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Running Head: ELEMENTS OF GROUPTHINK 1

ELEMENTS OF GROUPTHINK 2

Title: ELEMENTS OF GROUPTHINK ILLUSTRATED IN THE FINANCIAL CRISIS

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The elements of groupthink were illustrated in the financial crisis by ensuring that the decision-making process is slow. The slow decision making affected the manner in which different processes were carried out therefore slowing the development of the company. The slow decision-making processes is experienced due to the continued consultation of the people involved in the financial activities in an organization. The unity brought about by the groupthink might again bring about increased conflicts in an organization therefore making it hard for the employees to work in the expected manner. Moreover, the elements of groupthink were again illustrated in the financial crisis by ensuring that the cases of misunderstanding were experienced in the financial institution (Evans, 2019).

The effects of groupthink can be reduced in the future by ensuring that the members of the public are encouraged to engage in effective interactions. The encouragement will help in ensuring that the cases of conflicts as well as misunderstanding are reduced, and the people encouraged to work towards ensuring that the financial organization is operated accordingly. Again, the effects of groupthink can be reduced through the training provided to the employees for the purposes of ensuring that they engage in fast decision-making processes for the success of the company to be achieved (Lee, 2019).

On the other hand, I think that the diversity of the financial companies’ leadership would reduce groupthink. This is because majority of the people will be encouraged to unite for the success of the companies. Diversity is important in ensuring that unity is encouraged in an organization therefore ensuring that the employees share ideas in the best way possible. It is through the sharing of the ideas whereby the organization will be able to address different issues in the shortest time possible therefore facilitating the growth and the development of the business (Milner, 2019).

References

Evans, J., & Li, Y. (2019). A review of global banking regulation under an assumption of complexity. Annals of Actuarial Science, 13(2), 320-333.

Lee, T. C. (2019). Groupthink, Qualitative Comparative Analysis, and the 1989 Tiananmen Square Disaster. Small Group Research, 1046496419879759.

Milner, R. (2019). Learning in the aftermath of a crisis: a critique of Ireland’s response to the 2008 financial crisis (Doctoral dissertation, University College Cork).