How to Encourage Growth on Your Team
Whether you call it risk taking or innovation, growth comes from moving forward, not standing still!
Taking risks in business is hard enough; allowing your team to do it with only minimal intervention on your part? That is harder still! But it’s risk taking and creative innovation that encourages team growth, not stagnation., so one of your roles as a leader is to push your team to take a little risk.
So, one of your roles as a leader is to push your team to take a little risk.
Risk doesn’t have to be reckless
If you want to encourage your team to grow and innovate, you have to give them clear parameters within which they are allowed to do so.
Whether that involves defining how much money can be spent in the pursuit of a new business track or creates boundaries on decision making and the point they need to involve you or a process of review, smart risk taking isn’t without limits.
Just be sure that your limits aren’t in fact so constraining that innovation isn’t ever going to be a part of the picture. A little discomfort and out of the box thinking is what propels people, and companies, forward.
Create a safe place for your team to take calculated risks
People will take risks if they know that they aren’t putting their necks — and their jobs — on the line. Fear is probably the greatest barrier to innovation.
Instead, you have to create a safe environment where your team clearly understands that despite everything done to mitigate problems, innovation comes with …well, risk!
Learning from mistakes or failure is essential. Whatever your team is attempting could all go very wrong. Or, it could all go very right. Either way, your ability to create a culture that includes accepting failure is the only way to encourage team members who fail to pick themselves up, dust themselves off and strive for more.
Either way, your ability to create a culture that includes accepting failure is the only way to encourage team members who fail to pick themselves up, dust themselves off and strive for more.
Model the behavior you expect to see
You can’t create a culture that encourages risk if you don’t engage in the behavior yourself. Leadership is all about walking the walk, not just talking the talk, so while you might fall flat on your face in attempting a little risk taking, playing it safe won’t motivate anyone.
As a member of the team yourself, you need to involve others in your decisions and demonstrate how you intend to take on and mitigate risks for the best possible outcome. Clear communication is fundamental to creating the right environment for growth.
Don’t just reward success
While there’s no question of giving everyone a ribbon ‘just for coming out’, it is important to reward successes AND failures. Not just any failure, of course, but ones that come from a strong attempt and smart risk taking.
If failure is not only tolerated but even praised for the goals that a team member was trying to achieve, others are more likely to take a step towards a little risk themselves. A team member need only understand that their career growth won’t be stunted by a failure.
And, in fact, might be improved by one, to decide that it is something they’re willing to engage in.
You can take it as far as celebrating the mistakes or failures, literally! Putting it out in the open and having the whole team own a failure creates some of that safety that individuals will be looking for.
Remember, not every failure is a categorical mistake. There is always something that can be learned and always some positive side effect that can be leveraged, if only that your team feels free to try again.
Hope for the best, plan for the worst
Part of mitigating risk is figuring out the worst case scenario in any given plan. If your team learns to look at all the possible consequences and assign relative value over risk to them, they will quickly be able to judge what is a smart risk or innovation and what isn’t.
That’s part of their growth as a team, and the company as a whole, which will help propel everyone forward, as time goes by.
However you inspire your team towards innovation, remember that nobody wins the game by playing it safe all the time. There are times for risk and there are times for safety: your job as a leader is to have a clear vision for both so that you can encourage your team in the right direction.
China's Push Toward Excellence Delivers a Global Robotics Investment Opportunity
Written by: Jeremie Capron
China is on a mission to change its reputation from a manufacturer of cheap, mass-produced goods to a world leader in high quality manufacturing. If that surprises you, you’re not the only one.
For decades, China has been synonymous with the word cheap. But times are changing, and much of that change is reliant on the adoption of robotics, automation, and artificial intelligence, or RAAI (pronounced “ray”). For investors, this shift is driving a major opportunity to capture growth and returns rooted in China’s rapidly increasing demand for RAAI technologies.
