Have you ever worked for a company that didn’t seem to value your time? That didn’t seem to have any real guidelines or mission? How did that affect your work? Every mid to major company in the US has a HR department whose job it is to attract and maintain talent. What happens when they fail to do their job?
Disengaged employees have a measurable impact on the US economy to the tune of $370 billion annually in lost productivity. But according to Accenture, less than 50% of CFOs understand the return on their investment in human capital. Watch the video and see if you can recognize the Top 3 HR mistakes companies make.
3. Ignoring the Competition
46% of New Hires Exit Their Job in The First Year. Failing to offer competitive salaries and benefit packages can prevent a company from attracting and maintaining the best available talent.
2. Withholding Criticism or Praise
It may seem obvious but failing to provide constructive criticism only guarantees a consistently poor performance. According to Accenture, less than 50% of CFOs appear to understand the return on their investments in human capital. The lost productivity of disengaged employees costs the US economy $370 BILLION annually. That’s more than 13X The GDP of North Korea. And don’t forget about star employees.
65 % of employees satisfied in their roles said they would also work harder if they were better recognized at work. And 49% of employees said they would leave their current job for a company that clearly recognized their efforts and contributions.
…and the number one HR mistake companies make:
1. No Employee Handbook
Every business should have a handbook, if only to codify the accepted behavior and philosophy of the company. Failing to write, or hastily writing a handbook can add to an environment of uncertainty while removing accountability from your most important stakeholders: your employees.