CPGs have historically relied on population growth and expansion to drive profits. Times have changed, all due to a noticeable uptick in competitors, a flatline in wages, and a downward trend in consumers. As a result, CPGs may believe that cost-cutting is their only defense against slipping profits since their long-time tenets no longer apply. But that couldn’t be further from the truth.
Focusing on Safety for Effective Growth
Safety improvements offer CPGs an unexpected way to fuel growth without making sacrifices in other areas. When revenue starts dropping, CPGs are too quick to slash margins to earn market share. Doing so may help earn one-off sales, but undercutting your product’s value has its downsides. Consumers may recognize an influx of coupons, discounts, or shrinking product size as your company’s struggle to stay afloat. Trimming the workforce is sure to ring the alarm, plus it means you must find a way to do more with fewer hands.
Turning your focus on safety, however, stays behind the scenes while also producing noticeable results in your bottom line. Here’s how:
Informed Employees are Better Employees
Employee safety training is a natural part of working in the CPG industry, but how effective is your training program? Here’s a hint: lack of accidents or issues does not indicate your employees are well informed.
Ongoing safety training is crucial in protecting your team and your organization, but tracking its success is just as important. Unless you have a surefire way to verify each employee’s participation in training, you get a pseudo-Schrodinger’s Cat scenario that may or may not align with your safety program.
Informed employees are performing employees, hands down. They’re likely to understand the consequences of risky behaviors and avoid potentially expensive mistakes. Even one worker’s compensation case per year can quickly be felt throughout the company. Surely you could that money to much better use.
Download the full guide to learn more!