CALCULATING REVENUE LOSS
VIRTUAL VS. TRAVEL
STAFF SUCCESS CALCULATOR
Does a lack of face to face interaction impact success?
Through third party research and our survey results, we learned employees were struggling to do their jobs when virtual compared to being able to travel to be face to face.
We repeatedly hear the question "how can we quantify the impact?"
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Based on that, we have created a calculator that takes those findings, and puts them into a real world dollar impact scenario on staff performance.
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Provide the annual revenue of your company (you could also use assumed revenue based on travel, or could multiply your travel spend by 12.5 the average ROI from corporate travel.
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Then, decide what makes your company successful, by totalling the five facets up to 100%.
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Our calculator then combines your numbers with our research to provide:
The financial impact as a $ value
That value as a percentage of your annual revenues.
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Methodology assumptions based on our research results. We recommend you surveying your own employees to generate scores specific to your company:
Sales = 5.60% less successful when virtual
Innovation = 6.15% less successful when virtual
Team Spirit = 8.19% less successful when virtual
Networking = 9.23% less successful when virtual
Productivity = 4.95% less successful when virtual
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We recommend partnering with Finance team colleagues on this initiative to understand the impact, conducting surveys with the traveling workforce to assess future staff turnover rates if travel is limited and how it aligns to our survey results.
WHAT DO MY RESULTS MEAN?
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Assume your results show 6%. This means that by not traveling your revenues are 6% below what they could have been had you traveled. In effect, it is a missed revenue earning opportunity.
We encourage companies to conduct their own employee surveys to be able to forecast better the potential impact.
We are in the process of compiling a benchmark dataset, and ask for you to share your scores below so we can assess what are considered 'good' scores.
Through initial testing, we have typically seen scores of around 6%-7% revenue loss.
Because each company has a different cost base in terms of travel and salaries, plus revenues, and different job turnover levels it is difficult to say without the benchmarking what is a 'good' score.
Due to the nature of our results compiled showing a negative impact of being virtual as opposed to traveling, all scores will be a negative impact to revenue.
This model does not consider sustainability goals in the calculation. We encourage companies to consider future goals alongisde talent.
The model is based on data where there is an assumption that it is considered safe to travel again (e.g. post-Covid). No cost factors on safety are considered in the modeling.
A video guide on how to use the success calculator
Coming soon
PLEASE SHARE WITH US YOUR SCORES
We love hearing from companies on how they use this website and the calculators.
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In the future we would love to provide industry averages, so you have the ability to benchmark yourselves.
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Therefore we ask you provide your company scores below. All responses provided below will be anonymous unless you choose to provide your details. At no time will individual scores ever be shared.