In October, 2016, Wells Fargo CEO, John G. Stumpf, stepped down after he was found culpable for thousands of fake accounts created by lower level employees to meet sales quotas. While Stumpf acknowledged responsibility, he still came off insensitive, willingly ignorant, and out of touch, which tarnished his public image.
The reason is because you risk eroding the trust of your people over time. When your organization doesn’t trust you, they’re liable to turn on you. Before they turn on you though, expect a number of other aspects to decline first:studied the correlation between two theories of personality and the willingness to accept responsibility for a transgression.A fixed mindset is one who believes that their abilities, intelligence, and talent are fixed.
Thus, the growth mindsets don’t shy away from experiences where they may not succeed because it’s all part of their self-development continuum. Leaders who acknowledge their mistakes set an example for continuous learning. By embracing errors as opportunities for growth, both individually and collectively, organizations can adapt more swiftly to change. Leaders who learn from their missteps instill a culture of resilience and adaptability, preparing their teams for the challenges that lie ahead.While understanding the importance of admitting mistakes is crucial, the actual act requires finesse and consideration.
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