People  Deloitte Live 

Critical thinking: Road to professional growth and personal development

Not falling prey to the first impression, not blindly adopting other people’s opinions, maintaining distance and being able to form your own opinion based on knowledge and experience – these are the abilities necessary for keeping track of the infinite amount of information that rushes in at us from all directions every day. Whether we are talking about personal or professional life, we will simply not be able to do without critical thinking in the future. Can this ability be learned? And what are its practical benefits? We focused on these and other question at our third MeetUp, where we bring young people seminars and workshops focused on trends in the area of the future of work.

And what is critical thinking, exactly? “Standard” thinking is a process where you analyse facts to reach some kind of result. Critical thinking supplements this process with the element of healthy scepticism, which improves the result. Critical thinking is important not only for people as individuals, their careers and personal development, but also for the society as a whole, which can develop more efficiently, more dynamically and better as a result.

Before you start learning how to think critically, you have to realise how you think at all. “The brain is like a hat with two rabbits sitting in it – quick thinking and slow thinking,” is how the foundation of human thinking was described by Senta Čermáková, Deloitte’s Innovation Director, who hosted the project. According to her, we are in the “quick thinking mode” in situations when we are in danger, we are exhausted or even just lazy. At that moment we make decisions intuitively, “on autopilot”. We use slow thinking in situations when we face a long, demanding task or a complicated decision that needs to be thought over at length. We make around 30,000 decisions every day, it is therefore not possible to stop and think about every single one and deal with it in detail.

Deloitte MeetUp workshops

At Deloitte, we hold MettUps for interested parties from the general public where we focus on current topics and trends from various areas, but in particular the future of work. Whether you are a student, a fresh graduate, an assistant or a manager, everyone will find a topic of interest. In various workshops at our previous two MeetUps, we used not just words but also action to address the work trends of tomorrow, decision-making techniques and the art of argumentation. The most recent, third MeetUp focused on critical thinking. If you would like to join our future MeetUps, follow our Facebook.

How to prevent mistakes in decision-making? With a debate!

Everyone, even the most experienced thinker, makes mistakes sometimes. Whether these mistakes are caused by outside influences or our own analytical errors, they can essentially be solved in “just” two steps: recognition and training. First of all, we should be able to realise that we have made a mistake and what mistake we have made, and then work on these deficiencies. One of the best techniques is the so-called Oxford-style debate, which is based on the conflict of strongly polarised opinions. The debate has clear rules, structure and scope. Its goal is to use the aforementioned conflict to bring a critical outlook on a usually controversial topic.

Typology of systematic errors

  • Anchoring. We form our opinions based on the first piece of information we learn.
  • Availability heuristics. We underestimate the likelihood of an event based on how well we remember similar examples.
  • Bandwagon effect. We believe in things that people around us believe in.
  • Confirmation bias. We trust information that already confirms our previously held beliefs.
  • Sunk-cost fallacy. We invest more and more resources into an activity that is already certain to be loss-making, simply because we feel bad about the resources we have already “sunk” in this activity.
  • Hindsight bias. We think that events which happened in the past were far more predictable than they really were.
  • Loss aversion. We tend to value things that we own more than things that we do not.
  • Not invented here. We tend to prefer our own ideas or products, for example those coming from our company, even though they may be objectively worse than those of the competition.
  • Planning fallacy. Our predictions and plans are unrealistically optimistic.
  • Status quo bias. We try to keep things the way they are.
  • Affect heuristics. Our decisions are ruled by emotions even though they should be controlled rationally.
Deloitte Live  Technology 

Trading is like a high performance sport, even the slightest misstep costs a lot of money, says Otakar Šuffner from FF Trader

Expansion into 180 countries, monitoring tens of thousands of accounts a day, a year-on year growth from 1465 % to 2356 % and, for the second time in a row, the Fastest Growing Rising Star award winner for Central Europe in the Deloitte Technology Fast 50 competition. This is FF Trader, a company that finds successful traders on financial markets through its FTMO platform. “When we started out five years ago, a few similar platforms had already existed. We were not unique but as we continued growing and adding more services, we became an established trading platform,“ says Otakar Šuffner, FF Trader CEO. 

19. 11. 2020
Deloitte Live 

New survey results: ESG strategy as an undervalued tool in increasing resilience of companies

As markets become more volatile with the COVID-19 crisis, pressure on firms and investors to diversify and ensure resilience in their operations will further increase demand for ESG-focused (environment, social, governance) approaches in investment. In our most recent edition of Deloitte Central Europe Private Equity Confidence Survey, we asked the PE investment community in CE about their current market outlook and their perspectives of ESG as factors to consider in their investments. 

10. 9. 2020
Deloitte Live 

Online education from the perspective of teachers: technical unpreparedness of schools will pose a challenge even after the pandemic has abated

Schools have been in the online mode for two months, and some pupils and students are slowly returning to their desks, although with some limitations. However, once the doors of our educational institutions are fully open again, we should not draw a line under distance education and return to the pre-crisis state again: everything that has been created for the purposes of online schooling in recent weeks should be further developed and turned into not only a self-contained alternative to classic forms of teaching but also their full-fledged part. At least that is the opinion of primary and secondary school teachers; in our latest webcast, we asked them how they judge the current situation and what they expect in the coming months. 

14. 5. 2020