Bank Notes

Veterans are 22% more likely to be out of the labor force than comparable nonveterans, according to New York Fed research from May 2023. In this episode, experts working across the military-connected population speak to the reasons behind the participation gap, also debunking some of the most widely held misperceptions surrounding career paths within the military and the outcomes and experiences of military service. Additionally, they introduce listeners to educational and vocational opportunities unique to veterans and military families, and new research from the New York Fed points to developments from the past year. Information and resources from the episode can be found at nyfed.org/podcast.

In a high stakes environment where mistakes can be catastrophic, how can an organization plan for human error? When does shared expertise within a group prove most valuable, and when might it make more sense to foster cognitive diversity? Why do some after-action reviews successfully establish a consensus-driven vision forward, while others stir up feelings of shame, blame, and guilt? In this episode, Preston B. Cline, co-founder and Director of Research at the Mission Critical Team Institute, shares observations and best practices from working with teams in immersive, all-consuming environments where the margin for error is near zero.

Michael Hallsworth and Scott Young, behavioral science experts from The Behavioural Insights Team, delve into the intricacies of organizational frameworks. They highlight why examining operational processes is crucial for enhancing employee effectiveness. The duo offers insights on navigating decision-making biases and the importance of fostering a culture of curiosity and psychological safety. They also discuss strategies for reducing overconfidence bias and transforming organizational cultures in finance, emphasizing the blend of ethical behavior and empowerment for teams.

Cognitive psychologist Gary Klein discusses the PreMortem Method of Risk Assessment, exploring the challenges of integrating a culture of curiosity, the importance of building cultures of curiosity and learning in organizations, and the effectiveness of the shadow box method in improving decision-making skills.

How can organizations avoid reinforcing mistakes or bad behavior? Why is it crucial for upper management to understand the daily realities and social norms at a localized, team-by-team level? And how might removing the pressure surrounding results actually lead to better outcomes, including meaningful systemic improvements? In this episode, behavioral risk expert Wieke Scholten walks us through the ins-and-outs of turning negative events into positive opportunities for learning.

What can natural language processing tell management teams about the priorities of their employees? Do assumptions built over time more often lead to successful or unsuccessful outcomes? Does a speaker's choice of words carry more weight for their audience than the substance of what they're saying? Pointing to new developments in linguistics analysis and computational learning, professors Sameer Srivastava at UC Berkeley and Amir Goldberg at Stanford deliver some cutting-edge insights.

Alison Taylor, Executive Director of Ethical Systems at NYU, explores pressing questions about workplace culture. She discusses the unpredictable impact of remote work on organizational ethics and the often disappointing results of corporate responsibility initiatives. Taylor emphasizes fostering authenticity and inclusion and warns against imposing uniform values. She highlights the necessity of adapting to new workforce expectations, particularly from younger generations, to build a more engaged and motivated workforce.

How can co-workers adopting each other's perspective address complex organizational problems? What are the tangible benefits to establishing a psychologically safe environment in the workplace? And why might establishing trust be irrelevant when it comes to ensuring successful collaborations? In this episode, engineer-turned-strategy consultant Per Hugander shares how he's worked with corporate leaders to embrace so-called "soft skills" to garner solid results.

Mark Mortensen is an Associate Professor of Organizational Behavior at INSEAD. He studies collaboration, team dynamics, and communication, with a particular focus on remote and distributed work. In this episode of "Banking Culture Reform: Norms, Mindsets, and Decision-Making," Mark tells us what drew him from engineering to behavioral science, why we can't rely on rules to drive good decisions, and the critical importance of psychological safety in building strong cultures.

David Grosse is responsible for conduct risk, culture and behavior at HSBC Global Banking and Markets. A long-time banker, he became convinced that understanding human behavior was central to understanding what was happening at a bank, and went back to school to earn an MSc in Behavioral Science. In this episode of "Banking Culture Reform: Norms, Mindsets, and Decision-Making," David tells us about his own experiences with context and group behaviors – including at rugby and soccer matches.