Total Credits: 2 including 2 Economics - Technical
Interested in learning how performance plans can lead to strong performance results? Curious as to why so many well-intended and scrupulously designed performance incentive systems disappoint or even backfire? This session explores how to use the fundamentals of behavioral economics to get better business performance results. Many businesses suffer adverse effects from compensation and incentive programs that should have worked for the benefit of all, but somehow didn't. However, if evaluated through the lens of behavioral economics, inconsistent and even damaging employee responses to apparently well-structured compensation incentive programs are not mysterious. Behavioral economics uses elements of economics and psychology to expand conventional organizational theory. It explains why real-life employee behavior sometimes doesn't make sense when viewed through traditional 'carrot and stick' management theories. This session introduces and applies concepts such as anchor points, the endowment effect, the status quo effect, the ultimatum game, and more to help financial professionals spot or prevent weak links in employee incentive programs.
*Become acquainted with behavioral economics and how it relates to management finance and performance management
*Learn why applying behavioral economics concepts can improve your organization's performance management discipline
*Gain an appreciation of how apparently logical compensation incentive programs and metrics can lead to illogical and perverse results
*Learn how behavioral economics can improve business performance
*Behavioral Economic Techniques
|Better_Performance_Plans_Slides||Available after Purchase|
|Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (0.47 MB)||Available after Purchase|
Diane D. White, MBA, CPA, CMA, is a finance and accounting executive with 39 years of control and business leadership expertise in both large and small for-profit and non-profit corporations. She served several Fortune 50 corporations as Division Controller for 25 years before becoming a CFO for nonprofits and small businesses. Diane recently retired as CFO of Workforce Resource, a nationwide mortgage finance service provider. She and her husband Jim reside in Beaufort, SC where she enjoys volunteer work, teaching, consulting, writing, and a wide array of Lowcountry outdoor pleasures.
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Please wait ...