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| How to Make a High-Stakes Decision | Like (9) |
| Even the most decisive manager can be thrown into despair when faced with a high-stakes matter. We make decisions every day without noticing, but a career-making (or breaking) challenge requires thought and deliberation. It's unlikely that a single approach will serve you every time. However, there are key factors you should consider to ensure you reach a sound conclusion. What the Experts Say People respond to the pressure of big decisions in different ways. As Michael Roberto, the Trustee Professor of Management at Bryant University, said in his 2001 HBR article "What You Don't Know About Making Decisions", "all too often [decision-makers] rush to a conclusion or else dither endlessly and decide too late." Finding a middle ground is difficult, agrees Sydney Finkelstein, the Steven Roth Professor of Management at the Tuck School of Business at Dartmouth and co-author of "Why Good Leaders Make Bad Decisions." "When there's more at stake, you have to take more time [but] how much time really depends on the magnitude of the decision," he says. Whether you are inclined to take shortcuts or stall out sorting through options, what's most important is to be aware of the hazards that might befall you, and how to avoid them. Involve others, but own the outcome Big decisions shouldn't happen in a vacuum. "You have to have a team. You can't rely only on yourself," says Finkelstein. By consulting others, you expose yourself to differing opinions, which will help you to make a more informed choice, and you give yourself a better shot at winning buy-in from those who will be affected. At the same time, beware of the risks. "If you have a lot of people involved, almost always a small subset take control and make the decision," which can make the larger group's contribution negligible, Finkelstein says. Also, while important issues, such as changing the strategic direction of a group or hiring a new manager, typically require input from many sources, at the end of the day, one person needs to be accountable. Ultimately, "the leader has to decide," he explains. "I'm not a fan of consensus." Read More... Also Read Behavioral Interview 5 things not to do or say at a job interview Kinds of employees companies want to hire How to Walk a Recruiter Through Your Resume 5 Big Interview Mistakes by College Students and How to Avoid Them |
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