This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. - Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. (Photo by PIUS UTOMI EKPEI / AFP) (Photo by PIUS UTOMI EKPEI/AFP via Getty Images)
Founder and Executive Vice Chair of Poise Nigeria Limited, Mavi Isibor, said the cost of poor communication is enormous and can lead to substantial losses by business.
Quoting a recent report from Harvard Business Review Business Communication Statistics, she noted that companies with over 100,000 employees lose $64.4 million yearly to miscommunication, while smaller companies with about 100 employees lose up to $450, 000.
Citing the report, she said trust and credibility are also lost, with one in five business leaders claiming to have experienced heavy losses due to miscommunication.
“Also, 68 per cent of business leaders who lost deals to miscommunication said it caused them $10, 000 or more each time they have had a miscommunication error,” he said.
Speaking at the formal launch of the Aptis English proficiency test in Lagos by the British Council and Poise Nigeria, Isibor said the flexible and reliable English assessment is tailored to improve business communication skills, and workplace communication, boost employee confidence and improve business performance.
Noting that proper communication is essential, Isibor described Aptis as a powerful catalyst for transformation, adding that it would provide a comprehensive evaluation of English language skills, a key ingredient for business communication.
