Do your employees matter more to you than an old washing machine? Let’s dive into one of the most intriguing economic biases - the Sunk Cost Fallacy. Discover how this bias affects our decisions from household appliances to global business strategies, and learn how to turn it to our advantage by retaining valuable employees rather than letting them walk away.
In this video, we’ll explore the sunk cost fallacy in-depth and show you how to use this understanding to build a future-proof organization that attracts and retains Gen Z talent.
💡 Featured Topics:
▶️ Understanding the Sunk Cost Fallacy: Learn its impact on both personal and business decision-making.
▶️ The Real Cost of Employee Turnover: Explore tactics to minimize losses by optimally redeploying resources.
▶️ Retaining Gen Z: Innovative strategies to engage this key demographic, inspired by the latest research.
▶️ Avoiding Pitfalls: Practical tips to enhance engagement and commitment throughout your organization.
📈 Why Watch?
This video is a treasure trove of insights combining behavioral economics with actionable business management strategies:
▶️ Actionable Advice: Practical strategies to rethink your investments in technology and people.
▶️ In-depth Analysis: Psychological insights into poor investment choices and how to avoid them.
▶️ Maximizing ROI in HR: Strategies to attract, engage, and retain employees while cutting costs associated with high turnover.
⌚TIME STAMPS
0:00 Introduction
5:58 Cost of Employee Departures
7:37 Making Smarter Choices
8:29 What Matters Most to Gen Z
9:48 Creating Meaningful Work
12:51 Encouraging Career Advancement
18:14 Implementing Workplace Flexibility
21:50 Rethinking Compensation
24:59 Management's Role in Retention
26:13 Conclusion
💬 Join the Conversation!
👤 For Employees: What could your company do better? Are flexibility, meaningful work, and advancement enough?
🏢 For Employers: Where can you improve? Are financial targets overshadowing employee well-being? How does the sunk cost fallacy affect your decisions?
👍 Like this video and subscribe to our channel for more insights on business, productivity, and personal development. Let's reshape our workplaces together!
📺What else to watch
Challenging Lazy Metrics and Bad Priorities: • Why Lazy Metrics Ruin ...
📚What else to read
McKinsey Insights: Retaining Gen Z in Manufacturing
www.mckinsey.com/capabilities...
BIO
🧑💼 Who am I?
Hi, I’m Jared, a passionate explorer of human behavior and decision-making. I hold a Ph.D. in chemistry and spent over a decade as an R&D manager at a Fortune 500 company, but I consider myself less of a scientist, more of a gameshow host. Recently, I left my successful career, returning to school to pursue my MBA. I’m fascinated with why people-including myself-often make illogical choices. This curiosity sparked the creation of my KZitem channel, where I dive into topics like behavioral economics, productivity, and professional development. Combining my scientific training over four decades of living as a human, interacting with others and doing dumb things myself, I aim to share insights that help you optimize your life.
📞Where else to connect with me
🌎My website - www.jaredheymann.com
🔗LinkedIn - / jjheymann
🐦Twitter - / jjheymann
🤩 Patreon - / jaredheymann
📝For business and partnership inquiries, go to my website and contact me!
Some links this description are affiliate links that help financially support this channel. Thank you for your assistance! 😜
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