ROI on Speaking Up Quantifying the Value of a Speakup Platform

Diversity and inclusion professionals, often part of the HR department, typically work with limited budgets. Therefore, they are eager to achieve tangible benefits from implementing a speakup platform within a broader listening strategy. Tangible goals will include:

• Filling the large speakup gap between surveys and grievance reports

• Gathering hard data on the lived experience

• Developing strong speakup cultures

• Measuring & building psychological safety

• Be proactive rather than reactive in managing their culture

But financially is a speakup platform is worth the investment? Spoiler alert: It absolutely is! But don’t just take our word for it—let’s break down the numbers to see how you can turn employee voices into a treasure trove of benefits. Here’s how you can quantify the value of a speakup platform, and why it’s more than just the right thing to do.

Crunching the Costs

First things first: let’s talk about the costs. It’s essential to know what you’re getting into financially before you can see the benefits.

Direct costs:

• Platform Subscription: Let’s take a price from a basic package for a smaller firm of £25,000 per year. Think of this as your membership fee for a happier, healthier workplace.

• Training and Onboarding: Initial and ongoing costs to train employees on using the platform. Because a tool is only as good as the people who know how to use it.

• Comms and Support: Let’s add in some maintenance costs. Keeping the gears well-oiled and running smoothly.

Indirect Costs:

• Time Investment: Employee hours spent learning and using the platform. A small price to pay for big returns.

• Management Time: Time spent by managers and HR addressing reported issues. This is more about reallocating time to prioritise what truly matters.

Reaping the Benefits

Now, onto the fun part: the benefits! This is where you’ll see how the platform pays for itself and then some.

Quantitative Benefits:

• Reduction in Legal Costs: Catching issues early can save you a fortune in lawsuits. For instance, if your annual legal costs are £100,000 and you reduce them by 20%, that’s £20,000 saved right there.

• Decrease in Employee Turnover: Happy employees stick around. If your turnover rate drops by 10% and you save £10,000 per hire, that’s a whopping £200,000 saved.

• Improved Productivity: A positive work environment boosts productivity. A 1% increase in productivity for a company of 1500 employees with an average salary of £70,000 equals a staggering £1,050,000 gain.

• Risk Management: Proactively managing compliance issues avoids hefty fines and penalties. Prevention is better (and cheaper) than cure.

Qualitative Benefits:

• Enhanced Employee Morale: Employees feel valued and heard, leading to a more positive workplace culture.

• Reputation Management: A company known for ethical practices attracts top talent and clients. Your reputation is priceless.

• Early Issue Detection: Spotting problems early prevents them from becoming big, costly disasters.

Putting It All Together

Let’s look at an example to make things crystal clear. Imagine a company with 1500 employees. Here’s the breakdown:

• Direct Costs:

  • Platform: £25,000

  • Training & onboarding: £7,500

  • Maintenance: £2,500

  • Total: £35,000

• Estimated Benefits:

  • Legal Costs Avoided: £20,000

  • Reduced Turnover Costs: £200,000

  • Productivity Gains: £1,050,000

  • Total: £1,270,000

• Net Benefit:

  • £1,235,000

The Bottom Line

In this example, the speakup platform provides a significant net benefit of £1,235,000. That’s a pretty compelling business case. Beyond the numbers, fostering a culture where employees feel safe to speakup is invaluable. It’s not just about pounds and pence; it’s about doing the right thing and creating a workplace where everyone feels valued and heard.

So, next time you ponder the worth of a speakup platform, remember this: it’s an investment in your people, your culture, and your bottom line.

Happy speaking up!