The Value of Reflection: Three Ways to Confront Challenges Head-On

As 2022 draws to a close, I find myself reflecting on how much we accomplished over the past year and on the immense impact of the Wharton School.

?In many ways 2022 felt like a return to normal. But from my perspective, it was a year that was better than normal on our Philadelphia and San Francisco campuses.

?I’m incredibly grateful for the easing of pandemic restrictions that provided renewed opportunities to gather in person, meet with students, colleagues, & partners, and celebrate the many achievements of this amazing community. We vibrated with energy this year – at graduation ceremonies on both coasts , at the opening of our new university-wide hub for entrepreneurship and innovation , at the welcoming of our new university President , and at countless other conferences, ceremonies, and competitions. I am continually awed and inspired by the enthusiasm and imprint of our students, faculty, staff, alumni, and collaborators.

But 2022 also brought with it a number of unexpected challenges, following the most difficult years for many in recent memory – record inflation, Russia’s invasion of Ukraine, and polarizing judicial decisions, to name a few.

As I look back on this year – and on my 20+ years studying crises and crisis leadership – one thing that sticks out to me is the value of reflection as we emerge from challenging circumstances. But leaders should consider reflection a necessary practice even without a crisis, as it allows us to prepare for what's certain to come – change.

How do we do that? I recommend getting comfortable with the uncomfortable, starting with these three critical practices:

·?Ask tough questions. What are your or your organization’s vulnerabilities and threats? What opportunities can you take advantage of? Intentionally considering your blind spots and untapped assets is what separates prepared leaders from reactive ones.

·?Release blind optimism. It’s human nature to distance ourselves from negative experiences and think that lightning never strikes the same spot twice. But in reality, we will face new crises in the future. Leaders who can let go of the “it won’t happen to us” mentality will be ready to address the next lurking threat.

·?Plan for reflection. After a challenging or exhausting experience, it’s natural to want to put it behind you and get “back to normal.” But taking the time to reflect on what you went through is a necessary – albeit sometimes uncomfortable – step to uncover new learnings and skills that can be applied in the future.

It may sound counterintuitive given my career of studying crises, but I am an optimist at heart. As I look ahead to 2023, I’m confident that we will all emerge better, stronger, and more resilient than we were before.

Here’s to a fruitful New Year filled with new challenges, successes, and learnings for all!

Erika James ?is Dean, Reliance Professor of Management and Private Enterprise, and Professor of Management at the?Wharton School ?of the University of Pennsylvania.