Recency Bias: Overcoming Recency Bias for Better Decision-Making

Recency Bias resources: diversity.soci...
In today’s globalized world, diverse workplaces are becoming the norm. A study by McKinsey & Company found that companies in the top quartile for ethnic and cultural diversity were 36% more likely to have above-average profitability than those in the bottom quartile (source: McKinsey, 2020). However, recency bias can hinder diversity and inclusion efforts by causing decision-makers to overvalue recent events or experiences, potentially leading to unfair treatment of employees or candidates. Addressing recency bias is essential to fostering a truly inclusive and diverse work environment, which has been proven to yield better results for organizations.