Category: Leadership

In the high-stakes world of talent acquisition, efficiency is king. The success of any staffing agency hinges on its ability to swiftly and effectively identify the right talent for multiple jobs. But with hundreds of candidates to manage, the complexities of recruitment can be overwhelming, even for the most seasoned professionals.

In this digital age, the right tools can make all the difference. Enter modern Applicant Tracking System (ATS) software, a game-changer that’s revolutionized the recruitment landscape. Over 75% of recruiters are already harnessing the power of these tools, and an impressive 94% report enhanced hiring success.

This article will delve into the advantages of ATS software for staffing agencies, exploring how it can streamline your workflow and supercharge your recruitment success. So, if you’re ready to take your hiring process to the next level, read on.

Understanding the Concept of an Applicant Tracking System (ATS)

An Applicant Tracking System (ATS) is a type of software that aids recruiters in streamlining their workflows and optimizing efficiency. Through custom features like dynamic filtering, recruiters can curate individualized “hotlists” of top-tier candidates, tailored to precise job requirements. Real-time updates ensure that these hotlists stay relevant, yielding only the most qualified candidates for each role.

Additional functionalities such as pipelines and favorite lists, offer ways to group candidates based on specific criteria. Tracking all actions and communication within the ATS software assures that all crucial information is logged, creating a traceable record for future reference. By promoting transparency, the oversight of activities becomes simple, boosting overall recruitment success and efficiency.

The Impact of ATS on the Recruitment Process

Implementing an effective ATS transforms recruitment processes. It’s in the quick completion and execution of major tasks where its mastery shines. Be it job orders or candidate placements, fewer clicks get things done faster, enhancing the overall user experience. Smooth communication, featuring built-in texting, emailing, and chat options, bolsters the rapport between recruiters, candidates, and clients. With the ability to readily send check-ins and reminders, keeping everyone engaged is effortless.

Furthermore, ATS ensures no beat is missed in communication as all interactions are instantly visible within the system.

The Automation Aspect of ATS and its Benefits

ATS software isn’t just a set of flamboyant features – it’s a well-designed automation tool. Its power resides in automating hiring processes like sourcing candidates, parsing resumes, and scheduling interviews. The goal? Speeding up recruiting, thus filling roles faster, and saving significant hours that could be redeployed elsewhere.

But its effects are not limited to the confines of recruitment. It extends to efficient employee referral programs and strengthens internal employer branding, producing a magnified impact on the talent pool. It rewards the contributors, keeping employee engagement high.

Moreover, the ability to instantly update and adapt job offers to meet candidate expectations makes the ATS a continuously evolving tool responding to market trends. Ultimately, it bolsters the efficiency and success of recruitment, while fostering a vibrant, self-nourishing talent community.

Recruiting Efficiency: Leveraging ATS for Strategic Advantages

Transforming the recruitment process, modern versus traditional ATS designs reveal stark contrasts. For instance, premier ATS software harnesses cutting-edge technology like natural language processing to decipher resumes, suggest potential candidates for job vacancies, and spotlight passive talent within the system.

Crucially, an exemplary ATS meshes with both mainstream and specialized job boards and provides sweeping one-click job posting to streamline job vacancy announcements. I attest that businesses investing in advanced ATS software experience spikes in crucial recruiting metrics such as talent pipeline efficiency, interview speed, reduced hiring costs and improved candidate quality. The strategic gains your organization experiences due to a superior ATS are worth exploring.

Key Considerations When Choosing an ATS

When it comes to choosing the right ATS, several factors demand thoughtful consideration. Firstly, dynamic filtering capabilities are crucial, as they allow a recruiter to curate specific hotlists based on job requirements, skills, experience, etc.

This advanced feature caters to immediate needs, making the recruitment process efficient. Simultaneously, it’s important to opt for an ATS that logs all actions and notes, ensuring traceability and accountability within the recruitment process.

Another vital factor is the ability to create pipelines and favorite lists that can strategically group candidates or job orders. Ensure that your chosen ATS has an employee referral program to tap into existing employees’ networks for prospective candidates. Not to be overlooked, make sure the ATS offers flexibility for adapting various incentives within the referral program. In sum, the right ATS software can substantially maximize your recruitment efficiency.

Implementing an ATS for Enhanced Recruitment Efficiency

Once the optimal ATS is selected, implementation plays a pivotal role in maximizing recruitment efficiency. Start by identifying clear Key Performance Indicators (KPIs), such as Time-to-Fill, Cost-per-Hire, Quality of Hire, and Source of Hire. Use these KPIs as benchmarks to measure the success of ATS implementation.

