At first glance, many employers look to productivity as a major source of revenue loss. And yes, it's true—an unproductive staff can cost a company a whole lot of money. Stopping there (and slapping your employees on the wrist) is a dangerous road to trek down, though, and it rarely addresses the root cause. To make sure your practice is running ultra smooth, you have to dive a little deeper. Why does it sometimes seem like so many employees have productivity issues? The answer is rarely time management trouble—it's engagement trouble. And while "engagement" might seem like an empty buzzword, it's rooted in something really important: happiness in the workplace.
A happy staff make for happy profits
According to an article by Inc., engaged employees are passionate about and connected to their companies. Disengaged employees, on the other hand, feel unfulfilled and unhappy, often unable to focus. So where does this leave the employer? On average, businesses (including hospitals, practices and clinics) with engaged employees have 20 percent higher profitability. That's a pretty big deal.
According to good.co, 70 percent of U.S. workers are disengaged at their jobs. While this is, of course, bad for employee morale, it's also not great for company revenue—at all. A few startling statistics on the matter from good.co:
- 46% of new hires quit within the first 18 months of working at an organization
- Turnover costs for these losses are estimated to be anywhere from 100% to 300%
- Organizations with engaged employees perform, on average, up to 202% better
Undercover Recruiter chimes in with surprising facts of their own as well—this time about transparency between management and staff:
- 83% of managers are not able to accurately guess the amount of stress their employees face every day in the workplace
- Only 14% of employers have a formal mental health policy to help their employees cope with this stress
- Happy employees are 87% more likely to continue working for a company
Still not convinced that a happy staff ultimately boosts the bottom line?
- 85% of fulfilled employees are more efficient with their time
- Happy employees stay twice as long at their jobs and 186% more likely to promote their company
The best way to rectify the situation? Inc. suggests starting by understanding how your employees actually feel about working for you—from an anonymous perspective. Employers can survey their employees about general satisfaction and morale and reflect on the answers. This often helps close the gap between staff and management and helps leaders address what they can do to make their workers—and their profits—just a little happier.