video notes on exam :(

Question 1

video 1: ted talk - how diversity makes teams more innovative by rocio lorenzo

Answer 1

Moving up the ladder while diversity decreases

Fresher ideas with diverse teams
Competitive advantage

Conducted study: 171 European companies
Innovation revenue (quantitative) and dimensions of diversity (qualitative)
Innovation and diversity: Yes. Correlates.
Works both ways

Media reaction to studies:
Not that well.

Innovation revenue is key here

Question 2

video 2: steve jobs talk about managing people

Answer 2

Define what kind of company apple is

No committees

Like a start-up (biggest start up in the planet)

Team-aspect (teamwork and meetings)
Trust

As a CEO he meets with his teams directly and teams
People can tell him he’s wrong
Shows that his employees and him are all human and runs his company without a hierarchy

Question 3

video 3: ted talk - the psychology of your future self by dan gilbert

Answer 3

Why do we make decisions our future selves regret?

Power of time
Rate of change slows down as you age

Illusion: our history has come to an end
Balance of values shift
Vastly underestimate the amount of change they experience

One constant in our life is change
Important for OB: helps organizations and individuals predict career changes in the coming decades

Question 4

video 4: do valued employees make business more succesful?

Answer 4

answer: yes

ex: grocery store chain employees walked out when manager got laid off

best 100 companies stock outperformed s&p 500
family environment
whole foods example (discounts and meaning in work)

Question 5

video 5: how to improve your daily decision making

Answer 5

many biases in decision making process

top 4 biases and how to correct:

1. self serving bias: people score themselves in a better light than others and blame other factors when we fail
   - how to correct: have friends that keep you grounded
2. cognitive fluency: how easy an idea is to process so we trust stuff that is easier to understand
   - how to correct: question things that sound easy
3. sunk cost fallacy: feel like something is a waste of money based on your experience. aversion to loss makes us want to carry on
   - how to correct: focus on benefits and not previous losses
4. confirmation bias: only search for evidence that confirms your beliefs. framing of question is valuable.
   - how to correct: search for contradictory evidence

Question 6

video 6: ted talk - the puzzle of motivation by dan pink

Answer 6

MIT experiment: small, medium and large reward
Mechanical skills: bonus worked
Rudimentary cognitive skills: large reward led to bad performance
Take away: culture differences and wealth differences didn’t change this. High incentives led to poor performance when the task required more than mechanical skills (more creativity, no clear solution).

financial incentives have negative impact on performance so the answer is to improve autonomy