3 Frequently Asked Questions About Thoughtful Risk-Taking
1. Why does thoughtful risk-taking matter for an organisation?
Everything and anything we do in life involve a certain amount of risk.
We need to have certain courage to take risks in life. While taking a thoughtful risk, we may not have the set standards or procedures to execute, and there is a need to invent the ways and means to get the things done.
But from an organisational perspective, it encourages and enables innovation. It can also be a relevant product or service differentiator. 1
We at Zyxware Technologies encourage thoughtful risk-taking and are one commitment that it is expecting from its employees and leaders to display for an effective value creation process. It supports experimentation and embraces failures.
2. How do you promote a culture of thoughtful risk-taking in an organisation?
Define Thoughtful Risk and Its Limit
One way to promote a culture of thoughtful risk-taking among the employees is to define thoughtful risk and its limit clearly. 2
Having clear procedures to review any proposed risk that would breach the limit will help identify risks that could jeopardise the business.
Support Experimentation and Embrace Failures
A safe environment supports experimentation and embraces failures. It is exactly what Zyxware Technologies included as one of the pillars of its organisational culture. A safe environment also means helping the employees and leaders to learn from their mistakes and supporting them to try again.2
Show the Risk-Taking Behaviour Model from the Top
Creating an acceptable, thoughtful risk-taking culture in any organisation demands the need to showcase the same kind of behaviour from the top.2
Leadership defines the organisation’s culture, as in Zyxware Technologies.
Review and Reward the Failures
Showcasing the best attempts by reviewing and rewarding the failure will create a perception that the organisation is so interested in thoughtful risk-taking. If this gets iterated, it will automatically nurture the thoughtful risk-taking behaviour among the employees.2
3. What are the key benefits of taking a thoughtful risk as an employer?
If you ask any successful employer about their organisational success, they will tell you that it resulted from one or more thoughtful risks they took in their journey. Taking a thoughtful risk and choosing a new path your competitor is not willing to take help you stand out. It will also create an opportunity to grow and progress. 3
The thoughtful risk may also bring in failed results. But they aren't always negative. It will help one learn, taking them on an important and newer path and adding a prospect for innovation and growth. 1
One fundamental commitment Zyxware Technologies makes to its stakeholders is Encouragement to Thoughtful Risk Taking. Here is what we put in our handbook about this.
What we expect from people in Zyxware
- Courage to decide and step into the dark
- Deep commitment to the value creation process
- Prudence through expertise
What we expect from leaders in Zyxware
- Continuously drive innovation and value creation
- Define and run a risk assessment process
- Support experimentation, embrace failure
Get in touch with our HR to learn more about Zyxware and its culture.