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IRF Releases Study on How Neuroscience of Behavioral Economics Affects Employee Engagement

Behavioral economics, say researchers, help explain why some incentives are more effective than others and show how executives can strategically apply these principles to their own businesses 
 
The Incentive Research Foundation (IRF) recently released a white paper and study, “Using Behavioral Economics Insights in Incentives, Rewards, and Recognition: The Neuroscience” that describes some of the unifying behavioral economic principles connecting emotions and employee performance. Behavioral economics, say researchers, help explain why some incentives are more effective than others and show how executives can strategically apply these principles to their own businesses. “Behavioral economics proves to be a more useful tool than traditional economics in helping employers understand what actually motivates employees, because it recognizes that the majority of human decision-making is emotional as opposed to rational. It integrates social, cognitive, and emotional factors to more fully explain human decision-making biases and challenges long-held traditional economics assumptions.” 
 
The report cites four “social drives” outlined by Harvard researchers Paul Lawrence and Nitin Nohria that complement people’s biologic drives and regulate virtually everything happening in the workplace, noting that “If we learn how to work in tandem with these productive drives, our companies will enjoy maximum productivity and our employees will experience maximum engagement in their work.” These drivers are: 
For more information, go to www.TheIRF.org

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