Why Teamwork is Important to Your Business

Penmac celebrates ESOP month by working together.

In October, most people celebrate cooler weather, and changing leaves, but at Penmac, we have another reason to celebrate—October is Employee Ownership Month. Penmac is an ESOP, or Employee Stock Ownership Plan, which means that qualified Penmac employees each own shares in the company, which provide financial benefits similar to a retirement plan. At Penmac, working together is part of belonging to an ESOP, but all businesses can benefit from teamwork.


Benefits of Teamwork

Creating a culture of teamwork benefits the workplace in many ways. It brings staff together, strengthening coworker bonds. Employees who have positive relationships with each other are generally happier at work, making a more productive team. Working together creates opportunities for mentorships, which further helps business by offering accelerated learning, support, and motivation. When people work as a team, they provide a wider array of perspectives, more ideas to overcome challenges, and an overall healthier and more productive environment.


Fostering Teamwork

To create a culture of collaboration, the whole team needs to have an understanding of the group’s mission. Everyone should clearly know what the overall objective is, whether it is a particular project, or a general company goal. The group must believe that the goal is valuable and know how their individual position influences the larger picture. Employees should also be invested in some way, whether through company stock, a promotion, or other type of benefit. Leaders play an important role in fostering an environment of teamwork. Supervisors should reward and recognize teamwork when they see it in daily tasks, and be willing to delegate tasks. For a successful team, members must have some decision-making power and control so they are able to influence outcomes.


Almost all businesses are more successful when employees work together. This fall, consider trying new strategies to build teamwork among your staff. You’ll be impressed with the results.