Connect with us

Business

What does high-performing teams mean?

Published

on

What does high-performing teams mean? 1

By Matthew Emerson, Founder and Managing Director, Blackmore Four 

What is a team?

In nearly every organisation, you will find that work functions require teams. We have sales teams, marketing teams, IT teams, temporary teams, project teams – the list goes on. The group of leaders at the top are usually referred to as the executive or leadership team.  In this uncertain and rapidly changing environment teams are becoming ever-more dynamic in their structure.

A team can be defined as a group of people with complementary skills who work together to accomplish something beyond their individual self-interests. The belief that working in teams makes us more creative and productive is so widespread that when faced with a challenging, new task, organisations are quick to assume that teams are the best way to get the job done.

To test this theory, answer the following question:

When people work together to build a house, will the job probably (a) get done faster, (b) take longer to finish, or (c) not get done?

The obvious ‘answer’, of course, is supposed to be (a) the work gets done faster. This assumption clearly illustrates how early we’re told that teamwork is good. This is reinforced by teamwork quotes such as:

No matter how brilliant your mind or strategy, if you’re playing a solo game, you’ll always lose out to a team” Reid Hoffman, LinkedIn cofounder

When a team is not a team

It’s therefore easy to assume that if you put together a group of people and give them a goal, they’re a team. The truth is we use the term ‘team’ frequently but actually engage in true team behaviour infrequently.

People tend to think that teams are the democratic – and the efficient – way to get things done. There is no question that when you have a team, the possibility exists that it will produce something

Matthew Emerson

Matthew Emerson

amazing, a collective creation of previously unimagined quality or beauty. But don’t count on it. Many studies unambiguously reveal that individuals outperform teams in terms of both quantity and quality. The problem is that the hard things in work and life often can’t be done alone. It takes the work of hundreds to develop a scientific breakthrough like nuclear power, and thousands to operate a Fortune 500 company.

In order for teams to stand a chance of success they need two things. First, they need to have a common/shared goal and second, they need to truly need each other to reach that goal. Only when these two criteria are met, a working group can be considered a team. Teams where the members do not necessarily need each other to reach their goal, despite the goal being shared, are merely a team in name.

It’s crucial to pay attention to whether or not a working group is a team because it dictates what kind of structures to build and how to support the team. We see organisations spend tremendous amounts of energy in trying to lead pseudo-teams as if they were teams. Not only is this a wasted effort it’s also highly demotivating for the members to engage in activities that attempt to foster collaboration when it’s not necessary.

The shift to high performance

You’d think that given all the support that teams receive, they would have a great opportunity to become high performing. However, what experience and research shows us is that it’s more uncommon than common for teams to get to a high-performing state. While being on target for bottom-line business results can lull everyone in believing the team is working well towards a common goal, the reality can be very different.

In our experience, high-performing teams at any level share four common factors:

  1. Compelling direction: performance aspirations that motivate the team, focus attention and engage talent.
  2. Clear expectations: understanding who is on the team and their individual roles and responsibilities, as well as living up to the culture and expected norms that discourage destructive behaviour and promote positive dynamics within the team.
  3. Mutual accountability: the clear understanding of members responsibilities to the team and individual performance and conduct obligations.
  4. Trusting relationships: knowing your work environment is safe enough to allow honest conversations and dialogue. This psychological safety promotes the essential trust needed to collaborate, share information and come together to find ways to overcome setbacks. It allows teams to address individual or shared challenges and display a mature understanding of colleagues.

Successfully creating high-performing teams will never be easy.  The fact of the matter is that the difficult things in life can’t be done alone.  Major progress requires a number of people working together. In today’s business environment, a high-performing team is more important than ever to shape and fuel business performance. Enabling the four factors above and taking a systematic approach, will help distinguish high performing teams from those that are simply functioning.

This article is the first article of a series about high-performing teams. In the next piece we discuss the ways to reward a high-performing teams.

