# Thought Leadership - Think | LBS

Data: 11-01-2025 21:36:41

## Lista de Vídeos

1. [How can business leaders prepare for what comes next? | LBS](https://www.youtube.com/watch?v=l3Gwh9begPg)
2. [Why should businesses look for a sense of purpose? | LBS](https://www.youtube.com/watch?v=iSnBGTPcV7s)
3. [Take a look inside the global economy | LBS](https://www.youtube.com/watch?v=WoAdoU6v0Fw)
4. [How do businesses succeed in an interconnected world?  | LBS](https://www.youtube.com/watch?v=EuiCQQMhxlc)
5. [How can businesses prepare for the challenge of climate change?  | LBS](https://www.youtube.com/watch?v=V6XpAb14lM4)
6. [Shaping the world we live in through responsible investing | LBS](https://www.youtube.com/watch?v=W0wWHyvyLR4)
7. [How can AI begin to improve productivity of a workforce? | LBS](https://www.youtube.com/watch?v=kylOFPpGkl0)
8. [Business and climate change: from argument to action | LBS](https://www.youtube.com/watch?v=XePSYT-FA5w)
9. [A view into what psychological literature says on debiasing judgements and decision making | LBS](https://www.youtube.com/watch?v=eXx8obhvrCs)
10. [How to communicate through a virtual working world | LBS](https://www.youtube.com/watch?v=4oY6vVUnKIk)
11. [Academic insights in striving for gender equality | LBS](https://www.youtube.com/watch?v=Ejn57hEdSOo)
12. [Sustainable Innovation will change the world](https://www.youtube.com/watch?v=R5FP5NDV5KI)
13. [think ahead: Ripple Effects - The Global Economic Impact of the US Election](https://www.youtube.com/watch?v=9870bYAiZfE)

## Transcrições

### How can business leaders prepare for what comes next? | LBS
URL: https://www.youtube.com/watch?v=l3Gwh9begPg

Idioma: en

how can you prepare for what comes next
amid last year's chaos business leaders
have been forced
to ask tough questions
[Music]
one of your key imperatives as a leader
is to keep your organization
innovating and that means putting money
into innovation
but it also means making sure that there
is a culture that supports
innovation so you shouldn't be thinking
so much about
how can i make sure every innovation is
a success
as how can i ensure that i have as many
people as possible trying out new things
in order to maximize the number of
different ideas
that are available and that means for
example becoming much more tolerant
of failure
so some of the data that we just got
recently is so surprising
we got in january 2021 the information
regarding how much amount of money
venture capitalists have raised
to invest in the coming year i mean we
were in
almost 15 billion in 2019 and this was
already a record year
but 2020 has been almost 20 billion
of new capital that is ready to be
invested this is
an opportunity for anyone that has an
idea or that has
started a business and need more capital
to grow
now in terms of narrating and navigating
to the future
purpose is going to be absolutely
crucial what is it
that your organization does it may be
that it's collaboration that's really
the focus of purpose
it could be you're desperate to innovate
that that's
really what your purpose is perhaps it's
about
focusing on customers and really helping
them get
value from the services or the products
you deliver whatever your purpose is
now is the moment to bring it to the
fore
[Music]
what the current crisis has shown is
that it is often
the human element that is the single
greatest variable
during a crisis and invariably the
hardest one to control
greater understanding needs to focus on
how
crises fundamentally change our
judgments
decisions and behavior many scenario
planning exercises
fail to account for the deep rooted
cognitive biases
they're designed to tackle a very common
one
is overconfidence
what is perhaps a silver lining of these
difficult times is
now when we talk to managers when we
talk to ceos
we realize that they also are aware of
this question of well-being both
individual
well-being and employee well-being
[Music]
[Applause]
here's some things i think you really
need to know to be successful
in 2021 so just remember first and
foremost the pandemic is not over
far from it we've already gone through
the first phase which is
the panic the threat people then are
very responsive
they want to help they really start to
work hard
but the more they do that it moves you
into the second phase which is just
exhaustion everybody's been working 24 7
right in order to pull it together and
get us through this and as we start to
see some potential relief
we're starting to see vaccination all
over the world now will come the angry
the angry at decisions that didn't
happen mistakes that were made
admit that perhaps you're not perfect
nobody is
and say and here's how you can channel
that angry
into something that makes sure we build
back better
or that we make sure it never happens
again
or that we're ready next time

---

### Why should businesses look for a sense of purpose? | LBS
URL: https://www.youtube.com/watch?v=iSnBGTPcV7s

Idioma: en

[Music]
a key challenge facing global business
is its responsibility towards wider
society so we as a society are facing
major challenges such as climate change
income inequality and automation but
many businesses focus narrowly on
short-term profit paying scant
attention to these wider societal issues
and this concern is a major force behind
populism in the world today people just
don't believe that the current system of
capitalism is working for ordinary
citizens so key challenges for
businesses to recognize their
responsibility to society but
importantly to also make sure they
remain profitable while addressing those
challenges businesses are not charities
and making profit is an important part
of a well-functioning
economy
businesses can prepare for this
challenge by having a clear sense of
what their purpose is so what is purpose
purpose is a business's reason for being
it's the role that plays in the world
and it's how it contributes to human
betterment so a purpose might be to make
medicines to transform human health or
to make toys that both educate and
entertain children now importantly a
purpose should not be to make profit
however making profit is a by-product
out of serving your purpose doing well
at making medicines or toys but it's not
just sufficient to come up with a nice
purpose statement it's important to put
it into practice so for a company you
need to think about what measures you're
going to have to gauge whether the
company is actually fulfilling its
purpose and to make sure that you use
this when making decisions and
evaluating employees that moves beyond
just short-term profits
[Music]
you

---

### Take a look inside the global economy | LBS
URL: https://www.youtube.com/watch?v=WoAdoU6v0Fw

Idioma: en

[Music]
people just don't believe that the
current system of capitalism is working
for ordinary citizens is the fact that
we now live in a very interconnected
world the problem in one part of the
globe affects everybody else is about
the health of planet Earth frankly it's
about in particular climate change
versus making the best of AI and
robotics the her is making the best of
an older workforce is aging in a better
way than in the past
we are rate are very low right now and
some governments are actually paid to
borrow you said are just looking at risk
in the narrow context of a single
company it's important to assess the
broader risk and they impact on the
company
I think businesses can prepare for these
challenges by having a clear sense of
what their purpose is
how will purpose infiltrate and permeate
through daily decisions and lete are you
doing something different from a company
which is purely focused on profit to
technology and longevity exporting the
to them that's what's going to be key
for productivity
[Music]
for the government it would be the right
time to invest in long term research and
development for the mental research also
applied research stay liquid cut your
leverage cut your currency exposure
hedge in so far as you can and don't
panic that could cause the next crisis
there's quite a few businesses that if
they can withstand a recession they are
actually a lean operation there are so
well equipped to face some of the
longer-term opportunities but of course
businesses must ensure they're ready to
deal with the risks in the rest of 2019
[Music]
you

---

### How do businesses succeed in an interconnected world?  | LBS
URL: https://www.youtube.com/watch?v=EuiCQQMhxlc

Idioma: en

[Music]
the key challenge facing the global
economy today is the fact that the world
is very interconnected and increasingly
so so this of course is an opportunity
that is also an immense challenge and
you know if we pick up probably the
number one problem which is climate
change we can see that you know what
happens in a certain region of the world
the for example desert apllication in
africa as a consequence of the climate
that has an influence on all kind of
other mechanisms for example refugees
refugees is a you know humanitarian
problem that is also an economic problem
and the challenge also for countries
which are more developed and of course
this impact that on economic social
political instability and so on will
require answers which are global in a
political system which unfortunately is
very fragmented
it's important that the financial
community understand in this contest is
to assess risk in a broader sense
instead of just looking at risk in the
narrow contest of a company of a single
company it's important to assess the
broader risk and they impact on the
company and of course climate going back
to my number one challenge it's
affecting a lot of different businesses
not only financial sectors of insurance
but all kind of different sectors and
you know this has to be taken in
consideration when assessing risk and of
course the other important thing is to
take seriously they issue of corporate
responsibility
[Music]

---

### How can businesses prepare for the challenge of climate change?  | LBS
URL: https://www.youtube.com/watch?v=V6XpAb14lM4

Idioma: en

[Music]
so I think one of the key challenges
facing the global economy right now is
about the health of planet Earth frankly
it's about in particular climate change
and I think it's a particularly
difficult challenge to tackle because it
requires most citizens it requires a
civil society to actually know about the
scientific fact and also to for decision
makers it would require to rely on
experts to solve a challenge but also a
particularly difficult challenge because
it requires some cooperation among the
key players of the global economy and
that's something particularly difficult
to get right now because we have a whole
host of populist politicians and when we
think about the long-term health of a
planet there's likely to be a lot of
short-term cost but a lot of long-term
gain in particular survival I think
everybody has to prepare for the
challenge of climate change and to help
with the health of the planet in general
but in terms of the business and finance
community I think what the finance
community can do in particular long-term
asset managers is what we should be
thinking very seriously about investing
in decarbonized indices in terms of a
business and in particular large
companies I think they really have to
think hard about their carbon footprint
and I think we should push for
regulatory norms in accounting that
would be more Green accounting that
would account for the carbon footprint
of themselves of their suppliers and it
should not be window dressing we should
be thinking very hard about that I think
that the government's should right now
invest a lot in fundamental research in
technological progress aiming really at
improving the health of a planet
we are in an environment with very low
real rate some governments are paid to
borrow it's a right time to invest in
research and in infrastructure for
energy transition for transportation
[Music]
you
[Music]

