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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