Goodness knows the past few years have been a test for all of us in weathering crises. This applies to us not only as individuals, but also as business entities. Unfortunately, many businesses have not been able to withstand the repeated storms. So what sets those businesses apart that are able to maintain resilience in difficult times? In Wharton’s newest Nano-Tool for Leaders, Wharton Dean Erika James and Simmons University President Lynn Perry Wooten introduce how the concept of vicarious learning can be the secret to surviving. Adapted from their 2022 book; The Prepared Leader: Emerge From Any Crisis More Resilient Than Before, this nano-tool will help guide any leader into absorbing knowledge from others who have lived through similar situations.
Recovering from a crisis takes adaptability, innovation, and resilience. This recovery process inevitably leads to lessons learned, and greater experience gained. But what if there was a way to integrate those lessons and experience before the crisis occurred? The main step in this Nano-Tool is to learn vicariously from others’ experiences, be they competitors, leaders in the industry, or organizations. James and Wooten take this opportunity to lay out some simple action items that any leader can use to start taking in information prior to disaster striking.
The first takes place prior to a crisis, and the focus is to drive a culture of learning within the business or organization. Take the time to read up on industry standards, competing businesses and any outcomes they experienced, and which red flags are signaling trouble. Secondly, during crisis management the focus is to remain open to all input and learn from as many different sources as possible. With this, management will consistently drive toward recovery. Lastly, after the initial issues have been dealt with, it is imperative to reflect on how things were handled and which lessons were learned. Putting together a review will directly translate into readiness for the future.
These Nano-Tools are a wonderful resource for leaders. Check out the full article here, and use the action items to get you started on your journey of vicarious learning. There’s even a PDF version for extra convenience!