---

### Shaping the world we live in through responsible investing | LBS
URL: https://www.youtube.com/watch?v=W0wWHyvyLR4

Idioma: en

[Music]
[Applause]
[Music]
what do you thing is the role of the
finance community of investors more
broadly into this transition you want to
call it that way towards a more
sustainable or a more responsible
economy what's their role the investment
community controls the wealth of the
world that is a reality 80 trillion
it's the wealth of the world and that
which does not control directly in terms
of for the shares or capital in terms of
lending bonds it actually controls
indirectly owns the shares of the
companies that generate the loads that
goes to companies so the investment
community controls the capital of the
world in other words we have it in our
hands to shape the kind of world we want
to live in and what do you want we want
a world that is better that we can live
in better now when we talk about
responsible investing what are we
talking about we're talking about
investing in such a way that is
sustainable over the long term because
my point is that irresponsible investing
is bad financial investing because it's
good in the short term but in the long
term it creates problems both financial
problems non sustainable businesses and
societal problems which takes away your
licence to operate and therefore in a
long-winded way of saying the investment
community is crucial it holds his hands
the tools with which we can shape the
future of our society and we have a
choice we can do it in the right way
which is beneficial for all of us in the
long term that's responsible investing
more socially equal if you like with
better purpose so all we can decide
simply to behave as if we're in a casino
which I would argue is a stupid thing to
do yeah so we feel that entire community
though I think we see a wide diversity
of approaches towards this idea of
responsibility and as you said you know
you can imagine those that are green
washing and putting a label just for the
marketing aspect of it all the way to
investors that truly integrate the SG in
what they do or the quality is G at
least so what is unique about what
you're mez does in this in this play so
Hermes is unique because of its history
so it's nothing to do with me and its
composition in terms of its history I
think there are two things that it
decided very early on one
because it was the money of the
pensioners who worked in the bt pension
scheme and because there was an equal
representation of the workers on the
board it wanted not only to make money
with its investments but to do good that
integrated the idea that doing good
ESG actually is part of what we do by
2007 one of my predecessors came up with
idea let's measure if that detracted
value or added value it turns up
actually it added value financially the
second thing that happened is because we
were one of the first to have an index
fund ever in-house in 1985 we discovered
that actually owning shares is about
stewardship it's about owning
responsibility for the shares and
therefore we integrated it so we
integrated in what we do now other
people as you rightly say have now taken
this up which is good even if it's green
washing it's good because eventually
it'll become the real thing but there's
still something unique about Hermes and
this is what's unique when you come to
Jordan Hermes you sign a pledge it's not
a Hermes pledge it's a personal pledge
it says some of the things that you'd
expect but actually people in finance do
not sign I will act ethically I'll put
the interest of my client before the
interest of my business I will work for
the environment
I will help society around me and we pay
half of our bonuses for people being
nice meaning actually adhering to the
pledge and over time what that has done
is we've created essentially a community
which remember asset management and
investment is a harsh community where
people tend to rub against each other
the wrong way but a very collegiate one
where people are cooperative where they
do produce and where the performance is
outstanding and where they feel they
have value and purpose and it turns out
that's exactly what the clients want and
so we've grown our business
exponentially it turns up being good
it's just good business I think you
bring up a fascinating topic because I
think this idea of incentivizing people
is quite intriguing so you you do this
as a as a company and we can see a range
of companies that now introduce
non-financial objectives into their
bonuses into the remuneration and so on
which takes us of course to the broader
issue I think of governance right and
the
they're all of investors into the
governance of companies so I wanted to
ask you another question which is about
you know there's a lot of discussion of
whether investors should engage with
companies and therefore you know enable
them to vae themselves become stewards
of the environment for instance or they
should just you know a step back divest
especially when we talk about seam
industries or contested industries so do
you have any views about these this idea
of divestment versus engagement what is
the purpose of what we're trying to do I
would like for example for coal
companies eventually to shut down
operations and hand stopping spot stop
investing in Hamburg the money to
investors now how can I achieve that if
I simply divest because so much of the
world now is essentially in index funds
I'm not doing anything if I campaign to
make people not want to use school I can
influence the regulator that's possible
if I campaign with the companies and
convince them to give me back the money
rather than invested that's helping the
final objective so I don't believe in
divestment precisely because I believe I
won the end objective I want to stop the
warming of the planet I don't want some
companies to produce sinful stuff and
the only way I can do it is if I engage
with them right I wonder though in your
experience in your multi your experience
in this in this in the investment
community what is the the type of
changing mindsets that you have seen or
shifting mindsets perhaps because some
would say oh we need to make ESG
mainstream and others would say well
actually it's the mainstream that needs
to go is gee how could you possibly
invest without accounting for this
factor so it's it so the approach would
be the other way around so what in your
chain is what's the sort of the shift in
the mindset and and and the attitudes we
have seen it's been fascinating and
let's separate slightly the Europe from
the US and I'll come back to this
because this is an important one um six
years ago when we talk about Herrmann's
because we integrate is you not we do in
armies the the Financial Times ran an
article about me which very kindly
called me hippy now I'd like to have
been happy but I'm six years too young
so I missed it now the point that we're
trying to make is we were out there
right today when I go to the investment
association with all the great and the
good of the sea in iOS and CEOs of the
company all of them in London they all
of them believe in ESG all of them right
now why because there's a demand do I
really believe they integrate it no do
they say that they they integrated yes
they do what are they doing they're just
ticking boxes but it's okay
it's like greenwashing right once you
start the journey you'll continue on it
and the reason is that society is
demanding it so there is a societal
shift that you can see this in the
change in regulations in Europe in China
for example it happened because
President Xi in 2017 in a conference in
Shanghai in the summer said that finance
should do more than just make money it
should provide service to society that's
a shift the United States remains the
outlier because of the particular
definition of fiduciary duty which is
just to make money
the Milton Friedman concept and we are
all doing in the United States that yes
but the only way to do that is to
integrate history so ultimately you end
up at the same space and as managers
want to go there because the clients
want to go there it's interesting
because a lot of the people usually they
pose a trade-off between ESG and
financial performance and that you know
companies that integrate ESG they're not
actually profit maximizers but actually
if what I hear you say is well we all
agree on the objective the the question
is the way to get there right so it's
the question of whether an exclusive
sort of shareholder focus will get you
there versus a broader perhaps
stakeholder focus and and I'm glad you
mentioned this idea of the fiduciary
duty because I also wanted to ask you
that what are some of the institutions
whether we talk about regulations or
governments and so on what are some of
the institutions are the factors that
you think enable up investors to do that
to integrate really into Gradius tree
but also what are some of the factors
that we need to address that perhaps put
obstacles in the way that perhaps other
investors going to do but they just
can't or they think they can't so one of
one of the obstacles in Europe until
recently in the passing of the new year
law was that investors believed if there
were trustees that they couldn't take
ESG into account unless those specific
classes to do so typically by somebody
very wealthy that has been removed so
that then opens the debate between
people like us and others perhaps but
the dwindling and people like us say
well actually to get my
swimmer returns you've got integrity sg2
ask that the discussion is about time
horizon it's about time horizon if you
are truly an investor over a ten year
time horizon five to ten years there is
no other way but integrate it if your
time horizon is 20 years which is a
typical time for investing for a pension
scheme you have to take the
environmental concern because that's
essentially a fat tail risk and societal
disruption that's fat tail risk as well
and social license so we I can't see how
you cannot integrate it the other
obstacle is teaching a new generation of
business people that actually business
skills are not just the skills of the
balance sheet that's important I love my
P&L and I understand it intimately but
actually that's secondary it's
understanding the people you work with
it's understanding the people you serve
because at the end of the day businesses
all businesses serve their customers
just like all CEOs serve the people who
work in the company all companies serve
the customers and by serving the
customers that create the wealth that
serves the shareholders that's the link
it's about service and about being
responsible to each other so the skills
that the new generation has to learn I
think is the importance of people
because ultimately this is all about
homo sapiens sapiens right and our
interaction and that then allows you to
invest responsibly and by investing
responsibly
in fact your response is investing for
the long term and it turns out that's
how you maximize your return so I'm not
disagreeing with Milton Friedman yeah
I'm just disagreeing with his
methodology and say calling into
question and saying the right way of
doing it is actually to integrate
society and I think like you mentioned
the the skill set that's needed going
forward so I was wondering if you were
to you know speak to people that are in
business schools today that are students
today they're doing their MBA or their
masters in finance or any other degree
today and they they want through their
own careers to have a positive impact
whether it's through finance were also
more broadly what are some of your key
pieces of advice so the first thing I
said that they've chosen right career to
impact because finance does shape the
world that is the reality the second
thing I think I say is bring yourself to
work whatever business you do whether
you join a business or create your own
business bring yourself to work
don't leave your morality your values at
home your workplace should reflect your
values and don't join a firm in which
you cannot fully live your values you're
saying about just right and wrong I'm
saying as a person as a mother as a
father as a sister as a husband as a
wife as a partner all of these are your
values why you're more productive that
way and the third one is understand
businesses do not exist in vacuums
businesses exist in society your client
base is society your colleagues our
society your stakeholders why do our
society learn to understand society the
best businesses are those that integrate
in society have survived for a long time
the shortest living businesses are those
that live in a vacuum that's the reality
wonderful so thank you very much for a
great insights and for this interview
thank you so thank you for having me
thank you it's a pleasure thank you
thank you
you