Next, conduct a before-and-after comparison of recruitment metrics. Take note of data before the ATS implementation and contrast this with current figures, enabling a clear view of the improvements ushered in by the new system.

Additionally, promoting team collaboration throughout the ATS implementation enhances its efficiency. I encourage the use of shared notes, integrated communication tools, and real-time updates within the hiring team, promoting synergy within the process.

Finally, ATS software presents an opportunity for automation, saving time and reducing manual tasks in the recruitment process. Automated candidate communication, such as sending acknowledgment emails when applications are received and notifying candidates about their application status, are examples of valuable automation features provided by an ATS.

Remember, using automated workflows helps move candidates through the hiring process more efficiently, contributing to increased recruitment success.

The Future of Recruitment with ATS

The future of recruitment truly lies in the effective use of ATS software. As businesses evolve, so does their hiring scope. ATS offers scalability, allowing them to adapt to changing demands and fueling their growth.

Notably, ATS allows for the seamless management of recruitment pipelines. Impressively, ATS enables the optimization of talent pools, giving recruiters an edge over competition by ensuring effective use of potential candidates for emerging vacancies. Agencies delight in the customization prospects ATS avails, further improving their recruitment processes.

Hence, ATS shapes the future of hiring by lending flexibility, enhancing recruitment efficiency, and securing workplace dominance in a volatile talent landscape.

Conclusion

It’s clear that the right ATS software is a game changer in recruitment. It’s not just about filling vacancies; it’s about finding the best fit while maximizing efficiency and engagement. With dynamic filtering, traceability, pipeline creation, and referral programs, ATS tools have the power to revolutionize your recruitment process.

But remember, it’s not just about having the software. It’s about using it effectively. Set clear KPIs, measure your success, foster team collaboration, and leverage automation to truly reap the benefits of your ATS.

As we look toward the future, the scalability and customization of ATS software will continue to shape the recruitment landscape, offering flexibility and efficiency in an ever-changing talent market. So, don’t get left behind. Harness the power of ATS software and take your recruitment process to the next level.

Leaders are increasingly embracing a balanced leadership style, yet 67% say the current economic climate has made prioritising these three pillars of leadership more difficult

New data released today by Babble, a leading Cloud Solution Provider and title partner of Babble Ride Across Britain, shows the new demands business leaders are facing across the UK with a new three-pillar leadership framework, Fit to Lead. Fit to Lead is a balanced approach to leadership, rooted in three fundamental pillars of fitness; physical, mental, and ethical fitness. 

All three pillars are crucial for leaders and their teams to succeed and are inspired by the Babble Ride Across Britain – a collaborative 9-day, 980-mile cycling journey, formerly known as the Deloitte Ride Across Britain. More than just a cycling challenge, it represents the camaraderie, shared purpose, and collective effort inherent in true leadership.

Analysing data from 500 UK business leaders, from director level and above, the findings from Babble’s ‘Fit to Lead’ survey reveal that 69% of leaders are confronted with employee demand to change their leadership habits. This signifies a shift away from the mentality that work must seep into every aspect of their lives, replaced by one recognising the need for a more balanced approach. 

This is especially important in the face of a rapidly evolving landscape, including accelerating technology innovation, particularly around the opportunities and ethical challenges of AI, as well as the macroeconomic outlook and changing employee demands.

Encouragingly, 73% of respondents say they’ve adopted this shift, and 67% of respondents agree that embracing this approach to leadership is beneficial for themselves and their business.

Matt Parker, CEO at Babble, says “This insight is why we’re introducing Fit to Lead, a new framework for leadership. We need to move beyond traditional thinking around what it means to be an effective leader and consider the critical role of the three pillars identified in this study for business leadership.

“Physical fitness, for example, isn’t just about sheer brawn or endurance. It encompasses the skills gained through participation in any physical activity – from walking to running a marathon. When I’m cycling for 9 days for RAB, for example, the only thing I can do is think. It’s valuable time allowing me to consider how to make Babble a better business for my team and the wider communities we serve.”

Economic impact 

Despite wanting to dedicate more time to the three pillars of fitness, 67% of leaders say they have deprioritised personal well-being due to the current economic climate. Rising inflation alongside the cost-of-living crisis means businesses are stretched and trying to stay afloat. This uncertainty only looks to continue this year, with recent ONS data showing that just 14% of British businesses reported higher turnover compared to the previous year at the start of 2024.

