Meditation has become an increasingly popular practice amongst the C-suite elite. And, with CEOs such as Rupert Murdoch (News Corp); Bill Ford (Ford Motor Company); Rick Goings (Tupperware); and Marc Benioff (Salesforce.com) all touting its benefits, executive coaches are picking up on the trend introducing mindful techniques to programmes to calm the mind’s “chatter”, assist focus and manage stress. But new empirical evidence suggests it’s more than just a “feel good” exercise, and as little as 15 minutes of meditation can actually help people make better, more profitable decisions, by increasing resistance to the “sunk cost bias”.
The sunk cost bias - also known as the sunk cost fallacy or the sunk cost effect - is recognised as one of the most destructive cognitive biases affecting organisations today. Put simply, it’s the tendency to continue an endeavor once an investment has been made in an attempt to recoup or justify “sunk” irrecoverable costs. The phenomenon is not new; psychological scientists have been studying the “escalation of commitment” since the mid-1970s, noting its ability to distort rational thought and skew effective decision-making. Often it’s a subconscious action, which can result in millions of dollars being invested into a project, not because it’s a sound investment but because millions of dollars have already been spent.
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