---

### How can AI begin to improve productivity of a workforce? | LBS
URL: https://www.youtube.com/watch?v=kylOFPpGkl0

Transcrição não disponível

---

### Business and climate change: from argument to action | LBS
URL: https://www.youtube.com/watch?v=XePSYT-FA5w

Idioma: en

[Music]
[Applause]
[Music]
Emma welcome I would like to start our
conversation talking about board of
directors we know from some surveys that
a majority of corporate boards do not
actually discuss yet climate change do
not really engage with this whole idea
of how am I going to translate climate
change into business models into the
company's operations so what do you
think is the right approach for boards
what are their right questions about
climate change that boards should be
asking in order to engage really engage
with this issue I find it surprising
particularly given the the report that
was published last October by the IPCC
the Intergovernmental Panel on Climate
Change that boards are still not
discussing this issue this is several
years after the Paris agreement which
set a trajectory for meeting lower
carbon targets and at a time where we're
seeing this agenda rise up the the
things that investors are now discussing
and I think for every company they need
to approach it in the way that is
relevant to their business but really
understanding how their business
functions not just in the local
community the country its operating in
the world its operating in through its
what it is doing but through its supply
chain so it's very difficult to come up
with one specific question but I think
any board member needs to be asking how
best to address climate change as an
issue and an opportunity for a business
so you personally have experience not
only now in government but also an
entire career in the financial services
sector so picking up on that what is it
that perhaps the government or perhaps
the financial sector or a combination
thereof can do to sort of enable these
board members to ask the right questions
for their particular context we know
there are attempts at materiality of ESG
issues for instance across industries
and so on I think one of the issues that
has really gained momentum over the last
year
also is the Task Force on climate
related disclosure interestingly this
came back from powers that were given to
the environment secretary in the Climate
Change Act which gave him the powers to
all Hertz the powers to ask different
bodies how they were approaching and
responding to the issue of climate
change when the governor of the Bank of
England received a request to report
around this it led him to think about
responses for the financial sector and
ultimately to this task force but it's
still what the task force on climate
related disclosure is doing is talking
about disclosure what we are so needing
to take place is a movement from
disclosure to action and again there are
just many many ways that individual
companies can respond as the Environment
Agency we are responsible for
environmental regulation in England we
also have responsibility for flood and
coastal Risk Management and one of the
things that we are very keen that
businesses understand is their
responsibility to think about the
physical risks of climate change and
whether their businesses should be
looking at how they are best protected
from whether it's flooding or droughts
heat waves etc so I I think one of the
challenges we face is this is so
multifaceted we have to develop a very
simple language and set of metrics so
that we can really understand the action
that is required the language of risk is
particularly important I think because
that may actually propel companies to do
what you mentioned move from the
transparency disclosure sort of argument
or actual action and I will assume that
in some circumstances dealing with those
risk is about investments right
investments in the transition investment
into adaptation perhaps to climate
change so when you think about let's say
the overall level of investment that you
observe as an Environment Agency are we
making progress there do you see
companies making those investments
well investment takes place in many many
different forms if we're thinking about
investment in infrastructure in
I look at the current spending review
for this spending period for this
government our budget on flood related
infrastructure is a relatively small
fraction of the overall strands of
spending in infrastructure whether it is
public or privately financed for all of
that infrastructure we need to be
thinking not in separate buckets about
is it relevant for the low-carbon
economy we also needs to be thinking
about resilience we need to be
integrating our thinking as to how to
make sure that any investment we're
making is fit for the future both from
the low-carbon world we're hoping to get
to but also resilient to those physical
risks flooding heat waves things I've
already talked about that are coming our
way so that those investments don't
become stranded in the future it's
interesting because I would assume that
for that integration to happen right for
decision-makers to see these issues as
essentially two sides of the same coin
right you cannot make infrastructure
investments without accounting with this
for these issues it is it requires a
mind frame change we requires a lot of
change in the way we look at this
investments in way we think about these
investments and perhaps requires a a
change in the time scale that we think
about this investment is right we often
associate things like environmental
issues and climate change as long term
although obviously the effects are
already in the short-term so in your
experience what are some of the reasons
that may accelerate the change of those
mind frames but also what are some of
the impediments I think one of the
issues has been about time frames a lot
of people are still thinking that
climate change is something that is
happening in the future as opposed to
happening now I think that the the
language around fiduciary duty hasn't
necessarily helped aisle and the chair
of the investment committee for the
environment agencies pension fund and we
have been looking at our portfolio
through an environmental sustainable
she lands and climate change lends for
over ten years we're delivering strong
performance as well as it being a fully
funded pension fund so I feel very
strongly that as a trustee of a pension
fund I'm able to say that the
performance we have brought to the
pension fund is because we're looking
through this long-term lens and
environmental sustainability lens and
indeed I would be in breach of my
fiduciary duty if I wasn't taking these
things into account so those are just
two of the areas I was part of the UK
government's Green Finance task force
and the UK government is due to publish
a green finance strategy later this year
I think one of the things that came
through that piece of work
facing both into the business department
and into the Treasury with the
complexity of the financial system and
you need so many parts of the system to
change to fundamentally make sure that
people are looking at climate change as
a as an investment issue there's a
perception out there right that there's
a lot of stick in other words we're
pushing and pushing companies to go to
as low carbon to become more responsible
and so on and that's all good and fine
because we need right we're running out
of time but there's this other school of
thought that would say look in the past
companies especially large companies
iconic companies have failed in Polaroid
never became digital and he had to shut
down for instance so much smaller
changes have caused essentially
corporate deaths a transition to
low-carbon economy it's a much bigger
challenge right and there's those who
say that if we only push instead of pool
in other words if we go with regulation
taxes and so on which is what I would
call institutions of push then we're
going to get a lot of failure along the
way and we cannot afford to because
we're running out of time we sort of
need these companies to implement change
to avoid catastrophic climate change so
the question there is in addition to the
stick you know in other words in
addition to the taxes and the
regulations and so on what's missing in
terms of institutions of pool in other
words institutions
help enable companies to transition
without a threat but more about more
about help in change management I do you
think the balance has to be got right I
think we want to be working with the
responsible end of the industry to
encourage that change I think there's
things that we can be doing through
procurement there are some wonderful
initiatives that are about the business
community going a hundred percent
towards renewable energy making sure
that their fleet is electric vehicle and
putting out those commitments and saying
you know setting a timetable I think I
think deadlines are incredibly important
to drive change
but say by this time as a business we
want to achieve this and hopefully we'll
get there even quicker is another
fundamental way of really illustrating
that that is where we need to go and can
get there whilst delivering prosperity
as well that's what we need is still
prosperous communities and countries to
make sure that we we thrive as a society
what do you think is the the key skill
set this key qualifications if you like
that a business student today would need
to acquire you have a positive impact a
positive environmental and social impact
through the way they do business through
the way they they work for government or
run organizations so this is going to be
key to any students rest of their career
this is something that we're all going
to be working on for the rest of our
lives I think collaboration and
partnership is absolutely key and
unusual ones and I think that is where
we'll get those solutions co-creating
the world that we need to live in is
about you know going thinking outside of
the box and just being prepared to join
up those dots and I think that is a
skill set that you can learn
particularly if you're in business
school but at any stage of your
university career to really make sure
that you're looking at
all of the different disciplines and
understanding them enough not so that
you're an expert but you so that you
know who to go to and which set other
sectors to go to for those solutions I
think it's important in your career to
work in both the private public and
third sector so that you understand the
different ways that they're operating
and understand how to take the very best
of each of those sectors to make sure
that we're coming up with good solutions
in business you mentioned unusual
collaborations did you have any any
example of a collaboration that you
would call a bit unusual or
out-of-the-box thinking in terms of how
how this is done yeah I I have seen some
businesses work on projects with some of
their biggest critics from the
environmental movement now some NGOs
will not be prepared to do that but for
others sharing that passion to come up
with a solution if the business is
really about reinventing itself can
deliver a very very strong partnership
but also understanding that you as an
organization don't necessarily have all
the skills that you require I can think
of one investment product that our
pension fund invests in which is a
collaboration between an NGO a fund
manager and a property developer those
thoughts of skill mixes will be that
will provide the solutions and the
performance that we need in the future
it's interesting that you mentioned the
NGO space because now we see a number of
active and activist organizations
literally buying shares in companies so
as to at least have a seat at the table
at shareholder meetings absolutely
there's a lot going on and I think we
all as leaders need to be thinking about
what can I do today to make a difference
and to often I think individuals are not
making the most of their role as an
investor even if it's at a personal
level to ask some of the questions that
need to be heard my boards of companies
it's interesting right because that
information almost doesn't cascade I
don't know how many people
of general public perhaps including
myself would know and tell you precisely
how my pension fund is being invested to
what extent is it is G what are the
scores of the funds that I invest in I
wanted your views on one one more thing
there is a debate out there on this
whole idea of whether shareholder
activism in the in the in the sense of
engagement as opposed to divestment may
potentially be more impactful in terms
of actually changing corporate behavior
towards ESG issues some would say the
divestment is basically abandoning the
fight some would say that actually the
investment may D legitimize some of
these industries so in the long run it
might be a good thing and vice-versa for
engagement do you have any views perhaps
on divestment versus engagement so I
think the whole divestment movement has
been extraordinary for putting climate
change on the agenda and I think what
it's meant that if you as an investor
have chosen to engage on this issue it's
up to what you need to do and be able to
demonstrate to your beneficiaries that
you really are engaging on the climate
change agenda so the environment agency
pension fund alongside other investors
including the church churches national
investment bodies set up something
called the transition pathway initiative
we knew that if we were going to
persuade our beneficiaries that we are
making the right choice by continuing to
hold high carbon companies albeit in
many instances underweight
we had to demonstrate that when we said
we were engaging we really were engaging
and the transition pathway initiative is
one tool it's now supported by something
like 12 trillion dollars of assets under
management very quickly over a period of
about two and a half years it's growing
from a couple of small institutions to a
much more global initiative but I think
you still need to understand at what
point you will say I can no longer hold
this company within my portfolio because
it is at risk because it is not moving
transitioning
in time to meet with the Paris
agreements and I think that is something
that you have to mean it if you are
going to engage and decide at which
point you say we're not making a
difference we need to make an investment
choice on behalf of our our
beneficiaries so in a lonely a binary
choice but there is more dynamic and
progress concerns that want to take into
account before making that decision of
where do you stop the engagement because
perhaps it's not as effective as it
could have been absolutely absolutely I
think that leads this needs to remain a
very live discussion and to your point
of individuals not understanding where
their pension fund is invested I think
we've clouded the language of investment
in terms that rendered it really
impossible to understand what you're
invested in we say you're invested in a
growth global equity fund as opposed to
you're invested in global companies and
this is what we're doing so again I
think therein in encouraging individuals
to understand more about their
investments we need to simplify some of
the language I think this speaks to the
broader issue of these artificial silos
right so understanding they're all of of
each individual person not only as a
consumer buys us as an investor and as
an employee as an as a member of the
community or a broader community is also
quite quite important absolutely but I
think I come back to every time you can
get overwhelmed by the complexity of a
situation and why we're not seeing
progress to thinking about you know what
can I do in my current roles to make a
difference and then start concentrating
on that and as all taking responsibility
for the roles that we play and our
involvement in either delivering change
or not wonderful so thank you so much
Emma for this very insightful discussion
thank you very much
you

---

### A view into what psychological literature says on debiasing judgements and decision making | LBS
URL: https://www.youtube.com/watch?v=eXx8obhvrCs

