The reason you need to know and understand Psychological Safety is that study after study has demonstrated that it is the highest predictor of team performance. Google conducted a 2 year study in which they analyzed over 150 different factors to understand what created successful teams and they found psychological safety to be the number one predictor of success. A Gallup study found that psychological safety can lead to 27% reduction in turnover, a 40% reduction in safety incidents, and a 12% increase in productivity.
And here's the kicker. We need psychological safety today more than ever. The Project Management Institute reported that project success is at its lowest in years. They found that fewer major projects were completed on time and within budget in 2016 than in 2012. As they interviewed teams about the reasons for this decrease they heard a common theme: projects fail because teams don’t know how to communicate, organize, and prioritize.
Look, I'll save you all the research and just share that investing in psychological safety is one of the most important things you can do to increase the performance of your team and organization. And today I get to discuss it with the woman who coined the term and is responsible for groundbreaking research on the topic.
Amy Edmondson is a Professor at Harvard Business School. She studies teaming, psychological safety, and leadership. She has been recognized by the Thinkers50 global ranking of management thinkers. And just this month, she was recognized as the Winner of the Thinkers50 2019 Breakthrough Idea Award for her book, The Fearless Organization, which we are discussing today. And before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies.
I'm excited to share this awesome conversation on how to create a culture where it’s “safe” to express ideas, ask questions, and admit mistakes.
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