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.
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
Companies that promoted collaborative working were 5 times more likely to be high-performing than competitors. - Institute for Corporate Productivity
33% of employees say the ability to collaborate makes them more loyal. - The Economist
Through 2022, 75% of organizations with frontline decision-making teams reflecting a diverse and inclusive culture will exceed their financial targets. - Gartner
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
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
37% of employees say “working with a great team” is their primary reason for staying at their organization. - Gusto
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