There is no doubt that running a Formula1 team is impressive, most teams operate with budgets reaching the hundreds of millions. The sport sees the three biggest teams – Mercedes, Ferrari and Red Bull spending in excess of 300 million annually! There is an immense pressure for the teams to succeed and attract the best drivers in the world. There is a constant scrutiny into the teams’ operations by the media, with everything on the line.
The industry is so highly competitive – every single team member, whether that be cleaners, the mechanics, hospitality and of course the drivers have to be at the top of their game. One tiny mistake can result in both a title and millions of pounds being lost. Each person in the sport needs to be performing at the top of their field. Workers in Formula1 are highly motivated, resilient and stress-resistant.
Many formula1 teams use the ‘FASTER’ organizational model and this can be applied to your organization:
Focus and Clarity – work towards clear and inspiring goals
Accelerate Decisions – progress over perfection
Simplify – reduce organizational drag
Team Engagement – a team with autonomy and ownership
Elementary Physics – effectiveness over efficiency
Rhythmic Learning – a cadence of recurring interaction moments
After the racing weekend, entire teams meet up and discuss everything together. The leaders will provide context and clarity to help overcome adversity and reassure the team. Regardless of results, leaders should ensure that everybody has the exact same goal in mind. Formula1 teams often spend a lot of time reflecting, rather than dwelling on mistakes they made, they learn from mistakes and move forward with a stronger mindset. This will help teams to anticipate any recurring problems.
It is important for teams to have a clear goal and so they can push forward in one direction. Regular conversations with employees can help leaders to find out any problems or hinderances. Collaboration is key.
