The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Siri Chilazi, a senior researcher at the Women and Public Policy Program at Harvard, co-authored the insightful book Make Work Fair. In their conversation, she shares strategies for advancing gender equality in the workplace. Siri highlights the impact of unconscious biases on hiring and offers tips for making job descriptions more inclusive. She discusses the importance of reframing career gaps in resumes and the role of timely diversity training. With actionable insights, she empowers individuals to contribute to a fairer work environment for everyone.

Dive into the world of inequity aversion and discover how perceptions of unfairness can significantly impact employee motivation and organizational culture. Explore the crucial differences between equity and equality in the workplace, and learn how cognitive biases influence decision-making. Engaging examples, like the capuchin monkey experiment, reveal the consequences of perceived unfairness. Gain practical strategies for fostering a fair work environment, highlighting transparency and open communication to boost productivity and morale.

Willie Pietersen, a seasoned author and professor at Columbia University, shares his expertise on the nuances of leadership versus management. He emphasizes that true leadership is about inspiring people, not just managing tasks. The conversation explores the three vital domains of leadership—personal, strategic, and interpersonal—and their interconnections. Willie highlights the importance of empathy, brand perception, and consumer trust in fostering loyalty. He also warns against the dangers of status quo bias using Kodak's decline as a cautionary tale, urging the need for innovation in leadership.

In this conversation, Scott Miller, Executive Vice President at Franklin Covey and author of Management Mess to Leadership Success, dives into the essence of leadership. He highlights the pivotal differences between managers and leaders, emphasizing the power of vulnerability. The discussion touches on cultivating an abundance mindset and the importance of being loyal to those who are absent. Scott also reveals practical strategies for setting wildly important goals and maintaining persistent communication to foster trust and engagement within teams.

Nilanjana (Buju) Dasgupta, a prominent social psychologist and director of the Institute of Diversity Sciences, shares powerful insights about implicit bias and its subtle effects on our actions. She uses the metaphor of 'wallpaper' to discuss how unseen cultural patterns influence beliefs and behaviors. The conversation highlights four types of implicit biases that shape workplace dynamics and emphasizes the role of storytelling in fostering inclusivity. Buju encourages actionable strategies for recognizing and changing these biases to create more equitable environments.

In this episode of The Brainy Business podcast, Melina Palmer delves into the intriguing concept of functional fixedness—the mental block that limits our ability to see alternative uses for familiar objects. Drawing on the popular saying, "when all you have is a hammer, everything looks like a nail," Melina illustrates how this phenomenon can hinder creativity and problem-solving in both personal and professional contexts. Through engaging anecdotes, including the famous Apollo 13 mission, she highlights the importance of reframing our thinking to unlock innovative solutions. Melina emphasizes that by stepping outside our established mindsets, we can discover new opportunities and enhance collaboration within teams. Listeners will gain valuable insights into how functional fixedness manifests in everyday life and learn practical strategies to overcome it. In this episode: Explore the concept of functional fixedness and its impact on decision-making. Learn how reframing problems can lead to innovative solutions. Discover the significance of divergent thinking and its role in creativity. Understand the consequences of being too narrowly focused in professional settings. Gain insights into practical exercises to enhance creative thinking in your work. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/492. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

Karen Eber, an award-winning author and CEO of Eber Leadership Group, dives into the transformative power of storytelling in business. She unpacks the common myths that storytelling has to be perfect, instead emphasizing the need for context and relatable characters. The conversation covers practical strategies to craft compelling narratives, highlighting the importance of tension and conflict. Listeners learn how to tailor stories to their audience and even use storytelling to make data more engaging, ultimately driving better business decisions.

Malcolm Brooks, a specialist at Olson Zaltman, focuses on using imagery and verbal metaphors to tap into unconscious emotions. He discusses how metaphors shape consumer perceptions and influence marketing strategies. The conversation highlights the Zaltman Metaphor Elicitation Technique (ZMET) and its role in enhancing brand loyalty. Case studies, including Tropicana's rebranding and Harvard's donation strategies, demonstrate how effective metaphors can redefine brand messaging. They emphasize understanding deep metaphors to connect authentically with target audiences.

In this engaging discussion, Rosalind Chow, an associate professor at Carnegie Mellon University specializing in organizational behavior, shares invaluable insights from her book, The Doors You Can Open. She differentiates between mentorship and sponsorship, highlighting how the latter creates more meaningful opportunities for career advancement. The conversation dives into the effects of social hierarchy on diversity and inclusion, the power of positive connections, and the critical role of deep listening. Real-world examples, like Kim Ng's journey, demonstrate the transformative potential of effective sponsorship.

In this engaging discussion, workplace expert Amy Gallo shares insights from her book, *Getting Along*. She highlights eight archetypes of difficult coworkers, offering clever strategies for managing personalities like pessimists and know-it-alls. The conversation underscores the importance of emotional intelligence and perspective-taking in improving workplace relationships. Amy also emphasizes the role of self-awareness in addressing the fundamental attribution error, which can transform how we interact with colleagues and enhance collaboration.