You want to know what keeps business owners up at night? Check out these cringe-worthy figures below:
- The business cost of turnover is 20–215% of annual salary depending on skill level (e.g. Training, Onboarding, Interviewing, Impact on Morale, etc.)
- Gallup’s annual pulse on the American workplace says seven in 10 U.S. workers(70%!!!) are not engaged or are actively disengaged in their work, which costs American businesses a staggering $450 to $550 billion annually.
- Costco has a well-documented thriving workplace culture. But there’s more — it’s also growth monster. If you invested in Costco 20 years ago, you would have a 1,200 percent return on your investment by now (compared to Nasdaq companies’ 600 percent return in the same period).
- Companies with low engagement scores earn an operating income 32.7 percent lower than companies with more engaged employees.
- Highly engaged employees are 87 percent less likely to leave the organization.
..So, How Do We Fix This?