Understanding and Shaping Client and Employee Behaviour

Behavioural economics is causing quite a buzz, but what is it all about? Popularly known as “nudging”, it is an effective way of influencing people’s behaviour without restricting freedom of choice. It’s also a way of explaining the psychological, emotional, cultural and social factors that affect the gut decisions and choices of individuals and why these are not always rational.

In business, behavioural economics can have a profound impact on product design and development, human resources and talent management, business development as well as negotiation and risk management.  

This course is suitable for all those who would like to learn how to work with the practical application of behavioural science in their everyday lives both professionally and personally.

LEARNING OUTCOMES

On completion, delegates have gained:

• An introduction to the latest theories and methodologies on behavioural economics
• The answer to what “nudging” is, what it can and has already been used for
• Confidence in how to apply "nudging" in practice
• An understanding of the subtle forces driving choices and how to become your organisation's “go-to” problem-solver

AVAILABLE COURSE MODULES

Introduction to behavioural economics:

• What is behavioural economics?
• Rationale for behavioural economics in business
• The MINDSPACE framework for influencing and persuasion 

Influencing styles and strategies:

• Stereotypes and cultural norms and barriers
• Persuasion versus enforcing (push versus pull)
• The Priming Factor 

Exploring emotional influences:

• Irrational versus rational thinking (System 1 & System 2 brain systems)
• Biases: unconscious, cognitive, confirmation & optimism
• Survival instinct and risk
• Loss aversion 

Taking advantage of market inefficiencies:

• The significance and impact of VUCA
• Arbitrage
• Anchoring strategy
• Planning fallacy