A client of ours — let’s call her Mary, a senior executive in the technology industry — faced significant challenges managing a large organization amid economic uncertainty. Both her company and industry were experiencing tough times, resulting in budget cuts and a hiring freeze. Moreover, she was tasked with exceeding her annual revenue goals to compensate for the underperformance of a struggling business line, which was beyond her direct control.
Why Collaboration Is Critical in Uncertain Times
Working together can catalyze innovation — even in risk-averse companies.
February 13, 2024
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Summary.
Recent research suggests that when resources become limited, many business leaders’ inclinations are to become risk-averse and protect their own interests, fostering a culture of conservatism and prioritizing stability over innovation. In such circumstances, the emphasis often shifts toward preserving existing assets, reducing expenditures, and maintaining the status quo, which can hinder the organization’s ability to adapt, pivot, and thrive in a competitive environment. However, it’s precisely during these challenging times that the untapped potential of collaboration can be a game-changer. If you’re a leader struggling with risk-taking, here are four strategies to make the mindset and behavior shifts to become more collaborative and unlock growth.