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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Technology Responding to slowing growth: why the tech industry faces a more challenging outlook in 2022We spoke to tech experts about industry trends that could affect companies over the next 12 months and what their short-term strategic priorities should be.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
A closer examination of the data offers some explanation of this apparent contradiction.
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
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The key to international business: Investing in people
How can recruitment and retention help grow international business?
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
In 2020, faced with handling remote teams, new working practices, and unprecedented levels of employee anxiety, businesses were forced to reassess reassess their culture and the processes surrounding it. According to data from Grant Thornton’s global research programme (IBR),[i] the world’s leading survey of the global mid-market, 43% of responded by encouraging an environment where all colleagues could speak up with ideas, issues and questions. In other words, they deliberately promoted an atmosphere of psychological safety.
They may not have realised it, however. ‘Psychological safety’ has until recently existed largely in the realms of business theory. The phrase was coined in 1999 by Professor Amy Edmonson of Harvard Business School, who quantified it as 'a belief that one will not be punished or humiliated for speaking up with ideas, questions, concerns or mistakes'. Her paper, A Safe Harbor: Social Psychological Factors Effecting Boundary Spanning in Work Teams, posited that beyond making people feel good, psychological safety generates positive business outcomes, with teams that felt comfortable enough to challenge leaders and report mistakes proving more successful.
Research by Catalyst shows that inclusive leadership behaviours are the foundation of a climate of psychological safety. Their report Inclusive Leadership: The View From Six Countries revealed a clear prediction between leaders using inclusive behaviours to promote psychological safety, and high-performing teams.
The innovation incentive
When protected by a working culture that promotes psychological safety, people have more opportunity to step up and self-lead, working with purpose aligned to that of the company. In this environment, there is less need for external motivation and the ability to innovate is heightened. In the post-COVID landscape, resilient teams will be built on role clarity, confidence and agility, with innovation powered by psychological safety vital for businesses survival.
A psychologically safe environment is one characterised by interpersonal trust and mutual respect, devoid of unsupported judgement or unconscious bias, says Ngozi Ogwo, CEO of Grant Thornton Nigeria. “By celebrating differences of opinion, psychological safety sparks innovation,” she adds. “When team members are emotionally secure in the workplace, they tend to be more engaged and productive.”
Recent Catalyst report Getting Real About Inclusive Leadership found 18% of employee innovation was attributable to positive experiences of inclusion. If people are free to express new ideas, optimal solutions can be found.
“The best ideas emerge from different perspectives,” says Aurora Sanz, legal employment partner at Grant Thornton Spain. “A diverse team gives organisations a better understanding of customer needs and is key to unlocking ideas and accelerating the innovation process. More points of view enrich creative processes, leading to ideas that would not have emerged otherwise.”
This process includes ensuring people are comfortable being vulnerable, able to innovate and learn from mistakes. “It helps them to be authentic,” says Ogwo. “People feel more confident when they know they can take risks around teammates and still be accepted if their actions fail. They feel comfortable voicing diverse and dissenting views without being judged. This self-confidence births creativity.”
A leader’s guide to psychological safety
Creating this environment requires demystifying psychological safety for senior managers, translating the concepts into examples they can relate to.
“When we talk about feeling safe at work, what comes to mind is physical or functional safety. But how safe do you feel psychologically? Do you feel safe to speak up, voice your opinions? Do you feel safe to make mistakes without ridicule or punishment?” asks Rikia Birindelli-Fayne, senior director, corporate engagement, EMEA for Catalyst.
Unfortunately, she says, the answer is often no. “Working with executives, we often see an unwritten rule against constructive risk-taking.” These unwritten rules need to be broken, because leaders are the conduit of culture change. Catalyst’s research revealed that 45% of employee experiences of inclusion are based on leadership behaviours.
As well as leaders, team members have a role to play in making colleagues feel included and valued. “Those that are more cooperative than competitive create more psychological safety,” says Birindelli-Fayne. “When you’re thinking about speaking up, do you think of asking for help? Are your team members willing to help you?”
McKinsey’s Psychological safety and the critical role of leadership development report found that a positive team climate, where members have input into how the team functions, care about others’ wellbeing, and value colleagues’ contributions is the most powerful driver of psychological safety. And by role modelling and reinforcing these behaviours, leaders act as catalysts to create this climate.
