You put a lot of time and effort into succeeding in your job, education, and relationships. Since you dedicate so much time to these endeavors, you want full ownership of any success related to them. But when it comes to failures, you turn on your heel and run away from them at the speed of light.
It causes you to claim your successes and ignore your failures.
This means that when something good happens, you take the credit, but when something bad happens, you blame it on external factors.
Self-serving bias may manifest at work when you receive critical feedback. Instead of keeping an open mind, you may put up a defense when your manager or team member is sharing feedback or constructive criticism.
Now more than ever, companies need to create cultures centered on employees. Strong cultures create effective working teams that attract top talent, while weak cultures can quickly lead to burnout or employees heading for the exit. Companies facing these high stakes are eager to create a place where employees want to go to work.
It's the best and worst of times for decision makers. Swelling stockpiles of data, advanced analytics, and intelligent algorithms are providing organizations with powerful new inputs and methods for making all manner of decisions. Corporate leaders also are much more aware today than they were 20 years ago of the cognitive biases-anchoring, loss aversion, confirmation bias, and many more-that undermine decision making without our knowing it.