Abstract
Did you know that our brains process a staggering 11 million bits of information every second? Despite this immense data flow, only 40 of those decisions are consciously made. Our brains, efficient yet predisposed to shortcuts, employ cognitive schemas to rapidly interpret information. However, these shortcuts can lead to errors, stereotyping, and categorization influenced by societal and media biases. This tendency to favor similarity in decision-making can result in costly business decisions or the rejection of exceptional candidates. Consider these compelling statistics: A typical Fortune 500 company loses approximately €225 million annually due to ineffective decision-making. Those perceiving bias are 2.6 times more likely to withhold ideas and market solutions. Gallup estimates active disengagement costs U.S. companies $450 billion to $550 billion per year. Those perceiving bias are over three times more likely to plan to leave their jobs within the year. Every individual possesses biases, inherent in the brain’s functioning. In this Unconscious Bias Conversation, we delve into various biases—affinity, halo effect, gender, confirmation, groupthink, anchoring, and more. Discover how to train your brain to deliberate, reflect, and eliminate biases from the decision-making process. Join us in exploring methods to identify and address biases in others, and learn strategies to rectify biased procedures and team agreements. Together, let’s foster an environment that champions unbiased decision-making for greater success.
Details
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KEYWORDS
BRAINS, DECISIONMAKING, BIASES, COGNITIVESCHEMAS, STEREOTYPES, BUSINESSDECISIONS, EXCEPTIONALCANDIDATES, FORTUNE500, INEFFECTIVEDECISIONS, BIASPERCEPTION
