It’s no secret: implementing and maintaining an employee community or social intranet is a significant investment for any business or organization.
With ready-to-launch solutions costing between $50,000 and $75,000 to launch, and custom communities designed from scratch costing between $100,000 and $300,000, it’s important that businesses work with the right employee community solutions provider and maximize their ROI.
Businesses and organizations launch online communities for their employees for many reasons. Some need to speed up communication. Others need to increase employee engagement. It’s not easy to assign a specific monetary value to all of these benefits.
However, to assure stakeholders that an employee community is a worthwhile investment, it is possible to roughly calculate the specific monetary value that each benefit brings. Start by looking at all the ways employee communities may add value for your organization. Examples include:
While employee communities do offer tangible value, keep in mind that these platforms don’t simply launch and instantly offer returns. Businesses need to work to derive the greatest value from their online communities. Working with a provider that has significant online community experience helps businesses to learn the best ways to achieve their community goals.
Your online community provider should help you to maximize user adoption, foster collaboration and increase employee engagement with your community. You also need to monitor employee activity in the community to make adjustments as necessary. An online community manager may be very helpful with community monitoring.
It’s important to note that while online community management and monitoring is important, your employee community needs to feel like a safe place for employees to interact and share ideas. Issuing too may rules and restrictions could significantly hinder the platform’s capacity to unleash collaboration.
As online employee communities do represent a significant upfront investment, it’s important to gain the most value possible. Follow the strategies above to measure your community’s ROI and maximize its impact on your business.
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