A collaborative workplace is the sort of place most Aussies want to work. Most employers will want this too since collaboration can help employees share information, come up with ideas and reduce waste.
But what exactly is the meaning of collaboration, and how valuable is it for the organization? Let’s ask Deloitte Access Economics to calculate the value of collaboration to the Australian economy.
Deloitte Access Economics worked the numbers and the results amazed us. Their report, The Collaborative Economy, displays that companies that actively encourage collaboration perform better — by a lot. Companies with more collaboration are:
- Five times more likely to get a considerable increase in employment
- Twice as likely to be more profitable
- Twice better as likely beyond their competitors
However, collaboration is about more than the bottom line — it’s about happier, more efficient employees.
- Employees who collaborate are ten times more likely to be satisfied with their job
- Over a third of respondents said collaboration helps them work faster
- And three quarters of respondents said that collaboration improves the quality of work they produce
Want to know what’s the current value to Australia of all this collaboration? $46 billion is contributed by collaborative businesses to the country’s economy. It’s more than the agricultural sector is worth. And that’s just today. If all corporate made the most of opportunities for employees to collaborate, they could add a further $9.3 billion to Australia’s economy.
But today, with no dedicated collaboration strategy, half of Australian businesses are leaving it to chance. There are plenty of things Aussie businesses can do to work more collaboratively — starting with the technology they use.
To find out how Google can help your company collaborate more, visit their website.