We can often forget processes and product knowledge on the job—it happens to the best of us. Someone finally tallied up all of those mistakes due to misunderstanding and miscommunication and calculated how much it’s costing our employers. We hope you’re sitting down; it’s a pretty big number.
The study, published by Cogniso, reports that average large-sized companies can lose up to $62 million annually when these small mistakes pile up. An engaging employee training program often alleviates this problem, but the research notes that “a face-to-face approach in an organization with employees in different locations is often logistically difficult, expensive and liable to errors.” However, when 99% of 400 companies surveyed “cited risk from loss of sales and reduced customer satisfaction in the last 12 months,” it seems there should be more of an effort to equip employees with the information they need.
The research shows that whilst organizations are often aware of the costs of misunderstanding, only one in three claim to have taken any action to close the gap.
An online training system provides an ideal solution for clearing up employee misunderstandings. Lessonly goes a step further by tracking completion rates so team leaders can ensure that their employees complete their lessons. However, as Cogniso’s CEO Mary Clarke points out, training goes further than just factual knowledge, “What is often not measured is the employee’s confidence to take the appropriate actions which can also have a significant impact.” Investing in a software like Lessonly not only allows companies to stem the tide of small misunderstandings, but it empowers employees to learn the process and keep mistakes from happening again.
This survey notes that while “organizations are often aware of the costs of misunderstanding, only one in three claim to have taken any action to close the gap.” If you’re ready to equip your employees with the tools they need to avoid misunderstandings, take a look at our 15-day free-trial. Sign up today.