When confronted with the harsh reality of financial loss, companies can be quick to name unprofitable business strategies, lukewarm markets, or the rising cost of goods and services as the culprit. But many make the mistake of not looking deep enough within their organisation, thus causing them to miss out on a huge factor in their overall profitability: their people.
Companies always benefit from having talented, driven, and hardworking individuals in their employ, but what really sets a successful business apart from its peers is the group performance of its teams. The opposite often holds true as well—when team members can’t work together to realise their mutual goals, the whole organisation suffers financially and in other ways.
In your current setup, there may be problems within your team that you can no longer afford to ignore. Below are four signs that your team performance is already costing you money, as well as some steps that you can take to remedy the bigger issues before it’s too late.
Too Many People Are Departing from Your Team
Have your numbers started to dwindle? Have several people from the same team begun an exodus from the company? If so, this is an alarming problem that you and other decision-makers in your company need to prioritise.
In a practical sense, losing team members means spending more on recruitment and training for their replacements, as well as on overtime for remaining staff who’ll need to pick up the pieces. These expenses may drain your company’s finances in no time.
The loss of team members may also be indicative of a problem within your company’s culture, such as employees not feeling supported or motivated enough to invest their long-term future in the organisation. As such, it’s important to find out the root cause of the departures, make feasible adjustments, and cultivate morale within your team.
Productivity Is Low or Inconsistent
In terms of productivity, has consistency been a problem among your organisation’s teams? Does it seem like they can put up stellar team performances, while floundering at other times? The more guesswork you have to do about whether a team will actually meet its key performance indicators, the harder it will be for your organisation to stay on course—which will inevitably translate into noticeable losses.
To prevent the failure of major projects and other company endeavours, you’ll want to make sure that your teams are properly equipped to stay on the mark. Find out if the problem stems from information travelling slowly within the team, from a lack of engagement between members, or from misalignment of daily, weekly, or monthly expectations. By making productivity a team-oriented goal, you’ll improve consistency within the organisation, and that will make it easier for you to fulfil your financial targets.
You Aren’t Synergising Individual Team Members’ Talents
Another thing that may be weighing on your company is the fact that you aren’t harnessing individual team members’ talents. In their current configuration and with their current duties, your employees may be performing just fine. But if they aren’t put in positions where they can truly maximise both their individual and collective potential, everyone will end up losing out on the rewards.
Knowing that, take the time to revisit individual duties in light of how they can best serve the team. Empower staff by investing in training and up-skilling opportunities and helping them nurture their talents as leaders, communicators, and coordinators. If people are driven to perform beyond the bare minimum because they think it’s worth it and they’re happy to work on your organisation’s goals together, you will see significant improvements to your business’s bottom line.
Long-Unaddressed Tensions Are Simmering within Your Team
Lastly, it may very well be an issue that tensions within your team are costing you money. A company culture that isn’t properly equipped to handle conflict in constructive ways—or worse, ignores conflict altogether—may quickly become toxic and uninhabitable. The department in question may become a hotbed of distrust and be host to damaging behaviours like favouritism or sabotage.
Gain stability for your organisation and avoid the dangers of a toxic work environment for your employees by upholding a healthy, positive approach towards conflict resolution and fostering a culture of helpfulness, transparency, and equitability. Addressing deeply rooted tensions within your team will likely take a lot of work, but it will be worth it to actively institute a culture around shared success.
Boost the Value of Your Team Performance with Team Focus PLUS
The work of a team is crucial to the success of any business. It should be your long-term goal to forge a cohesive company culture that attracts valuable talents, maximises the potential of good team performers, and achieves consistency for the company’s earnings as well as its overall legacy.
The people at Team Focus PLUS, helmed by Ross Judd, are experts at building strong team cultures that are good fits for different client companies and the respective industries where they work. To work with culture coach Ross Judd and harness optimal value from your organisation’s teams, get in touch with Team Focus PLUS today.