On the Fortune website, there's an article entitled 'Why you should cool it with the corporate jargon'. They list three pretty reasonable reasons as to why and how corporate jargon gets in the way of real communication.
I'd add one more reason: if your team is not the same age as you, didn't grow up where you did or now live where you do, they may well have no idea what the jargon and casual language mean. As a Brit, who speaks to Americans a lot, I've discovered there are words and phrases I use that mean the complete opposite in American. Equally, there's words Mark uses which I take as an insult - even though it's absolutely not what he means. Multi-national teams mean you have to work harder at communication.
The last paragraph of the article describes a trait which is really important and one I always looked for interviews - the ability to describe your technical area in layman's terms for others. I once interviewed for a role in submarine sonar development. After 5 interviewees, all who ignored me and who made no effort to explain the technology in terms I could understand, the person who got the job was the one who described what his software did in terms of supermarket shopping. Technical ability is nothing, if you can't help people understand what you're doing.