If you’re looking to improve employee engagement in your company, surveys are a great place to start. They help you identify areas for improvement and measure progress over time.
However, not all factors that affect engagement are created equal. For example, research by DecisionWise has shown that employees who have a negative perception of their manager are 37% more likely to leave their company.
The cost of turnover can be high, especially if bad managers are the root cause. In fact, bad managers can cost your company thousands or even millions of dollars!
To get an idea of how much turnover is costing your organization, try our turnover cost calculator. It’s a great tool to help you understand the financial impact of employee turnover and make the case for investing in your managers.
Calculator
Turnover Rate of Employees with Bad Managers (37% higher than your typical rate)
45%
Annual Turnover Count (with Typical Rate)
263
Annual Turnover Count of Employees with Bad Managers
410
Typical Annual Turnover Costs
$6,007,650
Annual Turnover Costs When You Have Bad Managers
$8,167,500
The Cost of Bad Managers (Typical Turnover Costs minus "Bad Manager" Turnover Costs)
$2,159,850
Now What?
So what can you do? Our research shows that managers influence employee engagement for the better when they improve certain behaviors. Tools like 360 degree feedback help leaders know where they stand with those around them so that they can then strategically pick which strengths to magnify and which behaviors to strengthen. So are you ready to invest in your managers, increase employee retention, and decrease your employee turnover costs?
