ROI of Internal Communications -- Eleven Reasons to Improve
The first big ROI (Return on Investment) for an employee engagement solution is, you get to hold onto employees for longer. You might have tried an in-house solution to the big new area of Employee Communication and Employee Engagement, or you might be taking your very first tentative steps in an new such initiative in your company. Whatever stage you might be at, one of the first questions you will ask yourself — or your colleagues will as you — is what's the ROI (Return on Investment) on the resources we will expend on the project? It's a perfectly valid question, of course, because making the employees feel good, on its own, is not sufficient a reason to make the investment. We explain how each aspect of your business is affected in a positive way, and how it ties to the company's bottom line. Employee retention improvements Customer service cost reduction Customer retention / revenue increase Product quality increase Recruitment costs reduction Increased competitiveness Reduced opportunity costs Improved predictability More attractive organization to work for Higher rates of employee referrals Lower work accident costs
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ROI of Internal Communications -- Eleven Reasons to Improve
- 1. ROI OF IC Eleven Financial Reasons for Internal Communications Better Companies through Better Communications
- 2. 1of 11 Improve Employee Retention • Employees stay longer in a company that has its internal communications act together and keeps them informed.
- 3. 2of 11 Reduce Customer Service Cost • Employees who are experienced, motivated and capable provide significantly better customer service more efficiently.
- 4. 3of 11 Increase Customer Retention / Revenue • Keeping existing customers is always more economical than finding new ones.
- 5. 4of 11 Increase Product Quality • Keeping existing customers is always more economical than finding new ones.
- 6. 5of 11 Reduce Recruitment Cost • When employees stay with you longer, you spend less time and money recruiting their replacements.
- 7. 6of 11 Increase Competitiveness • Greater employee retention, superior customer service, all add up to a more competitive product and service offering.
- 8. 7of 11 Reduce Lost Opportunity Cost • With greater employee retention, you spend less time recruiting, a distraction from income generating opportunities.
- 9. 8of 11 Improve Predictability • Engaged employees keep you in the picture far better than disengaged employees do.
- 10. 9of 11 Attractive Organization • Recruitment candidates today see a company with an effective IC solution as more attractive to work for giving you better access to talent.
- 11. 10of 11 Higher Rate of Employee Referrals • Employees who like where they work introduce their friends to the organization. Each new introduction saves the company $$$ on head-hunting.
- 12. 11of 11 Lower Work Accident Costs • Last but not least, research shows when a company’s internal communications focuses on safety, this provide a safer workplace.
- 13. Read the entire ROI of IC series on: http://about.pdpsolutions.com/blog/roi-of-employee- communication-and-employee-engagem.shtml To Bold Moves!