Communication is Money

Tuesday, June 18, 2019

How investing in communication will help improve ROI

Communication is always important, but especially in business. Your employees want to feel included in order to understand how their role affects the rest of the business, which is proven to be crucial to productivity. Men and women have different ways of doing this, but together can create an effective strategy for communicating effectively in the workplace.

The general consensus on the effectiveness of communication is that it can be one of the best ways to solve issues in and out of the workplace. If employees feel like they have a safe environment to voice their opinions then they are much more likely to drive positive change, solidify relationships and be more enthusiastic about coming to work. According to Gallup, employees who are unhappy at work take on average an extra 15 days sick leave a year. Assuming that employees work 7.5 hour days, each individual sick day would cost employers £107.85. This proves that not only is communication good for your employee’s wellbeing, which will ultimately help increase their amount of time at work, it will increase profit.

If not just to improve morale throughout the business, good communication saves time which we all know is a rare currency. In a standard work week we supposedly spend an estimated 19% searching and gathering information, which could undeniably be used better. If this wasn’t enough, research by Gartner found that an astounding 70% of business mistakes are due to poor communication, which will not only cost you time; but more money. It is found that women tend to ask more questions to gain better understanding in comparison to men, which could be a solution for overall better communication. However, men tend to take a more direct approach compared to women when explaining, which could also potentially solve the issue of ineffective dialogue at work. If you would like to learn more about gender differences in the workplace, read our other blog.

Once again, creating and sticking to these initiatives is beneficial to the entire business, not just your staff. Leadership Choice found that effective communication can contribute to as much as a 22% increase in productivity, a 48% increase in profitability and a 19% decrease in employee turnover. Not only that, but companies with highly effective internal communications strategies are likely to outperform their industry peers by a factor of 3.5.

It is so important to invest in your employees, but more so to create an environment where people feel included and safe to talk. If you would like to learn more about how you can help your staff to work Hapi, then book a demo today!

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