The effect of lost productivity on your workforce can be difficult to measure. And the problem can be easy to ignore when it competes with items that have a more immediate perceived value on the bottom line such as new product offerings or go-to-market strategies. But the problem of lost productivity will persist when you maintain the status quo, or simply accept things as they are.
Lost productivity may be hurting your business more than you realize. In fact, a McKinsey Global Institute report revealed that the average employee spends just 39 percent of their day accomplishing role-specific tasks. Reading and answering emails takes up 28 percent of the day, while the remaining third of the day is taken up with searching for internal information and communicating internally. That’s a lot of time wasted.
Reducing the amount of time spent searching for information and answering emails can have a real, measurable, and lasting impact on your bottom line.
How the Cost of Lost Productivity Impacts Your Business
All that time spent searching for information, and having inefficient internal communication results in minutes, hours, and weeks of wasted time and money.
McKinsey found that knowledge sharing had the potential of raising productivity levels by 20 to 25 percent if implemented correctly. How? By facilitating faster and more effective collaboration and cutting down all the time spent looking for information.
Bloomfire has found that increased productivity through knowledge sharing can amount to significant savings. We’ve done the math to show you how much companies of different sizes and average salaries could save per month:
# of Employees
It’s time for reconsider the importance placed on improving workplace productivity. Even if you are more conservative with these numbers, the ROI of knowledge sharing is hard to ignore.
And it may be easier to implement a knowledge sharing solution than you think. Many companies start small with a pilot team to prove that implementing a culture of knowledge sharing can help productivity. However, the true first step is to curate a strategy that allows for effective knowledge sharing. The sooner you have that strategy, the sooner you are to improving productivity and improving your bottom line.