Management

1. Management Assembled by Betty Scott Texas FBLA State Adviser

2. U.S. businesses lose about 5% of their annual revenue to internal fraud and dishonesty. That's almost $700 billion. The median fraud loss is $159,000. For small businesses the median cost is higher: $190,000. What Does It Cost?

3. What's it worth? • "Employee engagement" is HR speak for initiative and ambition. • Employees who are engaged and ambitious are 38% more productive. • They take 70% fewer sick days each year. • Companies with engaged and ambitious employees can push operating income up as much as 19%.

4. What DoesIt cost? "Perfection" may seem impossible and a small margin of error tolerable. However, even the tiniest margins of error can have major consequences. For instance, even at a near-perfect 99.9% error-free level: • 2.8 million US phone calls would reach the wrong number every day. • 810 commercial airline flights would crash every month. • 107 incorrect medical procedures would be performed every day. • We'd have 43 minutes of unsafe drinking water coming out of our faucets each month. • Each month 76 newborn babies in the U.S. would be given to the wrong parents.

5. Absent! Ouch! • The cost of employee absence is as much as 36% of payroll costs • For midsize companies, unplanned absences account for about $4.5 million a year • Replacement workers are only 71% as efficient in unplanned absences, only 80% as efficient for extended absences • A Mercer study

6. Corporate honesty – What Is it worth? Hotels with high management integrity earned as much as ten cents more profit from every revenue dollar as competitors. Employees reporting high integrity from managers had deeper commitment, lower employee turnover, and superior customer service; all leading to higher profitability. 10% more profit

7. Tardiness costs US businesses over $3 billion per year In a mid-size company (250 employees), if each employee is "only a couple" of minutes late each day yearly, that’s the equivalent of a year’s salary, including two weeks paid vacation. One employee, 10 minutes late daily, is the equivalent of a week's paid leave.

8. $289= average value of eachlost business relationship in the US per year71%= percentage of consumers who end a business relationship due to a poor customer service experience $83 Billion= estimated amount US businesses lose yearly directly from poor customer service The Value of Customer Service

9. What Does It cost? 86% of customers quit doing business with a company because of a bad customer service experience. Customers who complain make up less than 5% of customers who are dissatisfied.  Customers whose complaints are satisfied are 5-10% more likely to return than those who don't complain at all.

10. 62% of employers cited "negative attitude" as a chief characteristic of a bad hire, equally problematic as poor quality work and inability to work with others 41% said making a bad hire would ultimately cost over $25,000 and 25% said they would lose over $50,000 

11. 95% of employees have experienced uncivil language or behavior at work. Here is how it affects them: • 48% of surveyed employees decreased • their work effort - 47% decreased their time at work - 38% decreased their work quality - 66% said their performance declined - 80% lost work time worrying about • the incident - 63% lost time avoiding the offender.