Idioma: en

good morning so what I'm going to talk
about this morning for about 20 minutes
is is a short and really idiosyncratic
summary of of the efforts that
psychologists have made in attempting to
D bias individuals so I was just sitting
outside when when the last question -
Nick was about D biasing and and the
possibility that human beings are going
to to operate in a in a slightly less
biased fashion than than they have in
the past and so that's that's something
that that I'm going to be addressing and
just tell you what the state of the
literature is about that eventualities
so let me just begin by by saying by
noting that the literature on biases is
his large okay it's it's it's huge you
can just go and you can open up any kind
of a web page and type in into Google a
behavioral biases and you'll probably
get hundreds of them and maybe even
there is a bias that's that people are
just discovering as we're speaking so
this is what psychologists do the
literature on D biasing on the other
hand is is is fairly small you know it's
so you have like the literature on
biases you have the literature or D
biasing and it's very small there are
many reasons for it the first quite
frankly it's it's more fun discovering
biases than attempting to to D bias
people you know so and psychologists
like having fun so that's that's part
and parcel of the way that the the field
has progressed but more seriously in the
last about thirty odd years there has
been there has been an assumption which
began with the early kind of efforts at
D biasing where people looked at at many
kind of like ways of D biasing and
concluded that D biasing was really hard
was really difficult and was context
specific and bias specific so what do I
mean by that there are many many biases
as I noted and
if any kind of a fix for a bias was only
a fix for that bias and not for anything
else you can imagine the cost of
attempting to train people out of all of
the different biases that are out there
which is why I like you know at some
point in time people said okay let's not
focus too much on the D biasing itself
okay so that's part of like the serious
kind of a response for what what's
taking place there
so in today's talk I'm just going to
give you a short history of these D
biasing kind of efforts and I'm also
going to like come to two to modern
approaches that are a little bit more
promising than what what had happened in
the past okay so so let me begin by just
putting down a few kind of assumptions
here okay a few kind of notes here the
field if you're thinking if you just
look at the field off of D biasing it
broadly constructed there are four
different aspects to it okay and I'm
speaking as as someone who's surveying
the psychological literature on it okay
so this is and a lot of the
psychological literature literature is
in the field of of medical decision
making and D biasing doctors and D
biasing patients so a lot of the
literature is there much less so in in
the in the financial space so broadly
speaking there are four different ways
in which we can think about and we can
construct our D biasing the first is is
this notion of incentives
okay so broadly constructed so I've
added the note of accountability there
because incentives are not we're not
just talking about monetary incentives
but we're also talking about people
managers leaders policymakers and so on
who are accountable for the different
kind of decisions that they're making
and for the judgments that they're
making and there was a notion that if
you incentivize people appropriately and
if you hold them accountable for
processes and outcomes then maybe that's
one way in which we can devise them and
we can get decisions which we Ted which
tend to be a little closer to the
normative event benchmark a second kind
of a way in which people were thinking
about it is
training and education and we look at it
and for those of us who are in education
the punch line really is that that
education is not that helpful in D
biasing okay so so it's it's it's
sobering for those was for in this field
and then we look at at the two new
approaches one which is much much more
famous you know so this is there was a
book which which came out which captured
a lot of what was going on the book is
nudge and you probably have read the
book you've read books related to nudge
which was choice architecture so we take
Pisces as a given and how do we design
systems and how do we design like you
know decision kind of tasks so that we
work with the biased individual and we
try to move them towards making the
right decisions despite some kind of
cognitive deficits and the final one
which which which doesn't get a lot of
attention but I hope it does is what
what we will refer to and we call the
frugal heuristics kind of an approach I
talk about each one of them in in turn
but I'll also map them onto something
which which is is useful a framework
which was developed in the early 1990s
and said that that it's not very helpful
for us to think about the 175 different
biases and attempt to like map them on
to particular training regimes or
particular kind of de biasing regimes so
let's think about what the underlying
psychological causes of like a class of
biases are and there are three kind of
like you know classes that that are out
there so what I'm going to do is I'm
just going to look at I'm going to map
on each one of those for D biasing
tactics that we're talking about or the
for D biasing like techniques that we
taught that that I want to talk about on
to these three different categories off
or the psychological kind of reasons why
we have these biases and tell you what
the impelling empirical literature is
going to say as I noted the literature
itself is not vast okay so when I'm
saying that I'm giving you a summary and
I am giving you a short summary but I'm
giving you a short summary of a fairly
short literature okay so this is
this this is the reality of this
literature so so let's just get some
definitions out of the way okay and I'll
try to be as as joggin free as possible
okay so I put some jargon up there but
I'll try to be as jargon free as
possible so the the there was an
influential review paper that was
written in 1991 which put put together
and said let's try to like you know look
at what the psychological causes of a
whole bunch of like the biases are and I
think it's fairly accurate despite the
fact that you know so take a bias that
Nick was talking about take bias which
we refer to as overconfidence there are
multiple determinants to overconfidence
but the most important or the one that
we would think about and we'd say of the
different kind of determinants of an
overconfidence bias we will refer to and
we will say that Association based
errors you know so classifying them as
Association based errors which is some
kind of problems in the way that that
memory accesses the different kind of
information that is there in the head
okay so we're looking at how the brain
accesses information and the
differential accessibility of that
information will probably be the most
kind of important underlying cause so
the idea that that the human the human
brain organizes information in a manner
where we're related constructs influence
one another by like you know activation
is useful for human beings because that
is how we generalize that is how we
learn you know so by by looking at and
by making the different kinds of
connections about related constructs but
it can lead to biases in the following
manner so let's just look at
overconfidence okay so just take
overconfidence overconfidence and we
will use a particular kind of like you
know definition of overconfidence
because there are different definitions
depending upon like you know the kind of
like the field of psychology you come
from there are different kinds of
definitions that are there but let's
just say that we will define the
overconfidence that we're talking about
as people making a prediction about the
state of the world and then assigning a
certain probability to
whether they think that that state of
world is right or wrong you know so just
looking at right or wrong and people
being overconfident about the
predictions that they're making which
means that they're assigning higher kind
of probabilities to the event actually
happening than what what takes place
okay so and there are ways in which you
can measure that but let's for a minute
assume that this is a real bias and then
people are have measured it accurately
so the psychological or the Association
based error the way that we would
explain that is is to say that when I'm
making a particular prediction about the
state of the world you know so I make a
particular prediction about the state of
the world then my mind starts recalling
or thinking about like related
constructs which tell me that my
prediction about the state of the world
is correct so there is a differential
accessibility about information which is
consistent with my prediction rather
than with information that is
inconsistent with my prediction
after the once I recall all of those so
whatever like kind of my first response
about my prediction that is there it
gets reinforced by the activation of all
of those related kind of constructs
which is why when you then ask me how
confident are you I have recruited so
many different reasons about why I'm
right
it ends up me giving you a probability
estimate this is a little higher than it
should be so this is like you know the
functioning of the brain and the
differential accessibility of like
information that is out there it is not
as though I cannot recall information or
I don't have information about like the
state of the world what I'm predicting
could be wrong it's just that it is not
immediately accessible when you are
asking me to make a judgement about like
you know the probability estimate so
that's what we refer to and we call
these associate Association based errors
and they refer to the way that memory is
constructed the second of the errors are
what we refer to as psychophysical
errors and and you'll recognize this you
know so this is very simple so I saw
that Nick had put up this the prospect
theory curve but also for those of you
who have been exposed to any kind of
notions of diminishing marginal utility
you kind of understand that the
translation of some kind of physical
stimuli or any of any other kind of
stimuli into a psychological response is
not linear okay so it tends to be so at
the center of any kind of a scale we
have greater sensitivity when we go
towards the extremes we have like lower
kind of sensitivity and so on so and
this is also again this is functional
this is a functional kind of a response
but it does lead to a certain kind of
errors when we disband we look at and we
think about when depending upon what
kind of a reference point that we have
chosen and depending upon like you know
whether we are viewing something as
being in the middle of the scale or
being at the edge of the scale and it
leads to like you know certain irregular
kind of preferences that we show or
preference reversals so some of those
those kind of ideas are also it's just
very simply related to the way that like
you know the brain processes physical or
other kinds of stimuli and translates
them into a into a psychological
response and the third kind of errors
are strategy based errors which you will
recognize you know to a large extent
what these are it's very simply that
because the brain prove it it uses so
much of our information we are all like
you know somewhat miserly in the way
that we use our cognitive like resources
that are out there and if there is no
strong reason for me to make the right
kind of a decision and to actually to to
do enormous kinds of calculations and
and do something out there then what I
would think about is that I would I
would look at and I would say that I
just make a heuristic or a rule of thumb
kind of a decision okay so these are the
three kind of very blah broad classes of
of psychological causes of a whole range
of biases that are there so very quickly
okay
so the first of those so as you can
imagine and despite what you've heard
psychologists are interested in money
and are interested in incentives okay so
they look at and they say is this some
way that we can D bias people by
providing them with the incentives to
get the right kind of answers in the
many laboratory studies that they do and
the answer is not really
okay so so we we look at and we say that
more often than not very highly
incentivized experiments do not result
in better kind of decision making than
those experiments that that are not
incentivized okay so providing people
with incentives it
doesn't seem to result in people making
better decisions other than on very very
very simple kind of tasks that are out
there so within the class of errors that
we're looking at it would be the the
class of errors that we would call the
strategy based errors where if people
you know so if people know the kind of
the right decision rule they are not
motivated to use the right kind of this
a decision rule giving them incentives
motivates them to do that so you can
like you know get people to make the
right kind of decisions when the biases
are fairly simple of course you know so
and one kind of a criticism about this
line of research is that you measure
them in at one point in time you give
them incentives and one point in time
but what if the incentives are like you
know in the long term so you incentivize
people in the long term people will want
to learn more skills ok so that's that's
something that that's that's not been
adequately tested within this literature
a second kind of an incentive is
accountability where once people make a
decision they are held accountable for
the decision that they've made in two
ways one they need to express the the
kind of like you know what is the
process that they've used when they're
making the decision and the second of
them is they need to for any kind of an
outcome you hold them responsible for
the consequences that follows from the
decision that's there here to the kind
of the findings are not hugely
impressive we can get rid of a class of
errors which we refer to as simple kind
of errors where people show some kind of
insensitivity to the sample size you
know so looking at and it's looking at a
small sample a large sample and they
don't differentiate between the outcomes
of one versus the other so very very
simple kind of rules with a simple like
kind of like an exposure to statistics
training then accountability or
incentives it seems to reduce those kind
of biases training okay
so training is very particular the kind
of training that we are talking about is
really is about it's not awareness you
know so simple awareness of biases is
not enough to correct any kind of like
you know the biases that people have but
telling people about the bias he is
telling that the direction in which like
you know the thought leads to a
particular kind of a bias giving people
feedback and information
which then tells you that really you
know D biasing requires an environment
that produces immediate kind of feedback
and the final one is actually helping
people have some kind of mitigation
strategies it results in some kind of D
biasing but also the D biasing that it
really tends to do is a little better
than the incentives but again it tends
to be about like you know simple kind of
strategy based errors so again it's not
these these by inner themselves I don't
want to like act as though these are
like you know trivial because simple
strategy errors also have like like
pretty important consequences so
training people to get rid of those some
of those simple errors are probably
somewhat useful in what people do but
they are not really good in reducing
some of the errors that we're talking
about which we referred to as the
psychophysical and association based
errors those of you who've read
Kahneman's book on you're not thinking
fast thinking slow you probably you know
you can map on the errors that i'm
talking about to the very useful but
somewhat controversial kind of like you
know typology that he created of system
1 versus system 2 thinking okay so both
incentives as well as training they tend
to operate and they trying to correct
for like you know wherever the errors
happen in the at the system 1 then
system 2 kicks in and it starts like
undoing some of the errors that are
created by the system 1 thinking a
particular kind of training that that is
useful is is what psychologists refer to
as as analogical training and so this
this particular training is is one where
you allow people to discover the errors
for themselves and then you are you get
them to extract the principles from the
specific errors that they are making so
once again to go back to it it's it's
environments where people can make lots
of decisions they get immediate kind of
feedback and based on the specifics they
are able to generate some kind of
principles that allows these people to
