The power of radical ownership
Radical ownership is a powerful concept that involves taking charge of your life and responsibilities, instead of letting them control you. This is especially important now, after a tumultuous couple of years that made us feel more helpless than ever. The aftermath of the pandemic brought with it a shift in ways of working and, with it, in power structures - with employees having more agency than before. To succeed in this new world order, both employers and employees must take ownership of their actions. Let’s dive into this topic in this edition of ‘Thrive in 5’.
Where are we now?
Radical ownership requires being completely accountable for one’s actions and decisions, without blaming or crediting external factors. It’s different from ownership, which simply refers to the legal or rightful possession of something.
When people have an ownership mindset, they take responsibility for outcomes and are empowered to make decisions that will lead to those outcomes.
When employees believe they can make a real difference, it results in increased agility, more innovation, higher morale and a feeling of belonging at the workplace.
This is especially important as ways of working have changed in the new normal and people need reasons beyond traditional office incentives to feel engaged at work.
What can you do?
To build an ownership mindset, shift from a project mindset to a product mindset. Instead of making all the decisions yourself, set up teams to take responsibility for their own contributions. Autonomy allows team members to move ahead quickly without seeking approval every step of the way, leading to results quickly.
Transparency is also key to developing an ownership mindset. When leaders are transparent about the company's goals, strategies, and progress, it allows employees to feel more involved. It also builds trust, and staff members who have faith in their managers are more likely to go the extra mile or take a risk that can pay off.
What’s next?
Giving your teams more ownership also frees up leaders to work on big-picture strategy and on training the next generation of leaders.
Embracing an ownership mindset allows managers and their teams to take control not just of their work, but also trickles down to their lives and overall success.
Ownership is a driving force of accountability. By taking accountability and responsibility for outcomes, you become a stronger owner. It's not just about output, but about being empowered to make decisions that will lead to the desired outcomes. This is when people can truly make a difference.