The Weekly Stripe – 13.11.20
Cognitive biases in the workplace affect not only the hiring practices and corporate culture of a business but also the pace of innovation and perceived value of products and services they provide. This is why, this week, we’re sharing five links that explain why you should learn more about cognitive biases and how they might impact your business.
The Dunning-Kruger effect is when someone lacks the sufficient competency to appropriately judge their own performance (and as a result overestimates themselves). The solution? Education!
The value of diversity and inclusion in the workplace is hopefully something we can all agree on. In aid of this, we ought to be aware of the affinity bias – the propensity to have more favourable opinions of people who are like us.
The Ikea effect – where the perceived value of something increases when people can provide input – can be leveraged by businesses to ensure greater loyalty from their customers and employees alike.
This one can be found from tech and IT companies to big Pharma: Not Invented Here Syndrome – the refusal to incorporate external innovation with the insistence to use only the home-grown. The NIH is a hangover from 20th century business practices, we must shed it to keep up with the pace of change.
Another quest for HR and business leadership: how to ensure the corporate culture supports people’s sense of self and mental wellbeing and thus mitigate the Imposter Syndrome prevalent in the workplace today.