#Define synergy blatant full#
When team members can be their full selves at work, they can unlock better collaboration and synergy. In order to achieve team synergy, you can't just have a diverse team, you also need to empower collaboration and communication between team members in order to build something amazing together. Team synergy focuses on the "doing the work" part of diversity. Committing to a diverse team means doing the work to build a more equitable and inclusive environment. That’s where business initiatives like Diversity and Inclusion programs (D&I) come into play. The more varied experiences, backgrounds, perspectives, and beliefs you have on your team, the more diverse your team is.īut we know that simply valuing diversity isn’t enough. The difference between diversity and synergyĭiversity describes how similar or different your team is. By leaning into each team member’s strengths-while also giving them opportunities to learn from one another-your team can achieve much more together than they would be able to do on their own. In fact, each individual’s unique perspective is exactly what enables a team to get their best work done. This positive synergy enables team members to be their full selves at work-with their unique life experiences, perspectives, talents, and communication styles. Team synergy takes the idea that the whole is greater than the sum of its parts and applies it to teamwork. After all, the term comes from ancient Greek and was used in practice as early as the 1600s. Though this term was co-opted by corporate executives, it doesn’t refer to mergers and acquisitions as a rule.
Read: What is change management? 6 steps to build a successful change management process How is synergy related to teamwork?Īt its core, synergy describes a way to work together to produce great results. The hype for corporate synergy in relation to mergers and acquisitions-combined with the potential negative effects when combined action didn’t work out-contributed to the modern-day association with synergy as a buzzword. Without the right change management process, the M&A process can fall short of its intended benefits.
Integrating two businesses and the entirety of what those businesses represent-including finances, employees, products, culture, and practices-takes a lot of time and effort. In practice, corporate synergy-and especially financial synergy, which is when two companies merge finances-is hard to achieve. It’s also used when a company cross-sells another company’s work, or lends team members for cross-business product development, for example. Sometimes, corporate synergy doesn’t just describe the M&A process. Larger, merged businesses not only support one another, but they also achieve cost reductions that ultimately lead to higher profitability. This is largely due to economies of scale. In other words, two companies working together under a merger or acquisition can produce more value than the sum of their individual effects. The concept of synergy in business achieved popularity in the 1990s, when corporate executives and investment bankers used corporate synergy to gain buy-in for proposed mergers and acquisitions (M&As).Ĭorporate synergy describes the expected additional value companies achieve by merging. Synergos means “to work together” or “to collaborate.”Īt its core, synergy is about helping you effectively connect, communicate, and collaborate with cross-functional partners. This commonly misused buzzword takes inspiration from the Ancient Greek philosophy that “the whole is greater than the sum of its parts.” In fact, the word synergy comes from the Latin synergia, which was derived from the Greek word, synergos. Synergy is when two or more things-organizations, departments, or even teams-work together to produce something of value.
#Define synergy blatant how to#
In this article, we’ll dig into the true definition of synergy, and how to use this term-not as a buzzword-but as a driver for team growth and impact. But every word has a purpose behind its creation-and synergy is no exception. Like so many other business buzzwords, synergy has been used so frequently that it doesn’t always pack the punch it used to. A quick Google search yields list upon list of “the top 100 worst business buzzwords”-and nearly all of the lists include synergy. From freemium to hyper local, these terms are used so often that they essentially lose all meaning. Buzzwords get a bad rap-especially business buzzwords.
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