Did you know that high-performing teams are often what distinguishes an industry-leading business from those struggling to compete?
When you have a team that can efficiently work and consistently delivers the best results, it will significantly enhance your organisational success in the long run. Team building itself is an effective strategy used by organisations to foster a unified corporate work culture amongst their employees and boost productivity levels.
In this article, we’ll explore why teams are built, the characteristics of high-performing teams, the role of digital tools in team leadership, and practical strategies to build and lead high-performing teams.
WHY BUILD TEAMS?
Teams are primarily built to handle tasks, achieve goals, or embark on projects that cannot be accomplished by a single individual. Building a strong team goes beyond merely selecting the most level-headed and brilliant employees. Instead, it is about bringing the best together and getting them to work productively with each other at all times. Team building directly and positively affects work environments by giving employees satisfaction, and boosting their morale, and overall efficiency.
CHARACTERISTICS OF HIGH-PERFORMING TEAMS
High-performing teams share certain traits that contribute to their success and set them apart. These include:
`1. Trust and psychological safety:
Team members thrive when they can trust each other, and feel safe to speak freely and share their ideas with the rest of the team. This fosters innovation and smoother execution of tasks.
2. Collaboration:
A high-performing team works together seamlessly. Team members who are cordial enough towards one another will be open to working together and leveraging individual strengths to reach certain goals.
3. Inclusivity and diversity:
High-flying teams always boast a rich blend of cultures. Having an inclusive team opens up new ideas and schools of thought. This encourages innovative thinking and more effective problem-solving.
4. Seamless communication:
This is one of the essential characteristics that make up a high-performing team. The team lead should divide tasks per employee and ensure that everyone knows their roles, and knows what their colleagues are doing. Digital tools are also used so that team members can stay connected and keep in touch outside the workspace.
5. Pride in their work:
When members take pride in their jobs and their company, they are naturally more motivated to work at their best.
6. Adaptability:
The ability to adjust accordingly during unexpected conditions is critical. For example, the COVID-19 pandemic put a pause on on-site work for millions of employees around the world. High-performing teams immediately adapted remote work digital tools, to maintain their efficiency and productivity.
7. Healthy disagreements:
Having different opinions is inevitable, as well as beneficial to your team. A high-performing team accommodates healthy disagreements or debates where new perspectives are debated between members, leading to a strong, and inclusively reached outcome.
STRATEGIES FOR BUILDING HIGH-PERFORMING TEAMS
Building a high-performing team takes time and effort, but it can be done. Here are strategies to consider:
- Set clear goals:
A high-performing team knows what exactly they are there to do. Set clear objectives to ensure that everyone is aligned.
- Reward success:
Ensuring to recognise achievements and compensation efforts, keeps team morale high, and encourages positive behaviour in team members.
- Use digital software:
Digital software increases efficiency, communication, and agile project management. Tools like Slack, Microsoft Teams, and Trello facilitate easy communication and project management. They’re especially useful for remote or hybrid teams, keeping everyone on the same page.
STRATEGIES FOR LEADING HIGH-PERFORMING TEAMS
Leading a team is not all about the tasks, but also about inspiring and guiding team members. This involves:
- Empowering your team to build their confidence and accountability.
- Fostering open communication between team members.
CONCLUSION
Building and leading high-performing teams will require intentional effort, but the benefits that are enjoyed, make it worthwhile. By following these strategies, leaders and team members can belong in teams that exceed expectations. This will ensure sustainable business growth and long-term success.
The role of a financial advisor in building high-performing teams, although indirect, is important.
A financial advisor is responsible for ensuring that the financial resources for team operations are allocated efficiently to ensure team effectiveness. They take care of areas such as:
- Project budget allocation
- Funding for coaching or mentorship
- Digital software and other technological investments
- Reward and compensation packages
- Risk management.
The role of a financial advisor is that of a strategist who helps you make informed decisions about investments and other financial decisions taken toward your high-performing team.
Interested? Contact us to get connected with an advisor immediately!