Intuition Bias

Impact on LEADERSHIP AND BUSINESS

Treasure:

In leadership, the “treasure” of intuition bias is that it can lead to fast and efficient decisions, as leaders with this bias are able to quickly rely on their instincts to identify and respond to opportunities or threats.

When leaders can make quick and effective decisions, they can respond to challenges and capitalize on opportunities more quickly.


Risk:

The “risk” however is that this bias can lead to poor decision-making and suboptimal solutions due to flawed instincts.

When leaders rely solely on intuition, they may miss important details and fail to consider all available evidence, which can result in poor decisions that harm their organization and its stakeholders.

Intuition can be influenced by emotions, past experiences, and other personal biases, which can lead to decisions that are based on inaccurate or incomplete information.

Intuition bias can also limit creativity and innovation because leaders may not consider alternate approaches or challenge their existing assumptions. The consequence - missed opportunities for business improvement and growth – limiting the effectiveness and success of the leader, their team, and the organization.


KNOW YOUR KNOTS - Learn to recognize when Intuition Bias is taking the lead.

Ask yourself:

Do I often trust my gut feelings?

Am I overconfident in my intuitive judgments?

Have I ignored data or evidence?

Do I seek confirmation for my intuitions?



STRATEGIES to manage this bias: Pause – Perspective – Practice - Progress

Pause:
Ask yourself if you tend to trust your gut feelings or intuition when making decisions, even in situations where you have access to relevant data or evidence.

Reflect on whether you are overconfident in the accuracy of your intuitive judgments. Do you believe that your intuition is rarely wrong, even when it has been in the past?

Consider whether you have a tendency to ignore or dismiss data, evidence, or logical analysis when it contradicts your intuitive beliefs.

Think about whether you actively seek confirmation or validation for your intuitive judgments while ignoring or downplaying contradictory information.



Perspective:
Promote collaboration and diverse perspectives in decision-making. Encourage team members to seek input from others and to consider a variety of viewpoints.


Practice:
Narrow down options based on intuition, and then analyze those options using logical tools.

Implement structured decision-making processes that include a systematic evaluation of available information and alternatives, combining an evidence-based approach with intuition. Stress the importance of supporting intuition with data, analysis, and evidence.

Use data and metrics to evaluate the success of decisions and track and analyze outcomes objectively. This enables you to understand both how intuition contributed and impacted your decisions.

Use scenario analysis as an approach to consider multiple potential outcomes and their probabilities rather than solely relying on intuitive judgments.

Challenge assumptions and encourage your team to question their own and others’ intuitive beliefs, and importantly, to seek objective validation.

Implement feedback mechanisms that enable team members to provide constructive input on decisions and their outcomes and allow constructive criticism as a factor in learning and improvement.


Progress:
Provide training and awareness programs on cognitive biases broadly, including intuition bias. Help individuals in your organization recognize when they might be relying too heavily on intuition.

It’s important for leaders to be aware of the Intuition bias and to consider both their instincts and the available evidence when making decisions. Then, they can mitigate the risk of poor decision-making and ensure that they are considering all available information, leading to improved performance and better outcomes.