We have all been there – we are up against a problem that we cannot get past no matter how much effort we apply. Even more alarming is when those problems get worse the harder you try to solve them. Perhaps at the core of most of these stubborn issues are people problems: interpersonal conflict, miscommunication, poor decision-making, and so on.
Two professors from two prominent graduate business schools studied the cost of people problems. Their conclusion is that managers typically waste massive amounts of money, time, energy, and resources in order to fix these disturbing people issues. These problems can seem tedious or frustrating – never ending, yet the true financial costs of people problems is a serious issue.
The professors asked a group of senior executives to put a price on the amount their companies lost each day due to a variety of people issues from interpersonal conflict and unproductive weekly staff meetings to hiring the wrong employees and silos that cause people to miss valuable input from others. Here’s a summary of some of their findings:
At an estimated cost of $7,000 – $8,000 per day:
THAT IS A LOT OF WASTED MONEY!!!!
I don’t want to over-simplify these very serious people issues, however, they are all ‘easily’ corrected with the use of iMapMyTeam.
And, we’re going to help you fix a few of them right now! We have just added to your iMapMyTeam account a new report titled *‘Performance Conversations’. This new report will help you address behavioral issues with your direct reports by giving you specific tips on matters covering relationships, communication, implementation/execution and more.
Use the Performance Conversations report along with other iMapMyTeam reports to lower your Price of People Problems!