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Better Performance Plans: Think Like An Economist (ACBPP11)

 
Date:Tuesday, January 23, 2018
Time:9:00 AM - 10:42AM
(Registration at 8:30 AM)
Facility:Webcast or Webinar, Online
CPE Credit:2.0 Technical Business
Instructor: Diane D. White
Vendor:ACPEN
Course Level:Intermediate
Early Bird Price:$79.00 FICPA Members, $109.00 Non-Members

Description:
Interested in learning how performance plans can lead to strong performance results? Curious as to why so many well-intended and scrupulously designed performance incentive systems disappoint or even backfire? This session explores how to use the fundamentals of behavioral economics to get better business performance results. Many businesses suffer adverse effects from compensation and incentive programs that should have worked for the benefit of all, but somehow didn't. However, if evaluated through the lens of behavioral economics, inconsistent and even damaging employee responses to apparently well-structured compensation incentive programs are not mysterious. Behavioral economics uses elements of economics and psychology to expand conventional organizational theory. It explains why real-life employee behavior sometimes doesn't make sense when viewed through traditional 'carrot and stick' management theories. This session introduces and applies concepts such as anchor points, the endowment effect, the status quo effect, the ultimatum game, and more to help financial professionals spot or prevent weak links in employee incentive programs.

Objectives:

  • Become acquainted with behavioral economics and how it relates to management finance and performance management

  • Learn why applying behavioral economics concepts can improve your organization's performance management discipline

  • Gain an appreciation of how apparently logical compensation incentive programs and metrics can lead to illogical and perverse results

  • Learn how behavioral economics can improve business performance



    Major Topics:

  • Behavioral Economic Techniques

  • Incentive Programs



    Who Should Attend:
    Corporate Financial Managers

    Prerequisite:
    None

    Advanced Preparation:
    None

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    Registration Status: OPEN