The Ledger No. 16: Teamwork

September 1, 2021 Sarah Dameron

one of the examples of teamwork and collaboration in the workplace

Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of collaboration and teamwork in the workplace and how maintaining a well-balanced team is key to a successful accounting function. Read on to see how to implement a people-first approach to drive company growth, why adding too many star players to a team can be detrimental to a department, how businesses can prioritize employee well-being, and how to build a successful work team.

examples of teamwork and collaboration Ledger

How To Implement A People-First Approach To Drive Company Growth 

For decades, businesses have credited technology and processes as being the two factors that drive growth. Recently, however, companies have switched directions and realized that fostering a people-first culture improves bottom line more than technology and processs do. Take a look at a few steps that you – as a leader – can take to empower your team:

  • Treat employees like shareholders – Don’t think of your team as employees, but as shareholders instead.

  • Break down silos – Foster collaboration amongst departments.

  • Identify each person’s superpowers – Focus on identifying each team member’s ‘skill’, especially during the hiring process.

  • Invest in company culture – People are more inclined to stay at a company when they feel valued.

To explore the full article, head over to Forbes.com.

Science Warns Against Hiring Too Many Superstar Employees

A 2014 study found that talent facilitates performance, but only to a point. Two is better than one. Three can be better than two.

So yes, hiring superstar employees can be beneficial, but to an extent. Adding too many of these employees to a team actually decreases performance and effectiveness. Moreover, having only one superstar on a team can cause more harm than good. A 2020 study found that “a creative star who occupies a central position in the team workflow network has both positive direct effect on team creativity and a negative indirect effect on team creativity via reducing non-stars’ learning (i.e., exploratory and exploitative activities.)” The bottom line is that every business needs superstars, but not all teams need multiple superstars.

To learn how to create a well-balanced team, read the full article on Inc.com.

How To Prioritize Employee Well-Being With Teamwork and Collaboration in the Workplace

The world is slowly getting back to the way things were pre-covid, but what happens when your employees start to transition back to the office? According to experts, the pandemic has caused mental trauma that will last for years. And unfortunately, this mental trauma comes with another issue that employers are having to face – employee burnout. In fact, thanks to COVID, 85 percent of those surveyed by Gartner Inc. felt burned out. Sow how can companies support their team members’ well-being when they’re welcomed back into the office?

  • Identify the early signs

  • Foster a positive work-life balance

  • Help them fulfill/find their purpose

  • Create a positive and safe workspace

For an in-depth look at how business’s can put their employees’ well-being first, head over to Forbes.com to explore the full article.

How To Build Successful Workforce Teamwork & Collaboration

You’ve probably heard the phrase, ‘teamwork makes the dream work’. But just how important is teamwork to a business? And can teamwork work in a remote environment? Here are four ways to promote more communication, collaboration, and teamwork in your department:

  • Develop healthy competition – Research shows that 50 percent of employees benefit from competition.

  • Create a support culture – ‘It takes a village’ is applicable in the workplace.

  • Define goals – Create shared goals that your team can measure and review.

  • Encourage personal growth – Create a culture of empowerment that fuels responsibility, esteem, and accountability for each individual team member.

Teamwork is one of the driving factors behind a successful company. So if you want to see your company grow, establish a team-oriented culture. To learn more, read the full article on Forbes.com.

Did you know that you can start building an efficient team with just one team member? Learn more about our customizable business solutions.

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