Let's talk about how daunting this data is.
THE BAD NEWS
Disengaged employees will cost you BIG $$$!
Disengaged employees can cost your organization up to $3,500 per year for each $10K in salary. The average salary in the US is $50,000. With that data, each disengaged employee can cost you up to $17,500 in unnecessary lost revenue. It only takes less than 60 employees using this data to lose you A MILLION DOLLARS A YEAR!
THE GOOD NEWS
There are a lot of things that you can do to minimize your loss. You can:
1. ASK your employees and find out what is causing them to become disengaged. (They may not tell you the truth which is why a 3rd party consultant can come in and get some honest answers for you)
2. Become an employer they can trust. An employer/employee relationship is indeed a relationship. If you are constantly lying to them, laying off employees, engaging in unethical practices, doing nothing to give back to the community, along with many other damaging behaviors, you will lose their trust. Just like any relationship, once trust is lost-it is DIFFICULT to get back.
3. Do what you are asking them to do. If you are constantly pushing your employees to go above and beyond, you should be doing the same for them. If you are asking that the employees donate to the charity fund, you should be matching their contributions. If you claim to be a “community partner” DO IT! Be honest and be genuine. The days of “they are lucky that they have a job” are OVER. Unemployment rates are at an all time low, and employees have Recruiters knocking down their door and becoming more strategic with their recruitment methods. Time to step up the retention strategy.
4. Enlist competent leadership. If your leadership is incompetent, your employees will eventually get sick of you. If you are tired
5. Give them some perks for working for you. Free life coaching, free gym memberships, free healthy lunch, free beverages, gym on site, the ability to earn extra PTO, and many more. Get creative! Find some perks that your employees actually want. The cost may be minimal for you, but the ROI will be worth it.
6. *this is the best option yet* Hire a team of Boutique Consultants to pinpoint the reasons for disengagement, and create the strategy of attack for you. Some Firms may even manage the implementation projects for you. (shameless plug)
Do these numbers scare you? They should. Email me at email@example.com or shoot me a LinkedIn message so we can talk it out.