Prioritising Psychological Safety at Work greatly increases retention rates, study shows.

Prioritising psychological safety in the workplace is crucial for employers to enhance retention, especially among women and marginalised professionals. Creating an environment where employees can voice opinions and take risks without fear is profoundly impactful.

According to a global survey conducted by Boston Consulting Group (BCG), individuals experiencing this phenomenon, known as “psychological safety,” reported being 2.1 times more motivated, 2.7 times happier, and 3.3 times more empowered to reach their full potential at work. Effective leadership in psychological safety reduces attrition, significantly boosting retention for women, people of color, LGBTQ+ employees, and those with disabilities.

Psychological safety increases retention over four times for women and people of color, five times for disabled individuals, and six times for LGBTQ+ employees. In contrast, men not falling within these groups experience a twofold increase in retention. High psychological safety correlates with a mere 3% attrition risk, whereas the lowest levels of psychological safety pose a significant risk, with 12% of employees likely to quit within a year.

Notably, in environments with low psych safety, diversity group members face higher attrition risks. For instance, 18% of LGBTQ+ employees in the bottom 30% of psychological safety are at risk of attrition, compared to 12% of straight and cisgender employees. Conversely, those in the top 30% of psychological safety witness a narrowed attrition risk gap, resulting in a mere 3% attrition risk for all employees. This shows psychological safety’s crucial role in fostering an inclusive, supportive workplace.

What is Psychological Safety at Work

 

Psychological safety at work refers to an organisational culture where employees feel secure and comfortable expressing their thoughts, ideas, concerns, and even making mistakes without fear of negative consequences. It fosters trust and open communication, essential for a healthy work environment.

In psychologically safe workplaces, individuals feel confident that their opinions will be respected, and they won’t face ridicule or reprisals for taking interpersonal risks or sharing innovative ideas. This environment encourages collaboration, creativity, and the free exchange of information, ultimately contributing to higher levels of engagement, well-being, and overall team performance. Leaders who prioritise and cultivate psychological safety promote a culture that values diversity, inclusivity, and continuous learning, ensuring that employees can contribute their best efforts without the burden of fear or judgment.

How Empathetic Leaders Can Create Psychological Safety at Work

 

Empathetic leaders play a pivotal role in the workplace, fostering an environment where employees feel comfortable expressing themselves without fear of judgement or reprisal.

Here are some ways empathetic leaders contribute to psychological safety at work:

Active Listening:

Empathetic leaders actively listen to their team members, demonstrating genuine interest in their concerns and experiences. By validating employees’ feelings and perspectives, leaders establish trust and contribute to a supportive atmosphere.

Open Communication:

Encourage open and honest communication within the team. Make it clear that diverse opinions and ideas are not only accepted but valued. This openness helps employees feel secure in expressing their thoughts without fear of negative consequences.

Lead by Example:

Demonstrate vulnerability and authenticity as a leader. Share your own experiences, challenges, and lessons learned. This openness fosters a culture where others feel safe sharing their own vulnerabilities without fear of judgment.

Feedback Culture:

Foster a culture of constructive feedback, emphasising growth and improvement rather than criticism. This approach helps employees feel that feedback is a tool for personal and professional development, contributing to their sense of safety.

Inclusive Decision-Making:

Involve employees in decision-making processes when appropriate. Inclusive decision-making empowers individuals and demonstrates that their opinions are valued, contributing to a sense of ownership and safety within the team.

By embodying empathy and implementing strategies, leaders can cultivate a workplace culture that prioritises psychological safety, promoting wellbeing and performance of their team members.

How Can Wellity Support You?

 

Psychological Safety: Building Trust in Your Teams

This phrase means feeling secure in expressing ideas, concerns, and taking risks without judgement or reprisal. By embracing this culture, teams encourage open communication, diverse perspectives, and innovative solutions.

This session delves into real-life examples, showcasing the benefits of psychological safety in contrast to its absence. Participants will learn practical strategies for effective communication, to nurture respectful dialogue and feedback and encouraging employees to take interpersonal risks.

Objectives:

  • Understand the critical role in promoting teamwork, innovation, and productivity.
  • Identify behaviours that nurture or hinder psychological within the team.
  • Implement strategies to encourage open communication, constructive feedback, and diverse perspectives.
  • Strengthen trust among team members , leading to improved collaboration and engagement.

To  book  a meeting with our team, contact us at hello@wellityglobal.com.

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