How Behavioral Economics Influences Management Decision-Making

A New Paradigm
 
 
Elsevier (Verlag)
  • 1. Auflage
  • |
  • erschienen am 2. August 2018
  • |
  • 278 Seiten
 
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978-0-12-813568-6 (ISBN)
 

How Behavioral Economics Influences Management Decision-Making: A New Paradigm critically reexamines the management function in 21st century workplaces. The book seeks to examine and explain the real-world behaviors of employees and acknowledge the human nature that binds us all together and how to appeal to these characteristics in order to help organizations prosper. It explores well-observed but rarely understood features of employee cognition and irrationality, challenging the dominant discourse and offering an alternative to gain greater competitive advantage in today's complex markets. It also provides an effective new framework on the best ways to develop relevant management skills as they pertain to hiring, performance management, change management, employee engagement, and goal setting. As the knowledge economy continues to grow, the social bonds within companies will prove to be a key differentiation to deliver on the next big idea.

Developing productive decisions with staff in the talent-driven global economy increasingly requires the development of 'intrinsic' meaning in work, a human-centered work-place culture, and human-focused working practices. This book tackles these topics in comprehensive and efficient detail.

  • Provides a framework to simply and effectively apply behavioral principles in organizations of any size
  • Focuses on agent motivations and behavior and how they directly impact talent management in the knowledge economy
  • Highlights empirical studies, detailing the impact of heuristics on hiring, performance management, change management, employee engagement, and goal-setting decisions


