The High Human & Financial Costs of Toxic Employees
Toxic employees are those who create an unhealthy work environment for other employees. Not only can this damage workplace morale, but it can also result in higher employee turnover and lost productivity - ultimately leading to a huge financial cost for businesses.
Fortunately, there are some steps that businesses can take to reduce the human and financial costs of toxic employees. In this blog post, we’ll discuss the human and financial costs of having toxic employees, as well as how businesses can protect themselves and their bottom line.
The Human & Financial Costs of Toxic Employees
Toxic employees can have a huge negative impact on the workplace. Not only can they create an unhealthy work environment, but they can also lead to higher employee turnover and lost productivity. These human costs can have a huge financial impact on businesses.
The cost of employee turnover is one of the most significant costs associated with toxic employees. According to the U.S. Bureau of Labor Statistics, the average cost of employee turnover is 21% of an employee’s annual salary. This means that if a toxic employee leaves, the business will have to pay out a significant amount of money to replace them.
Lost productivity is another cost associated with toxic employees. When employees are unhappy, they are less likely to be productive. This can lead to missed deadlines, lower quality work, and a decrease in overall efficiency. This can have a huge financial impact on businesses, as it can lead to missed opportunities and losses in potential revenue.
How Businesses Can Protect Themselves
Fortunately, there are some steps that businesses can take to protect themselves from the human and financial costs of toxic employees. One of the most important steps is to ensure that all employees understand the company’s values and expectations. This will help to ensure that all employees are on the same page and that everyone is working towards the same goals.
It's also important for businesses to create an environment where employees feel safe and respected. This will help to foster a positive work environment and make it less likely that toxic employees will be able to thrive. Businesses should also have a clear policy in place for dealing with toxic behavior, so that employees know what to expect if they engage in such behavior.
Finally, businesses should invest in employee training and development. By providing employees with the tools they need to succeed, businesses can help to ensure that they are productive and motivated. This will help to reduce the financial costs associated with toxic employees.
Conclusion
Toxic employees can have a huge negative impact on businesses, both in terms of human and financial costs. Fortunately, there are some steps that businesses can take to protect themselves from the costs of toxic employees. By creating a positive work environment, investing in employee training and development, and having a clear policy in place for dealing with toxic behavior, businesses can reduce the human and financial costs associated with toxic employees.