Browsing Tag

employees

Business

Poor Employee Performance – How Much Does It Cost Your Business?

In today’s recession economy it is important to stretch every dollar your business spends to its absolute limit. It’s fairly easy to do this when it comes to product manufacturing, shipping costs and utility bills, but what about when it comes to the cost of your employees? You can determine how much profit an employee brings into the company through the work they do, or how much they cost you to maintain with their benefits package and your tax burden. But how can you determine if a subpar employee is costing your business money? People will make mistakes, but what if they continue to occur? Or what if there are other, more subtle ways that employee is impacting your business. If you have more than ten people in your business, chances are at least one of them is a poor employee. So how much is poor employee performance costing your business?

There is one easy way to quantify this, by looking at the added time these employees require. And it’s not just the extra time they have to put in, but it’s the extra time your managers put in handling these hard cases. If you’re the direct manager, you know what this takes. You’d much rather be raising up your quality employees, helping them along their successful trajectory. Instead you’re stuck in the doldrums with the weak link. According to some recent surveys, there is a very real cost to this strategy. Managers are spending more than 15% of their time pushing and prodding poor employees. That’s almost one full day out of the week wasted on a poor performer. What could you be generating with that time?

February 24, 2013

Family

What We Learned About Employee Benefits

I have written before about the importance of employees taking advantage of their work benefits, as the benefits are a big part of an employee’s compensation. Unfortunately, due to misunderstanding the true cost of the health and dental benefits offered at my husband’s work place, we decided not to take advantage of his benefits. We thought that they were too costly and that we wouldn’t make enough use of them to justify the cost.

Unfortunately both my husband and I have had to get some major dental work done recently and after looking into his benefits further, had we decided to sign up for the benefits when he was first eligible, the benefits would have turned out to be really helpful now in paying our dental bills.

October 12, 2010

General

Take Advantage Of Your Employee Benefits

Are you an employee? If so, it’s very important that you understand all the benefits that come alongside your salary or wage. As an employee, especially if you work for a large company, you may be surprised at just how many benefits you may be overlooking. In order to ensure that you are taking full advantage of all your benefits, request benefits information from your employer and read through the material carefully.

If you are lucky, your employer will be willing to match contributions you make up to a certain percentage into your RRSP. If this is the case, be sure to open an RRSP through your company’s group plan as soon as you are eligible to receive the free money. If you already have an RRSP set up outside of your work, consider diverting the contributions over to your work plan where you are eligible for the benefits and use your other RRSP only if you want to contribute over and above what the company will match.

August 21, 2010