Dr. Kelly Monahan is an organizational behaviorist and leads the global future of work research agenda at a large professional services firm. She completed her PhD in Organizational Leadership at Regent University and studies the interplay between human behavior and organizational environments. Her research has been recognized and published in both applied and academic journals, including MIT Sloan Management Review and Journal of Strategic Management. Dr. Monahan is frequently quoted in the media on talent decision-making and the future of work. She also has written over a dozen publications and is a sought-after speaker on how to apply new management and talent models in knowledge based organizations.
  • Englisch
  • San Diego
  • |
  • USA
  • 4,31 MB
978-0-12-813568-6 (9780128135686)
weitere Ausgaben werden ermittelt
  • Front Cover
  • How Behavioral Economics Influences Management Decision-Making
  • Copyright Page
  • Contents
  • Preface
  • Acknowledgments
  • 1 The Changing Nature of Work: Macro-Level Considerations for Managers
  • 1.1 Complexity and Irrationality Influence Markets, Firms, and Individual Behavior
  • 1.2 Changing Market Conditions: Growth and Productivity Concerns
  • 1.3 Declining Technology Costs Are Driving a Skills-Biased Workforce
  • 1.4 The Value of Intangible Assets: The Rise of Information and Data in a Knowledge Economy
  • 1.4.1 People Create Intellectual Capital
  • 1.4.2 What is Intellectual Capital?
  • 1.4.2.1 Talent
  • 1.4.2.2 Organizational Capital
  • 1.4.2.3 External Relationships
  • 1.4.3 Intellectual Capital Drives Firm Performance and Innovation
  • 1.5 Blurring Industry Lines: Creating New Rules of Competition
  • 1.6 New Forms of Employment: A Continuum of Labor Redefines Social Contracts
  • 1.7 Reorganizing the Firm Around Divisions of Labor
  • 1.7.1 Reduced Hierarchy
  • 1.7.2 Coordinated Expertise: Team Structures
  • 1.8 Conclusion
  • References
  • Further Reading
  • 2 Rational Economics and the Administrative Theory of Management
  • 2.1 Do We Still Need Managers?
  • 2.2 The Self-Fulfilling Nature of Social Science Theories in Management
  • 2.3 Rational Economic Theory
  • 2.3.1 Individuals Pursue Their Own Interests
  • 2.3.2 The Purpose of the Firm is to Seek Shareholder Wealth Maximization
  • 2.3.3 Managers Needed to Mitigate Agency Costs of Self-Seeking Individuals and Maximize Shareholder Wealth
  • 2.4 An Unintentional Tunneling on a Time and Place in Management Narratives
  • 2.5 Many Historical Management Theorists Expressed Skepticism, Yet Remained in the Shadows
  • 2.5.1 Historical Perspectives Before the Industrial Revolution
  • 2.5.2 The Response to Scientific Management: Turnover, Low Morale and Even Outlaw
  • 2.5.3 What Do Workers Really Want? Going Undercover to Find Out
  • 2.5.4 The Rise of Social Dynamics in Management Thinking
  • 2.5.5 Contemporary Management Concerns on Administrative Theory
  • 2.5.6 An Alternative Purpose of the Firm Debated Throughout the 20th Century
  • 2.5.6.1 The Purpose of the Firm Debated in Academia
  • 2.5.6.2 The Purpose of the Firm Debated in Courts
  • 2.5.6.3 Businesses Respond to Shareholders Throughout the Century
  • 2.6 Conclusion
  • References
  • Further Reading
  • 3 Exploring Management Alternatives With a Behavioral Economic Lens
  • 3.1 Exploring Alternative Assumptions of People at Work
  • 3.2 Behavioral Economics: The Inner Life of Individuals
  • 3.3 Alternative 1: An Individual's Ability to Act Rationally is Bound by Cognitive Limitations, Emotions, and the Influence...
  • 3.3.1 Cognitive Limitations to Learning and Rationality
  • 3.3.1.1 Cognitive Dissonance
  • 3.3.1.2 Confirmation Bias
  • 3.3.1.3 Decision-Fatigue
  • 3.3.1.4 Status Quo Bias
  • 3.3.1.5 Pardon the Interruption: The Distractions on Rational Cognitions
  • 3.3.2 Emotions Can Limit or Improve Learning
  • 3.3.2.1 Rationality Hijacked by the Amygdala
  • 3.3.3 Mindsets Influence the Learning Outcome
  • 3.3.4 The Influence of Others
  • 3.3.4.1 Information Signals
  • 3.3.4.2 Self-Censoring
  • 3.4 Alternative 2: People Respond to Motives Besides Money, But They Can be Easily Crowded Out
  • 3.4.1 External Incentives Do Not Always Work
  • 3.4.2 Intrinsic Motivators Unlock Learning
  • 3.4.2.1 Autonomy With Social Support-The Need to Choose and Be Supported
  • 3.4.2.2 Growth-The Need to Develop and Obtain Mastery
  • 3.4.2.3 Meaning-The Need for Purpose and Significance
  • 3.4.2.4 Belonging-The Need for a Social Identity
  • 3.4.3 Individual Alternative Assumptions Summary
  • 3.5 Alternative 3: A Firm Should Seek to Maximize Collective Value With an Emphasis on Mutuality and the Long-Term
  • 3.5.1 A Triple Bottom Line: The Economics of Mutuality
  • 3.5.2 Additional Global Perspectives on the Purpose of the Firm
  • 3.6 Conclusion
