In case you haven’t noticed, a lot of what we used to know even two years ago isn’t necessarily true in today’s changed business climate. How many outdated ideas do you have about the employment world? Read each question in bold to decide if you think it’s true or false before reading the answer below.
Employees [...]
What Does Employee Disengagement Cost You?
By Juan Kingsbury, TTI Solutions Specialist Manager
In Jim Haudan’s book “The Art of Engagement,” a neighbor describes his understanding of engagement based on a brief experience with their two guests at a Major League Baseball game. These guests simply wanted “hot dogs” just as the biggest game in the Cleveland [...]
“Commitment” and “accountability” are two words that are sure to pique the interest of anyone in human capital management. But when asked, most managers and employees don’t know for what each position is accountable and therefore lack commitment within the team. Lack of commitment can lead to job confusion, dissatisfaction and eventually, disengagement.
Recent studies [...]
“Everything, then, must be assessed in money; for this enables men always to exchange their services, and so makes society possible.”
– Aristotle (384-322 BC)
Even though Aristotle made this point over 2000 years ago, it couldn’t ring more true today. Almost everything involved in transactions today are based on a price and assessed in money.
What about Talent Management?
Beyond salary and sales, there are many important aspects of talent management that are often not tied to the bottom line. Yet, “dollarizing” the value of talent management initiatives is vital to bottom-line analysis. Whether you are placing a value or cost on your current status, or calculating the ROI of your next talent management strategy, metrics that assess the monetary value will help you see the true effect on the bottom-line.
Bottom Line Statistics
Knowing the bottom line results of talent challenges will help you implement strategies with a proven ROI that you can see on your balance sheet. Find out how much you already know by asking yourself questions like:
• What is disengagement costing the bottom line?
• What was the ROI on your last training? What can be expected of future training?
• How are your team-building initiatives impacting your bottom line?
• What was the cost of your last bad hire?
• What is your overall turnover percentage? How is it related to tenure?
In a study on over three million employees, Gallup found that over 70% of Americans who go to work are not engaged. [Read More]
Controlling Turnover and Addressing Disengagement with a Complete System
Turnover alone may be costing you millions, but what about the employees you still have? Is their disengagement costing you even more?
Fortunately, turnover and disengagement stem from job fit, and you can reduce costs associated with both by using a complete hiring system. With a process that looks at hiring from the very beginning to the very end, you can consider the job, the talent, professional development and performance management. However, with reduced budgets and overwhelming responses to job ads, many companies are finding themselves skipping a system all together. Unfortunately, a move like that doesn’t come without a hefty cost, as doing nothing to ensure job fit will cost you more than implementing a complete hiring system to start controlling turnover and disengagement costs now.
With a solution for future turnover and disengagement costs, let’s turn our focus to the disengaged employees on your payroll now. Can you determine the underlying issue? It may be decreased morale, lack of direction, little job satisfaction or no motivation. Whatever the case, you need to start by using the same complete system. [Read More]
