The Great Decision Dilemma

Welcome to Love Mondays More: the weekly LinkedIn newsletter that delves deeper into the ideas and concepts driving my Love Mondays email newsletter series.

Why ‘Love Mondays’? Mondays are often the low part of the week, earning the title of “worst day of the week” by the Guinness World Records. So I aim to provide a 4-minute caffeine hit of content to fire up the other 10,076 minutes of your week and stave off the Monday malaise. Don’t just live Mondays, Love Mondays!

Are you drowning in a sea of decisions, both in your personal life and at work? From choosing what to watch to making critical business decisions, the constant influx of options in our information-rich world can be paralysing.

Contrary to popular belief, the idea that having more options leads to greater satisfaction and better decisions often doesn't hold, with information and decision saturation leading to 'choice overload bias', regardless of the choice you make.

As leaders, you probably feel this even more intensely. According to a recent study of more than 14,000 employees and business leaders across 17 countries -? by Oracle and NYT Best selling author Seth Stephens-Davidowitz,?

• 85% of business leaders have suffered from “decision distress” in the past year,
• 74% of those surveyed disclosed that the number of decisions they make daily has multiplied tenfold in the last three years, and?
• 59% admitted facing a 'decision dilemma' – the struggle of not knowing which decision to make – more than once every single day.?

Can you relate??

This stress also has implications on the bottom line with McKinsey research showing that inefficient decision-making costs a Fortune 500 company 530,000 manager-days per year, which is equivalent to around $250 million in wages.?

Decide and Thrive

Decisions drive performance, but despite spending an estimated 40% of our time making them, most of us doubt it’s time well spent.?

One question to consider is: are leaders making more decisions than they need to??

My contention has long been that this era of leadership demands the asking of better questions, as opposed to being the fountain of all knowledge. One of the most important of those questions in leading any organisation or team is: what decisions do I actually need to make?

“A common misconception about the CEO’s role is that they are the ultimate decision-maker…. In reality, the CEO’s role is much more about shaping rather than making decisions” Nitin Nohria, former Dean of Harvard Business School and expert contributor to Harvard Business Review.

Not all?decisions are created equal, but there is merit in recognising the value of effective delegation, streamlined processes, and clear communication.

In an article for MIT Sloan Management Review, communication expert, and President and CEO of Duarte Inc., Nancy Duarte, critically reflected that she unhelpfully disrupted decision-making processes during her career by inserting herself into conversations and situations where, in hindsight, she realised she could have trusted her team to handle the decisions independently. This intervention, although well-intentioned, led to confusion and delays in the decision-making process. It also prevented her from fully tapping into her teams’ potential.?

The solution? A decision-making model that Nancy's team co-created—a two-by-two matrix that sorts decisions based on urgency and stakes, each with crystal-clear expectations for her involvement. (see image below).

1. Decide without me: Empower your direct reports to handle their responsibilities, execute the strategy, and manage day-to-day operations independently.

1. Inform on progress: Keep me in the loop about initiatives with risks, budget concerns, or topics of personal interest without needing proactive questioning.

1. Propose for approval: For unexpected issues or deviations from the planned strategy, propose them for approval, which may require input from the executive team.

1. Escalate immediately: Reserved for high-risk or high-reward situations, such as threats to the strategic plan, market shifts, security issues, or major opportunities.

While just one potential model, the real power here is the clarity and empowerment offered through the simple, defined decision-making boundaries, instilling a sense of confidence in what your team can and cannot decide upon.?

1. Be more deliberate: ?What decisions really need you??
2. Be more mindful: ?Decision fatigue is real. Be mindful of making decisions when your tank is on empty- embrace micro-recovery/breaks.?
3. Be more defined: Create rules for yourself or your team that help you triage decisions and give you a clear sense of the action required.?
4. Be more minimalist: In today's Love Mondays, I discussed the concept of mental minimalism. This involves minimising distractions and unnecessary choices to achieve better decision-making and mental clarity. Try strategies like limiting social media access, reducing choices, and setting time-bound decisions to combat procrastination.

P.S. Looking for ways to improve your mindset at work and boost well-being??

My Peak Mindset and Mindfulness Challenge, commencing November 1st, offers an opportunity to transform your leadership in just 15 minutes a day for one month. Backed by research and a track record of empowering leaders, this program has enabled 97% of past participants to gain confidence and momentum for positive change.

Whether you choose to play solo, partner up with an accountability buddy, or fire up your team for this epic adventure, I’ll be here to support you every step of the way. Secure your spot now and let's finish 2023 strong. ??