84% of executives say developing and managing teams is essential for future competitiveness: EY survey
EY Canada named one of Greater Toronto’s Top Employers
(Toronto, 27 November 2013) An overwhelming majority (84%) of business executives say their organization’s ability to develop and manage teams will be essential for future competitiveness, according to a new EY survey. The firm, today named one of Greater Toronto’s Top Employers for 2014, takes that belief seriously in its own organization, too.
“Our survey finds that, increasingly, a company’s ability to form, lead and nurture high-performance teams will be critical to its long-term success,” says Stephen Shea, EY’s People Leader in Canada. “At EY, tapping into a full range of diverse skills and expertise to build teams that have a shared commitment to quality and results has been a critical part of our purpose for some time. Our people have always been – and continue to be – our greatest asset, and the reason for our success. We’re grateful to be recognized for that commitment.”
When it comes to managing people, according to The power of many: How companies use teams to drive superior corporate performance, 85% of business executives deem inclusive leadership – the ability to encourage teams to voice diverse perspectives – to be an effective means of improving performance. Yet, half of respondents say they do not have the leaders with the ability to manage and motivate these teams.
“At EY, we empower our leaders to embrace – and encourage – different perspectives and provide ongoing coaching and feedback, flexing their style as appropriate,” explains Shea. “By promoting a shared vision, the right mix of people and a commitment to quality and results, we deliver exceptional client service and foster an overall high-performance culture.”
The findings reveal effective team leaders demonstrate the following actions:
- Provide clear direction and leadership
- Create an open and inclusive team culture
- Develop and coach
“Every company needs to define what they mean by high-performance teams,” warns Shea. “Only then can they embed that in a consistent way, transferring best practice from one team to another so that it evolves into the high-performance culture they desire.”
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About the survey
The power of many: How companies use teams to drive superior corporate performance draws on a survey of 821 business executives conducted for EY by Longitude Research in April and May 2013. Respondents represented 14 countries around the world across Asia-Pacific, Europe and the Americas. Approximately 50% of the respondents were board-level, or C-level executives, and just under 50% represent the human resources function. Companies surveyed varied in size, with 30% earning in excess of US$5bn in revenues each year, and the remaining 70% with revenues between US$250m and US$5bn.
About Greater Toronto’s Top Employers
Greater Toronto's Top Employers is a special designation that recognizes the Greater Toronto Area employers that lead their industries in offering exceptional places to work. Employers are evaluated based on physical workplace; work and social atmosphere; health, financial and family benefits; vacation and time off; employee communications; performance management; training and skills development; and community involvement. Employers are compared to other organizations in their field to determine which offers the most progressive and forward-thinking programs.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.