Trying to boost your company’s bottom line? It’s time invest in employee morale. Happy workers are 12 percent more productive, according to a study from Warwick Business School.
Conversely, unhappy employees can be detrimental to your business. Not only are they less productive and absent more often, but you will pay the price for months or years to come if they end up walking out the door. Turnover costs are estimated to be from 30 percent of annual salary for an entry level employee up to 400 percent of annual salary for a high-level employee.
Lucky for you, improving morale doesn’t have to cost a fortune. None of the methods I’ve outlined below involves raises or bonuses.
1. Recognize individual employees.