get to debase themselves in other kinds
of environments to education so there is
some evidence that says that if you are
i lee educated if your numerate there
and if you have like some kind of
coursework and statistical training then
you tend to make much less like you know
errors that are out there but the
canonical kind of an the example that I
want to give to you is that even that
tends to be very domain-specific for
example some of the most well calibrated
experts in the world believe it or not
are weather forecasters you know so
they're really really good at the jobs
that they do but you take them outside
the domain of their expertise and you
ask them to make predictions in other
kinds of domains they're just as good or
just as bad as the rest of us you know
so they have expertise they have
training so they're very good in their
domains but it turns that those are not
generalizable to other kinds of domains
so having gone through like you know
some of the bad news let me get us go
through some of the good news ok so
let's let's just look at it so there is
a literature that that's out there that
deserves a lot more attention than it is
getting today it's it's a literature
that grew out in the 1990s by and mostly
associated with a German psychologist by
the name of GERD gigerenzer and he
refers to and he calls this the fast and
frugal approach the idea is it's behind
this this kind of research is really
that that when we think about heuristic
wins when we think about rules of thumb
that people are using it doesn't always
lead to biased decisions because a lot
of times the heuristics and the rules of
thumb have like you know so evolution
has equipped us with these rules of
thumb so in a lot of different domains
and across like you know different it
generalizes across domains the use of
these like Google these kind of
heuristics it leads to good and
effective kinds of decisions the second
kind of like you know an assumption
behind this is that it's not just
evolution it's through experience also
that we can develop some of these
heuristics and what we find problematic
in the way that people make like
statistical inferences and so on it goes
away if we align the way that we present
information to people which is
consistent with the way that the brain
has trained itself or the brain has
evolved to process information so if you
like present information in that fashion
or if you can train people in that
fashion that would result in bed
of outcomes so let me just walk you
through a couple of these examples okay
so the first of them is a very famous
kind of a task it's called the Wason
selection task which was used in the
1970s to show like a particular kind of
a bias that human beings are susceptible
to it's variously referred to as the use
of something is called a congruence
heuristic it's called the confirmation
bias and so on but let me just walk you
through this okay so very simply so you
bring in people into a laboratory and
then you give them this task and you say
all that you need to answer right now is
there is a rule it says if there is a D
on one side it has three on the other
side okay so it's a very simple rule and
there are now four cards for you where
you're seeing the alphabet on one side
you're seeing the number on the other
side can you tell us which of those
cards do you need to flip over in order
to check the rule okay so and and when
been people given this and really like
you know smart undergraduate students
are given this task and you can also do
it in a classroom you can do it in lots
of different places most people get this
wrong okay so they of course they turn
card D you know to see what's behind
that they ignore card K you know because
they think that's irrelevant but they
completely they fail to turn card 7 you
know so they don't turn card 7 to look
on the other side whether there is a D
on the other side you know so they just
fail to do this and so many many kind of
like demonstrations of this however when
you give them something that is a more
sensible kind of a task okay so when you
give people a very sensible one
and when I say sensible this is like you
know to a psychologist this is sensible
it might not look sensible to you but
let me just walk you through this so
what they do is that they bring in
people into a laboratory and say let's
just assume that you're playing the role
of an immigration officer you have a
rule in your country which says that
everyone entering into your country
should have been inoculated against
cholera okay so they needed to be
inoculated against cholera so now there
is a form H which they filled in that's
out there and you're seeing four forms
that are there which of the forms will
you actually turn over you know so I go
to turn over so obviously you turn over
the card to the form that when people
are entering but here people get it
right more often than not they also
turned like
you know the last of those cards just to
turn it around and see whether when
people are entering the country they
have actually been inoculated against
cholera okay so what I want to just
point out to you is that an abstract
problem becomes solvable when you give
it in the form that people actually
consider and think about and say that
they have like reasoning kind of schemas
either through experience or through
evolution they have developed that kind
of a schema they get this problem right
another way of looking at it okay so
we're just looking at it is so we are
notoriously poor at making any kind of
so the following the Bayes rule is
something that we find incredibly
difficult okay
so just I give to you like two different
kinds of ways in which you can present
like information to people when you are
actually asking them to make a diagnosis
so oftentimes you go to a doctor you get
a diagnosis there are like you know
false positives there are false
negatives and a doctor will tell you
that if there is a positive what is the
probability that you actually have a
disease okay so this is this is the kind
of this is the nature of the problem so
the first of them is the way that you
would generally describe a problem in a
textbook is generally is what it is this
information that is presented to a
doctor the second one is breaking it
down into its natural frequencies not
talking in terms of probability it's
just talking about like you know in
10,000 cases here are the ways you know
so he's just looking at it here are the
numbers of people that will you'll have
false positives here are the numbers of
people you'll have false negatives when
you present in the form of frequency
okay people get it more right then when
you present it in the form of
probabilities okay so this is this is
again there are evolutionary reasons why
one can think that this is the case you
know so you can work down there are
evolutionary reasons that this is the
case but very simply it's the exact
problem but represent it differently
that results in people having much
better kind of like the rates of being
we are following the Bayes rule so what
this suggests is something very simple
okay so and there are these are the kind
of efforts that are out there you train
people to convert probabilities into
frequencies they tend
at that point in time to be able to
generalize beyond the domains you know
you train them in problems that are
associated with disease but then you
give them problems that are in another
domain completely but just training
people to convert probabilities into
frequencies makes it much like quicker
you know or makes it much more likely
that they get these answers right so now
I'm just giving you one kind of an
example of this but the fast and frugal
heuristics approach walks through a
whole number of ways in which we can
think about aligning the way that we
train people such that it is consistent
with our evolutionary kind of ways of
thinking the last of them is what we
refer to and we call choice architecture
is to say that you know we take by C's
as a given you know we take biases as as
a given what do we now do beyond that
you know so what do we do such that we
can use people's biased decision-making
procedures but guide them towards making
the appropriate kind of decisions the
fame is kind of an example for this or
what we will refer to and we call
defaults you know about this okay so I
just want to very quickly go over the
most famous of these examples is this
study which you know Johnson and
goldstein published about like 15 years
ago where they talked about the
different kinds of jurisdictions in
which you the people who became organ
donors where it was an opt-in system
whether he wanted to obtain to become an
old organ donor or he wanted to opt out
off like being an organ donor and you
can see there are vast vast differences
in the countries in which people needed
to obtain to be organ donors that take
up or they're like you know percentage
of people who are organ donors was very
very low the percentage of like you know
the countries in which it was opting out
into the default was that you are going
to be an organ donor and you needed to
make an effort to opt out it turned out
that those were the current countries in
in which you had like you know vast
number of organ donors so just very
quickly if you go through the last of
this so you look at this this is the way
that you know you can think of like
designing systems such that the biases
are that people will choose a default
option so why don't we make the default
option one that we would like people to
pick okay so that is the way so choice
architecture
or nudge is takes advantage of people's
biases but moves them towards the good
kind of decisions within psychology this
is a very very robust finding so it's
not just in the case of organ donors but
across like you know different domains
that like you know the choice off like
when you pick a default people likely to
end up picking that but a particular
default option is very very high but it
isn't without controversy okay so and
I'll tell you so I'm not going to show
you the slides I'll just skip over the
next two slides but it's isn't without
controversy even within the organ donor
case you might have heard that recently
when I say recently about six months ago
the Dutch parliament you know the two
different houses in the in the
Netherlands found it incredibly
difficult to make this the default to
make organ donors the opting out the
default they found it very very
difficult to do because people said had
all kinds of issues with the way that
you would design what the default would
be and also who is the person who's the
right kind of a person to do that and is
that is that paternalism in the right
kind of a fashion okay so when we are
talking about choice architecture there
are lots of controversies about who is
the policymaker do i do i do my
incentives aligned with the with the
incentives of of the policy maker so
quickly you know so what I want to just
note is this when I'm summarizing across
the literature incentives and
accountability training and education it
gets rid off they're very very simple
strategy errors that are out there the
frugal heuristics approach
addresses much much more complex and it
is it is really very promising and has
none of the controversies that are
associated with what we will refer to as
the nudge approach the nudge approach or
where we are like you know so a
policymaker designs the choice that they
present in front of people so that
people will pick the default or will
pick the option that is consistent with
the bias has its controversies but it
tends to be the most powerful way that
we can guide people towards making the
kind of decisions we want I'll stop at
that I've taken more time than I should
but we have a few few minutes for
questions
[Applause]
No
my question is if they're trying to
factor in this work you know these
findings into design for example
computers or robots to overcome the
problems you described so you're asking
is there research that is everything to
do that and you know in in the context
for example AI yes so some of the so the
Giga reigns's lab right so the the
frugal heuristics well so I'm not
talking about the first one so today
I'll take a step back the cottage
industry off of biases which looks at
heuristics and the bias is that that
follow from that is not hugely
systematic so it's all over the place in
terms of like the heuristics the and the
mapping onto specific biases the more
promising one or what we refer to as the
frugal heuristics okay so the the one
that I pointed out which if it says how
do we take the brain is prepared like
through evolution to use certain kinds
of heuristics so we learn some of these
heuristics through education some of
those heuristics are the ones that are
being used to train to train machines
you know so it was the basis of I mean
you're too young to remember but so some
of these like expert systems in the
1990s when people were talking about
expert systems but those are the ones
that they are happening and they're
happening a lot in the health field and
you tend to find like you know really
good outcomes in terms of prediction of
of things like you know from the
symptoms on to prediction about like
whether someone is actually having a
heart incident and so on they tend to be
much much more accurate than doctors
themselves so you do have some of those
that some of those that research that's
happening I want to be cautious though
you know so I mean these are early kind
of findings it isn't as though like you
know this this solves all kinds of
problems but it is it is very promising
Thank You professor you mentioned for
instance doctors or how to improve
decision-making in that in Natron but
regarding the administration of justice
which is very important issue in our
societies I'm wondering if if there is
any advance or any way to improve
decision-making of judges or lawyers or
these kind of things yeah
so so the literature on sorry so the
literature on even jury decision-making
right so there is a large literature on
on juries and the kind of like the bias
he's that they're prone to the American
Psychological Association actually does
have like a position which says that
that juries and the way that they are
currently constructed is it doesn't
result in injustice
well that literature has not had a huge
impact on policy okay so it's it's not
it's not really had that so when you're
coming to judges and maybe you're
referring to the kind of you know so
that there's this very famous paper that
was published in science which looked at
at lots of data in in Israel and looked
at the judges and said some simple very
very simple finding was that as judges
got hungrier they were making poor
decisions okay so this is and and one
would have hoped that that that would
have at least you know the fix is fairly
simple is don't have them hungry right
so one would hope that that that has
some kind of an impact but part of my
long-winded kind of a response to this
is that you know a lot of times when we
are talking about like the fixes you
know so either in the form of nudges or
in the form of like you know these
frugal heuristics we are we are walking
on uncontested philosophical terrain
where we are talking about autonomy of
actors we are talking about you know the
technical versus the political you know
so we we can think in terms of there are
like technical solutions to this problem
but the way that societies are
constructed is a lot of these changes
can only be brought about by persuasion
and by you
getting people to like you know work on
one side versus the other to think about
one side versus the other and the belief
that there is no right or wrong you know
so that that's not there so when you
when you come to come to this and and
and and justice
tends to be the most contested terrain
of all okay so because what is justice
and what is not while we might think
that there are objective right and wrong
there and I have like in an earlier life
and I will come back to this now I've
written quite a bit about like these
notions of fairness and they are very
very subjective these notions of
fairness these notions of of justice are
very very subjective so training people
there in that particular domain about
decision biases I think is a going to be
a really long way away you know so it's
not going to happen
immediately it's a really really long
way away because that that is human
beings we or our societies have
bracketed that into a domain where we
think that you know we are not talking
about technical rationality anymore we
are like discussing issues of like
politics there I'm sorry for this kind
of long-winded answer but but I think
that's part of the nudge movement is
there right now because there's a lot of
like discussion about this about the
rightness of what they're doing and the
correctness of what theater I'll stop
here I have taken up more of your time
and but I believe there's a break so
we'll make good decisions because you're
not going to be hungry after this okay
you

