Fixed or growth mindset in business

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In today’s corporate environment, the bottom line tends to be the most prized, however, is also looking at the company’s long-term growth and investing in employees and their skills (more) beneficial in the long run as this will expand the bottom line too? There are two ways in which organisations and their employees operate. Either with a fixed mindset, or a growth mindset which is more conducive to progress and improvement.

Stanford University’s psychologist Carol Dweck coined the terms growth and fixed mindset, where her theories on the psychology of skills and talent could have a major bearing on the way that companies interact with their employees.

Fixed or growth mindset?

Individuals with a fixed mindset believe they either posses or lack a certain set of characteristics and skills, and that’s unlikely to change. Whereas those with a growth mindset are not limited by inherent traits or abilities. Instead, they have the capacity to learn, grow, and improve. They believe that talent can be acquired by learning, collaborating, practicing and acquiring new skills – the theory being that those with a growth mindset ultimately achieve more.

Growth mindset also empowers employees to question, give their suggestions and be an active part of the evolution of the business. These individuals are the perfect candidates to expand their skills, expertise and knowledge, with corporate training.

It’s therefore not surprising that a growing number of employers have started to adopt this way of thinking when looking at how to manage their workforce. After all, both organisations and individual employees could in theory have a fixed or growth mindset; so understanding these differences can have an impact on business growth, employee engagement, workplace culture, collaboration and innovation.

Benefits of growth mindset in business

There’s the risk of businesses adopting growth mindset as a buzzword, rather than a tangible set of values. There are many ways for businesses to adopt, integrate and practice a growth mindset in their business: 

  1. Invest in your employees’ upskilling and reskilling:
    Savvy leaders and businesses with growth mindsets understand that employees likely already have the capacity and intelligence needed to face the challenges at their disposal, especially with the evolution of technology and AI. Investing in employee training on new and advanced topics will help with your team’s growth mindset. To employees, participation in these programmes is a strong indication that their company leadership believes in their potential, further promoting a growth mindset on an individual level.
  2. Embrace strategic planning
    A business with a growth mindset sees the value of a long-term plan, and ongoing commitment to detail and time. This is pertinent even if the team currently do not posses all the talents and capabilities from the get-go, because this is something which can be created and learnt as the plan is implemented and business involves.
  3. Look for flexibility
    Hiring candidates with a growth mindset aligns nicely if your business is this way inclined. During the interview process, look out for broad thinking, questioning and those who enjoy a challenge. Prospects need to be hardworking and capable learnings, with the yearning to grow and develop personally and in their roles. This will help accelerate the growth of the company in a non-contrived fashion.
  4. Encourage constructive criticism
    The way that people deal with feedback and constructive criticism says a lot about their mindset. Those in a fixed mindset can be more likely to take criticism personally, in a non-constructive way. Those that take it positively show a greater willingness to learn. As an employer this consideration could inform your approach to performance reviews and employee feedback.
  5. Understand your team’s capacity for growth
    This is really the crux of the point about growth mindset and can feed into everything from the recruitment process (companies such as Google and some Big Four accounting firms, for example, have started to hire more people without university degrees but who have proved that they are able and enthusiastic learners), to your learning and development strategy (organisations that support learning and development are reportedly 37% more likely to have greater employee productivity).

With this in mind, if your employees are committed to learning and self-improvement, even in areas not directly related to their day-to-day roles, then recognise and support this growth mindset, as it will have a positive impact on your organisation.

At LCT, we understand the importance of a growth mindset and how it will benefit an organisations. We offer a range of courses and seminars, perfectly aligned to aid your team with their growth mindset. Here at London Corporate Training, we have a variety of skills courses to suit the needs of your organisation. All of these courses are led by industry experts with who are passionate about sharing their knowledge and expertise.

The team here understand that training takes time and effort, so all of our training is offered with flexible dates as well as with a hybrid approach. This enables us to deliver the highest level of training to your team and ensure your staff will learn and grow in the best format possible.

If you would like to see all our courses, check them out here.

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