In a recent paper, researchers from the Incentive Industry Foundation suggest how behavior economics can help explain why some incentives are more effective than others and how program planners can strategically apply these principles to their own companies.
The white paper “Using Behavioral Economics Insights in Incentives, Rewards, and Recognition: The Neuroscience,”describes the behavior economic principles that connect emotions to performance. The research states that the majority of human decision-making is emotional as opposed to rational. While we were initially skeptical about this last statement, a complete review of the research makes it very understandable and eye-opening.
A completely oversimplified recap of the research would be to say that it proposes four drivers that complement our biological drives and regulate virtually everything happening in the workplace. And when you combine a good understanding and how all forms of awards are likely to affect these drives you will be in a position to build reward systems that can change employee engagement.
This paper offers a concise guide to use applied behavioral economics in the recognition and reward industry, and will help you understand the reasons and motivations behind your employee’s actions and behaviors. By applying this guide to your everyday business life, we believe that you can make significant changes to your reward and recognition programs which will in turn make them more and more effective.
If you have an interest in making a change, a complete review of this paper will be very beneficial. We actually read it over a few times before concluding that this will go down as industry changing research if reward practitioners embrace the concepts and incorporate them into their programs.
For more information on Ultimate Choice Inc.’s products or services or other white papers please contact us at Ultimatechoiceinfo@cox.net
