By Andrea Lebron - October 26, 2019
As the fiscal year-end approaches for many businesses, some departmental heads may be considering mirroring the actions of federal agencies and going on a spending spree to ensure budgets are maintained for next year. However, rather than waste money on toilet rolls and trombones, there are smarter year-end budgeting solutions.
The federal financial year runs from October to September; and, in the final month of every fiscal year, federal agencies go on a spending spree in order to prevent Congress believing they can operate on smaller budgets. In recent years, the scramble to spend what´s left in agencies' budgets has been chronicled by OpenTheBook.com; and among some of the more peculiar items recorded in 2018:
Corporate America is not subject to the Federal Funding Accountability and Transparency Act of 2006, and can therefore be a little more discrete about how it spends “use-it-or-lose-it” budgets. It is highly likely there are some very peculiar corporate purchases made as the year-end approaches - although probably not on the scale of what federal agencies spend to maintain their budgets.
Nonetheless, rather than waste money on highly-unnecessary and low-quality purchases to reduce budget surpluses, departmental heads could be investing funds wisely on smarter year-end budgeting solutions that not only protect budgets, but also protect the business's most vital assets - its employees. No matter how much or how little surplus is available, there is an employee safety solution to match.
To help evaluate the value of employee safety solutions, we have compared the costs of implementing different standards of solution with everyday office commodities that departmental heads may be tempted to stock up on in order to reduce budget surpluses. None of the solutions cost as much as a medically consulted injury to an employee - which was calculated in 2017 to be $39,000.
- Rave Panic Button: During a critical incident, such as an unprecedented workplace violence incident (find the latest workplace violence statistics) or an employee experiencing a medical emergency, the Rave Panic Button app allows designated employees to report the incident to 911 and send a mass notification to all on-site co-workers with the push of a button.
- Rave Guardian: Rave Guardian is a personal safety app that serves as added protection for onsite or traveling employees or even field workers who might need extra help along the path to their destination.
Here are real examples of businesses investing extra funds in safety and communication tools for their employees, and how the organizations are putting these tools to good use:
GE Appliances, a Haier Company, optimized their pre-existing emergency notification system to go beyond sending severe weather alerts. During Hurricanes Harvey, Irma and Maria, the GE Appliances security team used their alerting system to deliver messages to their employees through SMS text and email twice a day, prompting them to confirm if they were safe. You can hear directly from the GE Appliances security team featured in this past webinar.
Hear a snippet: GE Appliances shares lessons-learned during Hurricane Harvey and the importance of being proactive.
Fluor Federal Petroleum Operations (Fluor) is a long-time user of the Intermedix WebEOC solution for incident management, but when it came to sending out mass notifications to their employees, Fluor faced several inefficiencies. Sending out notifications required the sender to take several extra steps between two separate systems, which is why Fluor decided to transition to a WebEOC-friendly alerting system. Learn how this change gave Fluor a $189,000 return on investment.
Employee communication will always be an important part of your business, especially as it relates to urgent notifications. Using leftover year-end funds toward implementing safety and communication-enhancing tools that enable you to quickly and effectively deliver urgent notifications through multiple communication channels will be well worth the investment.
Andrea is Rave's Director of Digital Marketing, a master brainstormer and avid coffee drinker. Andrea joined Rave in August 2017, after 10 years of proposal and corporate marketing at an environmental engineering firm. You'll find her working with her amazing team in writing and producing blogs like this one, improving your journey to and through our website, and serving you up the best email content. When she's not in front of a keyboard, she's chasing after her three daughters or indulging in her husband's latest recipe. Andrea has a Bachelor's degree in Marketing/Management from Northeastern University and an MBA from Curry College.
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