---

### How to communicate through a virtual working world | LBS
URL: https://www.youtube.com/watch?v=4oY6vVUnKIk

Idioma: en

welcome to the London Business School
webinar series leading through a
pandemic
I'm Julian birkinshaw a professor here
in London Business School and I'll be
your host for the entire series we
thought we would start with a very
practical topic one which everybody I
mean literally everybody is now wholly
engaged with which is the challenge of
working virtually and who better to lead
this session than professor Linda
Gratton a leading authority on many
aspects of managing people careers the
future of work more generally
Linda's been at lbs for more than twenty
years longer in fact than I have and as
a permanent fixture on the thinker's 50
list of the top management thinkers in
the world I believe she is ranked number
13 at the moment then there's also
fortunately done some work specifically
on this topic of virtual working and
she's done that over a number of years
so she really is perfectly placed to
help us with this topic so without
further ado I am going to hand over to
Linda Linda welcome again and we're
gonna let you steer us through this
topic give us a bit of context a bit of
history and a little bit of practical
advice and then we're going to get a bit
of the discussion thank you thank you
very much Julian and welcome everybody
thousands I can see online right now to
this webinar on virtual working I've
been studying it actually since the
1980s and that was remember for those of
you around in the 1980s and as Julian
has suggested I certainly was that was
when you first brought your personal
computer home I don't know if you
remember those days and we've been
looking at it ever since and what I'd
like to do in this webinar is to say
something about what we've learnt but
then also to say what does that mean for
us I'm going to come up with six actions
I think you should be taking right now
to ensure that you can and your
colleagues of people that you lead can
really make the most of the time that we
have ahead of us in terms of home
working now when I said it started in
the 1980s of course most of us didn't
work from home in fact even now most of
us don't work from home
well we didn't and
till a few days ago so let me ask the
first poll so may we have the first poll
please and the first poll is simply to
find out just where you are right now
so first poll is coming up now now we
remember - that's poll number two let's
get poll number one up
can we get poll number one up please
okay pull number one where are you now
are you in your work office like we are
are you at home
are you in a working hub you know those
places that you can go to nearby maybe
even or are you somewhere else the Isle
of Skye coffee house sitting in your
beach hut most of us are working at home
isn't that extraordinary and actually
one thing I'm going to say during my
conversation today is this is an
enormous opportunity for us to
experiment with something that many of
us have always wanted to do which is to
spend more time working from home
eighty-eight percent of the thousands of
people who have come in right now are
working from home now how are you
finding it well let me let's move on and
say a little bit more about what we know
around virtual working so so let's let's
move on to the second slide thank you
okay so really when you think about
virtual working working from home I'd
like you to think about it really as a
story of social and technological
ingenuity and it has in my view three
elements and those elements that I'm
going to return to as we talk about what
it is to work virtually the first of
course is technological you know you
started working at home in the 1980s
because you had a personal computer that
you could bring home and start using at
home and that's why the social pie
years of home working were freelancers
who brought their laptops home that big
parcel computers you might remember them
to actually Julian's nodding here that
actually work worked from home so and of
course that technologies evolved in the
very fact that we can now have thousands
of people collect connected shows that
that technology is is is moving very
fast and that by the way is going to be
a very important part of the story I
want to tell today but it isn't just
about technology because what those
early pioneers found is although working
from home had lots of advantages the
disadvantage was that they were lonely
some of them isolated and also companies
fretted that maybe they weren't as
innovative as they might have been
because they weren't collaborating it
wasn't face to face so the second
element I want to talk about today as
social you're probably not thinking
about this yet because you're all
scrambling to get your technology right
and find a chair that you can sit in and
a desk and so on and try and help your
employees to do that but my prediction
is very quickly we're going to think
about the social aspects of it because
humans are very very social animals and
when we are put in our home like this as
many of us are isolated then that's
going to have implications on our
relationships with our self in terms of
our own mental health but also our
relationships with others so I want to
the second element is social the third
is work itself because the sort of work
that you do in an office when you've got
lots of people around you and the tasks
that you perform are not going to be the
same as the ones that you do at home so
when we think about virtual working we
need to think about those three elements
we need to think about the technological
aspects of it the social aspects and
also the work the design of work aspects
but let's and that by the way then
becomes virtual working so let me tell
you a little bit about the story of
virtual working which by
the way in the past has also been
influenced by external events this isn't
the first time it has been so let's just
also think a bit about how that's done
and what we can learn from what I would
call the waves of virtual working that
started by the way in the 1980s and it
started with those virtual freelancers
the people who are working from home
often using their own personal home
computers here's one if you don't
remember what it looked like it took up
a lot of space and by 1990 Elance the
platform company had had launched which
allowed people to to share work between
each other and remember by 1995 eBay was
on the I was on the platform and that
meant that people could also sell goods
so in the 1980s was really a time when
we were experimenting with moving out to
an office because we were selling stuff
or working on stuff and we were using
the computers that had just emerged now
what did those social pioneers find
because we were researching them at that
time well we found that they were some
of them were independent consultants
some of them were freelancers and what
they loved was autonomy and flexibility
and maybe you're feeling that right now
even though you're probably worried
about the technology there's a little
bit of you that's perhaps thinking and
your employees are thinking you know I
now have more autonomy and I have more
flexibility but what we also found
during that period when we were
researching these at-home freelancers is
that they worried about being part of a
community and they also worried about
what we as a spy's of psychologists were
called tacit knowledge you know the sort
of knowledge that isn't easily shared by
reading something the sort of knowledge
you get when you're hanging around
watching somebody you know both of us
have children who are doctors and we
were just speaking a moment ago that
that that means that you know they
learnt a lot through watching other
other doctors okay so that was what I
would call wave one now wave
- which really started in the early
two-thousands was when it moved from
social pioneers who were freelancers at
home into the corporation and you in
corporations in large corporations
suddenly had virtual corporate
colleagues by the way and we wrote this
in a Harvard Business Review in 2013
myself and Tammy Jones
19:11 made a big difference and so did
the SARS epidemic into 2002 so this
isn't the first time that actually a
pandemic has made an impact on the way
that we work one of the things that we
thought actually after the SARS pandemic
was that we never went back exactly to
how we were before and that's one of the
things I want us to think about today is
will we ever return to how we work
before I don't think we will and I just
want us to think that what we're
experiencing now isn't it isn't just a
blip it would fundamentally change the
way that we work so where was where were
we in in 2000 well I'd say like anywhere
anytime do you remember though some of
you might have been working companies
that said you work anytime anywhere and
that's because we now had the
collaborative communications and the
collaborative tools to allow people to
work from home so your employees were
now working from home and you are in
often okay about that but from a social
perspective you did begin to wonder
whether they were less engaged there
wasn't any data to show that by the way
and also you fretted a bit about
productivity as managers you know if
people were out of sight where they act
they might have been anywhere anytime
but they were also out of sight and and
companies began to sort of worried
worried about that in terms of work they
began to struggle with how do you manage
people working from home and how do you
measure their performance and a very
interesting research project which I
actually wrote up in one of my books are
called the shift some years back was the
experiment that British Telecom did
where they sent half of their
group to work from home and then half of
them to stay in the office and they
measured they it was a proper experiment
so they had baseline measures and then
they measured a whole series of measures
across a time period so they measured
engagement retention productivity they
had good measures of those three things
what they found was this that if from
the start if you use the baseline
measures of the at-home workers and the
the work that the in employment workers
the people working from the office
office workers what you found is very
quickly the productivity of the at home
workers deteriorated and the reason it
deteriorated and we looked at this very
closely was because they didn't know how
to use the technology and they didn't
know how to work together over time as
they learnt how to use that technology
and how as they learned how to work
together collaboratively their
productivity engagement and performance
increased so it was the same level as
the office workers and for some teams it
actually was higher so there is a
possibility that working from home might
not be a stall to productivity and might
be an actual bonus to productivity but
as I'm going to show later to get that
right you have to be like BT learn very
quickly how to actually work from home
and that then led to what I would call
the third wave and this is when we wrote
the Harvard Business Review about this
into 2013 which we called virtual
co-workers because what was beginning to
happen is that we now had low cost
collaborative tools you know companies
were beginning now to join up all their
employees and video costs were falling
you remember even a decade ago this
would not have been possible this would
have been a very expensive piece of kit
and it would have been breaking all the
time it looks as if this is
to work perfectly fingers crossed but
what happened is that people who are now
working from home began to feel lonely
and isolated and so there was then
co-working hubs often based in smaller
towns or or or areas where employees
could congregate not in their office
their main office but actually in hubs
where they could work together and by
the way freelancers did the same and
this is why you've seen the huge growth
of these co-working spaces because
actually all of the people who work in
we work now could work at home but they
choose not to because humans like being
there other people and this is I think
something we've really got to take into
consideration as we think about this new
phase that were entering people working
work also realized how to divide and
distribute tasks but also worried about
natural communication where are we now
I'm going to call it the mass experiment
so when I go back and write about this
as I'm sure we will like I've already
written something which you'll see in a
few days time when we talk about the
mass experiment this is nobody this has
never happened before
we've had a synchronous home working
where some of us work from home some of
the time you may be because you are a
young a parent of young kids or because
you are caring for up for somebody or
because you wanted to choose to work
from home that day but remember this is
these were these were just few are some
people some of the time so that was
asynchronous the reason it's so sort of
fascinating now is it's everybody or
many people all of the time that means
it's synchronous and that actually is
going to really change the way that we
think about this now we have got
extraordinary corporate platforms and
also the capacity to have many to many
conversations in my own advisory
research work for example we are
currently joining up up to a hundred
thousand people in an
