Infographic: The Importance of Teamwork

You don’t have to go too far to find examples of the importance of teamwork. From sports teams that have a legacy of winning, to the scientists that came together to develop the COVID-19 vaccine in a matter of days, great things can happen when there is collaboration among employees. 

In this infographic, you will find the statistics of the benefits of collaboration and teamwork and the negative consequences when there is a lack thereof, all of which are featured and discussed in-depth in our guide, Collaboration Among Employees: A Leader’s Guide to Collaboration and Teamwork.

Teams are the backbone of any organization and exceptional organizations recognize the value of high-performing teams and the importance of collaboration amongst employees. However, highly effective teams and collaborative environments do not happen without intentionality; more specifically, the intentionality of leadership to build and nurture team dynamics. Here are 8 statistics on the benefits of collaboration and teamwork.

Why Is Teamwork Important?

1. Saves Time and Money
2. Helps Outperform Competitors
3. Increases Loyalty
4. Improves Financial Results
5. Increases Engagement with Tasks
6. Attracts and Retains Talent
7. Contributes to Job Satisfaction
8. Increases Customer Ratings and Sales

Saves Time and Money

10% of an employee’s time can be saved through collaboration, equating to 2-4 hours per 40-hour week. For every 100 employees, that is equivalent to an annual benefit of nearly $250K. - Forrester

Saves Time and Money

Companies that promoted collaborative working were 5 times more likely to be high-performing than competitors. - Institute for Corporate Productivity

Increases Loyalty

33% of employees say the ability to collaborate makes them more loyal. - The Economist

Improves Financial Results

Through 2022, 75% of organizations with frontline decision-making teams reflecting a diverse and inclusive culture will exceed their financial targets. - Gartner

Increases Engagement with Tasks

Employees who acted collaboratively stuck at their tasks 64% longer than their solitary peers, and reported higher levels of engagement, lower fatigue levels, and higher success rates. - Forbes

Attracts and Retains Talent

Nearly half of executives surveyed predict increasing collaboration will enable better attraction and retention of top talent, increased identification and exploration of new business opportunities, and increased rates of innovation. - Deloitte

Contributes to Job Satisfaction

37% of employees say “working with a great team” is their primary reason for staying at their organization. - Gusto

Increases Customer Ratings and Sales

Highly engaged business units result in 21% greater profitability, 41% reduction in absenteeism, 17% increase in productivity, 10% increase in customer ratings, and a 20% increase in sales. - Gallup

It is also important to note three things that can negatively impact teamwork in the workplace: 

• 97% of employees believe a lack of alignment within a team impacts the outcome of a task or project. - TeamStage

• Only about a third of employees strongly agree their company openly shares information, knowledge, and ideas with each other. - Gallup

• 86% of respondents blame lack of collaboration or ineffective communication for workplace failures. - FireInc

Best Practices for Building Stronger Teamwork

Improving teamwork is all about helping people work better together. Here are some simple ways to do it:

Organize Team Building Activities

Plan fun activities where everyone can participate and get to know each other better. For example, you could have a team lunch, play games, or go on an outing. Team building activities improve employee engagement, help co-workers build trust and feel more comfortable working together.

Encourage Effective Communication

Make sure everyone feels they can share their ideas and opinions. Have regular one on one meetings or catch up meetings where team members can talk about their progress and any challenges they face. This helps everyone stay on the same page and work towards the same goals.

Give Constructive Feedback

When someone does a good job, let them know! If they need to improve, offer helpful suggestions on how they can do better. Constructive feedback helps everyone learn and grow, and it helps keep the team motivated by recognizing efforts and providing clear paths for improvement.

Set Clear Team Goals

Make sure everyone knows what the team is trying to achieve and how their role helps reach those goals. For example, if the goal is to finish a project by the end of the month, everyone should know their specific tasks and deadlines. Clear goal setting and understanding team roles and responsibilities keep the team focused and motivated. This also makes sure that each member knows their responsibilities and how they contribute to the overall success.

Promote Workplace Collaboration

According to teamwork statistics, companies that promote collaborative working are five times more likely to be high-performing. Encourage team members to help each other and share their knowledge. For example, if someone is good at using a particular software, they can teach others. This way, everyone can contribute their strengths and the team becomes stronger as a whole, leading to improved team performance.

Foster a Positive Work Culture

Create an environment where teamwork is appreciated and celebrated. For example, you could use reward power to make people feel valued and motivated to work well together. Recognizing and celebrating milestones help you build a positive work environment and strong work culture.