Critical thinking is a process that is not only important, but the benefits that it offers brings ease to everyday life. Critical thinking in the workplace is a must to make the right decision for the success of the company. Understanding the importance and the benefits of critical thinking will give the knowledge of the meaning to succeed in a business.
What is Critical Thinking?
Critical thinking can be described as a thought process about any subject, content or problem in which the thinker improves the quality of his or her thinking by skillfully taking charge of the structures inherent in thinking and imposing intellectual standards upon them (Scriven, 2008). In a work environment, many examples of critical thinking exist. One example would be deciding how to meet expenses with little income. In the rental business, income is not always guaranteed. With the economy going down hill, jobs are hard to come by which means tenants have either low income or no income. Owning rental units in poverty level neighborhoods is a given that rent will not be paid on time or not paid at all. In a business that has 30 rentals units 3 employees and more expenses than income can be a struggle. Thinking critically to come up with ways for the business to pay the expenses and pay the employees can be a challenge. Knowing that all the rentals are paid off, only having to pay 2 out of the 3 employees is a plus, the owner decided not to take a weekly pay but instead to take a yearly dividend, and knowing that each tenant could qualify for housing assistance is a positive when trying to come up with a way to pay the expenses.
First step in the process would be to assess each rental unit to see what kind of shape each unit is in. This way an option would be to borrow against the rental units to bring in more capital. The immediate downside would be having to pay a loan payment every month, but in the long run it will pay itself off and the company will be able to get back on track. The negative to this solution would be no guarantee that the tenants will be able to pay once the company is back on track. Another solution would be to sell some of the rental units, to lessen expenses and bring in more income. The negative to this solution is that the housing market is so low because the economy is so bad that people can’t afford to pay what the asking price would be. Another solution would be to have each tenant apply for housing assistance. This way the company is guaranteed a check every month on time. The negative to this solution would be that the tenant may not qualify or they may feel offended if the company were to ask them to apply.
Apply Critical Thinking to a Work Environment
Weighing the three options carefully and making the right choice takes a great deal of research and time. After careful thought and research two out of the three options were the best choice. Why two out of the three was the best choice for this particular company is because getting rid of houses that would take a lot of time and money to maintain them is causing the company to go into the red instead of staying in the black. Borrowing against the remaining houses would bring in income to cover the remaining expenses that the sale of the house didn’t cover and still have working capital to buy outside of the poverish area. The money borrowed and the money lost on the sale of the houses will eventually pay for themselves in the following years because people are willing to pay a higher rental amount in nice areas with good school systems. Eventually the company could sell the houses in the poverish area and invest in better areas to make a profit.
Importance of Critical Thinking
Critical thinking does have an importance. Having several alternatives to chose from could be mind boggling, by thinking critically about each gives the knowledge and the process to chose the right one for the particular situation. Critical thinking gives the knowledge to know how complex problems occur and how to pick the problem apart to come up with the best solution. Using critical thinking, the ability to bring goals and desires to reality is possible (Egan, 2005). Being able to critically come up with positive goals will show the desire that each employee has for a company and the success of it.
Benefits of Critical Thinking
Critical thinking is not only important but it has benefits for the individual as well. Looking at the problem and having several solutions is a way that will show an individual what he or she don’t know and be able to admit they don’t know with reason behind it. By being the outsider looking in will give the opportunity to truly see how other people view the problem and what type of solution would benefit everyone as a whole. Critical thinking is a process of decision making, because of this employees or managers will think before they act on a problem, because several steps need to be followed in making the right decision (unknown).
Thinking critically in a work related environment is crucial for a business to be successful. Critical thinking is not only beneficial for a work environment but critical thinking can benefit each person individually. Applying critical thinking to the decision process will give individuals the knowledge to learn from mistakes, view the situation from a third persons point of view and the most important, think before action is to be taken. Applying critical thinking will bring ease to everyday life as well as the work environment.
References
Egan, Brian, 2005. The Role of Critical Thinking in Effective Decision Making. Retrieved July 1, 2008 from, http://images.globalknowledge.com/wwwimages/whitepaperpdf/critcalthinking.pdf
Scriven, Michael, 2008. Defining Critical Thinking. Retrieved July 1, 2008 from The Critical Thinking Community, http://www.criticalthinking.org/aboutCT/definingCT.cfm
Unknown Author. Retrieved July 1, 2008 from, http://www.yorku.ca/rkenedy/crtical_skills_/student/crtical_skills_web/why_critical_thinking/main.htm
