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3 Levers for more effective communication
26-Nov-2009
According to a Watson Wyatt study, companies that communicate effectively had a 47% higher return to shareholders over a five-year period (mid-2004 to mid-2009).
“Effective communications can keep employees engaged in the business and help companies retain key talent, provide consistent value to customers, and deliver superior financial performance to shareholders."
The study identified 3 levers for more effective communication: Courage, Innovation and Discipline. Here is our take:
Courage.
Many companies are experiencing significant change in their industries. The status quo is not an option. If you wait for the future to unfold before you innovate – you will be too late. Innovation and R&D must never stop. Invite your people to participate in creative problem solving, re-thinking your business model, streamlining your activities, and continually challenging the status quo. Ask - could there be a better way?
Leading companies are now using Business Execution Software to measure and drive execution progress. Their people “know the score” and are able to track their own implementation progress in real time. Effective companies make progress visible, and hold people accountable for performance. Don’t just focus on what hasn’t been done yet. Take every opportunity to share good news and stories of achievement with your team.
Integrating courage, innovation, and discipline into your communications will help you survive these tough times - and put you at the head of the pack when the business environment improves.
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