Understanding How Behavioral Economics Influences Incentive Program Design
Behavioral economics explains why identical reward values produce different results depending on how they are framed, timed, and presented. Loss aversion, mental accounting, and choice architecture are the three principles with the most measurable effect on incentive program participation. Incentive program design aligns organizational goals with actions. It involves setting objectives, defining the audience, choosing rewards, planning, communication, and constant evaluation. This process considers budget, laws, and culture. ….[READ]
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