Pros And Cons Of Failure At Work

There are many pros and cons of encouraging people to take risks and fail in the pursuit of innovation at work. Some pros consist of using group decisions to a greater pool of knowledge, it is always best to have as many ideas as possible while operating in the group this is to have more than one person knowledge; different perspectives (Kinicki & Williams, 2012). Another way of taking risks is allowing employees to have the empowerment. Empowerment gives employees the authority to make decisions on their own, which can increase productivity, and increase employee satisfaction (Small Business Chron, 2018).

The cons of encouraging people to take a risk a fail in the pursuit of innovation may relate to a few people dominate or intimidated, and

How often are we reward for good jobs? It is a known factor that employees should be rewarded for a job even if it was not the best for the organization. The main issue lies in the job that was performed. When an organization rewards an employee that did not do such a good job, the reward sends positive messages that keep the employee encouraged and the employee tends to keep a good behavior. Management should go over the mistakes, show the employee how to avoid risks, and also show the employee how to move forward for success. Overall, management should define smart failures, reward them just as you do smart successes (Harvard Business,

Facing the hard facts and evidence is what will lead to success.”Evidence-based decision making, which depends on an “attitude of wisdom,” rests on three truths (Kinicki & Williams, 2012).

Overall, the most important thing that an organization can take away from failure is that just about every successful company has had a failure. Innovation should be encouraged, and failure is a learning process that can be corrected.

A great example of a failure: Avis Budget Group send all of their cars out with a full tank of gas, however, many of the business customers only keep the vehicle for a couple of hours. Many of them did not buy gas to refuel the vehicle on return. Many long hours were wasted doing gas logs, however, the company looked at the loss and came up with the idea of charging each customer a flat rate upon checking in the vehicle. If you drove 75 miles or under a flat rate was charged unless a gas receipt was presented upon check-in. This was a way of saving customers money and saving the organization money as