Where failure is discouraged, much less rewarded, why would anyone stick their neck out on the line, bringing a creative idea? Innovation occurs when failure is an option.
Challenging the status quo and allowing failure, will initially lead to disruption, however, ensuring failure leads to learning will allow for improvement in banking as a whole. There is much to be learned about the challenge of allowing failure within your organization.
Notes:
⛹️♂️ Innovation occurs when failure is an option: the players who lead baseball leagues and home runs almost certainly lead that league into strikeouts - apply that to your business. 01:20
✅ Not only should bankers stop punishing failure, but encourage it using the fail-fast fail-often model. 03:00
👉 Executives should encourage innovation and responsible risk-taking across the entire enterprise: ideas that don't go anywhere are not a strikeout - usually, it takes 30 ideas to get one right. 04:01
⁉️ Innovation occurs when failure is an option: will you take up the challenge to encourage failure at your organization? 06:07
Links:
The Financial Brand Fear of Failure Hurts Innovation in Banking: https://thefinancialbrand.com/news/banking-innovation/fear-of-failure-innovation-in-banking-deming-management-transformation-151415/
Email David: david@davidpeterson.com
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