Poor communication costs: Is your business in danger of losing money?

Work-style differences can cause a lot of friction in the workplace. If not quickly identified, small quirks can lead to large assumptions that drive wedges between teams.

Whereas pace of work, level of formality, and leadership style are easier to recognize and adapt to, communication preferences are tougher to figure out. And, it’s a big issue.

According to a Holmes (a voice of the global PR industry) report, the cost of poor communication has hit an overwhelming $37 billion. Also, 400 surveyed corporations (with 100,000 plus employees in the U.S. and U.K.) estimated that communication barriers cost the average organization $62.4 million per year in lost productivity.

On the flip side, this same report found that companies with leaders who possess effective communication skills produced a 47 percent higher return to shareholders over a five-year period.

No matter how you slice it, effective communication is key to team and organizational success… so how can businesses get better at it?

Read on to see the full article by Michael Schneider in Inc.: https://www.inc.com/michael-schneider/the-extrovert-vs-introvert-dynamic-could-be-costing-your-organization-millions-heres-how-to-bridge-communication-gap.html

 

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