How Can We Find The Budget To Invest In Our Employee Experience?

Send us a Message!In this episode, we explore some common barriers and situations that business leaders and HR professionals need to overcome to effectively prioritize putting a strong budget behind addressing workplace culture challenges.Our prescription for this episode is to rethink how we already spend and invest in our businesses. It is likely through eliminating waste that we can find the budget to make effective investments.Past Episode Referenced:S2 E4: What Is The Cost Of Doing Nothing About Your Workplace Culture?Statistics referenced:The result of 22 case studies show a typical cost of turnover of 20% of salary. - Center for American Progress. There Are Significant Business Costs to Replacing Employees Report (2012)An uncivil workplace (where microaggressions and rude/passive aggressive behavior are common) can reduce employee performance to a cost of $14,000 annually, or about 26% of the average annual salary. - Pearson, C., & Porath, C. The Cost of Bad Behavior: How Incivility Is Damaging Your Business and What to Do About It (2009)Research by Grammarly and The Harris Poll found poor workplace communication is a pervasive problem burdening businesses and employees alike costing businesses approximately $12,506 per employee every year or 21% of that average employee's annual salary. - Grammarly and The Harris Poll. State of Business Communication report (2023)The need for additional wages to make up for a poor reputation as a bad employer, businesses need to spend about $4,723, or at least 10% more, per hire to convince a candidate to take a job at such a company. - Harvard Business Review, A Bad Reputation Costs a Company at Least 10% More Per Hire (2016) You can reach out to us to talk more about diagnostic tools and resources, just reach out to us at [email protected] or through our LinkedIn page at https://www.linkedin.com/company/roman3Don't forget to sign up for our New Quarterly Newsletter that launched this fall!About Our Hosts!James is an experienced business coach with a specialization in HR management and talent attraction and retention. Coby is a skilled educator and has an extensive background in building workforce and organizational capacity. For a little more on our ideas and concepts, check out our Knowledge Suite or our YouTube Channel, Solutions Explained by Roman 3.

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