In the 1990s, economist Richard Thaler revealed the disruptive power of behavioral science, spawning a new field and gaining a Nobel prize. This new field seeks to explain consumers’ decision-making behaviors that don’t fit with standard economic theory. And, since the '90s, business experts across all industries have taken note.
With mounting evidence that behavioral science works, business leaders have set out to build behavioral science capabilities into their own workforces.
If you’re sold on how insights from behavioral science research can make a positive impact on your company, there are three things you should do before building a behavioral science function in your organization.
> Define their purpose. All the best strategies, plans, and policies start with a purpose. Understand why you want a behavioral science component and know what challenges you are hoping they will help you solve.
> Give them what they’ll need. Once you’ve identified your need, consider theirs. Providing your team with the proper projects, diverse skill sets, and the right resources will achieve an ROI quickly.
> Put them in the right place. Do they belong in HR or do they need a department all their own—Chief Behavioral Officer, anyone? Oftentimes their best fit is within an existing operational services or performance department.