To navigate this turbulent period, business leaders should explore the Fit to Lead framework to ensure the effective operation of their organisations. By prioritising three-pillar fitness, business leaders will not only be armed with the resilience to weather the storm themselves but also create a culture of resilience that runs throughout the business.

Generational influence 

While there has been a shift away from a ‘rise and grind’ culture overall, there is a generational difference. Respondents aged 55 and above experience this shift more acutely, with 86% of respondents agreeing there has been a greater focus on work-life balance. Conversely, only 55% of the youngest demographic (aged 18-24) share the same sentiment. 

Older leaders recorded the highest levels of mental fitness (63%), while the youngest cohort scored significantly lower (37%). 

Matt Parker continues, “Younger generations are hungry to get ahead, so it’s no wonder they are more focused on career progression, often at the cost of balance across the three pillars.

“The brain is like any muscle; push it in the right way and it will get stronger but push it too far and it will shut down. All leaders should remember that we are not superhuman, life is meant to be fun and at the top, we are meant to set an example. I have found that if you publicly commit to the three pillars then you will be far more convincing as a ‘three-pillar’ role model, particularly to younger leaders who may need reminding through example that success is often about playing a long game.”

Businesses need to acknowledge and cater to the diverse needs and perspectives of their multigenerational workforce. While older generations might appreciate flexible work options for different reasons than their younger counterparts, the overall desire for a healthier work-life balance resonates across all ages and businesses sometimes need to protect young leaders from themselves.

Matt Parker finishes, “Business leadership has changed more in four years than in the last forty, accelerated by home working and the opportunities and challenges of new technologies like AI and cloud. There is also a greater expectation that you use your power to be a force for good. 

“While findings in this study show a clear move towards a more balanced three-pillar approach to leadership, business leaders cannot regress in the current climate. By embracing the opportunity to feel better, stronger and happier, they will be armed with the skills to weather any potential storm.

“It’s a virtuous circle. The fitter I become, across all three pillars, the better leader I will be – not just for the business and our teams, but for everyone we can impact in the widest sense, the charities we support, the communities we serve and the planet itself.”

Peter Meyer is founder and managing director of The Meyer Studios

In the ever-evolving landscape of entrepreneurship, embracing diversity is not just a buzzword – it’s non-negotiable.

As entrepreneurs, we have the opportunity not only to diversify our business portfolios but also to embrace and celebrate the richness of our own identities. By doing so, we can unlock new sources of creativity, resilience, and growth.

Here are some practical strategies for diversifying both your personal identity and business portfolio to thrive in today’s dynamic world of business ownership.

Embrace your multifaceted identity

As entrepreneurs, we are more than just business owners – we are multifaceted individuals with diverse backgrounds, experiences, and perspectives.

Therefore, embracing your unique characteristics beyond your professional roles will allow you to tap into a wealth of creativity and innovation. Whether it’s your cultural heritage, gender, ethnicity, or socioeconomic background, each aspect of your identity shapes who you are and how you approach entrepreneurship.

By celebrating what makes you who you are, you can bring your true self to the table and let your authenticity shine through in all your ventures.

Expand your business horizons

Diversifying your business portfolio is essential for long-term success and sustainability. So, instead of limiting yourself to a single industry or niche, consider exploring opportunities to expand into new markets, industries, and business models.

This diversification will not only help mitigate risk but could also open new revenue streams for your business.

Whether it’s launching a new product line, entering a different market segment, or exploring other industries, diversifying your business portfolio can allow you to seize new opportunities and stay ahead of the curve.

Leverage transferable skills and knowledge

As a business owner, it can be easy to underestimate the value of your transferable skills and the knowledge you’ve acquired from past ventures. Whether it’s leadership experience, industry expertise, or technical skills, these assets can be leveraged to diversify your business portfolio.

By identifying the core competencies that have contributed to your success in the past, you can apply them to new opportunities and projects. This will not only accelerate your learning but will also increase your chances of success when exploring new avenues.

Embrace continuous learning and adaptation

Today’s business environment is extremely fast-paced, so adaptability is key to survival.

To achieve longstanding success, you need to commit to lifelong learning and continuous adaptation to stay relevant and competitive. Whether it’s staying abreast of industry trends, acquiring new skills, or embracing emerging technologies, continuous learning will enable you to diversify your expertise and remain agile in the face of change.

By cultivating a growth mindset and a willingness to embrace new challenges, you can position yourself for success in any venture you pursue.

