‘Growth mindset’ has become a buzzword in the working wold. This is largely due to the research of Carol Dweck, professor of psychology at Stanford University and the author of Mindset: The Psychology of Success.
Her findings show that individuals who believe their talents can be developed through hard work and learning have what she calls a growth mindset. Whereas people who have a more fixed mindset, believe that talents are innate gifts. Those with a growth mindset tend to achieve more than those with a fixed mindset, as they spend more time and energy on learning and development, and less time worrying about looking smart or competing with their colleagues.
When companies value a growth mindset, they tend to attract and retain top talent. Those employees tend to be more empowered, engaged and committed. Therefore these companies are more collaboration oriented and innovative than those made up of fixed mindset employees.
When an organization is committed to embodying this growth mindset, it will encourage appropriate and healthy risk-taking, and reward employees for the useful lessons learned in failure. They’ll also support collaboration rather than competition.
The growth mindset doesn’t just apply to the company goals, a growth-minded company will commit to each individual reaching their potential by providing development and advancement opportunities. These companies also tend to hire and promote from within, showing that the value of a growth mindset isn’t just a nice line in the mission statement, but the foundation of concrete policies within the organization.
While these findings have yet to show that growth mindset is the direct cause of higher profits and greater long-term success, it can suggest that organizations focused on employees’ growth will experience significant advantages. From what we know to be true about the advantages of increased employee engagement, creating an innovative work environment, a strong learning culture and even retaining top talent, we can reasonably surmise that having a growth mindset is just as critical for any organization, as it fosters all of these important aspects of a successful company.