Women are better leaders than men because they are more likely to make fair decisions when competing interests are at stake, according to a new study. But that doesn't mean men hold the monopoly on bad decision-making.
The McMaster's DeGroote School of Business study shows that companies with women on their boards get better results. The cooperative form of decision-making that women leaders engage in is key to the success of these businesses, the study found.
But there are other keys to use as well. Francesca Gino, author of "Sidetracked: Why Our Decisions Get Derailed and How We can Stick to the Plan," and Rick Wartzman from the The Drucker Institute joined The Daily Circuit to discuss the power of decision-making and how to be better at it.
THE TAKEAWAY: Five tips for good decisions.
1. Decide whether a decision is even necessary. "Sometimes the status quo can be the best thing," Wartzman said.
2. Let people in on the process, as appropriate. Too often, Gino said, "We think we're on the right path, so why bother talking about the decision to others?"
3. Take an inquisitive approach to problems. "If you don't frame the problem the right way, if you don't ask the right question to start, you can really get off track," Wartzman said.
4. Welcome dissent. "You could differentiate good leaders from great leaders, and one of the ways to differentiate them is their ability to seek out and listen to both good and bad feedback," Gino said.
5. Don't put off decisions. "What the evidence suggests," Gino said, "is that if we wait until the last minute to make the decision because we postponed it, we're not going to have enough time to really think through the dimensions that are relevant for that decision and we're going to end up with an outcome that we'll likely regret."
• When You Don't Do What You Meant To, and Don't Know Why. "Issues of procrastination and will power come into play, of course. But how we decide what to do, and why our decisions often go the wrong way, are more complicated than that." (The New York Times)
• How to Avoid Getting Sidetracked in Your Career. Interview with Francesca Gino in Forbes.
• Do Women Make Better Corporate Leaders Than Men? Rick Wartzman writes about the study in Forbes.