nFinancial risk is an issue many companies have to deal with on a daily basis if they want to succeed. That is why it is crucial for every business to develop financial risk strategies to ensure they do not have extreme losses. These strategies allow companies to detect their weaknesses or strengths, and solve them or take advantage of them in advance.
However, some companies still suffer from financial risk even though they have all the tools to avoid it. For example, the American automotive and energy company Tesla is one of this businesses. In our next post we will tell you everything about the risk situation Tesla is living. Do you want to learn more about this? Keep reading!
What is the situation with Tesla?
Tesla is an American automotive and energy company based in California. This popular company specializes in electric car manufacturing and solar panel manufacturing. Despite its popularity, Tesla’s environment has been called into doubt. Many experts say this automotive company is going too strong when it comes to its Model 3 production and manufacturing targets. Some people even question the practises they use in order to accomplish that.
Even some reports regarding the production of the Model 3 talk about workers making 12- to 16-hour shifts. The situation for the workers does not seem pleasant at all in many ways. A few months it also came out that in 2016, while a employee was ‘having fun’ with a forklift, he injured another worker. The automotive company said both workers were just playing. However, the injured employee ended up with his leg amputated as a result of that ‘game’.
Workplace risks and problems in Tesla
Something interesting about the situation above is that the State Agency of Occupational Safety and Health fined Tesla with 800$. However, the injury was described as a fractured ankle and not an amputated leg. On top of that, the safety and health agency did not even speak with the injured worker, something rather odd. The Center for Investigative Reporting even said Tesla was classifying some work-related injuries as personal medical injures. Because of this, Tesla reclassified 13 injury reports in 2017.
Is it possible to have an injury-free environment?
The answer to this question is probably no. Taking into account that Tesla is an automotive production plant with nearly ten thousand employees, injuries, accidents and issue are almost unavoidable. Then no, it is impossible to have an injury-free work environment in most cases. Other automotive companies such as Ford, Toyota or General Motors do not accomplish this kind of workplace either, and that is completely normal.
It is also important to say that there is always two sides to every story. In the case of Tesla, since the forklift accident, they have increased their safety training. Even the CEO Elon Musk talked about the company trying to improve the safety of Tesla’s environment. Regarding this, he said Tesla is now below the industry average for injury rate and they want to keep reducing its rate by 50%.
What will happen with Tesla’s financial risk?
Some experts question the veracity of Tesla’s self reporting regarding it workplace situation. They even question why Tesla is not part of the United Automobile Workers (UAW) union. In relation to this, Elon Musk said the workers could unionize if they wanted to. It is also important to remember that Tesla is a very young automotive company. It maybe was unsafe in the past, but its safety standards are now improving.
Tesla is also trying to increase their production very fast, something that can cause this safety concerns. However, the situation seems to be improving day by day since the forklift accident. And that is essentially a lesson that has thought Tesla what it should focus on in the future, the safety of its workers.
Where should you study Financial Risk?
Do you want to develop into a professional with a deep and comprehensive understanding of regulations and methodologies to manage financial risk? The University of Alcalá has the solution for you. Our Master in Financial Risk Management. This master meets the rising demand of experts within this field. Specially the one emerged after the financial crisis. Because of this, you will learn the most efficient ways to anticipate, measure and mitigate financial risks, among other tools. Do you need anything else? Join us now!
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