Cultivate a culture of collaboration and inclusion

Collaboration and inclusion are essential ingredients for diversifying your business portfolio, and harnessing innovation, building diverse teams and fostering a culture of inclusion is a crucial part of this which will allow you to tap into a wide range of perspectives, ideas, and talents.

Whether it’s forming strategic partnerships, engaging with diverse stakeholders, or empowering employees from diverse backgrounds, cultivating a culture of collaboration and inclusion will generate new ideas and approaches and drive meaningful impact across your business portfolio.

Final thoughts

The journey to success as an entrepreneur is not linear. However, by embracing the uniqueness of your own individual path and characteristics, you can unlock new sources of creativity, resilience, and growth and have a lasting impact in your ventures and beyond.

UKG Workforce Institute study shows managers’ critical role in creating great workplaces — and why they need support, too

Managers have a major impact on employees’ productivity and engagement, as well as other factors that create a great place to work such as building trust, fostering open communication, and caring for employees as individuals, according to a new global study by the UKG Workforce Institute. However, managers also report the highest levels of burnout at work, underlining the critical need for more organisational support in order to be the most effective in their roles.

About three in four employees (73%) say their manager’s support, encouragement, and/or leadership directly motivates them to go above and beyond in the workplace, and more than a third of employees (37%) say having a good manager — one who’s accessible but doesn’t micro-manage — makes them feel the most productive at work. Moreover, according to the UKG study:

• 87% of employees believe their manager trusts them.
• 79% of employees say their manager supports their career goals.
• 75% of employees feel their manager cares for and has empathy for them.
• 63% of employees say their manager supports them as a whole person.

When it comes to open communication, a pillar of building a great place to work for all people, 59% of employees say their manager is approachable and easy to talk with. A majority of employees also have regular conversations with their manager that motivate them — including 19% of employees who say these conversations occur daily and over one third (35%) saying the constructive chats happen weekly.

Managers are making an impact — But feeling the brunt of burnout

While managers have a great impact on fostering a great workplace, the UKG study reveals they’re also feeling a great crunch from the role’s responsibilities. Eight in 10 managers (86%) report experiencing job burnout (i.e., work-related stress associated with physical and emotional exhaustion) — the most of any group, including employees (82%) and even C-suite leaders (73%). So much so, that nearly half (49%) of all managers surveyed say they would accept a pay cut to reduce their workload.

“We’ve long said at UKG that great managers are key to creating great workplaces — and this study affirms that belief. Though, like the safety instructions about oxygen masks on airplanes, managers need the full support of their organisations first, in order to fully support their employees,” said Pat Wadors, chief people officer at UKG. “The good news is nearly half (46%) of the C-suite leaders we surveyed say their companies offer training on people skills, performance management, and more in support of managers’ success — but there’s still work to do.”

Supportive managers boost employee engagement

The UKG study also uncovered that employees who feel supported by their managers feel more engaged in the workplace. For example:

• 93% of employees who say their manager trusts them also feel “Energised” — they genuinely enjoy work; are passionate about their career; care a lot about their company, co-workers, and/or customers; and are inspired to always go above and beyond without being asked.
• 84% of employees who say their manager supports their career goals also feel “Committed” — they like their work and care about their career; often put in additional effort to make sure they do a good job for their company, support their team, and/or serve their customers; and they’re happy to go above and beyond at work when needed.

Despite role’s demands, most managers still enjoy managing

It’s no secret that being a people leader is one of the most challenging roles in the workplace today. Despite the dynamic demands, 79% of managers still say they enjoy being a manager and hope to always remain in a management role. As to their primary reason for becoming a people leader, the UKG study found 60% of managers chose the role because they “like to help others succeed” — the top-ranking response, and a greater motivator than higher compensation (54%), career progression (36%), or having power (24%).

Most people leaders also recognise that their role expands beyond just managing their teams, and often means serving as a coach both inside and outside of the workplace. According to the UKG study, 88% of managers say they regularly mentor employees and help them advance in their careers, and 86% of managers believe they can talk to any of their direct reports or peers about work or personal issues.

“People leaders wear many hats, from shift manager to career counsellor, and everything in between,” said Dr. Jarik Conrad, vice president of human insights at UKG and executive director of the UKG Workforce Institute. “Supporting our managers means providing the right tools and technology that make this vital role that much easier — from personalised nudges that cut through daily distractions to proven practices that help leaders get to know their team members as individuals, which can be challenging when you’re managing dozens of people. The best workplaces make the hard stuff simple for people, and when you’re wholly committed to caring for all employees, building a great place to work becomes part of a healthy routine.”

