![]() ![]() What’s especially troubling is the fact that, despite this massive investment, a majority of respondents to a McKinsey Global Survey said that their organizations do not spend that decision-making time well. 1 For highlights from a February 2018 McKinsey Global Survey of 1,259 participants across a range of regions, industries, company sizes, functional specialties, and tenures, see Aaron De Smet, Gregor Jost, and Leigh Weiss, “ Three keys to faster, better decisions,” McKinsey Quarterly, May 2019. The opportunity costs are staggering: for the average Fortune 500 company, they typically equal more than half a million days of managers’ time, or $250 million a year in salaries. We found that decision making takes up a huge proportion of management’s time-as much as 70 percent of it for some C-suite executives. How did things go so wrong?Īs business becomes ever more complex and dynamic, managers and leaders like Jackie have to make more decisions, under time pressure, and often with too little or the wrong kind of data. Jackie is as busy as ever and also misses a number of her own targets. Others take longer than usual because so many people become involved. Some decisions that do get made aren’t good for the business. Many decisions that Jackie had delegated boomerang back to her, either directly or by team members asking questions like “What would you do in my shoes?” Decision-making committees suddenly materialize, requiring even more of Jackie’s time and input. So Jackie decides to make a change and tells her team to expect more delegation and more responsibility. These keep her busy but leave little time for important strategic decisions, such as what product lines to prioritize, which acquisitions to pursue, or how to expand the business and meet its targets. Meet Jackie, a business-unit leader who spends the majority of the workday making the operational decisions, large and small, that land on her desk. ![]()
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