conversation of virtual conversation
about values and many companies are now
doing that so the technology is
extraordinarily developing developing
extraordinarily quickly and gives us
real opportunities I think to move on
from the work from the waves that we saw
earlier but of course what's different
this time in terms of the mass
experiment is in the past home workers
always had the chance of getting out of
the home going into the office going
into a local hub we now are home working
we have social distance and we are
isolating ourselves and that in my view
is a completely different issue because
we know that social isolation has real
challenges in terms of mental health and
also in terms of collaboration and
purpose so let's just take a look at the
second poll now please and in the second
poll the question that I'd like to ask
you is about your experiences right now
by the way I'm keeping a diary yeah I'm
keeping a diary because I think I think
we're gonna forget really quickly what
it was like at the beginning so I'm
going to ask you right now to describe
your experiences this is what day three
for some of you it's today it's day two
for me and here's your choices I love
the autonomy and flexibility
I find that technology frustrating
interestingly a few people saying that
gives me time to think and concentrate
as an academic
I've always enjoyed home working because
that's where I write I write from home I
I don't write from a busy office it
works okay but I miss the social
interaction that's coming out the
strongest right now and I keep getting
distracted my by my family that reminds
us all of that Martha's business that he
kind of it's getting the BBC and then
suddenly his children appeared I think
we're going to see a lot of children
appearing on the sides particularly from
but isn't that interesting so it works
okay but I missed the social interaction
I sort of would have predicted that
because I think we've got the technology
right I think even five years ago that
would have been frustrating for lots of
us but actually most of us have sort of
got the technology right whereas
beginning also to
of the autonomy and the time flexibility
but it's really the social interaction
that's an issue and I think that's a
really important problem and challenge
that we have to face so let's move
straight into really what we might do
about that and I'm going to suggest we
take six actions and we take them right
now
so remember Petey's experience which is
everything performance productivity
engagement goes down and it goes down
until you get it right so the faster you
can get it right the more you reduce
that productivity a dip which you're
going to feel right now so these are the
six actions you should take right now
number one technology invest in
intuitive technology you know we know
all about what that is the fact that so
many of you said it's not an issue for
you means that that's an action you're
already taken but let's just a couple of
points there one is make sure it's part
of the regular flow of what people at
home find it really difficult for you to
use technology that they've never seen
before make it sure sure it's the first
port of call and match the technology to
the task and what I mean by that is if
it's a simple project then use project
based technology but use video as much
as you can and I want to I want to say a
bit more about this later an experiment
with a big conversations this is a great
time for you to experiment with with
platforms that allow thousands of people
to work together to talk together to
have conversations about values about
how they're feeling and so on so I would
recommend that the ones that we run we
run for three days so we run we have a
platform open for three days I would
recommend we all excuse this opportunity
as a time for experimentation number two
social now many of you have already said
that you're feeling isolated and it's
only day three
imagine how we're going to feel in three
months time and yesterday I'm a member
of the World Economic Forum on work and
the economy and we had a conversation
amongst ourselves yes
today about about social isolation
isolation and have heard quite a lot
from our Chinese colleagues who of
course are already into month two so I
want to also say something about that
because I think that gives us some ideas
the first thing and again just do it now
reimagine the home the home workspace
when people went in to look at the homes
of freelancers and people were working
from home they found that those that
worked well tended to have a couple of
things in common one is they had a hope
they they found a place to work where
they were protected from outside
distractions and and that also helped
them to avoid feeling too rootless so
they had easy access to the tools of
their trade
they used a space that was dedicated to
work which they left when work was
complete and they were also
idiosyncratic in terms of what each
person had I would recommend if you
haven't done it already that you ask
everybody who are your your leading
about their working environment and if
that means helping them out with a
budget to get the right chair the right
the right table I would do it right now
because we're in in this in the long
haul and as much as possible you need to
help people find a find a place to work
at home so we need to do that really by
this the end of this week that's sort of
how I'm seeing it with my own team the
second and this is really I think the
most important aspect of what we're
going to talk about today in terms of
social interaction the area that you
were most concerned about is make it
human now what do we mean by that well I
would make a couple of suggestions one
is use high fidelity communications as
much as possible humans really really
like face-to-face communication and
video allows us to do that you can watch
me now I can't see you but of course on
some of the platforms that you use you
could see 10 or 20 people simultaneously
I would recommend as fast as possible
you start using video as a way of
bringing people
together and I would also suggest that
you build in right now what I would call
water cooler conversations so for
example in my own team who are separate
we're going to four o'clock have a
coffee break where we all sit in front
of our video and drink coffee together
and don't actually talk about work it's
just going to be how how do you how do
you how are you finding things and we're
going to on Friday have a cocktail hour
where we all sit and drink cocktails
together you need to put those in place
as fast as possible because human
interaction isn't just about work
conversations it's about the watercooler
conversations and those happen
face-to-face and you need to build
face-to-face opportunities for people to
do that so make it human my third set of
recommendations is about work itself and
here are some ideas the first is that
when you think about working in the
office there's a natural rhythm to that
you know you come in you chat around to
people you know you need to create some
of those natural working rhythms when
you're working virtually so for example
in my group we meet actually at nine
o'clock not 10 o'clock we had a group
meeting at 9 o'clock this morning and
we're going to meet again at 4:00 where
everybody can sit and talk to each other
and I think those team meetings are
going to be really crucial you need to
put them in the diary so people have
some structure because one of the
concerns about work when it's from home
is it becomes unstructured so you need
as much as possible to build natural
structure into the way that people work
and also in terms of your projects what
we know from what working from virtual
projects is that they also need a
structure so if you're launching a
project this week as many of you will be
then remember that that needs a kickoff
structure an onboarding structure and a
milestone structure what we learnt by
the way from virtual projects is that
people really need to know who each
other is as early as possible to learn
something about what each other likes
and what sort of path
that's where the coffee that coffee is
going to come in useful
but also understand what the milestones
are which takes me to my final set of
recommendations which is about really
building in task structures and here's
some ideas from that which actually I've
taken from Tata consulting services
that's been working virtually as IBM
have been doing for many years now this
is what they do in terms of setting up
projects and setting up work number one
absolute clarity about goals and key
roles number two definitions of people's
boundaries and their control remember
when people in the office they work
through boundaries and control on a
moment-by-moment basis by going in to
see somebody and say you know would you
stop doing this or could I could I take
that from you with that because we don't
have that we need more clarity about
boundaries and control clarification of
tasks and processes and measuring roles
and commitments and one of the things I
think it's also very very much about the
culture that you set up and remember one
of the issues about home working is that
because people are out of sight you
don't trust them and my recommendation
here is to take the view that TCS takes
which is to say trust someone until they
have proven to be untrustworthy so my
final point here is to make sure that
you trust people who are working from
home they're not skiving they're not
doing lots of other things so they're
going to try as much as possible to make
this work for you and to make it work
for themselves
so in summary these are the six actions
I think we should be taking there around
making sure the technology's intuitive
and you learn to experiment they're
about social in terms of reimagining the
home workplace and making it human and
finally they're about work itself in
terms of creating a natural work rhythm
and focusing on collaboration and Trust
and let me just finish by making a sort
of a slightly philosophical point which
I think Julie and I are going to come to
later let me just say a couple of
things by way of finishing number one I
don't think that will ever get back to
the place we were before this pandemic
I'm going to use the word pre-pandemic
work and post pandemic work I think that
because it's all of us it's synchronous
it's not a synchronous is synchronous
and this will go on for months I believe
that it will fundamentally change the
way all of us work I was talking on the
web conference yesterday to a Chinese
businessman and he said you know I used
to fly between Beijing and Shanghai
every week and do two meetings he said
now I used video conferencing and I do
five meetings in a day and I said do you
think you're ever going to fly to fly
that again and he said no why would I
and you know it seems to me and those of
you who read my books know that I felt
for some time it's time we changed the
way that we work we've got into far too
many bad habits in terms of too many
meetings having long commutes and we've
not spent enough time with our kids and
our carbon footprint and our mental
health and the wear and tear have all
warned us that this was wrong but for
all sorts of reasons we haven't been
able to stop it this gives us an
opportunity to shift that it gives us an
opportunity to reset the way that we
work and I think that you know if we can
keep this innovative spirit and I for
one over this period will be blogging
and writing columns and doing webinars I
think that we can come out of this in a
better place and more resilient than we
can went into it thanks very much Thank
You Linda
terrific so think that was a wonderful
kind of summary of both where we've been
and what we're doing now and indeed
where we might go I'd been following all
the questions and I've been attempting
to structure my goodness thoughts on
them so we're gonna have a little chat
here first of all let me acknowledge
some of the questions were about things
which we're going to talk about in other
webinars so someone was asking about
scenario planning well
we're absolutely going to talk about
that next week a couple of you are
asking questions about how do we stop
panic buying shops how do we make social
distancing work effectively well our
colleague Nero seven áthen is going to
be speaking about some of those
behavioral things I think in two weeks
time so I'm going to deliberately Park
the questions which are not directly
related to this session what I'm going
to do is we're going to start with some
of their a practical questions and we're
going to kind of work out from the
practical and the and the immediate to
some of them or philosophic or kind of
end up in there in the big questions so
where should we start
someone said building on your point
about the watercooler
yeah and what it what is this sort of
the minimum physical engagement that we
need you mentioned that the BT workers
were dropping off in productivity we all
get this notion that you can't
completely isolate yourself can you give
us any sort of guidelines alert you know
yes once we get through the pandemic
period and we can still have some sort
of getting together any thoughts on the
rhythms of how often we should be making
face to face versus how often we should
be just working from home well I think
you know thanks for that question it's
it's a really sort of fascinating
