The $1.3 Trillion Price Of Not Tweeting At Work
On June 6, Larry Ellison--CEO of Oracle, one of the largest and most advanced computer technology corporations in the world--tweeted for the very first time. In doing so, he joined a club that remains surprisingly elite. Among CEOs of the world’s Fortune 500 companies, a mere 20 have Twitter accounts. Ellison, by the way, hasn’t tweeted since. As social media spreads around the globe, one enclave has proven stubbornly resistant: the boardroom. Within the C-suite, perceptions remain that social media is at best a soft PR tool and at worst a time sink for already distracted employees. A new report from McKinsey Global Institute, however, makes the business case for social media a little easier to sell. Savings comes from some unexpected places. Companies are embracing social tools--including internal networks, wikis, and real-time chat--for functions that go way beyond marketing and community building. Behind this laundry list is a more hefty benefit.
Related: Social Media Collaboration