The Collaborative Economy

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Most Aussies would say that a collaborative workplace is the sort of place they want to work. Most employers want this too, because collaboration can help employees share information, come up with ideas and reduce waste.

But what exactly is collaboration, and just how valuable is it? We decided to ask Deloitte Access Economics to calculate the value of collaboration to the Australian economy.

They worked the numbers and the results amazed us. Their report, The Collaborative Economy, shows that companies that actively encourage collaboration perform better — by a lot. Companies that prioritised collaboration are:

  • Five times more likely to experience a considerable increase in employment
  • Twice as likely to be profitable
  • Twice as likely to outgrow competitors

But collaboration is about more than the bottom line — it’s about happier, more efficient employees.

  • Employees who collaborate are ten times more likely to be satisfied with their job
  • Over a third of respondents said collaboration helps them work faster
  • And three quarters of respondents said that collaboration improves the quality of work they produce

What’s the current value to Australia of all this collaboration? Collaborative businesses contribute $ 46 billion to the country’s economy. That’s more than the agricultural sector is worth. And that’s just today. If all companies made the most of opportunities for employees to collaborate, we could add a further $ 9.3 billion to Australia’s economy.

But today, half of Australian businesses are leaving it to chance, with no dedicated collaboration strategy. There are plenty of things Aussie businesses can do to work more collaboratively — starting with the technology they use.

This first phase of research into The Collaborative Economy is available here. And to find out how Google can help your company collaborate more, visit our website.


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About Author

Colin Cooper is the CEO of Boost Your Business, the leader in marketing and business development for both large and small scale businesses. As one of the most innovative marketing specialists for over a decade, Colin and his team of business and online experts collate their years of know-how and experiences with the Boost Your Business: Body Armour for Business, an online magazine created to provide a holistic resource avenue for everything business, health, and wellness.