How Inefficiency Impacts Your Business

How Inefficiency Impacts Your Business

During the “Employee Engagement – The Driving Force For Business Productivity” seminar last Friday, our team has shared with the attendees of the seminar how inefficiency within an organization can cause a negative impact on their businesses.

Here’s a recap for those who were not present at the seminar:

Quoted from Dummies, inefficiency impacts a few segment of a business, namely, Money; Time; Quality; and Morale;. 

Inefficiency causes a loss in time within a business. Time wasted to wait for processes, wait for people, or even to rectify errors made are time spent ineffectively. And as the saying goes, time IS money, and that leads us to the next point.

It has been reported that inefficiencies within a business usually comes from people, equipment, or processes, and will cost up to 20-30% of their annual revenue. 

Inefficiency causes a task to take longer to complete than it should usually do. With an additional amount of time needed to complete the task, it will affect the morale of the employee. Delaying of milestones and tasks will lead to a damage in trust and morale for the employee towards the management, which will eventually lead to the last point, reduced quality in work.

The negative impact on employees’ morale would eventually affect the quality of their work. It is reported that most business do not produce quality results 82% of the time and this is due to inefficiency within the organization. 

With i2Payslip, you can ensure efficiency of your HR department – Paying employees on time; Submitting government related payments on time; Less errors; Quicker and automated calculations; 

Sign up for our non-obligatory 30-Days FREE trial today to try it out!

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