Applying a “No Regrets” Strategy to Crisis Mitigation
By: Veronica Head
Tags: Framework, Crisis, Crisis Management, Startup, Advice

I have a master’s degree in Sustainable Engineering — and while I don’t use it directly in my day to day work, many of the frameworks that I learned still apply. Sustainable Engineering is kind of a mystical term, especially if you’re outside the engineering world. For me, it involved learning all things related to the built environment (think anything we build: roads, bridges, cities, etc.) and sustainability. A large part of that was talking about climate change. Climate change is an impending crisis, even if it’s not always top of mind. One of the climate change mitigation strategies I learned about, called the “no regrets” approach, is applicable to crises beyond climate change. Let’s dive into what it is and how it’s applicable.

What is a no-regrets strategy?

A no-regrets strategy is one that provides a net benefit in response to a crisis, even if a worst case scenario is never realized. (Source)

Photo by Li-An Lim on Unsplash

A useful example metaphor for defining a no-regrets strategy is planting trees for climate change mitigation. In this example, I’m considering mitigation to be anything that helps reduce the impact of the problem. Planting trees is a mitigation strategy for responding to climate change. The trees will help remove CO2 from the air, and thus reduce the effects of climate change.

Now, let’s play devil’s advocate. What if climate change isn’t real? What if the impact isn’t as bad as we thought? Will we regret planting those trees? No, probably not. The trees will have an overall net benefit, regardless of if the crisis occurs and what its magnitude is. Because the benefit is felt independent of the crisis’ impact, no regret is felt. But, if and when this crisis occurs, the newly planted trees will help reduce the impact felt from it.

In short, a no-regrets strategy applies some form of mitigation or adaptation that will always be net beneficial. This benefit is felt independent of the impending crisis at hand.

How can you use no regrets?

How can you react to a crisis in a way that (a) will help mitigate or adapt to the crisis’ effect while (b) ensuring there will always be a net positive outcome?

In light of COVID-19, crisis mitigation and potential impact have likely been top of mind. It’s important to consider how you’ll react to a crisis if and when it impacts you. I’ll use COVID-19 as an example because it feels very relevant right now. You can apply this thinking to other crises too. Here are some general things to consider:

What are you reacting to? Before diving in too deep to your reaction, consider what impact you’re anticipating. This will help you define how you can mitigate or react. For example, with COVID-19 you might’ve had to take your workforce 100% remote, and that might have happened suddenly. What could be the possible impact of doing that?

What could mitigate or help you adapt to this impact? Take what you’re anticipating the impact to be. How can you lessen the magnitude or blow of that? Thinking back to our COVID example, employees that have suddenly gone remote might not have a space to work at home. Perhaps they’re burdened by the cost of buying a desk and chair — what if you gave them a stipend for this?

Of the things you can do, what will always be a net positive? Look at what you brainstormed in the last step. If you implemented that strategy today and the crisis disappeared tomorrow, would you have regrets? In regards to COVID, maybe implementing a flexible remote work policy will help your organization beyond this crisis.