You are part of a small team that develops your company’s products. Your team is facing competition on the market and time and cost pressures internally. In order to manage these circumstances and encourage innovation, you’ve built a team culture that encourages rapidly testing and iterating upon new ideas.
One of your colleagues, however, has struggled with wanting to find the perfect solution before taking action. This caused delays, impacting team performance, and frustration for many team members as they felt held back. Yet, nobody said anything to him. You want to provide him with considered feedback to help him get comfortable with experimentation and risk taking.
What will you say to him? How will you give the feedback to highlight his behaviors and encourage a change?
Answers
Answer:
Mr. X retired from the services of M/s Y Itd. On 31.02.2021, after completing a service of 30 years and 1 month. He had joined the company on 1.1.1991 at the age of 30 years and received the following on his retirement : a. Gratuity Rs. 6,00,000. He was covered under Payments of Gratuity Act, 1972. b. Leave encashment of Rs. 3,30,000 for 330 days leave balance in his account. He was credited 30 days leave for each completed year of service c. The company also transferred a car to him which was purchased on 1/2/2018 by the company for R 5,00,000. The company has recovered Rs. 2,00,000 from Mr. X for the car. Company depreciates th vehicles @ 15% on Straight Line method. d. An amount of Rs. 3,00,000 as commutation of pension for 2/3 of his pension commutation e. Company present
ed him a gift voucher of Rs. 6,000 on his retirement Following are the other particulars: He has drawn a basic salary of Rs. 20,000 and 50% as DA (forming part of retirement) per month for the period from 1.04.2020 to 31.01.2021 Received pension of Rs. 5,000 per month for the period 1.02.2021 to 31.03.2021 after commutation of pension. Determine his taxable income u/h salary for the AY 2021-22 under provisions of Income tax act, 1961.
A team has to be very fine knit and at the same level of thought process to execute work successfully. This colleague is struggling to find the perfect solution before taking action. This caused interruptions, impacting team performance, and frustration for many team members as they felt held back. Yet, nobody said anything to him.
- As most managers want their employees to be curious and investigational, to take the initiative and develop new products and solutions, I will give him the following feedback.
- Please try to come up with lots of diverse answers to the same question. Divergent thinking looks more like insatiable interest than like original ideas.
- It is a vital skill for innovation as it provides team members with the foundation to create great tests.
- The goal is to gradually change a company’s philosophy from one of finding the right answer to one of discovering and testing many possible answers.
- Use what you study to push yourself into even more thrilling experiments.
- When you adopt a practice of nonstop experimentation and curiosity, innovation will follow.
- In order to discontinue the “playing it safe” habit, always remember, “A 95% fail rate means you are doing a fantastic job!”
For the whole company to succeed, smaller teams must have different rates of success and failure. So, try to not search the perfect but the optimum solution that would work in a situation. This would save a lot of time and energy.
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