the message still applies:
‘Be safe. Be healthy. Because…’ There are so many reasons for keeping safe and healthy at work. Keep these reasons in mind to ensure health and safety is not forgotten in your workplace.
Until next time.
PFM Team
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