You Can Recover Thousands in Revenue With These Tricks

Your employees are costing you money, but it isn’t totally their fault. Here’s what to do about it. Employee burnout is depleting your potential revenue – and it’s completely avoidable. It refers to chronic physical, mental, and/or emotional exhaustion caused by too much stress in the workplace. It can be seen through feelings of exhaustion, pessimism, overreactions, or complete detachment from work. One effect that might be more obvious to you, however, is a dip in productivity and therefore a dip in revenue. Healthy and happy employees are more engaged in their work, resulting in higher productivity levels: more bang for your buck so to speak. Lost productivity from illnesses such as depression and anxiety costs the economy about $1 trillion a year, according to the leadership and wellness group Whoop Unite. Lost productivity isn’t the only effect of poor mental health that’s draining your profit. Employer-sponsored healthcare plans have increased by 9.7% between 2019 and 2021, going from about $13,209 to $14,542 per employee. Employees experiencing burnout are significantly more likely to resign, leading to a high turnover rate which is a costly expense to make up for. The cost of just one employee's resignation ranges from about 1.5 to 2 times their salary. Don’t let go of so much potential revenue by ignoring employee needs. Here are a few ways you can address employee burnout… Encourage breaks It might sound counter-intuitive, but an extra 10-20 minutes to clear their mind can keep employees focused for the rest of the day. Taking regular breaks throughout the workday gives employees the opportunity to recoup their mental energy. When anyone is constantly doing tasks without breaks, their concentration and focus will usually decline. Taking a step back from tasks can also stimulate more creative thinking and problem-solving. Consistently review workloads Delegating tasks evenly and appropriately is important for the health and motivation of your employees. Regularly assessing employee workloads helps identify excessive or unbalanced work demands that leave employees overwhelmed and lead to burnout. A higher workload also means it’ll take employees longer to get tasks done, lowering overall productivity. When employees are overloaded with work, they’re more likely to rush through their assignments, make mistakes, or experience fatigue, all of which can lead to subpar work. Offer remote work Offering remote work provides employees with increased flexibility and autonomy over their work environment. And it doesn’t mean you have to make it available full-time! You can provide employees with a certain number of remote hours just as you would PTO. This gives your employees the freedom to choose where they work, which can lead to improved work-life balance and reduced stress. Having a day to work at home means employees don’t have to wake up as early and commute, avoiding this stress can leave employees feeling more refreshed when they come in the next day. This easy benefit can also be a major draw to potential employees and decrease turnover for your existing workers. Offer simple perks Sorry to break it to you, but the pizza parties won’t cut it. Although 40 percent of business owners think that games and similar employee events benefit employee morale and energy, only 5 percent of workers agree. Instead, by working with other businesses in the area, you could provide: Free or discounted gym memberships Commuter benefits such as rideshare or public transportation discounts Resources for financial planning and education Easy access to mental health care services Optional, new skills training workshops Giving employees the chance to grow and benefit themselves leads to improvements in their personal lives. That growth with clearly translate to the quality of their work since they’ll have more mental space to focus. Financial and other personal stressors always have their way of weaving themselves into the workplace – so help put them to an end.

You Can Recover Thousands in Revenue With These Tricks

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