These tips were published by INSEAD Knowledge.
Admit the mistake as soon as possible
The sooner you admit to a mistake, the less likely you are to lose the team's trust. Quite the contrary: transparent communication and a prompt admission will show a degree of self-reflection and that you are not hiding anything important from the team.
Avoid making excuses
Avoid blaming colleagues, subordinates, management or external factors. Set an example to subordinates by acknowledging your own personal failing and explaining how specific actions will rectify matters. Honesty will reinforce the team's respect for you and your values.
Show the lessons you are learning
Admitting to a mistake is an excellent opportunity to show that even from unpleasant situations lessons can be learnt. Tell the team what you have learnt from the mistake and encourage them to approach their own mistakes in a similar way.
Propose specific remedial steps
Show you have a plan for what to do next and how to improve the situation. This will demonstrate to your team that you take your mistakes seriously and have a firm goal.
Create a transparent environment
By admitting to your mistakes, you foster an environment in your team where making mistakes is acceptable. We all know people learn from (non-fatal) mistakes, and making no mistakes means you are not stepping outside your comfort zone and fulfilling your potential. A healthy, friendly atmosphere and transparency around mistakes encourages constructive feedback and helps subordinates feel secure in sharing their own mistakes.
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