Behavioral Economics for Leaders - Research Based Insights on Weird, Irrational, Wonderful Ways Humans

Every leader should know the surprising research and strange conclusions of behavioral economics--for fairness, teamwork and productivity
 
You and your colleagues don't always make rational decisions. Sometimes that's a problem that leaders must address, and and sometimes that can be a good thing--when employees put their colleagues interests ahead of their own. Dr. Matthias Sutter, a leading economist from Germany's world-renowned Max Planck Institute explains the latest surprising insights based on behavioral economics research. The book explains how people tick, how they react to incentives (monetary or non-monetary in nature) and what that means for working together--or against each other--at work.
 
Dr. Sutter summarizes new and classic behavorial science research that applies the everyday business world, so leaders can improve teams and organizations, the research-based way. Find out which factors are important for professional success, from career entry to senior management.
* Start your career on the right footing, advance quicker, and strategize how to meet your goals
* Understand what's holding your colleagues back from productivity and implement evidence-based changes
* Identify hidden biases in yourself and others to overcome inequalities and inefficiencies
* Become a better leader and decision-maker by learning to interpret people's actions
 
Individuals, organizations, and teams will benefit from the often-counterintuitive wisdom in this book. Based on the author's 20 years of research--plus the findings of the world's top behavioral economists--Behavioral Economics for Leaders can help you get your team and your organization where you want to lead it.

List of contents

Acknowledgments xi
 
Introduction: Why Do Smart People Behave Strangely? xiii
 
Part I Behavioral Economics for Your Career 1
 
1 The Taller You Are, The Higher Your Salary? 3
 
2 The Job Interview-- It's Tougher for Women 7
 
3 Working from Home Is Great-- But It May Hurt Your Career 11
 
4 Social Skills Are Worth More Now Than 10 Years Ago-- Much More 15
 
5 Fifty Percent of People Find a New Job Through Their Social Networks-- Weak Connections Matter More Than Strong Ones 19
 
6 When Finding a New Job, Rigidly Structuring Your Day Is a Power Move 23
 
7 Better "Zappa" Than "Adams"-- Why Coming Later Alphabetically Gives You an Unfair Advantage 27
 
8 Job Hunting and Patience 31
 
Part II Behavioral Economics for Hiring and Retaining Talent 35
 
9 Startups with a Larger Share of Women Last Longer 37
 
10 The Unintended Positive Side Effects of Employee Referral Programs 41
 
11 Managers Make Systematic Hiring Mistakes-- Machines Can Help 45
 
12 Why Employers Prefer Employees Who Don't Job Hop 49
 
13 Look for Candidates Who Demonstrate Patience and Long- Term Thinking 53
 
14 Unintended Negative Consequences of Salary Transparency 57
 
Part III Behavioral Economics for Managers: Teamwork, Motivation, and Productivity 61
 
15 Prejudiced Managers Hurt Employee Productivity-- More by Neglect and Lack of Engagement Than Active Discrimination 63
 
16 When It's Hot Outside, People Are More Risk Averse and Make Worse Decisions 67
 
17 Managers with Good People Management Skills Increase Employee Satisfaction and Reduce Turnover 71
 
18 Can You Trust Your Bankers? The Finance Industry Attracts Less- Trustworthy People 75
 
19 Peer Pressure Productivity: Employees Are Influenced by the Productivity of Others Around Them 79
 
20 Employees Who Don't Support the Company Mission Are 50% Less Productive Employees 83
 
21 The More Collaborative Your Team Members, the More Fish You Will Catch 87
 
22 Empowering Employees Saves Lives: The Co- Determination Bonus 91
 
23 Good Leaders Model the Behavior They Want to See in Others-- and Employees Imitate It 95
 
24 Selfish Leaders End Up with Selfish Followers 99
 
Part IV Behavioral Economic Research on Gender Differences and Unequal Pay: Women Are More Risk Averse (and Men Overestimate Themselves) 103
 
25 An Argument for Gender Quotas in Employment: They Can Help Attract Highly Qualified Women 105
 
26 The More Competitive Your Attitude, the Higher Your Lifetime Earnings 109
 
27 Willingness to Compete Starts by Early Childhood: The Pivotal Role of the Family 113
 
28 Cultural Conditioning Helps Explain Differing Male and Female Attitudes Toward Competition 117
 
29 A "Nudge" for Reducing the Male/Female Wage Gap 121
 
30 Women Leaders Earn More and Revenue per Employee Goes Up When Women Are on the Board 125
 
Part V the Economic Benefits of Fairness and Trust 129
 
31 Trust Is an Economic Asset; Lack of Trust Is Expensive 131
 
32 A Little Accountability Goes a Long Way: Trust Works Best When Monitoring Is Possible but Not Used 135
 
33 Why It's Important to Explain Difficult Employee Decisions: Treating One Employee Unfairly Hurts Everyone's Productivity 139
 
34 Communicating Good Intentions Gets You a Better Outcome 143
 
Part VI Salary and Bonuses 147
 
35 Paying People More Doesn't Mean They'll Make Better Decisions 149
 
36 Team Bonuses Motivate Employees to Work Harder-- and to Help Each Other More 153
 
37 Nobody Wants to Be Below Average; How Performance Bonuses Can Hurt Productivity and Job Satisfaction

About the author

MATTHIAS SUTTER is a behavioral economist. He has been the Director of the Max Planck Institute for Research on Collective Goods in Bonn since 2017. He is also Professor of Experimental Economic Research at the Universities of Cologne and Innsbruck.

Summary

Every leader should know the surprising research and strange conclusions of behavioral economics--for fairness, teamwork and productivity

You and your colleagues don't always make rational decisions. Sometimes that's a problem that leaders must address, and and sometimes that can be a good thing--when employees put their colleagues interests ahead of their own. Dr. Matthias Sutter, a leading economist from Germany's world-renowned Max Planck Institute explains the latest surprising insights based on behavioral economics research. The book explains how people tick, how they react to incentives (monetary or non-monetary in nature) and what that means for working together--or against each other--at work.

Dr. Sutter summarizes new and classic behavorial science research that applies the everyday business world, so leaders can improve teams and organizations, the research-based way. Find out which factors are important for professional success, from career entry to senior management.
* Start your career on the right footing, advance quicker, and strategize how to meet your goals
* Understand what's holding your colleagues back from productivity and implement evidence-based changes
* Identify hidden biases in yourself and others to overcome inequalities and inefficiencies
* Become a better leader and decision-maker by learning to interpret people's actions

Individuals, organizations, and teams will benefit from the often-counterintuitive wisdom in this book. Based on the author's 20 years of research--plus the findings of the world's top behavioral economists--Behavioral Economics for Leaders can help you get your team and your organization where you want to lead it.

Product details

• Authors: Sutter, M Sutter, Matthias Sutter
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 31.01.2023
• EAN: 9781119982975
• ISBN: 978-1-119-98297-5
• No. of pages: 256
• Subjects: Non-fiction book > Politics, society, business > Business administration, companies; Social sciences, law, business > Business > Business administration; Management, Business & management, Verhaltensökonomik, Wirtschaft u. Management, Spezialthemen Wirtschaft u. Management, Business & Management Special Topics