Extreme weather conditions–from high heat and humidity to heavy rain and severe storms–can mean the difference between remaining on track or falling behind. Summer 2012 brought extreme heat and drought to many parts of the United States and ranked as the third hottest summer on record. Not surprisingly, many professionals are turning a watchful eye as summer 2013 begins. Continue »
Prevailing business wisdom holds that the way to reduce credit risk is to limit credit lines, be stingy in allowing credit and freeze orders on past due accounts. This line of thought posits that it is generally impossible to lower “bad debt” losses without adverse consequences to sales and business expansion. Read The Full Story »
According to A.T. Kearney, 63 percent of projects are over budget and 74 percent are not meeting schedules. World Risk Day 2013, the second annual global forum on May 14, 2013, brought together industry thought leaders and peers to discuss the latest risk and project management ideas and best practices to understand why projects aren’t meeting schedule and budget. More than 3,200 people registered for the free World Risk Day Virtual Summit, which featured webinars from risk and project thought leaders from around the world. The webinars may be viewed at http://www.worldriskday.com. Continue »
Employee productivity is a crucial piece of the puzzle of running a successful business. While incorporating air movement on construction sites might not be at the forefront of owners’ and operators’ minds, the health and safety of their employees often is a top priority. Connecting the dots between air movement and the well-being of employees ensures everyone working on construction sites remains productive and healthy—especially during hot summer months. Continue »
Bid, performance, and payment bonds protect the project owner from contractor default and offer protections to general contractors and subcontractors. The bid bond ensures the general contractor will enter into the contract at the price bid and provide performance and payment bonds if awarded the contract. A payment bond guarantees the general contractor will pay its subcontractors, materials supplies and labor under the terms of the contract. A performance bond ensures the contractor will complete the contract according to its terms and conditions. Continue »
FMI’s research consultant Rick Tison and Michael Davis, director of Professional Liability Products at Zurich North America Construction,, continue the dialogue on changes in today’s challenging operating environment and how new techniques, delivery methods and construction materials are changing the game of managing risk in the construction process, as well as how best-in-class firms are responding. Continue »
Contractors need to identify additional ways to maintain good profit margins during an economic downturn and slow recovery. In today’s low-margin environment, a return-to-work (RTW) process is no longer simply an option. Regardless of the company size, injury management needs to become an owner or boardroom issue. A RTW process should become part of a company’s business solution for enhanced profit margins. Continue »
Falls cost business owners millions of dollars each year in lost time, compensation and third-party lawsuits. Fall Protection Part I covered how to prevent falls and the equipment needed, including the different types of harnesses. Part II covers the types and classes of connectors and anchorages, how to use them effectively, and the dos and don’ts of lanyards. Continue »
The theory behind incentive compensation is money motivates employees to perform well. Unfortunately, many contractors spend a lot of money on employee incentives and receive little value in return.
Employees may become angry with the company because their own expectations for bonuses are not met. Morale is hurt when employees work hard all year, yet the profits of the company still lag because employees are working inefficiently. Contractors that genuinely try to reward hard-working employees are frustrated when they realize they unintentionally created a negative company atmosphere. Unfortunately, this is what many companies face when they incorrectly design and implement incentive compensation plans. Continue »
Falls cost business owners millions of dollars each year in lost time, compensation and third party lawsuits. However, with the right mix of pre-job planning, proper equipment selection and employee education and training, workers can continue to work at heights while limiting injuries and their associated costs. Continue »
Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners who have demonstrated their surety savvy and collaboration for growth. We salute Rust Ewing Insurance of Texas City, TX for attaining the Champions Tour of surety professionals. Congratulations to Mark Smith for surety professionalism in 2012. Merchants Bonding has partnered with Rust Ewing Insurance for over a decade. We thank them for the successes we’ve had together and recognize them for sharing our common sense vision. See our online salute to Rust Ewing Insurance of Texas City, TX here. Continue »
With today’s unforgiving economy, the topic of risk management of major programs and the maturity of general project management within an organization is dominating discussion among senior management, executive leadership and boards.
What is project risk management?
Project risk management is not limited to one specific activity or task. Rather, it formalizes the risk monitoring process and provides project managers (PMs), management and the board with a framework for measuring project risk and milestones. Continue »
Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners who have demonstrated their surety savvy and collaboration for growth. We salute Lamair-Mulock-Condon Company of West Des Moines, IA for attaining the Champions Tour of surety professionals. Congratulations to Joe Schmit, Mark Keairnes and Nancy Schwarz for surety professionalism in 2012. Merchants Bonding has partnered with Lamair-Mulock-Condon Company for over a decade. We thank them for the successes we’ve had together and recognize them for sharing our common sense vision. See our online salute to Lamair-Mulock-Condon Company of West Des Moines, IA here. Continue »