Vritaanta Volume 2 Issue 2 October 2015
SIBM Pune's Quarterly College Magazine - Insights into the achievements of the Students at SIBM Pune as well as peek into the life at SIBM PUNE
SIBM Pune's Quarterly College Magazine - Insights into the achievements of the Students at SIBM Pune as well as peek into the life at SIBM PUNE
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18<br />
Pedagogy<br />
Failure is not Final: Rebuilding<br />
Organisations<br />
Failure is just a milestone and it is important to learn from it, it. Anu Agrawal and Jayati Narula from MBA II HR,<br />
explain how failure can be beneficial to an organisation and quote relevant examples from the business world.<br />
M<br />
an, being a social animal, is influenced<br />
by the opinion of the people ganisations struggle every day with the dynamic pref-<br />
And thus, it fosters a healthy organisation culture. Or-<br />
around him. Failure is looked down erences and tastes of the customers. They offer alternatives<br />
and design pooled offers for attracting custom-<br />
upon and is criticized by the society.<br />
Failure is perceived as the dead end. And so, one is ers. An organisation may encounter a failure in various<br />
afraid to fail and to even travel the un-trodden path. aspects like financial results, brand equity or in customer<br />
loyalty. Each is a humungous loss to the organi-<br />
But what people don’t realize is that failures are the<br />
real milestones. It is a test of your endurance and sations.<br />
learning through self analysis. Accepting and embracing<br />
the failures always generates valuable learning of<br />
But in such hard times, the leadership needs to take a<br />
fresh look at things. They might need to redefine or<br />
one’s lifetime.<br />
restore their values and reframe the strategies because<br />
Organisations are a reflection of society. Society is the customer’s brand preference strongly determines<br />
evolving and so are the organisations. Organisations the customer’s lifetime value. Even a product like<br />
are now doing the unconventional. They hire failed Maggi, which contributed nearly 80% revenues to Nestle,<br />
upon failure, shouldn’t be fatal for an organisation.<br />
entrepreneurs for their invaluable experience. They<br />
have earned a courage and risk-taking ability in the Though it may shift its focus and put its eggs in other<br />
tough times. Google has ascended a transforming baskets to diversify, it should never relinquish its faith<br />
step to reward employee failures. This liberates employees<br />
from the pressure of always being right. They<br />
in its own capabilities. Even when the company is failare<br />
encouraged to explore the unexplored. Various<br />
drastic changes are being witnessed, not just at the<br />
employee level but also at the team level in the organisations.<br />
Teams are encouraged to take up uncertain<br />
projects by tying them with greater rewards.<br />
<strong>October</strong> <strong>2015</strong>