In today's fast-paced corporate environment, effective communication is paramount. As a corporate leader and/or communicator, understanding the impact (and the untapped potential) of listening on your organization's success can make a huge difference!
This article delves into the often-overlooked aspect of communication: listening and listening channels. We'll explore the financial implications of poor listening and provide practical tools to enhance your listening channels for your wider employee communications.
Why you should care about your corporate listening practices
Recent studies reveal a startling truth: corporations are consistently falling short in listening, leading to substantial financial losses. For instance, Fortune 500 companies suffer an estimated annual loss of up to $37 billion (!) due to poor listening, translating in lost sales, missed deadlines, and team frustration (Source: Holmes Report). Furthermore, SIS International Research shows that small to mid-size businesses lose money due to ineffective communication, with an average business spending 17 hours weekly (!) clarifying communication, resulting in over $500,000 in annual losses. Cornell University's eCommons highlights research by Steil, Barker, & Watson, underscoring that businesses lose billions annually due to poor listening !
This calls for a deeper understanding of the listening process and strategies to enhance listening competence in organizational settings.
While comprehensive research on corporate listening is still emerging, it's clear that this area holds significant potential for organizational improvement. As leaders and communicators, you are at the forefront of evolving listening practices within your organization.
A diversity of listening channels you can tap into
To effectively harness employee communication, it's essential to explore and optimize your listening channels.
Below is a list of channels to consider, along with a 15 to 30-minute exercise to assess their effectiveness in your communication initiatives:
- Engagement surveys
- E-mails
- People managers' feedback
- One-on-one interviews
- Pulse surveys
- Live Q&A sessions
- Post-event feedback forms
- Focus groups
- Sessions with leaders
- Employee communities
- Social media channels
- Employee councils/trade unions
- Ambassadors
- Feedback through HR tools
- External auditors
- Suggestion platforms
- Other corporate specific channels (apps, ticketing,...)
For each channel listed above, evaluate the following:
- Is the channel readily available in your organization?
- To what extend is this channel useful and relevant for your communication goal?
- What measurements/data/KPIs/info/feedback do you get and/or do you expect to get from this channel?
- What needs to happen for you to get those measurements?
- Who do you need to involve to make this work and how?
Improving listening practices is not just beneficial to your communication goal; it's a necessity for thriving in the corporate world. By effectively utilizing various communication channels, corporate leaders and communicators can significantly enhance organizational performance and employee satisfaction.
And please remember: effective listening is not just hearing; it's understanding and acting on valuable insights too. Go make a difference!
Further reading: Gallagher's state of the sector report where you can benchmark the use of listening channels.