Your Managers Are Costing You a Lot of Money
Your managers are costing you a lot of money. $360 billion dollars this year alone.
It doesn’t show up directly as a line item on any P&L. But your bad managers are costing you. A lot.
According to several recent studies by Pepperdine University, Inc. Magazine and other organizations, 50% of your people who work under a bad boss plan to look for a new job in the near future.
Three out of four employees say their boss is the worst part of their job. 65% of employees say they’d take a new boss over a pay raise. More than 40% say they’ve been verbally, emotionally or even physically abused by a manager at some point in their career.
Your bad managers contribute to poor employee engagement and negatively impact their employees’ health, leading to more sick days and a higher risk of heart attack.
Your hard dollar cost? – Replacing even a minimum wage employee costs your firm more than $2,500 in lost productivity, recruiting and training costs. Replacing a professional-level employee can easily approach six figures in costs.
Your bad managers are part of a $360 billion-dollar problem firms like yours deal with each year in the US.
Here are five symptoms of bad managers in your organization:
• Disengaged employees
• Lower customer engagement scores
• Scope creep and missed deadlines
• Reduced profitability, and ultimately
• Organizational mission failure.
— Which ones ring true for you?
More importantly, when are you going to address this hidden-but-tremendously-expensive cost of bad managers? If there was ever a time when good leaders needs to be present for your firm to navigate the choppy waters around you, now is that time.
At Neillie Leadership Group, we’ve been working with businesses, non-profits, trade associations and franchises for many years, turning under-performing managers into high-performing leaders.
We have a simple-but-robust 12-week Manager’s Ascent program that equips your managers to become the leaders your organization needs.
When you are ready to face the reality that your bad managers are costing you more than you ever imagined, let’s schedule a time to talk.