As the world seems to move ever faster, and the consequences of choices seem more significant, CEOs and other leaders need to brush up on their decision-making skills. Those decisions will be scrutinized by shareholders, employees, and the general public, so it’s important to make the right calls.
Recent studies have shown that effective leaders share a few decision-making traits. Let’s explore a couple of them:
1. The humility to admit they don’t know everything.
Effective leaders realize that while they may be smart, they don’t have all the answers, and are comfortable getting input from others and collaborating on solutions. “They know that fielding a wide range of viewpoints from across the organizations leads to a better understanding of blind spots—and better decisions. That’s why these CEOs build leadership teams that provide complementary capabilities, diversity of experience, perspective, and cognitive abilities. And it’s why they are proactive in partnering with the board on sticky problems—as well as external stakeholders, such as regulators and the communities in which they operate. Of course, the buck always stops with the CEO; they remain accountable for decisions both good and bad. Yet by fielding advice from a range of sources, they feel less alone when it comes to making the final call.”
2. The willingness to embrace new ideas
As the business landscape becomes more complex, tried-and-true solutions may not always be the best way to go. Successful CEOs know that sometimes great ideas will come from unexpected places, and they need to be open to hearing them. “CEOs who are confident in making complex decisions index highly on curiosity and empathy. This allows them to understand issues from different vantage points and think through all possible outcomes (and trade-offs) before making their decision.”
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For more on vital skills for CEOs, go to https://huntscanlon.com/the-skills-that-help-ceos-make-the-right-choices/