Jack Welch, former head of GE, suggests that CEOs should think of themselves more as CMOs: Chief Meaning Officers. Along with inspiring their people, Welch believes that keeping people in the loop is an investment well worth the effort.
He believes part of the reason for any leader’s existence is “to give purpose to their teams.” The benefits of effective communications are huge, but how much are companies investing in it?
Corporate Communications is Good Financial Sense
Large companies generally allocate around 12-30% of their total revenue for marketing. Only a sliver of this is dedicated toward communications, including video. But even these modest figures bring in surprising returns.
Companies that are highly effective at employee communication are 1.7 times more likely to be high-performing. Employees who are very satisfied with their supervisor’s communication are more likely to be productive. And they’re less likely to look for new elsewhere. That’s not just a good ROI—it establishes a great company culture.
What Your Video Return On Investment Will Look Like
Return on investment for great communications can take on many forms. It can increase performance and the number of returning customers. Inclusive communications bring meaning and satisfaction to employees above and beyond their paychecks. When talented staff know their leaders care about them, are truthful, and invested in their futures, it keeps them from walking out the door.
Utilizing Video for Recruiting Versus Retention
As important as it is for any company to bring in fresh and innovative talent, video is a great opportunity to maintain a strong connection with your current employees.
Kip Tindell, CEO of the Container Store, uses video to keep his entire company on the same page about internal changes. He sees communications as an essential act of leadership. By giving the same presentation to board members as ground level employees, Tindell creates an environment of inclusion and transparency. And this translates into great performance results.
Quest Diagnostics: Timeless Values Through Video
Video reaches far and wide while maintaining that human connection. And more often than not, the video you create for one specific purpose has a longer shelf life and impact.
The 50th Anniversary film we created for pharmaceutical company Quest Diagnostics is a great example of this. Even though the celebration was in 2019, the story of its company journey captured in the film will serve Quest and inspire its people for years to come.