  • References
  • Further Reading
  • 4 The Manager's Evolving Role
  • 4.1 Social Capital: Relationships Matter and Help Lower the Costs of Working Together
  • 4.1.1 Complexity Marks Relationships: Interwoven Feelings, Experiences, Thoughts, Personalities, and Environments Define Hu...
  • 4.1.2 Biology Offers Surprising Lessons in Group Behavior
  • 4.2 The General Building Blocks of Social Capital
  • 4.2.1 Trust
  • 4.2.2 Shared Objectives and Norms
  • 4.2.3 Reciprocity
  • 4.2.4 Expertise
  • 4.3 Transcending Self-Interest: The Binding Agent That Keeps Groups Together
  • 4.4 Why Social Capital Works in Today's Firms
  • 4.4.1 Nonmarket Mechanisms Need to be Leveraged
  • 4.5 Outcomes of Social Capital
  • 4.5.1 Historical Examples: Social Capital Has Always Been Necessary
  • 4.6 An Alternative to Agency Costs: The Role of Social Capital in Management
  • 4.6.1 Managers Drive Social Capital Through High-Exchange Relationships
  • 4.6.2 A Behavioral Shift for the 21st Century Manager
  • 4.6.2.1 Long Distance View
  • 4.7 Talent Management Framework
  • 4.8 Summary
  • References
  • Further Reading
  • 5 Connecting: Bridging Across Networks to Attract New Talent Under Shared Objectives
  • 5.1 Connecting Behaviors: A Behavioral Lens Needed
  • 5.2 Connecting Through Formal Mechanisms: Opportunities and Challenges
  • 5.2.1 Crafting Job Descriptions: Language Matters
  • 5.2.2 Screening Potential Candidates: The Hidden Influence of Implication Associations
  • 5.2.3 The Interview Process: The First 10 Seconds, Confirmation Bias and Affinity Bias
  • 5.3 Connecting Through Informal Mechanisms: Opportunities and Challenges
  • 5.4 Connecting With the Right People at the Right Time
  • 5.4.1 Limit Stress and Distractions When Making Talent Decisions
  • 5.4.2 Practice Reflective Thought
  • 5.4.3 Practice Strong Accountability to Others
  • 5.5 Bridging Through Shared Objectives to Create a Sense of Belonging and Meaning at Work
  • 5.5.1 Case Study Netflix: Recruiting Through Transparent Shared Culture Objectives
  • 5.6 Summary
  • References
  • Further Reading
  • 6 Coaching With and Toward the Development of Expertise
  • 6.1 Coaching: Shifting Expectations of the Role of Management in Talent Development
  • 6.1.1 The Manager as Coach
  • 6.1.1.1 Lead From a Growth Mindset
  • 6.1.1.2 Build Expertise
  • 6.1.1.3 Lend Time to Develop Others
  • 6.1.1.4 Listen and Ask Open-Ended Questions
  • 6.1.1.5 Provide Clarity and Frequent Feedback
  • 6.2 Goal-Setting: Leveraging Performance- and Learning-Oriented Goals
  • 6.2.1 The Challenges With Goals: Inattentional Blindness and Irrational Risk Preferences Can Lead to Myopic Decision-Making
  • 6.3 A Shift From Performance Management to Performance Development
  • 6.3.1 Lessons From the Field: Microsoft Reinvents Their Performance Management Systems to Focus on Supportive and Developme...
  • 6.3.2 Challenges in Performance Development: The Effects of the Halo and Recency Bias
  • 6.3.2.1 Halo (Horn) Effect
  • 6.3.2.2 Recency Bias
  • 6.3.3 Lessons From the Field: Overcoming Biases at GoDaddy
  • 6.4 Summary
  • References
  • Further Reading
  • 7 Empowering: Building Reciprocity and Trust
  • 7.1 The Realities of Power in the Workplace
  • 7.1.1 Controlling Management Behaviors Rely on an Imbalance of Power in the Workplace
  • 7.1.2 Power is Relational
  • 7.1.3 Five Forms of Power in Leadership Positions: Not All are Created Equally
  • 7.2 Empowering Employees for Competitive Advantage
  • 7.2.1 Behaviors Leaders Use to Empower Others
  • 7.3 Biases Emerge in the Perception of Power
  • 7.3.1 Inequity Social Aversion Bias: Power That Promotes Inequality Will Lead to Irrationality
  • 7.3.2 Power Paradox: Power Blind Managers From Displaying Reciprocity in the Workplace
  • 7.4 Summary
  • References
  • Further Reading
  • 8 Adapting: Building Trust During Change Management
  • 8.1 Managing Change: Moving Beyond Predictable Planning Activities
  • 8.2 The Complexities of Change
  • 8.2.1 Change is Emotional: Mitigating Feelings of Anxiety and Shame
  • 8.2.2 Change is Personal: Understanding How Change Upends Personal and Collective Identities
  • 8.2.3 Change is Social: Relationships Determine the Extent of Adapting
  • 8.3 The Need to Adapt: A Complex Interweave of the Person, Environment, and Relationships
  • 8.3.1 Defining Adaptation
  • 8.3.2 Adaption in Practice
  • 8.4 Barriers to Change: Inertia and Intergroup Biases
  • 8.4.1 Intergroup Bias: Forming an "Us" Rather Than "We" Narrative
  • 8.5 Adapting Continuous Learning: Best Practices for Establishing Trust
  • 8.6 Summary
  • References
  • Afterword
  • Creating Slack for Managers to Flourish in the New Paradigm
  • References
  • Index
  • Back Cover

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