Last year, the NeuroLeadership Institute conducted a wide-ranging study of organizations around the world. We wanted to see how top-tier businesses and universities were putting growth mindset to use.
Our findings were fascinating, and we compiled them into a white paper called “Idea Report: Growth Mindset Culture.” It featured the results of the project, along with scientific reasons leaders should be adopting growth mindset.
Since then, our thinking has evolved to home in on three key benefits growth mindset affords organizations, which we’ve happily summarized below.
1. Change agility
The most common reason leaders adopt growth mindset, according to our survey, was digital transformation. We reason this is because growth mindset helps people stay continually adaptive, rather than adaptive solely for specific change events.
To be change agile, leaders must first recognize that change is the default. They must embrace new challenges as opportunities, not as threats to traditional ways of working.
2. Strong employee value proposition
Organizations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%, according to recent data.
Growth mindset is critical in this regard because it helps employees see their own potential. Instead of focusing on their shortcomings, they can focus on the progress they’ve made and target areas for improvement, creating stronger engagement in the long run.
3. A culture of innovation and learning
At its core, growth mindset helps employees think and perform in new, untested ways. It champions experimentation, even if it leads to failure, because experimentation is how organizations have always arrived at innovation.
By creating a culture where failure is an option, leaders give their employees permission to take risks that could yield outsized gains. This is important because sticking to what’s worked in the past won’t always work in the future.
The bottom line: In this new world of massively disruptive technologies, organizations must address customer needs faster and better than others, in order to win in the market. Across each of these three domains, growth mindset is a key driver of success.
To learn more about growth mindset’s role in transformation, register for this year’s Culture & Leadership Insight Lab.