Robert Hannah, head of large and complex advisory, Grant Thornton UK and Executive Director - International Business Support Function at Grant Thornton International believes psychological safety is as simple as recognising everybody’s opinion has value. “We won’t always follow that opinion, but an idea, once expressed, will influence other people, or spark something for someone else. This builds an environment where no idea is belittled by the group and individuals feel they can always add value.”
He cites brainstorming in its purest form as the definition of psychological safety. “There’s no judgement, it’s just throwing out ideas; open, unfiltered, unchecked. Then you need a clear set of criteria to assess those ideas.” If people understand the assessment process, they won’t regard unsuccessful ideas as discarded or ignored, and will understand why a particular idea hasn’t been taken forward. “People are then encouraged to come up with more ideas in the future,” adds Hannah.
Aligning people and purpose
If people feel included, they are also more likely to marry their own success with that of the business, becoming purpose driven and invested in their roles. “When individual perspectives are aligned with organisational goals, it becomes easier to cultivate a shared vision, which in turn boosts morale, loyalty, engagement, retention, innovation and productivity,” says Ogwo. Catalyst research showed positive experiences of inclusion underpinning 49% of team problem-solving, 35% of work engagement, and 20% of intent to stay with the company.
Every individual has different drivers, however, and leaders need to understand what motivates them. Where one employee is spurred on by financial targets, another might be focused on sustainability goals. “We all have different perspectives and beliefs which affect this,” says Hannah. “People need to be respectful of where others are coming from, and that another person's purpose might not align directly with their own.”
One route to aligning employee purpose with the business’s aims is through developing people’s skills to make them pivotal in the team. “Business leaders must invest in training their employees in order to achieve the company’s overall goals,” says Sanz. “Feeling they are contributing more increases the team’s ability to identify with the those goals and motivates them to move forward.”
Deliberate steps towards psychological safety
While the ideal is that everyone feels able to express themselves without fear, the reality is that many business cultures suppress individuality. Deliberate, conscious action therefore needs to be taken engender psychologically safe environments. “Psychological safety is hampered in workplaces where rules, guidelines and business protocols limit effective communication,” says Ogwo. “Employees should be given a voice to challenge the status quo, and business leaders should create open, reciprocal channels for feedback.”
Specific protocols and targets should also be put in place around psychological safety. “Organisations can implement psychosocial risk assessments, anti-harassment and digital disconnection protocols, equality plans and work-life balance policies, and work climate surveys,” outlines Sanz. Setting KPIs around a psychological safety index and monitoring progress will also drive change.
Less formalised action by individuals is equally effective. Making time for team members makes them feel confident and supported in their role, says Hannah. “In situations where people have questions or suggestions but don’t feel comfortable putting them out there, leaders need to create time and space for raising issues.
It’s also about judging whether conversations should be had in a group or one-to-one.” He explains that with remote working, this is more challenging, but there are many things that can be done. “Working from home can make it harder to contribute. So leaders need to spend time consciously with people before and after meetings, and make sure they are making contact individually.”
But there are also benefits to COVID-driven working practices when it comes to psychological safety, suggests Birindelli-Fayne. “Studies have found that individual creativity improves during remote work, along with productivity. Team creativity doesn't depend on physical spaces, but a team's ability to adapt, to take risks, ask for help, and this can all be referred to as psychological safety.”
Engaged leaders will create psychological safety for their teams. Catalyst discovered that managers who practice both leading outward and leading inwards can boost employees’ experience of feeling valued, authentic and trusted. “Leading outwards is about ensuring that team members are treated fairly, empowered, and able to flourish. You guide team members to solve their own problems and make their own decisions,” says Birindelli-Fayne. “Leading inward requires a hard look at who you are and your ability to act courageously, learn, and proactively seek to understand different points of view.”
Every organisation can benefit from a culture of inclusion, diverse thought, and the security to express individual perspectives without fear. As Ogwo concludes: “The world will be more adventurous, safer and merrier when we are comfortable in each other’s company.”
Visit our Diversity and inclusion hub for research and tools enabling leaders to create the diverse perspectives and inclusive cultures needed to navigate these uncertain times.
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i. Grant Thornton’s International Business Report (IBR) surveys almost 10,000 businesses across 29 economies.