All companies have to cope with some costs. It goes with the territory. But for some businesses costs can spiral out of control. And it’s not all down to bad management. Often it’s the fault of their employees. So what’s going on?
Every business knows that training up employees is expensive. For the first few months, most employees, even those with experience, aren’t that productive. It takes time for them to learn the way that your company operates. And this means that employing new people only really pays off once they’re trained up.
So what happens when an employee leaves during the first six months to a year? Well, for starters, the company loses out on all that training. They never get to reap the rewards of investing in their workers.
But on top of that are all the associated costs of hiring. Estimates of the cost of replacing vary considerably. But once you factor in the costs of advertising and training, it can work out to be more than the annual salary of a worker. The higher the skill of the worker, the greater the cost of replacing them.
They Launch Tribunals
These days companies have to be very careful about setting out their terms of employment. They need to cover every eventuality: worker health, terms of pay and disciplinary procedures.
But often they don’t, and this leads to costly employment tribunals. Employment tribunal services can help mitigate the burden. But companies should do all they can to make their employment contracts airtight. All too often, however, companies fall foul of minor discrepancies that end up costing them dear.
They Bully Each Other
You might think that the biggest problem of bullying in companies would be between managers and workers. But you'd be wrong. In most Fortune 500 companies, the biggest bullying problems come from the lower ranks themselves. On average bullying costs these companies more than £10 million in settlements and lost productivity. That’s a serious problem.
They Waste Their Time On Smartphones
Ever since the introduction of smartphones, businesses have been able to stay in touch with their employees, 24/7. But smartphones also come with some considerable costs for business. Employees who check their phone every five minutes are a nightmare for business productivity numbers. Regular checking disrupts their train of thought. And it happens so frequently, that the time wasted adds up very quickly.
Substance abuse is a costly issue for many businesses. That’s why so many of them have now instituted drug testing policies. The problem, however, is that these policies are not universal. And even if they were, it would carve out a large chunk of the workforce. A lot of companies simply put up with the problem, and it costs them a lot of money.
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Starting a business is easy today. You just need to prepare a small kiosk and find the best place. A place with a lot of customers such as a mall is the best place to sell your products and service. That’s why you just need to find a small mall kiosk for sale and get ready to handle the business. So, what do you have to consider while selecting a mall kiosk? Read more
Drinking and driving statistics is very depressing. It is revealed that the high percentile of drunk drivers belongs to age group of 21 to 24 years recorded at 30%, which is followed by age categories 25 to 34 years at 29% and 35 to 44 years at 24%. Teen drivers need to learn ways of driving safely because the most alarming aspect is when someone dies due to drunk driving. As per Disease Control center, in the US a person dies every 40 minutes due to alcohol-impaired driving. Thousands suffer from devastating injuries due to accidents by drunk drivers. Read more