Sun, Aug 08, 2004 - Page 11 News List

Laggardly workers waste big money for their employers

DPA , SINGAPORE

Laggards at work are costing economies billions of US dollars a year, a multi-country study said on Saturday.

In absolute terms, the US incurs the biggest loss in wasted talent and management time -- U$106 billion yearly -- followed by the UK at US$25 billion, according to the global firm SHL.

SHL said that poor performers cost employers in India US$11 billion yearly, those in Hong Kong US$5 billion and those in Australia US$4 billion.

Going by overt costs arising from wasted time in managing poor performances and correcting mistakes, the study said Singapore squanders 1.5 to 2 percent of gross domestic product every year because of underperforming workers.

Doing badly on the job can cost Singapore up to US$3.2 billion, SHL estimated.

On the low side, underperformance at the workplace costs Sweden US$1.3 billion, or 0.6 percent of its gross domestic product, yearly.

Managerial salaries in Sweden "are far lower relative to the mean than in all other countries," said the study.

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