Working collaboratively isn’t a new concept, but it is one that is being talked about a lot lately – especially in tech companies and startups.
All it means is employees are talking to each other, building on ideas and working as a team.
And now Deloitte has run the numbers on the cost of collaboration in its report, The Collaborative Economy.
It found collaborating costs the Australian economy $5.4 billion in wasted time and distractions each year. Estimating employees each waste 16 minutes a week working together.
But overall it’s a net win.
Deloitte estimates Australia’s collaborative economy is worth $46 billion. The figure represents time saving productivity benefits and quality improvements less the cost of collaboration and is based on the wages value of an employee or manager’s time.
The report also found companies that list collaboration as an area of focus are growing much faster than their competition and for companies which don’t list the concept as a strategy the inverse is happening.
This chart shows only 20% of businesses without a collaboration strategy outgrew the market, compared to over 52% of those with a clear collaboration strategy.
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.