| The Cost of Imbalance |
Employee Engagement
Only about 17% of Canadians are engaged in their work. This number is down from 21% two years ago (Towers Perrin HR Services, 2005).
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The Reason
“Canadians are looking for…senior management interest in employee well being, opportunities to learn and improve their skills, and organizations with a reputation as a good employer”(Towers Perrin HR Services, 2005. Globe and Mail, November 23, 2005 C1)
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Retention
Yearly turnover cost per employee: $50,000
National average turnover rate: 13%
Cost to replace workers (1/2 to 2 ½ times the exiting person’s salary) $325,000
Turnover rate when organizations get CREATIVE with benefits: 7%
Cost to replace workers (1/2 to 2 ½ times the exiting person’s salary) $175,000
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Absenteeism
According to CA Magazine, absenteeism has increased 2%-8% since 1997. The average direct cost of absenteeism is $3550.00 per employee, per year. A 1999 survey found those who reported high stress missed, on average, 7.2 days of work per year, compared with low stress employees who missed 3.6 days.
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Revenue Leaks
75% of employees take care of personal responsibilities while on the job
35% say they take care of personal responsibilities at work daily
Employees spend as much as 15% of the work day tending to personal tasks
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Depression
According to the Canadian Mental Health Association, pressure at work is contributing to unprecedented levels of depression, anxiety and burnout. Depression is the leading cause of long term disability, and is expected to be the leading cause of work days lost. Health Canada estimates that workplace depression costs Canadian companies more than 1.4 billion in lost productivity.
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