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When risk aversion holds business back

In today’s fast-paced, post-COVID world, organizations must shed caution and embrace bold, innovative strategies to stay competitive

The cautious approach just doesn’t cut it in today’s post Covid, fast moving ,highly competitive world. Organisations need to be bold, daring and innovative. Caution holds back an organisation by inhibiting talent and preventing the realisation of the benefits  of technology.

How does a risk adverse organisation make the most of the talent at its disposal and maximise the benefits of AI? The leadership must empower managers , fully engage with employees at all levels, trust people, establish a no blame culture, encourage learning and development particularly the skill of taking ideas and ways of doing things from other organisations and applying them within. But taking the hand break off does not mean being reckless nor does it remove accountability.
To relax controls but retain effective oversight the leadership must follow the principles of successful management
Principles of effective management
Don’t be too trusting or reliant on the assessment of others.
Ask the right questions.
Remember your values.
Don’t be afraid to admit you don’t understand the technical stuff but get it explained until you do.
Don’t accept explanations at face value however plausible probe, examine, explore.
Don’t let concerned for the organisation reputation led to dismissing and suppressing unfavourable information or covering up mistakes.
The leadership must always be willing to accept the evidence that there is a problem no matter the size of the invested to date .
When things go wrong don’t assume it’s the fault of employees just because it’s easier than the other possible explanations.
What you think is important becomes important to those you manage all the more so if you are the CE or a senior manager. This has implications for how seriously the organisation takes the Health and well-being of employees and how much EDI
Informs recruitment.
Just because the results are impressive does not justify ignoring how they are achieved ( see above)
Finally remember The golden rule of management – treat others how you would want to be treated.

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