Doing Business Better - Cost of Managing Your Workforce in a Small Business (Part 2)

Presented by Wells Fargo

Cost of Managing Your Workforce in a Small Business. 
This two part series will take you through a methodology to identify current costs associated with your existing workforce management; and a foundational HR model that will put your organization on the path to increased efficiency, higher employee engagement, and improved business results. 
 
PART 1 - Why Measure the Costs of the Workforce?  

• The costs associated with hiring, managing, and retaining the workforce are typically one of the largest cost for a small business.
• “If you can’t measure it, you can’t improve it.”  Peter Drucker
• Helps you determine, “are the workforce expenditures adding value to your bottom line”.

• Hiring - We are operating in the tightest labor market in decades, thus good candidates are very difficult to identify.
• Onboarding - A way to make new employees feel like a part of the team from the start, feel productive quickly, and understand what is expected of them at day one.
• Well defined feedback mechanisms are a must.  (Evaluations, Discipline, Recognition)
• According to Gallup:  32% of employees are engaged (keeping you in the game), 51% are not engaged (just along for the ride), and 17% are actively disengaged (negative to the point of hurting the organization).