Behavioral economics and corporate training

The concept ofbehavioral economics in business became popular following the works of Richard Thaler, winner of the 2017 Nobel Prize in Economics. Located at the crossroads of economics and psychology, this approach is applied in various contexts in order to initiate a change in behavior without imposing constraints or sanctions. Fifty uses this approach on its training platform designed to support workers in a real increase in skills.

Behavioral economics: moving from theoretical principles to practice

Behavioral economics is an innovative approach, breaking with the traditional concept of rationalism. It postulates that individuals do not always make calculated economic decisions, but rather act intuitively based on “biases.”

These factors influence the will of each individual, and can be used to guide their decision without constraining them. For example, framing bias refers to the context in which a product or message is presented.

Thus, the quantity of food consumed depends in part on the size of the plate, because we tend to finish it. In the canteen, children prefer the most accessible food. It would then suffice to present the salad better to promote its consumption.

With the Nudge approach, thebehavioral economics in business consists in taking into account these biases to help implement these good resolutions. Employees gradually adopt the behavior they want without experiencing any particular constraints.

Behavioral economics applied to corporate training can thus be particularly interesting, as it integrates learners' psychology into the skills acquisition process. This makes it possible to limit or even eliminate behaviors that are resistant to change, since each training action is studied in such a way as to be adopted spontaneously.

Because of its effectiveness, this approach has been used by numerous decision makers and public authorities in various countries. In particular, it makes it possible to encourage users of public services to adopt a more responsible attitude without considering sanctions, in order to minimize maintenance or health expenses.

Fifty: application of behavioral economics to corporate training

The digital platform Fifty is presented as a Training Action In Work Situation (AFEST). Intended for corporate employees, it allows a real increase in skills and supports employees in a very concrete career development. The use ofbehavioral economics in business aims to develop both the technical and human skills of each person.

‍Fifty meets a need felt by many workers. The latter remain dissatisfied with in-company training, which is too theoretical. The Fifty platform combines the Nudge approach, behavioral economics and artificial intelligence to set up an effective journey.

The method consists of micro-actions to be performed on a daily basis. These recommendations are individualized by the AI in order to lead to a personalized journey. Fifty recommends the right action to be performed at the right time to optimize the effectiveness of the training and the entire process. The results are quantifiable, as each change is measured in real time at the personal and organizational level. In addition, behavioral change and the “spontaneous” acquisition of human skills take place over time, thus helping to advance the careers of participants.