WHY PSYCHOLOGICAL SAFETY AT WORK MATTER

$600 billion a year is lost on employee turnover. In contrast, companies that engineer high psychological safety experience many benefits.

By prioritizing psychological safety initiatives within their firm's culture, companies have seen 27% less turnover, 76% greater engagement, and 50% increased productivity as a result of psychological safety promotion initiatives.
Employees working in such environments reported 74% less stress, 29% higher life satisfaction, took 13% fewer sick days, 57% more likely to collaborate, greater skills readiness (26%), and applied new abilities (67% of the time) at work.
Psychological safety can create an atmosphere in the workplace that increases energy levels by 106% while simultaneously decreasing burnout by 40%.
Sources: Sources: Monet, Torin, Why psychological safety at work matters to business, 2021 ; Gartner Research, The Missing Element in Nearly Every Learning Strategy; Gallup, State of the American Workforce Report; Zak, Paul J., “The Neuroscience of Trust,” Harvard Business Review, January 2017

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COLT represents a framework model for psychological safety, making it easy to remember and convey. Here is the dimensions breakdown:

C - Connection: Open Communication. Open and transparent communication forms the bedrock of psychological safety. Encouraging team members to express their thoughts, concerns, and ideas without fear of retribution fosters a culture of respect and shared understanding. Team members feel a sense of belonging and connection to each other.
O - Openness: Inclusion A psychologically safe workplace is inherently inclusive, valuing every voice and respecting diverse perspectives. Everyone is not just invited but expected to contribute, and all inputs are given equal consideration. Team members feel comfortable sharing their ideas and perspectives, even if they are different from the majority.

L - Learning from Failure A psychologically safe workplace views failures not as setbacks, but as opportunities for learning and growth. This culture encourages individuals and teams to learn from their mistakes, using these experiences to drive continual improvement and innovation. Team members feel comfortable asking questions and learning from their mistakes.
T -Trust in Colleagues Trust forms the foundation of any effective team. In a psychologically safe work environment, team members have confidence in their colleagues' intentions and actions, fostering enhanced collaboration and productivity. Team members feel confident that their colleagues will have their backs and support them.

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