Answer to Question #209324 in Management for Kajal

Question

M/s Secure Oil Industries Pvt. Ltd. Is one of the leading groundnut oil manufacturing company. The company has 4 big manufacturing plants – 2 in Maharashtra, 1 in Punjab and 1 in Kerla. The company has a total employee strength of around 1500 manufacturing workers and 250 management staff. The CEO of the company called you up to understand how he can protect his company with various hazards. He is expecting you to provide him solution for:

a. Financial protection against any unforeseen event in factory premises.

b. Any cost arises due to damages and how they are protected.

Answer 1

a)     M/s Secure Oil Industries Pvt. Ltd must first eliminate any hazards, implement procedures to protect workers, and then ensure that staff follow the laws. The CEO's efforts should be focused on high-value solutions. Because a business entails a certain amount of financial risk, it makes logical for the CEO to ensure that the company is covered by insurance. If you don't have the necessary policies in place, you'll put your company's funds at risk in the event of a disaster like a physical injury or property damage. However, the advantages of insurance go beyond financial security; it's also a great way to get additional job. The organizers must manage the financial resources with caution. The success and profitability of a company can be determined by how well you manage your financial resources, as is the case with many field service businesses. Since the occupation necessitates so much vital equipment and instruments, they will need to find strategies to cut costs without making significant sacrifices that could harm your business. Start by lowering your initial investment – from workers to supplies and equipment – while increasing productivity. This simply means that you'll need a strategy for scheduling personnel and tools to minimize travel time and downtime, as well as a system for tracking resource requirements. It's also a good idea to look into your possibilities and try to get better deals.

b)     Workplace procedures are usually a set of regulations that control the behavior of employees as they go about their everyday tasks. In this situation, companies and factories should stipulate that their employees must follow a set of safety protocols while also emphasizing crucial requirements such as having safety guides on hand, not bypassing a safety switch, and not utilizing unapproved equipment. Employees must follow all rules outlined in the equipment manuals and are not permitted to jump or run within the workplace. Workers should use both hands when using heavy power equipment like drills to avoid getting their fingers stuck in the rotating parts. Employee safety depends on a well-organized work environment. Employees are responsible for keeping their work environment clean and clear of debris at all times. Furthermore, after each use, all industrial tools must be returned to their allocated cabinets, and their manuals must be easily accessible to a worker who wants to refer to a specific piece of equipment. The company's safety officer is also in charge of making sure that all of the equipment is in working order and that staff report any malfunctions as soon as they occur. Because employee safety is always a top priority for the organization, all work areas must be well-ventilated, well-lit, and maintain congenial working conditions for maximum productivity.