Lessons still learnt from COVID-19, recession — Director, London Business School
Prof. Randall Peterson
By Abigael Joshua
Randall Peterson, a professor of Organisational Behaviour and Academic Director, Leadership Institute of London Business School says lessons are still being learnt from COVID-19 and the global economic recession.
Peterson, who is one of the faculties at the coming leadership development programme titled “Self-awareness for Better Management of Change in Uncertain Times” organised by UK firm, TEXEM, said self -awareness is critical for success at such uncertain periods.
In a question and answer session monitored on TEXEM’s website – www.texem.co.uk – the professor said the most important awareness was to figure out one’s personal tolerance for risk, in order to manage better during uncertainties.
“Those who are okay with risk are likely to be okay with change. Those who prefer to avoid risk are more likely to take risks (sometimes unreasonable or unwise risk) to avoid changing,” he said.
On what lessons could leaders learn from previous crises, such as COVID-19 and the global economic recession, Peterson said they should understand that there were winners in those crises and ask themselves what they could do to win now.
“One of the critical challenges of crises is that some leaders might need more time to tap into the collective knowledge in the organisation and act alone.
“Those who win ask great questions, build trust, encourage the team to challenge assumptions and emphasise the organisation’s purpose,” he said.
On how leaders could develop self-awareness to better manage change in uncertain times, Peterson said that most importantly, they should get feedback from others!
“As hard as it can be to listen sometimes, everyone must ask others for feedback, listen carefully, and not get upset, but learn from it.
“We will cover more of this at TEXEM’s forthcoming programme, from Feb. 11 to March 4, on Self – awareness for better management of change in uncertain times. I encourage you to attend,” he said.
Peterson spoke on the three challenges that organisations face at this critical time, and he advised leaders on how to address them.
“The fast pace of change, stiff competition and increasingly challenging operating landscape.
“Change means old plans die, but there is always an opportunity for change.
“I will also encourage a culture of ingrained psychological safety- challenge ideas and do not attack the people behind the ideas, and encourage everyone to contribute,” he said.
Peterson said that finally, a leader must encourage his team to embrace a growth mindset and keep an open mind and ask further questions to avoid being superficial.
“A growth mindset culture is difficult to imitate and gives you an edge over competitors.
“Some of the best ideas that drive life-changing innovation are from the most unexpected sources, which could be the silver bullet for you and your organisation to thrive in these challenging times,” he said.
Other renowned faculties expected at the four weeks TEXEM virtual session are,
Prof. Roger Delves, Prof. Paul Griffith, the world’s first Professor of Management to lead a team to launch a rocket, and Ambassador Charles Crawford. (NAN) (www.nannews.ng)
Edited by Razak Owolabi
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