Poor communication is likely costing your organization more than you think. Miscommunication is estimated to cost smaller companies of 100 employees an average $420,000 per year. And for larger companies of more than 100,000 employees, that inadequate communication to and between employees, costs an organization a whopping $62.4 million dollars per year.
And, that’s only in lost productivity. Imagine how it’s impacting culture, job satisfaction and employee engagement.
The largest line item on your profit and loss statement is likely payroll. As a leader you have an opportunity, and a responsibility, to make an impact by focusing on that most important priority – your people.
It all begins with how you focus your time. Everything shifts when you make your people your top priority. You have a finite number of hours you can work in a day, so success can only come through your team.
It’s easy to think that increasing salary levels is the key to a more engaged team, but research proves time and time again that simply by listening to them, finding out what help they need and letting them know they are valuable has much more impact. After all, we are all human and the need to feel a part of something greater than ourselves is universal.
While we help people and organizations communicate at a deep level, here are some quick fixes: