Poor communication can cost mid-sized companies thousands of dollars per year. Cost estimates can reach millions of dollars for multinationals, according to SHRM.
Now we know that improving writing does more than save money. A series of studies by Towers Watson over 10 years found that good communication by leaders drives financial performance.
“Companies that are highly effective at both both communication and change management are three and a half times more likely to financially outperform their peers,” according to Change and Communication ROI.
“A significant improvement in communication effectiveness is associated with a 29.5% increase in market value.”
Want to increase your leaders’ communication effectiveness? Find tools to Develop Leaders’ Writing Skills here. This free 22-page whitepaper provides reproducible tools you can use for individual coaching or writing training. You’ll also find resources for determining the ROI on your investment in writing training.
Society for Human Resource Management (SHRM). (2010). The cost of poor communications: A business rationale for the communications competency. Retrieved from http://www.shrm.org/resourcesandtools/hr-topics/behavioral-competencies/communication/pages/the-cost-of-poor-communications.aspx
Towers Watson.(2013–2014). Change and communication ROI—The 10th anniversary report. Retrieved from https://www.towerswatson.com/en-US/Insights/IC-Types/Survey-Research-Results/2013/12/2013-2014-change-and-communication-roi-study