I don’t know if we can confidently say “back to normal”, but what is for certain is organizations and their workforce are facing another mindset and routine shift with the impending call of returning to the office.
If there has been one outcome or learning through this, it has been the ability of humans and businesses' to take a risk when faced with the unprecedented.
By taking a risk, many businesses have managed to stay afloat, while some have even thrived. When forced to an uncomfortable state requiring immediate decisiveness and action, we have been able to tap into a new critical thinking mindset, allowing us to curate innovations and solutions. Not surprisingly, a lot of our efforts required rounds of trial and error. Through this, no one gave up; the process was revisited, adjusted, and deployed again. Taking risks naturally became an inherent piece of an organization and needs to remain intertwined with its culture as we plan ahead.
The illusion of being able to sit at our pre-covid desks should not be the catalyst to draw us away from thinking that “risk-taking” is now a liability or unnecessary – it is the opposite. Instead, it pays to do so.
Organizations can take many steps towards cultivating a workplace that values taking calculated risks, such as:
- Creating a safe environment, one that effectively communicates that there is no punishment for the failure, but rather focuses on the learnings.
- Consistent and varied feedback, involving a regular feedback loop during tests of trial and error and sourcing out diverse advice from other teams.
- Clear definitions, as recklessness can be a true liability and taking risks requires dedicated thought and a degree of reasonability. Organizations should work towards defining the accepted parameters within which employees should work.
- Reward and recognition, acknowledging those whose ideas and or attempts have been the start of something new. Demonstration of this creates a sense of value, purpose, and motivation.
- Leadership support is the most critical ingredient because it sets the foundation and groundwork for risk evaluation and ultimate execution.
Buy-in from leadership is crucial. One thing we all, especially management, cannot be influenced by is our own risk tolerance that exists outside of work. Personal finance management, whether it be reserved and traditional or off the cuff and playing to the market, is subjective to each individual. As a business leader the moment you step “into the office,” you must be objective and holistic in your assessment of risk and open to seeing the complete opportunity it presents.
Reena Paul (CCP, GRP) is a Senior Compensation Consultant. She is passionate about all things “total rewards” and has experience in dealing with all stakeholders of an organization and strategizing optimum client-focused solutions. A lover of data and the story it tells, Reena enjoys the exploration of presenting and discussing compensation with a fresh perspective. Connect and contact Reena directly on LinkedIn
Photo by Bernd Dittrich on Unsplash
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