Financial Incentives as Positive Reinforcement
Question
TOPIC: Financial Incentives as Postive Reinforcement
As we continue to search our world for topics that can be located in our Psychology text, we will use this link to submit our finding for this week.
Directions are attached for a good Current Event Summary.
The PSY 3010 Current Event Summary is designed to give the student an opportunity to explore recent events and relate them to the world of Business Psychology. Use internet sites or other media (newspaper, magazine, etc.) to find a fairly recent (past couple of years) event, study, or finding related to the world of Psychology that can be Applied in the work place. This assessment is to be your own work, so a summary of the article in your own words is expected. You may cite the article once in your summary - a one sentence quote would be acceptable. Proper use of the English language is expected to include grammar, punctuation and spelling. The summary is to be 250 words (or a little more). Provide the name and source of the article at the top of your page. Provide the name of the psychology topic this article relates to. Provide the chapter, page number, or section of our text where this psychological topic can be found. Feel free to give a brief personal observation, but the vast majority of the Current Event Summary should be facts that were stated in the article or other media. Be sure the content of the Current Event specifically relates to Psychology. Be sure the article directly discusses the topic that you list, and the topic can be located in our text. The article must specifically mention the topic and provide facts about the topic that you mention. The facts should be easily found in the world of Psychology.
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Solution
Financial Incentives as Positive Reinforcement
Changing Health Behaviors Using Financial Incentives: A Review from Behavioral Economics by Vlaev et al.
Incentives are crucial in enhancing the behaviors of employees in any business setting and are often utilized in both the public and private sectors. Recent research has indicated better behaviors among employees when incentives are used and at the same time discouraging unhealthy behaviors. Behavioral economics utilizes information from psychology and law and develops a psychological concept that explains people's behaviors. According to Vlaev et al. (2019), the individual's decision concerning incentives can be changed in different ways, such as payoffs. The result of such undertakings is a boom in the business when it is done correctly.
Incentives have been termed as the mysterious power that managers can employ in changing the behaviors of their employees for higher productivity. However, developing positive incentive strategies for employees in an organization is not an easy task. The reward and punishment for a behavior create a phenomenon called conditioning. Conditioning is a learning method in which people associate a given behavior with a consequence. Therefore, when employees are rewarded for a good behavior, they will tend to repeat the same behavior to get more rewards.
In the health sector, the impact of behavior on health outcomes has been considerable. Therefore, policies makers can utilize numerous tools to change such behaviors and ensure that better health outcomes are achieved. One such tool is the use of positive incentives. The use of incentives in healthcare to change behaviors has been informed by the fact that unhealthy behaviors create both social and economic costs. Therefore, behaviors need to be changed by changing the structures of economic incentives that individuals are subjected to. As such, policymakers worldwide have taken note of behavioral economics to enhance performance and reduce losses within an organization.
References
Vlaev, I., King, D., Darzi, A., & Dolan, P. (2019). Changing health behaviors using financial incentives: a review from behavioral economics. BMC public health, 19(1), 1-9.
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