It may fly in the face of everything we've been taught through school and adulthood, but failure can be a good thing because it can spark an environment built on innovation and trying new things. Failure also requires a mindset change, says Kristen Motzer, learning director at ethics and compliance company LRN. Failure plays into employees' learning quotient (LQ), which Motzer says has become more important than IQ.

Although IQ measures what you know, it doesn't measure your potential. That's become critical in times of constant innovation. LQ measures your adaptability and desire to upskill throughout your career. That is why leaders must be comfortable with failing.

According to Clarke Murphy, author of Sustainable Leadership, LQ has become a distinguishing capability among CEOs and business leaders. Murphy, who has more than 25 years of experience in executive recruiting, notes that you can develop LQ through mentors and consultants giving honest feedback on where you can improve personally and professionally. Areas to focus on include effective listening, communication, and empathy, which Degreed Chief Learning and Talent Officer Kelly Palmer says are all learnable.