Knowledge Bite Session - Mark Withers and Anna Withers - Surviving the Squeeze - Better decision making in an age of austerity - PPMA Seminar 2012
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Knowledge Bite Session - Mark Withers and Anna Withers - Surviving the Squeeze - Better decision making in an age of austerity - PPMA Seminar 2012
- 1. Surviving the Squeeze Better decision making in times of austerity Mark Withers & Anna Withers Mightywaters Consulting Limited ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 2. Session Aims 1 Get you thinking about your challenges within the context of effective decision making 2 Help you understand inherent biases in decision making 3 Present a RISK framework to help you surface and explore these biases 4 Set out a range of interventions that will help you create an environment for more effective decision making ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 3. What can you see ? ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 4. Huge organisational challenges Reduced income Delivery Models High customer Demanding expectations targets Employee Pensions Engagement / Morale Increased demand for services ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 5. And lots of them… Strategic / Tactical Cuts - Where, How and Who? Efficiency savings - Where and How Radical? Strategic partnerships - Who and How? Employee Morale – How to keep people engaged – how to retain talent? How to deliver more with less? ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 6. Research points to inherent bias in decision making ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 7. How situations are perceived by people determines their subsequent actions strategic insight often fails to materialise because of limitations in the mental models of strategic leaders the ability to identify and help others discover their mindsets and mental models, and the capability to change these when appropriate, are “among the most critical capabilities an HR professional can have or acquire”. Jeffrey Pfeffer, 2005 ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 8. Bias impacts Decisions and creates Risk BIAS DECISIONS RISK ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 9. Quotes on Risk An unbiased appreciation of People risk is a major uncertainty is a cornerstone of component - some would rationality — but it isn’t what say THE major component organizations want. Extreme – of risk management, uncertainty can be paralyzing and the admission that one is merely irrespective of guessing is especially unacceptable organisational type and when the stakes are high. Acting on industry sector pretended knowledge is often the preferred approach. Institute of Risk Management Daniel Kahneman (Nobel Prize Winner, 1990) ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 10. A new PEOPLE RISK framework elationships nterests hortcuts nowledge ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 11. Typical biases in decision making Relationships Shortcuts Inappropriate attachments Confirmation bias Champion bias Availability bias Anchoring Interest Knowledge Sunk cost Bias Misleading experiences Sunflower-management Group think Over-optimism ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 12. R - Relationships • Strong bonds / loyalty with a person or sets of people • Strong associations with an object or symbol ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 13. I - Interests Personal Gain Personal Power Personal Reputation ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 14. S – Shortcuts Wrapper Anchor • Who presents the What is in the mind information before the data is • How that information is presented packaged ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 15. K – Knowledge • Misapplication of past learning • Over-valuing experience ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 16. Using RISK to improve decision making Awareness Environment Interventions Focus on decision Work to create a culture of Make targeted making groups / teams / mutual accountability: interventions: governance groups: • Create transparency in decision • External facilitation of decision • Awareness of biases making processes making process • Development of a People • Ensure diversity in decision making • External review RISK mindset team • Pre-mortems • Provide psychological safety so that • Counterpoints people can speak out • Leadership & team development • Bring multiple stakeholder voices into the decision making process ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 17. Question time ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com
- 18. We hope you have taken at least ONE idea from this presentation ©2012 mightywaters consulting limited www.mightywaters.co.uk mightywaters@btinternet.com