How a Culture of Quality Can Save You Millions

By Alexandra Levit

According to a study covered in a recent Harvard Business Review article, companies with highly developed quality cultures spend, on average, $350 million less annually fixing mistakes than companies with poorly developed ones.

The research, which was commissioned by CEB—an advisory firm of more than 60 multinational companies—revealed that employees who ranked their companies in the top-quintile in terms of quality made 46 percent fewer mistakes in their daily work than employees in bottom-quintile companies.

The High Price of Everyday Mistakes

In the survey employees reported that it takes about two hours to correct a …read more