Good employees are the backbone of your business. Without them, it would be impossible to grow your business or even reach its full potential. Therefore, their happiness is critical to your success. With that said, have you questioned your employees’ engagement lately? Have you examined your workplace environment or sought to make changes? If not, now would be a great time to improve your workplace and increase employee happiness. As we take a closer look at how to achieve this, ensure your operation is protected with a custom tailored Coin-Op Advantage Program.
According to American Dry Cleaner, many business owners don’t understand the full costs of employee turnover- and the figures are not cost effective. There are many sources of research that estimate these costs and the general consensus is that the total cost of turnover is:
- 30-50% of annual salary for entry-level employees
- 125-150% of annual salary of mid-level employees
- Up to 400% of salary for high-level employees
In addition to loss of productivity, there are many factors that contribute to these costs, including recruiting, training, vacation time payouts, benefits, and even lawsuits.
So, how do I combat this?
A key factor to consider is employee engagement and retention. Experts claim that management has a lot to do with employee satisfaction, as much as 70% of it. Valuing employees and being flexible with them can encourage employee engagement, which, in turn, decreases turnover.
For example, according to Riggoni and Nelson of Gallup, “54% of disengaged employees are willing to leave their company for a raise of 20% or less, however only 37% of engaged employees” would leave for the same raise.
Furthermore, while fair pay is essential, respect and fair treatment ranks as the number one factor for employee satisfaction. So, aside from paying your laundry employees what they deserve, ensure your management is equipped to tackle issues, build up morale, and support their team.
At Irving Weber Associates, Inc. we understand what it takes to run a successful laundromat business, including investing in a comprehensive Coin-Op Advantage program to ensure that you are financially protected against legal claims. For more information regarding our products or to have us review your policy, contact our experts today at 855-661-4557.