Learning from Failure to Grow

March 29, 2024

During this interview, Mohsin Siddiqui, an Independent Consultant at Fikrah Advisory, delved into the crucial role Human Resources plays in fostering business growth.

Mohsin, the founder of Fikrah Advisory, explains that HR is an indispensable component of any business, asserting its direct responsibility for the company’s prosperity.

He stressed that HR’s duties encompass streamlining workflows, mitigating risks, and fostering employee engagement and development, all of which are pivotal for driving business expansion.

Emphasising the significance of experiential learning and experimentation, Mohsin highlighted that success often stems from embracing novelty.

Balancing failure and growth in business

He underscored the concept of cultivating safe spaces within organisations not to shield individuals from failure but to facilitate learning from new endeavors. Furthermore, he emphasized the importance of “feeding forward,” directing attention towards lessons learned rather than dwelling on perceived setbacks.

He pointed out that major corporations frequently shy away from acknowledging failure because of its potential repercussions on stock prices. Nonetheless, failures do occur, prompting them to occasionally pivot towards new models or strategies.

Mohsin also explains the social responsibility felt by these corporations, recognising that their failures could result in job losses and impact livelihoods. Drawing from the pharmaceutical industry as an illustration, he noted its acceptance of a high rate of experimentation and failure in pursuit of long-term success.

The discussion ended with Mohsin highlighting the tension between short-term shareholder demands and the imperative of long-term strategic thinking in business operations- finding the equilibrium between failure and advancement in Business.

In this interview, the conversation explored the significance of creating space for individuals to experience failure as a catalyst for business advancement.

Mohsin stressed the notion that while failure should be permissible, it shouldn’t be anticipated or endorsed. He explains further the necessity for striking a balance between encouraging individual and organisational performance while establishing acceptable thresholds for innovative risk-taking.

Crafting HR strategies for success: transparency, equity, and informed choices

The discussion elaborated on the pivotal role of clarity and fairness within HR strategies to guarantee their effectiveness. He emphasised the necessity for HR to engage in constructive dialogue with senior stakeholders, including executives, while ensuring accountability across the board.

Additionally, he highlighted HR’s responsibility in nurturing proficient leaders and managers, along with the importance of fostering a culture where risk-taking is appropriately incentivised.

Mohsin also explained further the importance of leveraging data-driven approaches and evidence-based methodologies to ensure a more efficient role in the organisation.

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