Behavioural economics techniques to promote positive action from employees
Behavioural economics sounds like something reserved for the scientists and mathematicians amongst us. But its proven techniques can help employers connect with employees no matter which industry they find themselves in.
So, what is behavioural economics?
The standard definition is the study of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals. It’s the theory behind how our brains work and how certain techniques influence how we make choices and interact with information.
It’s something that we can all relate to, and is impacting you already, whether you know it or not.
How will this benefit employers?
Engagement and wellbeing trends continue to dominate the headlines. Yet companies still struggle with employee engagement and encouraging employees to take positive action towards their physical, mental and financial wellbeing. This isn’t a result of a lack of trying, but difficulty relaying the right message, in the right way, to the right people.
Intensive research gives us a huge range of techniques that employers can use in their communication strategies, to drive positive action amongst employees and pension members.
The three-part series starts off next week with technique one – loss aversion, so stay tuned!