If you’re interested in behavioral economics, then you probably heard that Richard Thaler, one of the discipline’s founding fathers, was recently awarded the Nobel prize in economics. You might also be sold on how insights from behavioral science can make a big impact in your organization. You may even have piloted a couple of nudge-based interventions in your organization and are now asking yourself, “What’s next?”
Building Behavioral Science Capability in Your Company
A six-step plan for sharing insights.
December 04, 2017
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Summary.
Increasing numbers of companies are looking to build a behavioral science team — one that is located at the very center of their business and that the whole organization can benefit from. This makes sense, because the alternative is for behavioral insights to be tried out by individuals or specific departments, and their knowledge and capability are likely to vary. To build a behavioral capacity that can succeed, companies should get the vision and scope right; be honest about the resources it will need; consider the capability’s requirements; consider the sourcing model; find the right home for the group; and be clear about governance. By following these steps, companies can set up a behavioral unit whose insights can be applied throughout the company.