A Buffet of Bad Options

Shed payroll and demoralize employees because the business isn’t growing, or take on high-interest debt to finance a business expansion? Erode profit margins by absorbing tariffs, or pass along price increases and potentially anger customers? Spend a ton on AI and hope it makes the business far more productive, or stand pat and potentially let rival firms surpass you? Anger shareholders and not buy back stock to conserve cash, or keep paying them and potentially make the firm fiscally wobbly if the economy weakens?

On the surface, one would expect that only companies in serious trouble would be facing situations where each decision has potentially big negative consequences. But a confluence of events—AI disruption, trade disputes, wars, increased shareholder activism, and a faltering world economy—have leaders of even strong firms facing a situation they are not used to: a buffet of bad options. It’s a negative sentiment showing up in boardrooms, sales offices, and HR departments. “A lot of leaders might feel stuck,” says Anya Weaver, a Korn Ferry principal consultant and executive coach.

Most big organizations do a lot of scenario planning, putting probabilities of success around potential actions. The process usually helps determine the costs and benefits of each choice. Unfortunately, because of today’s uncertainty, it’s hard to determine those probabilities. Just look at recession guessing: Economists predict anywhere from a 25% to 80% probability of one in the US in the near future.

Doubt is at an all-time high, too, according to the World Uncertainty Index, higher than even during the worst of the COVID-19 lockdowns or even the Great Financial Crisis. The word “uncertainty” was mentioned in 35% of earnings calls during the first quarter of 2025, a 49% jump from the fourth quarter of 2024. Interestingly, the doubt stems from things companies can’t control, of course, such as trade policies and wars, but also from the things they can, such as whether the amount of money they’re pouring into AI will pay off. Worldwide, companies are estimated to spend $360 billion on AI-related activities this year, but whether that spending will pay off is unclear for many industries outside of Big Tech (and even they have some doubts).

It’s not just the magnitude of issues that is causing problems, it’s their frequency. In times of turmoil, each decision will also require multiple follow-up decisions, often quite quickly. “It can feel like the number of decisions can increase exponentially,” says Kendra Marion, Korn Ferry’s vice president for global assessment services. Those prior decisions can bring about decision fatigue, where leaders, instead of making a choice, procrastinate. “I’m seeing this a lot right now,” says Ron Seifert, leader of Korn Ferry’s North America Workforce Reward and Benefits business.

Indeed, as bad as the options are, experts warn that, in most cases, procrastinating on decisions is not a great idea. Making a decision to stand pat is one thing, but experts say leaders should come to that conclusion because they feel it’s the best choice—not because they can’t bear to do something else. David Vied, Korn Ferry’s global sector leader for its Medical Devices and Diagnostics practice, says many leaders right now believe they’ve made a decision but in reality they are just delaying a decision, paralyzed by the fear of doing the wrong thing.

Experts say that with any difficult decision leaders should let purpose and values—both their own and their organization’s—be critical components of decision-making. Leaders can use those values to guide them toward choices that will steer them through difficult scenarios. Decisions that aren’t clearly tied to the organization’s purpose can be difficult to defend. “They appear superficial, reactive, and inauthentic,” says Kevin Cashman, Korn Ferry’s vice chairman of CEO and enterprise leadership. Then, once the tough decision is made, adapt if it doesn’t pan out. “Be ready to pivot,” says Iktimal Daneshvar, Korn Ferry’s vice president for Recruitment Process Outsourcing in EMEA.

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