For some, leadership has grown beyond building teams and ensuring ample profitability. Being able to hold your nerve was a necessary skill for 2023, in addition to the prioritisation of the much talked about skills of flexibility and nurturing the team’s good health. Thom Dennis, CEO at Serenity in Leadership reveals the top 10 leadership attributes and trends for 2024:-

1. Courageous and Resilient In The Face Of Change. The last five years have comprised an unprecedented vortex of challenging times and change from Covid-19 to technological advancements like AI, war, social polarization, the cost-of-living crisis and the ever-increasing focus on corporate social responsibility. Making short-term decisions when there is much uncertainty is tempting. But rather than fearing the unknown or clinging to traditional processes and mindsets, good leaders will make strategic, bold decisions that align with the organisation’s long-term vision and purpose. The aim of being courageous in the face of change is to be a catalyst for growth; being resilient fosters that courage and inspires confidence in the face of uncertainty.
   
   
2. Leading Through Uncertainty.  There are currently 32 theatres of war around the world, in no small part due to the parlous standards of leadership being modelled by those in positions of power. Short-termism, largely driven by commercial imperatives or personal agendas, is leaving key decisions forsaken, fear on the rise across organisations, and societies and stress increased, not least in the C-Suite. Fear is corrosive and fosters the opposite to what is needed, with the average age of companies continuing to fall. Leaders need to increase their attention on customers and other stakeholder relationships with a longer view directed by a statement of purpose and relinquishing a primary focus on shareholders. The steadier leaders are, the less fear will pervade, and the greater will be innovation and creativity.
   
   
3. Tech Savvy.  The speed of change that you are experiencing now is the slowest it will ever be. The cracking pace of the emergence of AI is a global challenge as organisations try to strike a balance between using technology to all its advantages versus the potential cost to humanity. AI and technology acceleration will continue to dominate headlines. Will the advancements create extraordinary innovation, timesaving and growth?  Of course. Could there be a catastrophic cost to humanity? Maybe. The best leaders are concurrently planning the upskilling and reskilling of their existing teams whilst having a solid grasp of the issues, ethics and dangers. They are investing in the technology and tools that will enable them to collect, analyse and act upon data to inform strategic decisions and initiatives.
   
   
4. Not Just Sustainable, But Responsible. Increasing recognition of the climate crisis, albeit not nearly fast enough, means 90% of executives say sustainability is important, but only 60% of companies incorporate sustainability in their strategy, and just 25% have sustainability in their business model.  Many will be working onambitious goals and targets but the demand for people with green skills is currently outstripping supply. As environmentalist, philanthropist and boss of Patagonia Yvon Chouinard pointed out years ago, the word “sustainability” is a misnomer in that no business is yet sustainable. Chouinard’s more realistic challenge was for Patagonia to become a responsible company.
   
   
5. Self-Aware. Self-awareness is the cornerstone of effective leadership, it demonstrates emotional and cultural intelligence, mature decision making, and authenticity. Leaders who understand their strengths, weaknesses and stressors perform better and build complementary teams that are well-rounded and diverse. Leaders who model healthy stress management will also be attuned to the needs and concerns of their team members and will offer support and tackle any issues around culture, communication or engagement head-on.
   
   
6. Valuing Vulnerability. When leaders are open about their challenges and flaws it creates a far more genuine and trusting environment. Being vulnerable fosters authenticity and promotes effective open and honest communication, allowing ideas to be shared more freely within the workplace. More than ever we need our leaders to be human, humane, and willing to show this.
   
   
7. Relationship Builders. At the core of impactful leadership in 2024 lies the important skill of cultivating strong relationships and inclusion. The power to nurture flexible work conditions and interconnected relationships opens doors to seamless collaboration, unwavering trust, reduced conflict and heightened engagement and retention. Investing in uplifting team morale isn’t just a gesture, but a long-term investment with extensive benefits for businesses.
   
   
8. Commitment To Delegation. Edelman’s 2022 Trust Barometer found that 29 percent of employees feel that their CEO does not trust them. Holding a leadership role means delegating and empowering other team members to do their jobs well and happily. The faster things change, the more leaders need to focus on what is most important, and so delegation becomes an increasingly important skill in resource management to build trust with a real focus on employee experience.
   