Business

Tesla shares set to skid into the red for the year

Published

on

Tesla shares set to skid into the red for the year 2

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

By 1029 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on January 25.

Currently trading at about $657 in pre market transactions, the stock has lost 27% from its peak, which is above the 20% level which technically defines a bear market.

Bitcoin has also swung into a bear market, falling from a peak of $58,354 on February 21 to a low of $45,000 earlier on Tuesday.

A Germany-based trader said he was “taking chips off the table” on Tesla as its 1.5 billion investment in the cryptocurrency could “backfire now”.

Analysts at Barclays noted that there has been a drop of conversations about the electric car makers in the Reddit’s WallStreetBets forum, which could explain some of the loss of appetite for the stock.

“With only 2-3 total submissions on each of the past several days, we remain below the trend in attention that has come along with big returns jumps in the past”, the analysts said in note.

Other analysts have also cautioned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings.

Graphic: Tesla shares selloff after multi-fold gains

Tesla shares set to skid into the red for the year 3

(Reporting by Julien Ponthus and Thyagaraju Adinarayan)

Continue Reading

Business

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant

Published

on

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant 4

STOCKHOLM (Reuters) – A venture part-owned by Finnish forestry group Stora Enso, Sweden’s H&M and IKEA said on Tuesday it was set to build a demonstration plant in Sweden for a new, more sustainable wood-based textile fibre after years of research.

To markedly reduce their climate footprint and pollution, large apparel and furniture brands are in dire need of affordable greener alternatives to cotton, traditional viscose and polyester. Several Nordic pulp makers are part of projects developing new clean ways https://www.reuters.com/article/us-nordics-forestry-idCAKCN0WF076 to turn trees into textile fibre.

TreeToTextile said in a statement its plant would have a production capacity of 1,500 tonnes and its owners would fund the bulk of the 35 million euro ($42.6 million) investment.

“The novel process is deliberately designed to have low energy demand and low chemical need. It is engineered to suit large scale production and includes a recovery systemfor reusing chemicals,” it said.

“By investing in a demonstration plant, we are finally on the go. With it we are turning years of R&D into reality to increase the biobased share on the textile market to support climate action.”

TreeToTextile, whose fourth part-owner is innovator Lars Stigsson, said the plant would be located at Stora Enso’s Nymolla mill in Sweden, and its construction would start in the near future.

Viscose is the main existing textile fibre from wood pulp – followed by the newer lyocell which has a cleaner manufacturing method. Production is dominated by Austria’s Lenzing, India’s Aditya Birla and China’s Sateri.

($1 = 0.82 euros)

(Reporting by Anna Ringstrom; Editing by Angus MacSwan)

Continue Reading

Business

IHG books $153 million loss, Holiday Inn softens coronavirus blow

Published

on

IHG books $153 million loss, Holiday Inn softens coronavirus blow 5

By Tanishaa Nadkar

(Reuters) – InterContinental Hotels booked an annual loss of $153 million on Tuesday, pummelled by repeated COVID-19 restrictions and lockdowns, but said a faster recovery in its Holiday Inn Express brand had helped it outperform in key markets.

The company, which previously scrapped its final dividend, said 2020 was the most challenging year in its history as revenue per available room slumped 52.5%, with global travel and entertainment spending remaining under pressure.

Pinning its hopes on the global roll-out of COVID-19 vaccines and a wider economic rebound, IHG said the industry was unlikely to see a recovery until later in the year but hinted that global travel was starting to recover.

“People want to travel again…It is the thing that people have missed most and so there is enormous pent up demand to travel,” Chief Financial Officer Paul Edgecliffe-Johnson said, adding that “travel will come back very rapidly.”

Shares of the company were up 3.8% at 5,516 pence by 0845 GMT, amid a near 3% rise on the FTSE 350 travel and leisure index as Britain saw a surge in flight and hotel bookings after the government said would-be holidaymakers will be given clarity on making plans for the summer by April 12.

