The benefits of meditation in recovery have long been touted in treatment centers, the halls of AA and beyond. But new research shows that practicing regular mediation also can make you a better business person.
A new paper by researchers from INSEAD and the University of Pennsylvania's Wharton Business School finds that meditation can help you make better decisions for leading your staff or company. The authors of “Debiasing the Mind through Meditation: Mindfulness and the Sunk-Cost Bias” write that short meditation sessions can reduce the amount of decisions one makes based on information from the past that has no correlation with the choice being made right now.
The researchers told Knowledge@Wharton, Penn's business school blog, that they looked at how meditation can help professionals stay away from deciding things based upon “sunk-cost bias,” where they continue with a losing course of action after investing time and money. The sunk-cost bias is the reason wars don't end quickly, for instance, because of a continued commitment to a decision even when the decision has turned bad.
The key to meditation is to shift your state of mind away from a focus on past events, relationships, and situations and from future likely outcomes, to a focus on the present.
You know: That living in the moment thing.