   
9. Unwavering Transparency. Transparency isn’t just a buzzword; it is the foundation of trust and credibility. The Slack ‘Future Of Work’ Study found that 80% of employees crave insights into their organisation’s decision-making process. Transparency provides employees with the visibility of behind-the-scenes decision-making, revealing the rationale and decisions behind workplace actions. It gives them greater trust and helps them to understand the relevance of what they are being asked to do. Knowing the ‘Why’ is incredibly important.
   
   
10. Conflict Resolvers. A Harris Poll report last month showed that more than two-thirds of American workers say they have dealt with a toxic boss and 31 per cent believe they currently work under one. Effective crisis management, conflict resolution, and handling instances of bullying and harassment must be taken seriously and done right. Around 20% of employees reported they experienced the most conflict at work with their supervisors and tellingly 12% said they also saw conflict frequently among leaders. An organisation needs creative conflict (as described in Patrick Lencioni’s “Five Dysfunctions of a Team”), so having a leader who deals with conflict positively rather than causing it is crucial.

• Mistakes can harm an organisation but also the CEO’s job security, therefore many CEOs don’t admit errors when they happen
• However, this risks leaders not learning from these errors, and the organisations not changing their practices too
• New research from emlyon business school shows how leaders who collectivise errors are more likely to keep their jobs, as well as make amends for these errors too.

Leaders making mistakes can be costly not only to the organisation, but also to their own job security, which makes it difficult for them to admit when there’s been an error. However, new research from emlyon business school shows that there are some techniques CEOs can use to frame these mistakes, in order to ensure they keep their jobs, but also make changes in their organisation.

When there is this clear trade-off between admitting a mistake and potentially losing power and control in the organisation, it is important that CEOs use their language effectively to create a safe space for themselves in the organisation – but how can they do so?

This is the specific research question that Vincent Giolito, Professor of Strategy and Organisation, and Damon Golsorkhi, Professor of Strategic Management at emlyon business school, both looked into. To do so, the researchers conducted 21 in-depth interviews with CEOs and board chairs leading 900,000 people in large financial firms in Europe.

The researchers interviewed the CEOs and board chairs on strategic errors in the organisation, and how they were approached by senior management, as well as the dialect and narrative behind the communication of these errors to all stakeholders. Interestingly, the researchers found a number of key themes for framing these errors that CEOs used.

When discussing key errors with severe economic and/or reputational consequences for the firms and important strategy changes, many CEOs stated that there was a process in which communication follows. First the CEO will acknowledge and diagnose the error, then they will dramatize it to put it into context for stakeholders, and then they will showcase the solution and how they are capitalising on this error to make changes.

“Leaders make errors, they are human too. But, unfortunately an error at the top-level can be costly for both the organisation and them personally. Hence why many leaders often refuse to acknowledge they have made an error of judgement or a mistake publicly, as doing so risks their own position of power.”, says Vincent Giolito. “It is important that CEOs understand how to frame these issues, otherwise organisations will never move forward, and will simply keep replacing CEOs every time there’s an error”.

There still is, however, a lack of job security for many CEOs who do follow this path and admit these errors, hence why there are a number of tactics that CEOs used when communicating this path to their stakeholders, in order to keep them on their side.

Firstly, the researchers say that it is important to collectivise the issue, using terms like ‘we’, or ‘us’ when discussing the mistake and how to change to it, then there is less blame placed on one person – usually the CEO. Secondly, the researchers use the term, ‘temporalise’, which refers to CEOs showing that the error generates from the organisation not adapting or changing quick enough, and how there is a simple solution to solving the errors – adapting to today’s world quicker.

Thirdly, the researchers say that CEOS should generalise the issue, and showcase how all firms in the industry are making the same mistakes, it’s not a firm-level error, but one that many are facing too. And finally, CEOs should isolate the issue, and show that the error is an isolated incident and a rare one, not to happen again. 

“There are plenty of examples in both politics; where leaders refuse to acknowledge wrongdoing to keep their party in power, in sports; where managers do not admit errors to keep their job roles, or in business; where CEOs don’t own up to bad investments because of the risk of the sack.” Says Damon Golsorkhi. “However, in the grand scheme of things these leaders are likely causing more harm to the organisation, as a refusal to admit errors means there’s little to no attempt to learn from them. CEOs must learn how to balance both through good communication”.

The researchers say that this study can serve as an inspiration for top executives, on how to frame and proactively manage the errors in the organisation, acknowledging them but also learning from them in an effective way. The researchers state that organisations should develop a narrative approach for errors and failures in order to keep CEOs credibility, job security and power.