Three Best Practices to Keep Better Track of Your Inventory

imageBy Roy Rasmussen

Inventory management issues can have a bigger effect on your business than you might think. The average business spends 25 to 35 percent of their annual operational costs on inventory, which reflects overspending by 35 percent due to poor inventory management practices, according to Scanco. Poor inventory management raises operational costs, reduces profits and makes companies more likely to encounter cash-flow problems. Inventory problems hurt the economy, too. For instance, accumulation of inventory dragged the U.S. economy down by nearly 1 percent in the first quarter of 2017, Bureau of Economic Analysis data shows. Products that sit on shelves don’t generate profit.

On the other hand, improving inventory management can be a cost-efficient way to cut your operational costs and boost your profit margin. Here are three best practices to help you track your inventory more efficiently while wasting less on inventory problems.

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The Road to A Safer Industry

By Joshua Estrin, Ph.D

Research is often a long-term commitment that takes years before becoming available to the industry for review and discussion. While there are numerous factors that make this a reality, one of the most challenging is a willingness by key industry stakeholders to work collaboratively with researchers on seminal studies, in this case construction safety.  Safety in our industry is a hot topic, but when asked to make a commitment to research that will save lives, many of our largest organizations refuse to work towards the common goal of decreasing the number of construction fatalities.

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Help Your Employees Navigate U.S. Immigration

By Michelle Kennedy Hogan

Traveling to and living in a new country can be confusing and overwhelming, especially if the language is new. The United States is a diverse country filled with opportunity, but becoming a citizen can seem daunting. Last year, according to the U.S. Department of Homeland Security, over 750,000 people became citizens of the United States.

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5 Tips for Prolonging the Lifespan of Your Power Tools

By Kylie Ora Lobell

Power tools can cost hundreds, if not thousands, of dollars. When you’re running a construction site, the expenses for your equipment can add up quickly. That is why it’s crucial for your employees take care of the power tools they use and ensure that those tools last for years to come. Otherwise, you’re going to be spending unnecessary money every year to replenish your supply.

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Tags: , Power tools

Ensure the Safety of Your Driver Employees

By Jayme Cook

Millions of U.S. workers operate or ride in motor vehicles as part of their daily employment duties. Sadly, accidents involving motor vehicles are the cause of an alarming number of total fatalities. Whether your employees use their own personal vehicles for work or drive a company car, the risks presented are the same. To better safeguard employees and employers, here are the best tips, tools and training to ensure safer trips for those in the construction industry.

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Four Easy Ways Your Business Can Approach and Narrow the Generation Gap Amongst Employees

imageBy Sheryl Coonan

What comes to mind when you think “millennial?” How about “baby boomer”? Likely two very different comparisons.

Pew Research notes the millennial generation has now exceeded Generation X as the largest representation in the U.S. workforce. While fresh, new talent is often a plus for businesses, as newer generations join the working ranks a growing generational gap amongst these two groups, along with baby boomers, continues to take stage.

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The Four Hidden Costs of a Hacker Attack to a Business

By Susan Finch

When news breaks about devastating cyberattacks, it's banks, major corporations, restaurants and hospitals that tend to make the biggest headlines. But that doesn't mean the construction industry is immune to such attacks.

In March 2016, Turner Construction fell victim to a spear phishing scheme when an unscrupulous employee sent tax information on current and former employees through a fraudulent email account, according to iSqFt. The act resulted in massive leaks of employees' Social Security numbers, places of residence, tax withholding information and first and last names, among other proprietary information.

However, the true costs involved with hacking go well beyond paying for damages and settling class action lawsuits to those impacted. Everything from insurance premiums to lost relationships can drain the profits of hacked companies in the construction industry and beyond. Here are some of the hidden costs of a hacker attack to businesses.

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How Can Mobile Technology Help Your Business?

By Naomi Bagga

Eighty percent of Internet users own a smartphone, according to marketing company Smart Insights. Meanwhile, 60 percent of media is consumed on mobile, based on research conducted by Comscore. With the onslaught of smartphones and apps, mobile technology has clearly taken over fixed Internet usage in business, creating a more flexible and efficient work environment.

So how exactly does mobile technology improve business? Check out some of the main ways mobile usage can streamline your company processes and allow you to focus on what’s important - profitability.

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Five Tips For More Satisfied Employees in Construction

By Naomi Bagga

It’s no secret that a company’s success is built on the hard work of its employees. However, according to a survey conducted by analytics company, Gallup, close to 70 percent of Americans are not showing up to work committed to reaching their potential, highlighting a dissatisfaction in the workplace. The average employee turnover rate in the construction industry alone in 2013 was between 20 to 38 percent. 

Possibly due to poor management, low morale or bad work conditions, unsatisfied employees can cost companies thousands of dollars in turnover fees, as well as significant declines in productivity and economic growth. How do you ensure your workers are happy and giving their all in the workplace? Let’s take a look. 

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How to Rebrand as a Green Construction Brand

By Kaitlin Krull 

As a contractor, staying up to date with current market trends is an essential part of keeping your business relevant and profitable. Environmental consciousness is more than just a buzz word these days — both professionals and homeowners are adopting more environmentally friendly practices now than ever before. If you want to reshape your construction brand to incorporate some of these practices, there are several things to take into consideration. Here are some top tips to help you rebrand as a green construction brand.

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Tags: , Green construction

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