Human Resources Are Most Valuable and Most Costly

Human Resources Are Most Valuable and Most Costly

Very often when a department or unit performs above average, especially during a business downturn, the employees may feel underappreciated and overwhelmed. What's worse is that employers tend to refrain from discussing promotions and career paths during these times. After all, why talk about the future when it looks bleak?

These days, several companies struggle with the challenge of employee engagement. Employees in thousands of organizations across various industries report a lack of motivation and high levels of frustration. And these frustrations lead to an increase in careless mistakes and a decrease in productivity and loyalty.

Obviously, this is bad news for corporate budgets and profits. In addition to lost productivity and rework, the true cost of low employee engagement is millions of dollars in turnover. According to TTI Metrics, the cost of a disengaged worker averages 2.5 hours each day. Multiply those hours by the number of workdays times the number of disengaged employees, and you get a real eye-opener.

Exhaustion may be the reason behind disengagement, as many employees have had to pick up the slack because of downsizing. Therefore, instead of seeing their accomplishments as a victory in tough circumstances, high-performing employees regard them as a necessity, as a result of desperation. So when the economy starts picking up again, many frustrated workers become inclined to look for new jobs.

During a business downturn, it is critical for employers to measure their workers' levels of engagement. Only by understanding the true extent of employees' commitment can they be certain to hit the ground running when things begin to improve once more. Engaged employees are enthusiastic about their jobs, focused on getting work done, more willing to do what it takes to get tasks done, emotionally invested in the organization, and proud of their role in the company.

While employee engagement surveys are not new, they can identify exactly which employees are the most vulnerable. For instance, many firms today are learning that their youngest employees, the Millennials, are at the highest risk for turnover.

Several employers feel that this generation is unique and impatient, and that they find it difficult to stay put for long periods. Others argue that Millenials leave because they don't have the conventional promotable opportunities they want or aren't getting them fast enough. Whatever the reason, your organization needs to keep them engaged, make use of their talents, and put together multi-generational teams for optimal performance.

Employee engagement surveys can be conducted easily with little disturbance in the workplace. Having a concrete measurement of engagement in your organization allows you to develop strategies for rejuvenating company culture, training and development, career development, and succession planning.

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