The Tricky Balance Between Safety and Financial Performance

“BOEING FACES TRICKY BALANCE BETWEEN SAFETY AND FINANCIAL PERFORMANCE”

That’s a NEW YORK TIMES Article Title.

In December 2019, then Boeing CEO Dennis Muilenburg was fired and left with a $62 million payout after a year of intense scrutiny following twin fatal crashes of the 737 MAX jetliner.

Boeing’s now CEO, David Calhoun, just got paid $21M in 2023 while body panels and wheels are falling off their planes.

United Airlines is looking at the possibility of moving to Airbus for its next generation planes, it has been reported.

What’s this got to do with your business?

Without Safety, there may not be any future profits (or “financial performance”) for Boeing.

It’s a requirement, safety. It’s table stakes. It’s a core competency.

However you want to say it, safety is necessary in the eyes of Boeing’s customers. It’s not a “nice to have”, it’s absolutely necessary.

So, in your business, what’s a requirement in the eyes of your customers?

What makes you unique that they wouldn’t give up?

What could you do to make them look at a competitor?

When money becomes the primary and only goal of a company, it always loses. Not immediately but eventually.

Keep an eye on that thing, or those things, that your customers and patients refuse to compromise on and do the same as them. Refuse to compromise.

It’s a great way to stay in the game and outlast your competition.

Here’s a bit more on recent events at Boeing.

https://jacobin.com/2024/01/boeing-malfunction-ceo-pay-stock-buybacks

Originally published at https://www.linkedin.com.