Financial analysts from the various parts of the world have explored the issue of groupthink and hence brought out its bad side. One of the significant elements of groupthink that led to the economic crisis is the blind following of the leaders with a question (Sorscher, 2017). By following their inappropriate financial decision, companies were soon wallowing in the depths of financial trouble. Leaders made their lending decisions devoid of consultancy, which worsened the situation. The value of cohesiveness was another element of groupthink that was evident in the economic crisis (Davis, 2012). While cohesiveness is a virtue in the business world, too much cohesion leads to the loss of individual thinking and creativity. Therefore, too much cohesion in the lending sector made the leaders go into financial decisions without the challenge of other managers.
One of the surefire ways of reducing groupthink is to integrate different personalities for the leadership positions that are available at the workplace (Forbes Coaches Council, 2016). The different types of personalities will exhibit different strengths and weaknesses, and therefore, the decisions made will evidence individuality and creativity. The other way of reducing groupthink in the future is to encourage debate at the workplace. Other than debate leading to a variety of opinions that influence decision-making, it also challenges the business leaders to think beyond the current economic conditions (Forbes Coaches Council, 2016). Therefore, there will be a reduction in groupthink and management of a financial crisis will be more convenient than it was before.
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The mix of personalities in the modern workplace is one of the ways of reducing groupthink that the researchers have evaluated. The combination of personalities is potentially able to reduce groupthink and its implications on the corporate world (Forbes Coaches Council, 2016). People with different personalities at the workplace bring about different leadership styles that can be reviewed in the course of their work for purposes of decision making by the entire organization. Therefore, mixing leaders with different personalities is essential to reducing groupthink that will lower the adversity of the economic crises that may come.
References
Davis, J. (2012, March 4). Group-think continues to lead to losses. Financial Times . Retrieved from https://www.ft.com/content/d58c5738-63a4-11e1-9686-00144feabdc0
Forbes Coaches Council. (2016, November 4). 10 Effects of Groupthink and How to Avoid Them. Forbes . Retrieved from https://www.forbes.com/sites/forbescoachescouncil/2016/11/04/10-effect-of-groupthink-and-how-to-avoid-them/#64e92e3d4cef
Sorscher, S. (2017, December 6). Group-think Caused the Market to Fail. HuffPost . Retrieved from https://www.huffpost.com/entry/group-think-caused-the-ma_b_604810?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAACs_0bFt6A6wNDyOTy-MUjcyBmbOE0-UZJsXXkLsoCt3wGFTmTEOJYJ0hEjU4dGbaJ55ser0K846MaWwQoV5xP0SP4spQPdVat9vFqQJTGpmcFTQoBFvG5ROFiVCOGMq9JyyGoY3PU5rV9E1adRZHRoSLyN559WhHmPdlEE4ROHs
