Recent data tells us that companies with a strong capabilities framework out perform their competitors and achieve higher levels of employee engagement and retention. A study published in Harvard Business Review tells us organisations who prioritise capability experience have impressive business gains with up to 20% increase in sales, 30% increase in profit, a 72 point decrease in staff turnover and a 60% decrease in safety incidents!
In this article, we'll explore some insights and strategies for building capability that can help your people to drive success from within your organisation.
Encourage your team to complete regular self-assessments and ask for their feedback to identify strengths and areas for improvement. By doing so, leaders can gain a better understanding of their teams areas for improvement and this knowledge will help them to make better decisions, delegate tasks more effectively, and communicate more clearly with their team.
Provide opportunities for your leaders to engage with their teams, peers, and stakeholders to build strong workplace relationships. Encouraging effective communication, collaboration, and trust-building can help your people create more alignment with your organisation's culture and strategy.
Give everyone time to focus on reflection and learning so that they can learn new knowledge, skills, and perspectives. Support new learning with coaching conversations to help transfer new knowledge and skills into the real-world, ensuring they are effectively applied in the workplace.
Encourage your leaders to delegate responsibilities and empower their team members to take ownership and make decisions. This approach can foster trust, build team member confidence, and promote growth opportunities.
Give your people the tools they need to model the behaviours and values that they expect from others. Providing feedback, promoting open and honest communication, and creating a culture of accountability and purpose can help your everyone to foster positive workplace relationships and gain an organisational culture that supports success.
Provide opportunities for everyone to be exposed to and learn from change. Encourage your people to be open to new ideas, take calculated risks and adjust plans as needed. This will help ensure your organisation has the flexibility and adaptability to pivot as competition increases and new technology develops.
Encourage your leaders to align their team's efforts with your organisation's mission and values. By doing so, they can inspire and motivate their teams to achieve their goals and those shared by the team.
Building capability requires a long-term commitment and an organisation-wide focus. By implementing the strategies mentioned above and continuously evaluating and improving leadership development initiatives, organisations can create a strong culture that drives success and growth. Use our online tool to get started on your journey and identify the skills you need support your people to stay and grow with you.
Have you got what it takes to become a competitive employer?