Business

11 Reasons why Teamwork and Collaboration is Vital for a Company’s Growth

July 3, 2017
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Why we should focus on collaboration? You must have listened this argument from your fellow colleagues or friends who don’t understand the advantages and benefits of team collaboration. It’s especially frustrating for the managers/team leads who have to make sure each member is motivated to work. And each time a new team member comes on board, the manager has to describe everything to him right from the scratch.

Team Collaboration is not something that benefits just a particular team but the whole company/organization. Following are just 11 of the benefits of team collaboration which you must know even if you are a manager or work in a team.

  1. Improved Flexibility of the Organization

With the improvement in team collaboration, the organization’s ability to handle sudden change also drastically improves. Teamwork makes it easier to turn your attention towards how a customer can be satisfied when his preferences change or a new technology must be adopted/changes applied to a system already in place. No one can argue much about the fact that teamwork and collaboration are the basis of work methodologies like Agile and Scrum which allow teams to be more flexible and responsive.

  1. Engaged Employees

According to Chief People Officer at Namely, only 33% of employees in the US are engaged. It simply connotes that if the management of a company is not taking proactive measures and not working on employee engagement programs, your company could be at risk. One sure-shot way is to improve teamwork so that to build the spirit of harmony among your team members.

Widespread collaboration leads to fully engaged workers who are eager to take on new projects. The use of a free task management tool by such employees/workers is also for this purpose so that they can take on the tasks more productively. These workers then take on the change not as another burden but as a challenge that will take them to the next level.

  1. Healthier Employees

I am sure the above heading is quite puzzling for most of you. What is the relation of health to productivity or teamwork? Well, according to a research done by Harvard Business Review, a value based culture can really improve the wellness of employees. A culture driven by collaboration and professionalism can reap great benefits in this regard. When the management treat employees as people rather than just a resource, positive interactions between a team and the manager can result in high level of efficiency.

The ineffectiveness of health and wellness programs forced onto the workers has been the subject of many studies and research. So I think, it’s high time that companies look towards team collaboration for maximum benefit.

  1. Productive Meetings

Efficient meetings can only result if efficient collaboration is in place between the team members. Proactive teamwork is another key aspect towards achieving the productivity. When meetings are a necessity, more proactive information sharing and engagement happens. This is, in turn, not just a victory for the supervisor/manager but for the entire team and ultimately the whole company.

  1. Attracting Top Talent

Collaboration gives any company a competitive advantage when attracting top talent from across the industry. Position holders and young minds having lots of ideas look towards a place from which they can launch their career brilliantly. A latest research on millennials in the workplace by PwC states that, “Millennials relish the opportunity to engage, interact and learn from senior management.” This is another aspect that companies need to take into account for hiring the best talent available.

  1. Accelerated Business Velocity

With a collaborative culture, the ability of a company to product goods and bring it into the marketplace accelerated rapidly. Teamwork and communication are the main reasons behind this process so that it makes easier to produce anything quickly and more effectively. As a result, the entire company’s ability to create value accelerates. Through team task management tools, it is easier to check the progress of various projects and tasks and make the work easier for a manager so that he can concentrate on more important tasks.

  1. Higher Retention Rates

Engaging employees in the workplace to get the most from them is amongst the top reasons how companies can retain the star performers. Why would anyone leave if they know they are working within a team which is bound to succeed and his contribution is vital in this regard. It’s not that collaboration automatically leads to all of the above but is a catalyst for all the things to happen.

  1. Innovative Ideas

Collaboration does product friction in addition to the productive output. But at the end, another aspect which is really important can be achieved and that’s innovative ideas which are hard to produce through any common process. The generation of dynamic and innovative ideas is the key towards the success of a company as it is the survival of the fittest and the company that can come up with novel ideas can lead the future.

  1. Better Alignment with Stakeholders

When we talk about collaboration, it’s a good idea to focus on external collaboration too as it is a critical aspect. Your dealing with customers, partners, banks, vendors, etc. whom you deal regularly can affect your product directly and how it is perceived in the marketplace. The positive feedback from a single or all of the above mentioned stakeholders can prove to be really beneficial for a company not just with an immediate effect but in the long term too.

  1. Enhanced Individual Productivity

A study by McKinsey & Company found out that implementing collaborative processes and networking tools improved productivity by 20-30% in global software development teams. When any team uses tools or processes that make teamwork and team communication more efficient, individual worker’s goals are met faster and with higher quality results.

  1. Increased Profitability

Now this is one aspect that everyone will read with full enthusiasm and interest. After all, businesses need to be profitable at all stages after they are established to be able to enhance their operations and expand their business to new vistas, for example. A company needs to bring out the best of their employees so that they can make the company profitable by a good margin with each passing day.

Final Thoughts

Teamwork and collaboration is important and I have given 11 reasons so that you can also be sure it is imperative for any business. If you need further guidance or explanation of any aspect discussed in this post, feel free to use the comments section below.

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