We are experiencing an unprecedented shift in the professional workforce where most organizations are evolving to team-based cultures. This acceleration of remote-work, distributed teams, and matrixed organizations is happening at the fastest pace in professional history.
Teams drive an organization’s performance. In an ideal world, all these teams would be high-performance teams. High-performance teams deliver successful financial performance by leveraging the characteristics and behaviors that align with the company’s mission, vision, values, and culture.
“There is a 1.9 times (190%) increased likelihood of having above-median financial performance when the top team is working together toward a common vision.”
-Scott Keller and Mary Meaney from McKinsey
High-Performing Teams are Better than the Competition
High-performing teams are more effective, efficient, and profitable than low-performing teams. Fostering a culture of teamwork, collaboration, and employee engagement allows businesses to build exceptional, high-performing teams that deliver better results.
- High-performing teams are more productive than the rest. According to a study by McKinsey, high-performing teams are on average 50% more productive than low-performing teams.
- High-performing teams are more likely to deliver better financial results for their organizations. A study by Deloitte found that companies with high-performing teams had 26% higher revenue per employee and 39% higher net income than companies with low-performing teams.
- High-performing teams are more likely to be innovative and develop new products and services. A study by Harvard Business Review found that companies with high-performing teams were more than twice as likely to be market leaders in their industry compared to companies with low-performing teams.
- High-performing teams have lower turnover rates. According to a study by SHRM, companies with high-performing teams had a 25% lower turnover rate than companies with low-performing teams.
High-Performing Teams are Inclusive Teams
You can’t have a high-performing team without diversity, equity, and inclusion. Inclusion drives a sense of belonging for teams, which allows everyone to bring their best selves to work. They will then perform at their best as individuals, leading to increased collaboration and communication with team members and team leaders. Inclusion is the secret sauce that elevates teams to greater innovation and higher performance.
- A study by Deloitte found that companies with inclusive cultures were twice as likely to meet or exceed financial targets, six times more likely to be innovative, and eight times more likely to achieve better business outcomes
- According to a study by Harvard Business Review, companies with diverse teams are 45% more likely to report growth in market share over the previous year and 70% more likely to capture a new market
- A study by Glassdoor found that 67% of job seekers consider a diverse workforce an important factor when considering job offers
- According to a study by the Center for Talent Innovation found that diverse and inclusive teams make better decisions 87% of the time, compared to non-inclusive teams that make good decisions only 60% of the time
Build Exceptional Teams that Deliver Better Business Results
To learn more about creating high-performing teams for your organization, book a demo with RallyBright today.
About RallyBright’s Inclusive Collaboration at Work Study
RallyBright conducted our Inclusive Collaboration at Work Study 2022 in June 2022 with a diverse sample of 1,500 working professionals (1,000 US-based and 500 UK-based). Download the study here.