When it’s a positive influence, competition in the workplace can make your staff more productive, engaged and energized. Doing this as an exercise can feel clean, healthy, and even refreshing. Healthy competition among coworkers breeds excellence—here’s how to cultivate it in your workplace. In general, team competitions are healthier, and also encourage collaboration, which is vital in today’s workplace. Related: 6 Ways to Build Healthy Competition at the Office. Lastly, healthy competition forces business owners to identify their weaknesses. Pretending there aren’t winners and losers doesn’t help anyone; in fact, it often sets up a situation for disappointment. This idea also applies externally: The most successful companies are those that expand and strengthen partnerships, resulting in nimble innovation and strategic problem-solving. We are now just emerging from a generation of parenting that gave competition a bad rap and ignored the psychological benefits that can be gained from learning how to win and lose. Makes the business realize its actual strengths and weaknesses. Healthy Competition is Exciting, Not Scary: A study conducted by The Harvard Business Review found that competitions where people stood to lose something created anxiety and negative results, whereas competitions where people stood to win something drew excitement. Covid-19 SMB Recovery: What To Expect From Entertainment And Beyond, Traveling To The U.S. For Business? It helps managers spot top performers and decide on promotions. Try risk free for 60 days. However, it can lead to bitterness or rivalries if done wrong. Employees sign up for the activities of their choice. One team had the odds stacked against it: Not a single person on the team was from (or familiar with) the city. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! As a business owner faced with competition, vulnerable areas in your business can be exploited by your competitors. But beware, there’s a right way to incorporate competition and a wrong way to make it a part of your corporate culture. Competition increases levels of chemicals like testosterone and is motivational in many situations. The leadership team of a mechanical firm we worked with met weekly but didn’t accomplish much. We talk a lot about competition ’round these parts. 4 on Fortune’s 2016 list of the top 10 places to work within our industry. What I don’t like is the “cut throat” competition of the corporate business world, where hundreds or thousands of … Using competition in the workplace can be healthy and productive. Instead, they worked together and learned what they could have done to overcome their disadvantage, building resilience and determination, and some new friendships. We worked with management to learn how they might give more accurate ratings. 5 Reasons Why Competition Is Good For Your Business Competition exists in every field, and, believe it or not, can actually be good for your venture. There are varying types of competition depending on the business you’re in. In contrast to what it seems, healthy competition is almost as important as healthy demand for a business. By creating random teams that compete for a small period of time and then returning to our normal groups, we ensure that everyone understands that how you treat people during the contest matters. Healthy Competition Between Businesses. Healthy competition among coworkers breeds excellence—here’s how to cultivate it in your workplace. Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Not only will this create more effective teams, it will also give the members opportunities to learn from each other while competing. Even if you know you’re not going to “win,” there’s real value in seeing the competition through and displaying resilience. Decades ago, in the production era, companies just used to produce material and concentrated very less on selling them or differentiating them. It was first broadcast on 17 November 1983. We then helped them put together a plan to make the goals a reality. While he was correct, we participants couldn't help thinking, "Where's the fun that?" Related: What Tech Entrepreneurs Can Learn From the Startup That Beat Google. Competition motivates people to achieve more, to push past their limits. 4 on Fortune’s 2016 list of the top 10 places to work within our industry. Entrepreneurs need to remind their employees how enjoyable the challenges of healthy competition are, and teach them to embrace the opportunities it affords them to reach their full potential. We have written about this previously. All material is protected by U.S. and international copyright laws. The consultant noted that we could have played more games had we decided to cooperate -- that team members could have taken turns "pinning" each other, to complete more rounds ahead of the 30-second deadline. Jockeying for limited resources may cause tension. We worked with a director of a non-profit who tended to practice conflict-avoidance. All that has changed because of competition. Members resisted making any negative comments that might cause conflict with their teammates. In addition, we met with all employees to talk about the new expectations and changes to the system. Competition drives innovation. During the exercise, we paired up into two-person teams and followed instructions to play for 30 seconds. In a workplace, colleagues compete to receive promotions and raises. Open this photo in gallery: In their new book, Ashley Merryman and Po Bronson argue that … We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. If you’re content with being in second or third place, that’s where you’ll end up. And that’s not just my own experience — it’s been said that competition effectively brings out people’s creativity, innovation and camaraderie. Intended for seed, startup and growth companies, YFS Magazine delivers a ‘Fortune 500 Simplified’ perspective into the world of popular entrepreneurship culture. Although some companies in our industry might view us as competitors, we know that when we collaborate and share our expertise as partners, we can help each other solve some of the industry’s biggest challenges. If you want to be a market leader, you have to understand these three truths about fostering competition: When team members work together towards a shared goal, they push one another to be more creative, productive and motivated. Healthy competition can be good for you and your business, but beware of some competition because it could affect you more than you think in a negative way. Employees need both rewards and consequences to perform well. We have a client who created a series of games to boost healthy competition among his employees. 1. Keeps the companies on its toes and … It helps people to improve, it leads to better products and results, and it promotes growth. Why a bit of healthy competition is good for everyone. Teaching healthy conflict is the first step. 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