If you have any interest in the Human Capital Management technology space, then you likely heard the news that HR and technology expert Jason Averbook, has joined The Marcus Buckingham Company (TMBC) as CEO. TMBC, a global provider of strengths-based performance tools and content, is committed to improving team leader visibility into employee engagement while developing the strengths of each individual.
Although the idea of team performance is not a new phenomenon, organizations are facing increasing pressure to measure the effectiveness of teams and ensure they are aligned to business objectives. The challenge is that few leaders understand what it takes to lead a highly productive and engaged team and few providers offer tools to support these initiatives. TMBC, under the direction of Averbook, will help fill this gap and change the perception of team assessment and performance. Not to mention, this provider just received $5 million in Series A funding led by SurveyMonkey.
So, why should companies pay attention to TMBC? Why is team performance relevant and necessary in today’s workforce? Here are a few reasons – gleaned from Brandon Hall Group’s 2014 Team Development Study – and new ways organizations can look at team development and performance:
- Measurement: The top priority for team development efforts is to support business outcomes. Yet, few companies understand how to make this connection. They need a more systematic approach to evaluating what teams produce and what individuals contribute. 72% of high-performing companies were able to correlate team dynamics with improved productivity, according to the Brandon Hall Group study, and 68% of these companies found that team dynamics positively impacted engagement.
- Long-term strategies: Developing successful, engaged teams is not something that can take place overnight. It requires a long-term strategy to plan for future needs and align development with overall corporate priorities. Currently, only 9% of companies have a mature, defined plan and budget in place for developing teams. By investing in the right tools, organizations can redefine their approach to team performance and create greater visibility into engagement levels.
- Consistency: Business needs change and, as a result, team development plans should also be adjusted. Companies should evaluate theses plans and ensure they align with overall company objectives on a regular basis. Today, only 7% of companies evaluate team development plans monthly and only 12% develop these plans quarterly. Solutions like TMBC can help organizations evaluate performance because they are grounded in valid data.