Companies focus on high efficiency and cutting costs. On lesser known cost to a business is low company morale.
One of the biggest costs of low company morale is that it leads to high turnover rate of employees costing companies in both time and money to train new employees and interview for open roles. Going through the interview process takes a lot of time away from managers to make sure that they have a great fit for the role.
Apart from the time that managers invest in hiring, there is also the cost of training the new hire into the specifics of the role at your company. This is both a monetary cost and a time cost that cannot be reduced without risk of lower quality work due to lack of proper training. These are all huge costs to companies that can stem from low company morale.
Another intangible cost is in the lower productivity that comes with low team morale. That means that while people do not necessarily leave the company because they are unhappy, but instead they do not work as hard and have reduced quality of work.
Identifying the costs of the decreased morale is an important first step to making changes to improve morale. Below are some ways to help improve morale.
Read More
