Collaboration has always been a driving force behind innovation, progress, and success in various fields. Whether it’s in business, academia, or community initiatives, the power of collaboration cannot be underestimated. Earlier this year, Asana published findings from a survey of 9,615 global workers in, The Anatomy of Work Global Index. Their data shows strong collaboration increases innovation and revenue, builds adaptability and resilience, and aids with personal and professional development of employees.
Increasing Innovation and Revenue
Collaboration fosters creativity by encouraging brainstorming and idea-sharing. When individuals from different backgrounds, experiences, and expertise collaborate, they ring unique ideas and insights to the discussion. A diversity of perspectives allows teams to arrive at innovative solutions to complex problems.
This increase in innovation in turn boosts revenue, as noted by Asana’s research, “55% of workers at collaborative organizations report revenue growth over the past three years—almost double weak collaborators.” Innovative thinking with healthy feedback from team members builds ideas leading to more prosperous outcomes.
Personal and Professional Development
Collaboration can significantly enhance efficiency and productivity. By effectively dividing tasks and responsibilities among team members to leverage individual strengths, progress can develop more rapidly.
Think of the collaboration between Steve Jobs and Steve Wozniak, co-founders of Apple Inc. Jobs, with his visionary thinking, and Wozniak, with his technical prowess, complemented each other perfectly, resulting in groundbreaking products like the Apple I and II, which revolutionized the personal computing industry.
Today’s technology makes collaboration easy! Look for a platform that has an intuitive user experience for both learners and admins, makes coordinating ideas easy and offers flexibility to support both formal and informal learning experiences. To act as a guide, Tractus partners with Degreed to deliver their Learning Experience Platform (LXP) to your small or mid-sized business.
Building Adaptability and Resilience
Collaboration fosters adaptability by engaging team members in effective problem solving. A team of researchers from Virginia Commonwealth University put together a meta-analysis of dozens of empirical studies and found that adaptability is a top predictor of performance and potential. “The future is uncertain; but uncertainty is at the very heart of human creativity,” (IIya Prigogine). Through creativity and effective brainstorming, teams are better prepared to respond to new and challenging situations. Over time, this builds resilience.
Additionally, the collective support and shared workload reduce stress and burnout, which leads to higher employee retention. Having a high turnover rate can be a very costly expense for companies. According to a Gallup survey, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. Building on the financial costs, it breaks down team morale and can lead to lost customer relationships. Collaboration not only leads to professional success but also helps build stronger personal relationships. When people work together towards a common goal, they develop trust, empathy, and mutual respect. These qualities are the foundation of lasting partnerships and strengthens the team as a whole.
Strong collaboration is essential to success in today’s increasingly remote and hybrid world. It aids with personal and professional development of employees, builds adaptability and resilience, and drives innovation and revenue growth. Alone we might go fast, but together we go far.