You may have heard of ‘Made in China 2025,’ the strategy announced in 2015 by the central government aimed at remaking its industrial sector into a global leader in high-technology products and advanced manufacturing techniques. Unlike some public relations announcements, this one is much more than just a marketing tagline. Heavily subsidized by the Chinese government, the program is focused on generating major investments in automated manufacturing processes, also referred to as Industry 4.0 technologies, in an effort to drive a massive transformation across every sector of manufacturing. The program aims to overhaul the infrastructure of China’s manufacturing industry by not only driving down costs, but also—and perhaps most importantly—by improving the quality of everything it manufactures, from textiles to automobiles to electronic components.
Already, China has become what is arguably the most exciting robotics market in the world. The numbers speak for themselves. In 2016 alone, more than 87,000 robots were sold in the country, representing a year-over-year increase of 27%, according to the International Federation of Robotics. Last month’s World Robot Conference 2017 in Beijing brought together nearly 300 artificial intelligence (AI) specialists and representatives of over 150 robotics enterprises, making it one of the world’s largest robotics-focused conference in the world to date. That’s quite a transition for a country that wasn’t even on the map in the area of robotics only a decade ago.
As impressive as that may be, what’s even more exciting for anyone with an eye on the robotics industry is the fact that this growth represents only a tiny fraction of the potential for robotics penetration across China’s manufacturing facilities—and for investors in the companies that are delivering or are poised to deliver on the promise of RAAI-driven manufacturing advancements.
Despite its commitment to leverage the power of robotics, automation and AI to meet its aggressive ‘Made in China 2025’ goals, at the moment China has only 1 robot in place for every 250 manufacturing workers. Compare that to countries like Germany and Japan, where manufacturers utilize an average of one robot for every 30 human workers. Even if China were simply trying to catch up to other countries’ use of robotics, those numbers would signal immense near-term growth. But China is on a mission to do much more than achieve the status quo. The result? According to a recent report by the International Federation of Robotics (IFR), in 2019 as much as 40% of the worldwide market volume of industrial robots could be sold in China alone.
To understand how the country can support such grand growth, just take a look at where and why robotics is being applied today. While the automotive sector has historically been the largest buyer of robots, China’s strategy reaches far and wide to include a wide variety of future-oriented manufacturing processes and industries.
Electronics is a key example. In fact, the electrical and electronics industry surpassed the automotive industry as the top buyer of robotics in 2016, with sales up 75% to almost 30,000 units. Assemblers such as Foxconn rely on thousands of workers to assemble today’s new iPhones. Until recently, the assembly of these highly delicate components required a level of human dexterity that robots simply could not match, as well as human vision to help ensure accuracy and quality. But recent advancements in robotics are changing all that. Industrial robots already have the ability to handle many of the miniature components in today’s smart phones. Very soon, these robots are expected to have the skills to bolster the human workforce, significantly increasing manufacturing capacity. Newer, more dexterous industrial robots are expected to significantly reduce human error during the assembly process of even the most fragile components, including the recently announced OLED (organic light-emitting diode) screens that Samsung and Apple introduced on their latest mobile devices including the iPhone X. Advancements in computer vision are transforming how critical quality checks are performed on these and many other electronic devices. All of these innovations are coming together at just the right time for a country that is striving to create the world’s most advanced manufacturing climate.
Clearly, China’s trajectory in the area of RAAI is in hyper drive. For investors who are seeking a tool to leverage this opportunity in an intelligent and perhaps unexpected way, the ROBO Global Robotics & Automation Index may help. The ROBO Index already offers a vast exposure to China’s potential growth due to the depth and breadth of the robotics and automation supply chain. As China continues to improve its manufacturing processes to meet its 2025 initiative, every supplier across China’s far-reaching supply chains will benefit. Wherever they are located, suppliers of RAAI-related components—reduction gears, sensors, linear motion systems, controllers, and so much more—are bracing for spikes in demand as China pushes to turn its dream into a reality.
Today, around 13% of the revenues generated by the ROBO Global Index members are driven by China’s investments in robotics and automation. Tomorrow? It’s hard to say. But one thing is for certain: China’s commitment to improving the quality and cost-efficiency of its manufacturing facilities is showing no signs of slowing down—and its reliance on robotics, automation, and artificial intelligence is vital to its success.
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