How Companies Use Teams to Drive Superior Corporate Performance
According to a recent EY report, organizations are placing a greater importance on connectivity and collaboration in order to navigate the more complicated business environment. EY surveyed 821 executives across 14 countries, and nine out of ten respondents believed that building effective teams is now essential for business success. Interestingly, EY’s research also demonstrates that organizations that build diverse teams tend to have higher EBITDA growth rates.
The need for collaboration is evident across today’s organizations as digital disruption has impacted practically every industry and function. The need to pool collective skills is essential to future competitiveness, which also places significant importance on identifying strong team leaders. Just under half (48.3%) of respondents felt that their organizations do not have the right leaders to manage and motivate teams.
In its report, EY identifies the following four attributes of effective team leaders:
Strong leadership is needed to provide clear direction. Effective leaders provide clear direction for the team. Often teams are comprised of people throughout the globe meaning regular communication must be prioritized and planned.
Foster an open and inclusive team culture. Leadership of dynamic teams is not about control but about fostering groups with diverse experiences and ideas. In this environment team members feel comfortable and compelled to challenge the status quo and voice their ideas.
Empower. Allow teams to feel that they can contribute without being scrutinized.
Develop and coach. Business leaders can take a page out of sports managers’ book and understand each of the team members’ personalities and motivate them with different techniques to improve individual performance.