Create risk bands to appropriately allocate decision-making to the right employees in high-risk situations.
Companies would do well to reinforce their corporate culture for the long term, as it ties together communication, incentives, and decision-making. Business leaders should evaluate and include a variety of options, as making the right decision sometimes can be filled with uncertainty.
Motivating employees to execute well-designed experiments with rewards can incentivise them to innovate effective solutions, rather than just rewarding the successful experiments. Brands can increase their probability of succeeding by investing in high-risk ventures that have higher returns and rewards.
Predict how the market will evolve and evaluate the value of lost time in waiting to prompt employees to act with speed and agility. Provide the staff with adequate knowledge about the company’s objective and ensure they are well-versed with their responsibilities in the corporate culture to grow.
[4 minute read]