The Most Disturbing People Challenges Facing Businesses Today
#1: Unhappy employees cost you money!
The economy is changing constantly. Smart employers are acting now to improve employee relations, improve communications and set standards for valued employee contribution — creating the buy-in and loyalty that sets their company ahead of the pack.
#2: Turnover = Lost Revenue!
Workers across America are dissatisfied with their lot. Research shows that 68 percent of all employees hate their job. Dissatisfaction is highest among Generation Y but Baby Boomers also express record levels of unhappiness. Small businesses report turnover rates of 70 percent annually — and it can cost $4,000 to $6,000 to replace a minimum wage employee
Did you know?
- 68% of Americans hate their jobs
- 71% of the US labor force is willing to wander
- Half of employees are actively seeking or open to new jobs
- 75% of people quit their bosses, not their jobs
#3: Unhappy Workers Are Unengaged Workers!
When your employees are not engaged, you can lose up to 33 percent of their work time and that loss of productivity can cost up to $3,300 for every $10,000 in salary. If you want to grow your sales, keep your customers and retain valued employees, you MUST keep them engaged.
Did you know?
- 9.5% of all employees are unengaged
- 32.5% are engaged
- Highly engaged employees are 2.5X more likely to finish something that needs to be done-after normal work hours
- Highly engaged workers are over 3x as likely to do something good for the company that’s not expected to them
- Organizations with 50% employee engagement retained over 80% of their customers
#4: Your Employee Base Is More Diverse Than Ever!
Over the next decade all businesses will see turnover and shortages. Multiple generations in the workplace, changing gender roles and the impending retirement of large numbers of Baby Boomers mean you must take steps now to solidify your workforce. Gen Y or millenials make the rules
“In a marketplace defined by complexity, disruption and change, today’s most successful enterprises are those that bring diverse perspectives and experiences to each new challenge. Along with being the right thing to do, diversity and inclusion offer a strategic advantage-especially at the leadership level.” KPMG International
“We need to utilize every person that is able to work. Diversity used to be the right thing to do. Now because of the shortage, it’s a business imperative.” (Cosgrove Holmes-director at Sennheiser Electric Corp
Did You Know?
- 36% of workforce in 2015 and will be 75% of the global workforce in 2005
- In three years, nearly half (46%) of all US workers will be Millennials
#5: Poor Communicators Lose Business!
To succeed together, your team has to communicate clearly. But unless you select the right training for your communication needs, your strategy may backfire.
#6: Personality Conflicts Create Toxic Workplaces that Cost You Time and Money
#7: We have a Leadership and Talent Gap:
Today’s organizations have a leadership gap. According to Deloitte’s “Global Human Capital Trends 2016” report, 89% of executives found the need to strengthen, reengineer, and improve organizational leadership. However, more than half (56%) said their organizations are not ready to meet leadership needs, and more than one in five companies (21%) have no leadership programs at all. 1 out of 3 employers struggle to fill open positions.
Did You Know?
- 56% of US employers reporting talent shortages say that the shortages significantly impact their ability to meet client needs
- 41% of employers say shortages reduce their competitiveness/productivity