When you start considering the different things that impact your company’s bottom line, what comes to mind? Most business leaders will list things like inventory costs, salaries, and marketing expenses. But another big cost can come from something that’s easy to overlook – turnover and employee callouts.
Turnover alone accounts for thousands of dollars when you consider the expenses of rehiring and retraining new employees – plus getting them up to the point where they turn in the same level of productivity as former workers. And with callouts, a single missed day from work from one employee could lead to big hurdles in upcoming or current project progression.
And while there are plenty of things that can be blamed for turnover and clouts, here at Technalink we believe that taking a look at leadership and the way you lead a company could help dramatically. In particular, focusing on being a more compassionate leader could have a huge influence.
The main reason is simple – when you are a compassionate leader, you help show your employees numerous things. First and foremost, you show them that you care about them and that you value them not only as a part of your company, but as individuals who are lending their capabilities to your company.
This in turn helps employees feel more connected to their place of employment, and allows for a stronger bond to form. This means that by using compassionate leadership, you’ll help your employees feel more loyal to you and your business. This in turn reduces callouts and improves turnover rates dramatically.
And along with reducing these issues, promoting stronger loyalty to your company can increase productivity as well. When your team is dedicated to your business, they’ll be willing to put forth extra energy and turn in better work. In other words, by using compassionate leadership you’ll be able to improve your bottom line in more ways than you might suspect. It’s easy to approach things with more compassion, and could help your business’ future be brighter than ever.
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