If there was one bipartisan issue that resonated with both national political campaigns that descended upon Wisconsin this presidential election season, it was the need to create jobs and increase productivity for American businesses. One answer may come from a surprising source: applying social technologies and behaviors to companies can deliver jobs and provide step-change growth to businesses of all sizes.
Technology has always been at the heart of creating productivity and business value improvements at each stage of its evolution. The recent consumer explosion in social platforms (Twitter, Facebook, YouTube) has introduced new ways of thinking and behaving at work that inspire workers to think outside of the enterprise box and connect to and share more readily with their coworkers, their partners, and their customers. Enterprise social platforms unleash creativity, innovation, and stand to reshape outdated business processes that pre-date the digital and social era.
According to a new in-depth study by the McKinsey Global Institute, an estimated $900 billion to $1.3 trillion can be unlocked through the use of social technologies. The study looked at four industry sectors that represent nearly 20 percent of all global sales: consumer package goods, consumer financial services, professional services, and advanced manufacturing. When fully networked, McKinsey estimates large organizations can increase productivity 20 to 25 percent measured in time saved in communicating, finding information, and collaborating.
Business owners and managers typically think social engagement drains productivity at work, but the truth is precisely the opposite. Allowing and encouraging your workforce to connect and co-discover improvements that result in operational excellence not only improves job satisfaction, but it also delivers bottom-line benefits. And growing, happy companies need more employees. Companies that are embracing social business are creating jobs, improving their competitive position in their industry and inventing the future. That’s some economic news that will get cheers from both sides of the aisle long after the election is over.
