Critical skill shortage 2: Problem solving and decision making

This is the third of six articles inspired by data about skills shortages in the banking and finance sector, from the Kelly Skills at Work 2010 study.  See our blog for previous articles, posted on 2 and 9 May 2011.

The Kelly study identified problem solving and decision making together as a critical skill that is in short supply among mid to senior level managers.

In the current environment of uncertainty and rapid change, the ability to solve problems and make appropriate choices are essential for:

• giving high quality, appropriate and timely advice to clients,
• having a reputable, sustainable and profitable practice and
• complying with regulatory requirements.

What do we mean by problem solving and decision making?

The ability to do both these things well depends on the degree to which a person possesses all of the following qualities:

• A tendency to logically analyse facts and problems, as well as examining the potential difficulties of any plan, balanced by –
• A willingness to use intuition in decision making (especially important when there are a lot of variables that can’t be analysed objectively);
• The desire to have the authority to make decisions and to take responsibility for the outcomes while also being –
• Prepared to collaborate with others who may have valuableinformation that needs to be taken into account.

How can you build on your natural strengths in this area?

• Uncover your strengths, as well as areas for improvement.
• Step outside your comfort zone by taking on greater challenges.
• Practice!  See our free worksheet ‘Are you sitting (too) comfortably?’ to get you started.

Like to know more about your strengths (and your team’s) and how to develop them further?  Contact us to organise an assessment and/or coaching.