Pharma companies hit by employee misunderstanding; millions of dollars lost

UK and US employees are costing businesses $37.0 billion every year because they do not fully understand their jobs, according to a new IDC white paper commissioned by Cognisco, a leading intelligent employee assessment specialist. $37 billion: Counting the Cost of Employee Misunderstanding reveals for the first time the scale and impact on businesses of employee misunderstanding, specifically among the banking, petrochemical, pharmaceuticals and transportation sectors.

Employee misunderstanding is defined as actions taken by employees who have misunderstood ormisinterpreted (or were misinformed about or lack confidence in their understanding) of company policies, business processes, job function or a combination of the three. The white paper revealed that the pharmaceutical industry had one of the highest potential costs of employee misunderstanding. When this was extrapolated to the whole sector, it found that UK pharmaceutical companies could lose $46.8 million each year.

Unplanned downtime reported by 37%