Are your business results not matching your expectations? Business success depends on several factors, whether it’s the current economic climate, your pricing or your sales strategy. But at its heart, your team is the backbone of your business and is essential for staying competitive in today’s fast-paced market.
But just how much of an impact can a motivated, high-performing team give you? The answer lies in the numbers. According to a survey carried out by The Economist Intelligence Unit, poor teamwork can result in sales lost up to one million dollars! For this reason, ensuring that your team is operating at its full potential is more important than ever. In this article, we will discover 10 of the most compelling statistics which teach why you should start improving team productivity!
Engaged employees perform a lot better
Engaged employees can be the secret weapon for success when it comes to team performance. According to a recent study, engaged employees outperform low-performing teams by more than 200%. Employees who are engaged are more likely to go above and beyond to help their team succeed. Consider investing in employee engagement initiatives, such as training and personal career development to unleash employee engagement. It’s a long-term investment, but one that will reward you greatly over time.
Productive environment lowers employee turnover
In the era of quiet quitting and high employee turnover the majority of businesses would fully agree that employees are their most valuable assets. According to recent research, high-performing employees are 87% less likely to leave their organization. So, when it comes to employee retention, team performance is one of the reasons, why this rate is dropping. The value of high-performing teams to their companies is immeasurable, as they are improving team productivity and boosting morale. In addition, high-performing teams foster a positive working environment and increase employee retention.
High team engagement increases profitability
An engaged team will do more than simply create a productive work environment, it will make you more money. According to a recent Gallup study, businesses with the highest levels of employee engagement had 21% higher levels of profitability. This demonstrates the significance of investing in employee engagement initiatives, which also have a highly positive effect on team performance. Employees who are engaged are more likely to perform better, which has a significant impact on a company's bottom line.
Teamwork does make the dream work!
It's not just companies that points to the value of teamwork.. According to a TeamStage survey, 75% of employees believe that teamwork and collaboration are essential components for corporate success. A high-performing team works more efficiently, tackles complex problems easier, and generating new growth opportunities. So, if you want to fuel your company's growth potential, invest in the performance of your team - it's the key to rocketing off to success!
Employees celebrate achievment more frequently in high-performing teams
Teams that consistently show appreciation and perform well tend to see a steady flow of positive results. According to a study conducted by the Harvard Business Review, high-performing teams receive more praise from colleagues (72%) and managers (79%). A culture of appreciation fosters a more positive work environment, which in turn boosts team morale and efficiency. Therefore, when employees feel appreciated and supported, they are likelier to go the extra mile to achieve their goals.
Implementing innovation relies on the effectiveness of teamwork
Innovation is a crucial element in driving a successful business. Effective teamwork is the secret ingredient to implementing innovation in your organization! According to a survey conducted by Thinkwiseinc, high-performing teams are more likely to successfully implement innovations. Teams can leverage each other's strengths and generate innovative solutions through effective collaboration. Moreover, a high-performing team is improving team productivity, encourages risk-taking, and is supportive when facing failures, all necessary for implementing innovations. Therefore, team performance is not only essential for improving team productivity but also for fostering an innovative culture.
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Stronger team performance leads to higher customer advocacy
Every company hopes to see its customers satisfied. To achieve this, look no further than the performance of your team! Employee satisfaction increases customer advocacy by 12%. Employee satisfaction is the result of a high-performing team, which is essential for providing an excellent customer experience. As a result, when your team works well together, they communicate more effectively and provide a more personalized service to each customer. Happy customers are loyal customers, so invest in your team's performance and you will melt your customers' hearts!
Inclusive teams make better decisions
Inclusive teams are high-performing teams. Diverse, inclusive teams bring different perspectives to the table and creating a safe environment in which all team members feel equal and respected. According to research, inclusive teams make 87% better decisions and make decisions twice faster in half of the meetings. Inclusive teams can also solve complex problems in a friendly and timely manner by leveraging the unique strengths of your team. So, if you want to stay ahead of the curve and improve team performance, focus on creating an inclusive culture.
Great team synergy increases morale
Employees are not emotionless robots; we are human beings with emotions, needs, and desires. A high-performing team is essential for increasing employee morale! According to Gusto's research, 37% of employees stay at their workplace because of a great team. A collaborative team fosters a positive environment in which everyone feels valued and motivated to perform well. So, invest in your team's performance to ensure increased team productivity and employee morale.
Communication is a base for a powerful team!
Team performance can be influenced by a variety of factors, however we want to emphasize the importance of communication here. According to NorthStar Leadership Training's research, communication is a critical component of increasing team motivation and performance, which will result in a 25% increase in team productivity. Finally, the following statement can be supported by Economist Intelligence Unit study, poor communication among employees harms team performance, causing 52% of employees to feel more stressed, 44% to have a higher chance of failing to complete a project, and 31% to have low employee morale.
Start improving team productivity with Plecto!
The statistics mentioned above demonstrate the significance of improving team productivity, a critical components in achieving success in today's competitive market. You can unleash your team's full potential and achieve great goals by investing in team engagement and fostering an inclusive culture and communication!
Plecto is an effective tool for improving team productivity and performance! It improves your team's efficiency in a variety of ways, including having real-time dashboards that allow your team to quickly identify trends and issues in team performance.
Plecto also is improving team productivity through interactive goal tracking. Plecto real-time dashboards can help you in tracking progress toward your goals by using set KPIs. This will help your team stay fully focused on achieving set goals.
We already mentioned that communication is an important factor that influences team performance! All of your employees can use a single, shared platform to monitor performance data, fostering collaboration and communication among your employees.
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