Demand remained stronger in IHG’s Holiday Inn Express business, which represents about 70% of its rooms in the U.S. market and has historically been impacted less and recovered faster than other segments in economic downturns, the company said.

“IHG is at the start of a prolonged period of commercial recovery,” Peel Hunt analysts said in a note.

Still, IHG reported a group operating loss of $153 million for the year ended Dec. 31, compared with a profit of $630 million last year.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Devika Syamnath and Alexander Smith)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

G4S urges shareholders to accept Allied deal as bid battle ends 6 G4S urges shareholders to accept Allied deal as bid battle ends 7
Trading18 mins ago

G4S urges shareholders to accept Allied deal as bid battle ends

By Yadarisa Shabong (Reuters) – British private security group G4S on Tuesday urged shareholders to accept Allied Universal’s 3.8 billion...

UK retailers see sharp fall in sales and mounting job losses, CBI says 8 UK retailers see sharp fall in sales and mounting job losses, CBI says 9
Top Stories23 mins ago

UK retailers see sharp fall in sales and mounting job losses, CBI says

LONDON (Reuters) – British retail sales fell in the year to February as stores cut jobs at a rapid rate,...

Tesla shares set to skid into the red for the year 10 Tesla shares set to skid into the red for the year 11
Business29 mins ago

Tesla shares set to skid into the red for the year

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by...

Holiday bookings soar as Britons hope for travel restart 13 Holiday bookings soar as Britons hope for travel restart 14
Top Stories2 hours ago

Holiday bookings soar as Britons hope for travel restart

By Sarah Young LONDON (Reuters) – International holiday bookings surged by as much as 600% after Britain laid out plans...

Commodities rally, stocks steady, yields off highs 15 Commodities rally, stocks steady, yields off highs 16
Trading2 hours ago

Commodities rally, stocks steady, yields off highs

By Danilo Masoni and Anshuman Daga MILAN/SINGAPORE (Reuters) – Optimism about the economic outlook pushed commodity prices to new highs...

Concern over rich-poor divide seen on the increase during pandemic 17 Concern over rich-poor divide seen on the increase during pandemic 18
Top Stories2 hours ago

Concern over rich-poor divide seen on the increase during pandemic

By Matthew Lavietes NEW YORK (Thomson Reuters Foundation) – People have become more concerned about the gap between rich and...

Bitcoin tumbles 17% as doubts grow over valuations 19 Bitcoin tumbles 17% as doubts grow over valuations 20
Finance2 hours ago

Bitcoin tumbles 17% as doubts grow over valuations

By Tom Wilson and Tom Westbrook LONDON/SINGAPORE (Reuters) – Bitcoin tumbled 17% on Tuesday, sparking a sell-off across cryptocurrency markets...

Sterling climbs towards $1.41 as PM sets roadmap to easing lockdown 21 Sterling climbs towards $1.41 as PM sets roadmap to easing lockdown 22
Trading2 hours ago

Sterling climbs towards $1.41 as PM sets roadmap to easing lockdown

By Joice Alves LONDON (Reuters) – Sterling edged higher on Tuesday against both the dollar and the euro after Prime...

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant 23 H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant 24
Business2 hours ago

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant

STOCKHOLM (Reuters) – A venture part-owned by Finnish forestry group Stora Enso, Sweden’s H&M and IKEA said on Tuesday it...

IHG books $153 million loss, Holiday Inn softens coronavirus blow 25 IHG books $153 million loss, Holiday Inn softens coronavirus blow 26
Business2 hours ago

IHG books $153 million loss, Holiday Inn softens coronavirus blow

By Tanishaa Nadkar (Reuters) – InterContinental Hotels booked an annual loss of $153 million on Tuesday, pummelled by repeated COVID-19...

Newsletters with Secrets & Analysis. Subscribe Now