A Grammarly Harris Poll released in 2022 suggested that US businesses lose $1.2 trillion annually due to poor communications. Yes, you read that right, $1.2 trillion per year. This same study points to nearly three out of four business leaders admitting their teams struggled to communicate effectively over the last year. Almost 82% of leaders and 59% of employees cite remote and hybrid models, the new normal, as concerns for the future. Over 90% of leaders admit poor communication impacts productivity, growth, and morale, resulting in customer erosion. The new normal comes at a significant cost. We are just now beginning to scratch the surface of this cultural shift. Think about your own experience as a leader. Are you seeing similar trends emerge post-Covid in your organization?
Another study by Gallup in 2022 suggests that nearly 50% of the US workforce is "quiet quitting." While the "Great Resignation" saw a mass exodus from the workforce, "quiet quitting" refers to unengaged employees merely doing the minimum required due to psychological detachment from their job or employer. Gallup notes the rise in "quiet quitting" is directly related to a lack of clarity of expectations, opportunities for advancement and personal growth, lack of feeling cared about as an individual, and lack of connection by the employee to the overall mission and purpose of the organization.
A fundamental disconnect occurs between leaders and front-line teams, but here is a silver lining for leaders willing to embrace the importance of good communication. The same Gallup research indicates that it takes a 20% pay raise to lure employees away from a manager who engages them. This alone is reason enough to give communication more focus in your organization.
So, what is the purpose of executive communication, and what does it look like? Good communication builds trust, credibility, and engagement, promotes transparency, and ladders to organizational goal achievement. Several key factors contribute to successful communication from executives:
Leaders who demonstrate these qualities build more substantial and collaborative relationships, trust, and alignment with their direct reports. All of which are important for achieving corporate goals and objectives.
As a consultant (and licensed counselor), I regularly experience the strides individuals and companies make when there is a communication plan in place that is consistent. I've also experienced the struggles individuals and organizations face when this needs to be improved. Poor communication creates an environment of ambiguity, uncertainty, and lack of clarity, challenging companies to meet overall organizational and team goals.
Here are a few tips to help you stick to your script of good executive communication.
With proper planning and cadence, sticking to your communications script is easy. There's power in consistency, process, and establishing a rhythm of communication and work. Embrace these simple tips to increase internal communications, and you will increase the probability of achieving company and team objectives.