Could your employees add £250k to profit levels?

SMEs could benefit from turning to their employees for business ideas and suggestions, a study has revealed.

Over 1,000 firms were surveyed by Orange UK, with almost half of respondents saying they already asked staff for ideas on new products or services.

60% said they have ‘never been so innovative before’ as staff ideas were often implemented, costs cut and competitiveness improved.

A third of firms estimated that an extra £250k in profit was generated due to suggestions by employees.

But if a company is serious about getting suggestions from its employees, it needs to improve communication lines, which could include setting up meetings specially revolved around new innovations as well as social media platforms such as LinkedIn.

With increasing fears of a double dip recession, companies could just have the ideas they need to increase productivity already within their own ranks.