When employees have the information they need, they can make better decisions, perform more productively and ultimately help your company's bottom line. In today's world, one of the best ways for co-workers to communicate is through an internal social network -- something like a Facebook or Twitter, except used by your employees only.
The infographic below highlights the amount of lost productivity as a result of communication problems. A business with 100 employees, for instance, spends about 17 hours a week clarifying communication. That translates to an annual cost of more than $525,000.
On the other hand, companies with effective internal communications had 47% higher returns to shareholders, and the majority of companies currently using social-collaboration tools say they would plan to use more in the future. The data comes from a variety of sources, including The ESN Surgey and Econsultancy.com.
The research further finds that companies are using enterprise social networking for the following reasons:
- To share company best practices.
- To facilitate collaboration.
- To evolve company culture.
- To identify expertise around the company.
For more about using enterprise social networking, take a look at the infographic below.