As per a survey, by Gallup – Poorly managed work teams are on average 50% less productive and 44% less profitable than well-managed teams. Team building is an extremely important functional aspect of employee engagement, often ignored. In this blog, we will discuss about 4 key points to Improve Profitability.
In today’s workplace with extremely competitive and dynamic environment building excellent teams need hard core vision as well as practice. Growth and improvement are the two most crucial drivers enhancing the growth of the team as well as the organization.
Here we bring the four most important key elements essential for refining the progress of the team:
4 key Elements to Improve Profitability
Communication and working together
There is no surprise in accepting the fact that, communication and working better together is the top reason why people choose team building. It helps in filling up the lacuna’s left by other members, thereby creating perfection. Every team member in your organization would look forward to foster a friendly work environment, where they are comfortable and happy to talk to and work with anyone. It takes a significant amount of understanding to anticipate both the ways in which the person you’re directing that information to will receive it and how they perceive it against their career goals and the overall company goals.
Result oriented Goal Setting
Set your goals in a direction to make sure, that the organization can match the pace of achieving tangible and attainable goals and desired results. S.M.A.R.T a well-adapted formula to achieve success is just exactly the need of an organization to understand and analyze specific, measurable, attainable, realistic and timely goals. This will help you build a team together and help teams better understand each other’s strengths, weaknesses, and interests.
Collaboration and the fostering of innovation and creativity
Working in a team not only reduces the work, but acts as a catalyst to expand your horizon by brainstorming different ideas and coming up with effective solutions. People tend to have a larger imagination when they are around people they are comfortable with. So, successful team building events not only bring people closer together but they also lead to more successful and creative workplace ideas. Also, everyday workplace collaboration is a guaranteed key to a successful business. For example, a coach always has assistants to help out when needed.
Creating and broadening the horizon for more opportunities
The most crucial role of a leader is to keep team members engaged which clearly indicates that each member is having evidently defined roles for each person. Whether it’s project-based or defining someone’s role within the larger context of the company, it’s essential to be clear what success looks like for short-term as well as for long term goals. If you give a team member a clear path to progress, they’re more likely to experience fulfillment. It’s important to align this advancement with the career goals of the individual whenever possible.
Team building exercises and activities emphasize on skills like communication, delegation, and organization around a common goal, which can help your team realize their potential. Considering these reasons can make team building a central focus of your team engagement strategy.
Written By: Faber Devna Chaturvedi