During times of great uncertainty and upheaval, workers look to their leaders for a sense of security and resolve.
Occupational safety and health (OSH) professionals play a key role in helping their organizations navigate changing workplace realities during the COVID-19 pandemic. Click here to read the entire article.
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Perhaps the hardest part of the COVID-19 pandemic has been the uncertainty – not knowing what will happen next. The rapid spread of the virus that resulted in essentially locking down the U.S. is unprecedented in our lifetimes, and the inability for even the experts to predict the human toll and economic outcome causes stress and fear for everyone.
Because none of us can control the outcome, you must try to control those things you can. Click here to read the entire article. It should come as no surprise that the COVID-19 global pandemic hasn’t impacted all industries equally. Some businesses, including department stores, traditional restaurants and childcare centers, have suffered devastating losses as a result of stay-at-home orders and social distancing protocols; others, such as food delivery businesses, digital advertising agencies and subscription services, are experiencing unprecedented surges in sales.
Unfortunately, the construction industry has been disproportionately impacted by the crisis. Normally, the early spring is an exciting period in which contractors are building crews and doing a lot of planning for the busy season—but COVID-19 has changed everything. Price increases and project delays are becoming commonplace, and in some cities, such as Boston, construction projects have been banned altogether. Click here to read the entire article. Liquidity describes the degree to which an asset or security can be quickly bought or sold in the market at a price reflecting its intrinsic value. In other words, liquidity is the ease of converting an asset into cash (per Investopedia). Liquidity is important to a business, especially in a time of crisis. No one expected a pandemic like the coronavirus (COVID-19) to have such a large impact on the U.S. economy. Contractors with a financial plan to handle a crisis will fare better than those without one. What contractors have all learned from this experience is that one thing can quickly change the course of the future.
Contractors that are highly liquid have a better chance of managing the financial constraints of this pandemic than those that are not. They will be able to turn their assets into cash faster for their true value. Low liquidity assets may be harder to sell for their true values. Most common examples of liquid assets are cash, certificate of deposits, marketable securities, short term loans, accounts receivables, bills receivables, stock, government bonds and promissory notes. Non-liquid assets include real estate, materials, equipment, collectibles and retirement accounts. Click here to read the entire article. The novel coronavirus (COVID-19) has had a major impact on organizations and operations across all industries—construction is certainly no exception. As construction executives grapple with the unprecedented impact COVID-19 will ultimately have on their businesses, a great deal of uncertainty remains. Many question marks still exist around the ultimate scope of the pandemic and what recovery will look like in the construction sector and the economy at large.
From a risk management perspective, these uncertainties make planning for the future particularly challenging. Yet the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, offers a glimpse at the future in terms of what relief will be available and opportunities for new projects in a post-coronavirus world. The $2 trillion act is the largest relief package in U.S. history, and the third stimulus effort dedicated to combatting the economic impact of COVID-19. Click here to read the entire article. Personal protective equipment (PPE) is a critical line of defense against the spread of COVID-19. The key is providing your workers the equipment they need based on their level of risk while optimizing your supply.
One challenge many employers are facing during this crisis is maintaining an adequate supply of PPE to meet the needs of their workforce. CDC offers guidance on how you can optimize your PPE supply, including eye protection, gowns and respirators. Click here to read entire article. In light of the coronavirus disease 2019 (COVID-19) pandemic, OSHA understands that some employers may face difficulties complying with OSHA standards due to the ongoing health emergency. Widespread business closures, restrictions on travel, limitations on group sizes, facility visitor prohibitions, and stay-at-home or shelter-in-place requirements may limit the availability of employees, consultants, or contractors who normally provide training, auditing, equipment inspections, testing, and other essential safety and industrial hygiene services. Business closures and other restrictions and limitations may also preclude employee participation in training even when trainers are available. In other situations, access to medical testing facilities may be limited or suspended.
For example, the American College of Occupational and Environmental Medicine issued a recommendation that occupational spirometry testing be suspended because of concerns about spreading droplets containing the COVID-19 virus during spirometry maneuvers. In addition, the Council for Accreditation in Occupational Hearing Conservation issued a recommendation that audiometric evaluations be suspended until normal operations have resumed, in order to minimize the risk to healthcare workers and conserve personal protective equipment. Click here to read the entire memorandum. Construction companies across the globe are readying to return to work following the coronavirus COVID-19 pandemic. If you are part of one of those companies, now is the time to begin to put together a strategy for how to reemerge from the quarantine in a way that is productive, safe, and successful for your business.
Today forward-thinking companies need to be creative and, in many cases, pivot businesses to tap into new opportunities. For many, the answer comes in the form of leveraging new technologies to continue with work in a way that is safe for teams. Click here to read the entire article. OSHA has answered the latest questions regarding proper recordkeeping procedures for work-related COVID-19 cases in its latest memorandum.
The agency has suspended requirements related to COVID-19 for employers outside of the healthcare industry unless there is "objective evidence" that the case is work-related and the evidence was "reasonably available" to the employer. "This enforcement policy will help employers focus their response efforts on implementing good hygiene practices in their workplaces, and otherwise mitigating COVID-19’s effects, rather than on making difficult work-relatedness decisions in circumstances where there is community transmission," the memo states. Click here to read the entire article. |