The consequences of biases in business can be far-reaching:
- Suboptimal Performance: Decisions influenced by biases are often not the best ones, which can lead to missed opportunities and reduced performance. - Reputation Damage: Biases, especially in hiring and promotion, can lead to discriminatory practices that harm the company's reputation. - Financial Losses: Poor investment decisions and strategic errors can result in significant financial losses. - Legal Issues: Biases can lead to practices that are discriminatory, resulting in legal challenges and penalties.