You are here
CASE STUDY: Regional Wholesale Distributor
Managing culture to manage costs.
RiskIMPACT™: $675,000 in cost savings per year, 86% reduction in losses, improved safety in the workplace
The wholesale industry combines transportation risks with low-paid, labor-intensive work that is prone to lifting and straining injuries. One of Gibraltar’s wholesale distribution clients is our greatest “cultural overhaul” success story. The RiskIMPACT™ process is designed to uncover cultural items that are driving up a company’s costs. Defining and managing a company’s culture is not an easy task. Business owners often ignore this critical area because they don’t understand the nature or impact of culture.
The Gibraltar risk management team identified and implemented valuable changes to the internal culture and workplace safety and training program. As a result, the business achieved an 86% reduction in losses, achieving 72% of the reduction within the first year. It only cost the organization a few thousand dollars to implement the changes. The improvements and reduction in losses relates to $675,000 in risk cost savings per year, further demonstrating the overwhelming power of culture.