Social decision making is a new concept for making business decisions. Studies find that half of all business decisions fail because of poor management and lack of buy in from employees. Due to the population in many countries decreasing, companies are entering a war for talent, and one way they can attract young talents is by finding a more efficient and inclusive way for their business decision making.
Social decision making is the basis for a meaningful and productive workplace. It makes sure everyone can share their input and address potential concerns to create a strong bond among group members. Moreover, it creates transparency in decision making also when it comes to learning from unintended consequences or errors. Social decision making structures information sharing and creates early buy in and accountability for decisions. It captures the entire lifecycle of a decision from an initial question to collaboration that seeks the best solution, execution and evaluation.