A balanced offense and defense was a key characteristic of the best soccer teams during the tournament, Sherzod Odilov, associate partner in Korn Ferry’s Strategy, Culture and Change practice, writes for HR Executive.
“The same is true for organizations; they need to strike the right balance between taking risks and playing safe to succeed,” Odilov notes. “Understandably, the first thing many organizations do in uncertain economic times is start slashing costs—often without looking at the long-term implications of their decisions.”
But while cutting costs could be seen as a good defensive move and is sometimes required, Odilov says companies can’t neglect moves that help their operations grow over the long haul. “Playing ‘offense’ may require taking some calculated risks, but the rewards could be huge,” he writes. “Investing in new technologies, critical talent or expanding into new markets could pay off big time when the economy rebounds.”