Icarus paradox and organisational ambidexterity

Drawing parallels to a Greek mythology ‘Icarus’ and the management paradox created in line with this, Laugfs Group of Companies Executive Chairman W.K.H. Wegapitiya highlighted the challenges faced by organisations today in trying to avoid a situation wherein the greatest assets that once propelled you to success pull you down towards destruction eventually. 

Addressing a well-attended gathering organised on 18 May evening at Hotel Galadari by The Management Club, Wegapitiya held the audience to a spell-bound hour of management lessons arguing how what was once your strengths could destroy your future due to over confidence and complacency. He articulated how success could lead to specialisation and exaggeration eventually bringing one down, if managers and owners are not attuned to these realities. Victories and strengths can seduce and lead to your downfall, while dogma and ritual would only add more to this process, he stated. 

To avoid what he termed as the generational trap in organisational longevity, he brought about the needs to be aware of the hygienic and strategic issues that would grapple originations. Explaining the second part of his topic ambidexterity based on research evidence and his experience, he opined that organisations should look at having a two-prong strategy of focusing and exploiting today’s business to the fullest while looking at the future with a separate focus; thus the two are not diluted. This he argued calls for exploiting resources effectively at one end while the other calls for more innovative, agile and pro-active strategy, technically requiring two approaches and mindsets and thus the argument of the need to be ambidextrous in organisational strategy approach. Therefore, lessons from the Icarus Paradox and the ability to be ambidextrous would play a vital role in the continued success of organisational longevity, he lamented. 

TMC Board of Management President Emeritus Fayaz Saleem delivered the welcome address, while Vice President Murali Prakash introduced the speaker and President Nasser Majeed and summed up the sessions with the vote of thanks.