Just How Expensive is Miscommunication in the Workplace? We Can Show You

What Causes Poor Communication?

 

Communication in the workplace – everyone has to do it, but that doesn’t mean they’re doing it well. From subpar technology to poor meeting structures and communication channels, ineffective communication in the workplace can put a significant dent in your company’s bottom line. Whether it’s employee satisfaction, financial goals, and project timelines, a bump in the road with any of these issues can cost you and your company significantly. Today, we’re going to discuss how expensive poor communication is in the workplace, how to improve meeting productivity and the best meeting technology that will help you save funds in the long run.

 

How Expensive is Poor Communication in the Workplace?

 

Poor communication can plague a company of any size. Whether it’s a lack of focus, purpose, morale, or out-of-date communication tactics, just take a look at some numbers:

  • Companies with 100,000 employees reported an average loss of $62.4 million per year each due to inadequate communication.
  • Companies with 100 employees reported an average loss of $420,000 per year each due to inadequate communication.

Imagine how your company could benefit from that amount of money saved just by improving your communication efforts. Additionally, studies have found that leaders spend about 80% of their day communicating. If their workplace communication is subpar, that’s 80% of the day that’s not being used to its full potential.

 

How to Fix Poor Communication in the Workplace

 

Luckily, a diagnosis of poor communication is curable. Start by evaluating your employees and their strengths. Depending on your communication needs and the structure of your workplace, you could divide certain responsibilities around the office by strength. When it comes to how to run an effective meeting, we’ve created eight effective meeting guidelines with a checklist to ensure you’re running a meeting that keeps your initiatives on track and on time, saving your company as much as possible.

In addition to implementing new strategies for employee communication and meeting structure, another way to fix poor communication in the workplace involves a longer-term addition to your business. From touchscreens to interactive software, you need the best meeting technology in order to have effective communication. Our interactive, multitouch software, ThinkHub, fosters collaboration in real-time by changing the way people communicate. From its ability to connect an unlimited number of employees from any corner of the world to its BYOD (bring your own device) capabilities, interactive Canvas and more, T1V visual collaboration solutions are able to improve efficiency, productivity, and collaboration.

Now, employees aren’t limited by their location, their devices or anything else that could get in their way of effectively working together. Want to see just how much you can save? Take advantage of our ROI calculator below to see how much your company can save when you incorporate our collaboration solutions into your everyday workflow.

 

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