On March 30th, 2023, Ambition in Motion hosted an executive symposium with panelists Laura Iannelli
, Syriac Joswin
, and Chris Mashburn
. These symposiums are an effective way to network with successful executives and get to learn some of what makes them good leaders. High-level executives and thought leaders come together to discuss industry trends, share insights, and best practices, and engage in strategic discussions. The symposium typically features keynote speakers, panel discussions, and networking opportunities for attendees to connect and exchange ideas.
The purpose of an executive symposium is to provide a platform for executives to learn from each other and gain new perspectives on the challenges and opportunities facing their industries. The symposium is usually organized around a specific theme or topic, such as emerging technologies, industry disruption, or global business trends.
During this symposium, an interesting point was brought up by Chris Mashburn. Every month Chris and his team have a meeting involving a "mistake of the month" where everyone, especially him, shares a mistake they made. In Chris’ opinion- which was soundly endorsed by Laura and Syriac- the best companies have cultures where people can feel open to being honest and owning mistakes. Now, we’ve gone over the process of building and maintaining- a company culture that embraces mistakes
, but how much is this actually used, and what else can companies use to enhance not only their culture but their public image as well?
When a company acknowledges its mistakes openly, it can earn the appreciation of the public in several ways. First, it demonstrates honesty and transparency, which can build trust with customers and stakeholders. Second, taking steps to rectify a mistake and prevent it from happening again can improve customer satisfaction and loyalty. Third, openly acknowledging mistakes can lead to a strengthened brand reputation, positioning the company as a leader in its industry and a trusted partner. Finally, increased employee morale can result from a company committed to doing the right thing and creating a positive impact, which can lead to long-term benefits for the company.
One example of a company that openly acknowledges its mistakes is Buffer, a social media management platform. In 2013, Buffer suffered a major security breach that resulted in the exposure of its users' passwords. Rather than trying to sweep the incident under the rug, Buffer's CEO, Joel Gascoigne, published a detailed blog post explaining what had happened, how the company was responding, and what it was doing to prevent similar breaches in the future.
Gascoigne's transparency and accountability earned him praise from both customers and industry experts. Buffer's users appreciated the company's honesty and commitment to fixing the problem, and the incident ultimately strengthened their loyalty to the brand.
Another example is Starbucks, which famously closed all of its stores for a day in 2018 to conduct anti-bias training following an incident where two black men were arrested in one of its Philadelphia locations. In addition to the training, Starbucks issued a public apology and announced a series of policy changes to prevent similar incidents from happening in the future.
By acknowledging its mistake and taking swift action to address it, Starbucks demonstrated its commitment to creating a culture of inclusivity and respect for all customers. The incident prompted a national conversation about racial bias in public spaces and positioned Starbucks as a leader in the fight against discrimination.
In 2015, Volkswagen admitted to cheating on emissions tests for its diesel cars. The company's CEO, Martin Winterkorn, publicly apologized and resigned shortly after. Volkswagen also agreed to pay billions of dollars in fines and compensation to affected customers.
In 2016, Wells Fargo was fined $185 million for opening millions of fake customer accounts. The company's CEO, John Stumpf, faced intense criticism and eventually resigned. The company also launched a public apology campaign and implemented new policies and procedures to prevent similar issues from occurring in the future.
In the 1970s, Nestle faced a boycott over its marketing of baby formula in developing countries, which was found to be contributing to infant malnutrition and mortality. The company responded by introducing new marketing practices and donating millions of dollars to infant nutrition programs. Nestle also established the Nestle Infant Formula Audit Commission, which monitors the company's compliance with international marketing standards.
In 2018, Facebook faced intense criticism after it was revealed that Cambridge Analytica had accessed the personal data of millions of Facebook users without their consent. The company's CEO, Mark Zuckerberg, publicly apologized and testified before Congress. Facebook also launched new privacy controls and policies to prevent similar incidents from occurring in the future. We are also currently seeing settlements for users as a result of this.
What most of these companies have in common is that they are all massive companies that are present to this day, despite suffering from major accidents and public relations events. By acknowledging these mistakes, they were able to salvage their reputation and preserve their customers.
Mistakes happen, and that’s okay for the business, so long as they are handled appropriately. Ambition In Motion believes in this so strongly that they are hosting an Executive Symposium on How to Build a Culture of Embracing Mistakes.
If you are interested in going to the next Ambition in Motion Executive Symposium, click here
! Our next event will be on Thursday, July 27th, 2023, from 5-8pm CDT. Participants will be able to enjoy hors d’oeuvres while networking with leaders, practice working through case studies with other executives, and get to learn from 3 distinguished panelists on how they have been able to effectively build a culture of embracing mistakes, and what mistakes they have made to get to the point that they are at now.
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to stay updated on future events, and to see information about our previous events. For any questions regarding these symposiums, please contact [email protected]