228% ROI + 50% More Efficient Comms Teams: Key Findings From Workvivo’s Forrester TEI Study

The recent Forrester Total Economic Impact™ (TEI) study commissioned by Workvivo, offers a comprehensive analysis of how Workvivo is transforming internal communications and employee engagement. The study highlights substantial financial and operational advantages, presenting a compelling case for organizations seeking to enhance their employee experience. 

Here, we'll talk through the main takeaways from the study.

The financial return of Workvivo

The TEI study demonstrates that the composite organization that implemented Workvivo, experienced a significant 228% Return on Investment (ROI), reflecting both cost saved and operational efficiencies. Furthermore, with a Net Present Value (NPV) of $8.4 million and total benefits estimated at $12.1 million over three years, it makes the financial case for Workvivo.

“[Cost savings is] the largest benefit identified by organizations. The retirement of outdated platforms and processes results in improved communication and connectivity among employees, particularly for frontline workers. Moreover, organizations benefit from Workvivo’s integrated translation capabilities and live-streaming functionalities, while saving on licensing and translation costs from legacy systems.” 

1. Cost saved on legacy tools and systems

A significant portion of the financial benefits comes from the elimination of outdated systems. The composite organization saved $7.8 million by replacing legacy communication tools with Workvivo. This transition not only reduced costs but also streamlined operations, as illustrated by a technology director who noted that Workvivo covered translation costs, making the investment self-sustaining.

“Removing the need to pay for translations with external vendors pays for our Workvivo investment. Here, Workvivo saves us time and millions of dollars.” – Technology Director for Employee Experience, consumer goods

2. Improved employee retention

The impact on employee retention is another key benefit, particularly for frontline workers. With Workvivo, the composite organization reported a decrease in attrition rates, translating to $2.4 million in saved. The platform's ability to connect employees and improve the workplace experience has been crucial, with one director of talent noting, "Since implementing Workvivo, attrition rates have fallen off a cliff".

“Improving employee experience enables a 0.3% retention rate improvement due to Workvivo, which leads the composite organization to save over $1 million on recruitment costs.“ 

3. Improved efficiency 

Workvivo has improved efficiency for HR and communications teams, leading to savings of $1.7 million. The platform has reduced the time spent on routine tasks and improved the distribution of corporate communications. As one communication channel manager put it, "Workvivo allows us to communicate with our workforce in the way they want to be communicated with," underscoring the platform's user-centric design."

IT teams also experienced significant improvements in efficiency: 

"With Workvivo, the workload of IT teams is alleviated by reducing the effort of managing legacy systems."

4. Increased productivity 

Finally, Workvivo has helped senior directors save significant time, up to 2.5 hours per week, by simplifying the communication and document review process. This increased productivity not only reduces stress but also allows leaders to focus on more strategic initiatives, saving over $232k in lost time. 

"Workvivo is a straightforward procedure for senior directors to reach, inform, and track teams while having to reply to less emails and chats.”

Unquantified benefits of Workvivo

The Forrester TEI study on Workvivo highlights several non-financial benefits that significantly enhanced the overall employee experience. These include improved internal communication, particularly for frontline workers who gained equitable access to company updates, fostering a sense of inclusion. 

The platform also boosted employee morale and engagement by enabling recognition through its Shoutout feature, creating a stronger sense of community. Additionally, Workvivo contributed to a positive company culture by aligning employees with organizational values, improving transparency and trust between employees and leadership. These benefits, while not directly tied to financial metrics, are crucial in building a connected and motivated workforce.

“Another top benefit for us is FUN! Our employees really have jumped in with both feet and leveraged the more social and engagement sides of the platform and it's amazing to see people making connections not just at their physical location but with their colleagues globally.” – Global Fulfillment Engagement Manager, apparel

Conclusion

The TEI study highlights Workvivo's positive return on investment, positioning it as an indispensable tool for organizations aiming to enhance internal communications and boost employee engagement. This comprehensive analysis demonstrates how Workvivo's platform significantly improved workplace connectivity and productivity of the composite organization. 

By leveraging Workvivo's innovative features, companies can create a more cohesive and motivated workforce, ultimately driving better business outcomes. The study's findings underscore the platform's ability to enhance company culture, facilitate knowledge sharing, and streamline communication processes across all levels of an organization.