question and I that is intriguing fast
rule to that it depends on the task and
it depends on the person so let's take
the task first I mean for the moment
people we're going to move into social
isolation and so I think that's going to
be the case it's not yet the case in the
UK but I think it will be very rapidly
and so people aren't going to have any
physical engagement and I said earlier I
think that's going to be problematic and
we need very quickly to bring in a sort
of systems to bring that back and video
of course is absolutely the best way to
do that I think in terms of post the
post pandemic world there are some tasks
where you know you can do most of it
completely on your own writing a book
for example when I write a book I don't
really talk to people I just sit in my
room write six years and years on end
but but there's other tasks where
physical being face to face is really
important and one of the things we've
learnt a psychologist
is that knowledge is both explicit and
tacit explicit knowledge you can sort of
get by reading a manual or watching a
YouTube but tacit knowledge as I
mentioned earlier is the sort of
knowledge that you really need to be
with people and listening to them and
being coached by them so I I think the
reason in that second and third wave
that people moved from working from
their home all the time to working in
hubs is that they craved that physical
connectivity so I don't think anybody
will want to work from home all the time
I think what we'll be getting to is a
sort of an ebb and a flow and what might
that look like in terms of just time I
would say that we will definitely at the
end of this have more flexible working
because I think we all have learnt how
to use the technology
we'll have learnt how to use videos and
we might also sort of enjoyed spending a
bit of time at home so I what we might
also do which I've talked about a few
times in my own work is moved to a
four-day week which which I personally
have said for some time is a good thing
primarily because those of you who know
my work know my last book was called the
hundred year life we're going to work
into our 70s you can't do that it's
really hard to do that if you're simply
working all the time you don't have time
to learn and regenerate so I think in
terms of regeneration I would like to
see this as an opportunity for some
companies to experiment post pandemic to
move to a four-day week so I want to
yeah I'm build on that a couple of
questions that are linked to it um one
was around its decision making more
shall we say rational or less political
online and and I think what they're
getting at is you know as a means for
sharing information online working is
fine we join a call I was on one this
morning
ten people we're sharing what we're
doing it's easy but then sometimes we
have to make decisions right and
sometimes a decision in a face-to-face
situation is you know I'm looking at the
body language I'm trying to figure out
how hard to push you I mean you just
can't do
those things in the same way yeah in
online situations so so are we how are
we going to manage the sort of the more
difficult aspects of group dynamics
around decision making how and someone
made it a question about this as well
how are we going to be able to kind of
measure the success and effectiveness of
our of our decision-making processes hmm
I think I think again that's a great
question and thank you so much I know
that we have an opportunity with some of
the other professors down the line to
talk more about that we've encountered
that actually very much in our own work
looking at virtual working and for
example when we do virtual working we do
it right across the world and what we
found is the some cultures and we work a
great deal in Japan where face-to-face
contact contact contact is absolutely
crucial for that for working out what
the person is thinking so what we found
are our Japanese colleagues do is to use
an emoji Oh to show how they're feeling
at any point in time that's cute
so they actually so I think one of the
things we have to learn if as we move to
virtual is actually to express to say
how we're feeling so for example this
morning when I did my teamwork team we
asked each person how are you feeling
today and so I think that talking more
about emotions is going to be so
important because humans get so much of
their signaling from body movement and
again as I said earlier I think videos
are going to be really really important
because at least you can see people but
if you're in a very large group where
you can't see them and you're just on a
telephone link I think we have to find
ways like emojis that actually say this
is how I'm feeling right now that's
right so for your repressed British
stereotypical manager that's hard to do
we have to be a bit more expressive
about what we're feeling because that
feeling doesn't come out in a you know
in our online setting right I mean no
certainly not with suits oh yeah I think
that might be one of the things that we
learn is to express our emotions and
maybe use use technology as a way of
just showing this is how I'm feeling
right now and that links to um to a
question which was around productivity
or effectiveness gap between different
age groups between different national
cultures and you touched on the Japanese
story I mean it's a stereotype isn't it
to say that you know the younger
Millennials naturally use this
technology is that is that actually true
I mean is it the case that we're gonna
have to work harder to get people shall
I say our generation using this
technology he knows this is gonna get me
really started so okay technology and
generations there's no real evidence
that there's massive differences between
age groups in terms of technology if you
just look at dating apps apparently some
of the major users of dating that's now
with the over 50s / sixties in the over
70 so please drop the stereotype about
older people not being not wanting to
use technology there's no evidence of it
and it's stereotypical and it makes
other people feel to feel bad about that
so just assume that all your employees
are keen to use technology and you just
simply have to help them to do that so I
don't think you'll see any productivity
difference in terms of age and not
necessarily in terms of culture in
country but as I said earlier there are
cultures like as I gave the Japanese
example where face-to-face is very very
important and so you have to bring in
other ways of replicating some of those
aspects remember with the bTW example
that whilst I said productivity dipped
until they used Note knew how to use it
in the end productivity was higher than
the group who were working from an
office and the reason it was higher is
they actually had more productive hours
in the day so they were less likely to
spend ages chatting to people around the
water cooler okay so a couple of crisis
is difficult but I'm going to ask you
any questions about advice for
businesses supporting those with those
who were at home with young kids as you
know a lot of kids are school now and
sometimes you
that's required in other countries it's
becoming the norm question are mental
health I mean yeah is this actually
exacerbating the challenges that people
who have mental health issues facing I
mean any thoughts or advice on those
challenging questions okay firstly the
question of kids I just sent a fabulous
photograph tip to my family who have
children this morning which showed you
know new home working and it was a
picture of a mum drinking a glass of
wine with a cage next door to her with
the children in the cage
maybe not advised I'm not advice for the
kids in the cage but I think what we
would say is that we have to acknowledge
that people who are working from home
with children have a particular set of
challenges facing them both in terms of
you know just that the physicality of
where they're working because remember
in most of the world both parents work
so now you've got homes where two
parents are working and they've got
children who are no longer at school so
what can we do about this I would say I
would say two things number one talk
about it
and I'm suggesting that you have daily
conversations with everybody who's
working from home if not twice a day and
one of the questions you ask is how are
you getting on because this is a time of
experimentation and we'll have to learn
how you work when there's two of you
working and you've got kids around the
second thing I would suggest straight
away is to think about scheduling so to
appreciate that everybody is not going
to be able to work all the time and
rather than people hiding that I think
it's perfectly reasonable for you to say
if you've got kids at home there will be
periods when you're not going to be able
to work and I acknowledge that and make
it clear that that's part of the
schedule of work so I would say two
things number one be open about people's
experience you know we've all we've been
talking for years as indeed have you
Julian the agile corporation and the
agile corporation learns and and and
becomes agile so we all have to move
into a learning
time when we actually are learning about
these issues that we face and then we
can adapt so I think being adaptive and
thinking about scheduling is going to be
really crucial good neat question here
about about attention so you know for
the last week basically my diary has
been emptied of all my previous book
because I'm sure yours has as well so in
theory I've got you know huge amounts of
time in practice I'm hugely distracted
right I mean I'm watching literally kind
of watching the news by the hour to
figure out how things how things are
moving on and so there is this there's
this fascinating question about how we
filter out all the distractions when
this applies to working at home but it
also applies in daily life so that we
can actually focus on the right stuff in
an effective way any any any practical
tips on that well I think you know two
tips on that one is to do with the
individual one is to do with their
manager I think from the individuals
perspective do you remember I mentioned
that the freelancers learnt that they
needed a place where they weren't being
distracted so we learnt years decades
ago that people who were most productive
at home had a space where they weren't
distracted where they went to and when
they finished they moved from their
working space as it were to their home
space and if there's a door or something
in between that's even better so I think
what we've all got to do as individuals
and certainly I have done is to find a
space that you can sit in
I actually am getting dressed and
putting makeup on every morning and
that's not just because I'm on the video
so that we just actually as much as
possible replicate so that's the first
thing the second thing I would suggest
and it comes back to my earlier
suggestion of having meetings every
morning and every evening what I what I
did with my team today and yesterday is
we went around and they all destruct
described what they were doing that day
so by doing that you're also making
verbal commitments to the rest of the
team you're saying today so for example
I said today I'm doing this webinar and
then I'm going to
and what I do do as well is I actually
kept a diary of the things I did
yesterday because I have a feeling that
if after a week or two you're going to
think my god what did I do
but actually I can show you from my
diary yesterday that I did two web
sessions I spoke to a journalist from
the FT obviously I wrote this marvelous
Sloan MIT article you'll see so I
actually wrote that down so I could see
and then I also realized by the way that
when I looked at my you know running
thing I hadn't done any exercise at all
I hadn't closed any of my circles so
today I have to moderate my behavior so
you know I think it's what we know about
learning is that people learn by getting
feedback and by changing their behavior
so the more that you can ask people to
verbally tell you what they're doing
that day not because you're checking up
on them but because they can also
verbally commit to themselves this is
what I am going to do today there's a
good point because of course most people
on the other video will be familiar with
agile work which yes you know the
essence of agile working of course is a
self-organizing team accountability and
responsibility for schedule they have
daily stand-up meet yes and those are
physical stones yes and what you're
saying is almost replicating that yes
but in a virtual world and as soon as
you do that daily commitment it actually
does force a greater piece of work so
yeah a nice clean Karen you know your
work on agile teams is really important
here because we've been pushing you know
we've all pushed towards agile teams
there's been quite a few barriers the
barriers are now down so use the same
same protocols are using with agile
teams now with you up with your home
workers but it does link very nicely to
a question on your last point on focus
on collaboration and Trust you know one
of the biggest barriers to agile work is
not the agile team it's the boss of the
agile in other words that boss has to
get the head around the fact that the
agile team is making its own agenda and
making its own priorities and so I guess
the point is for those of us in
positions have
ship we've got to find ways of cutting
some slack if you liked exactly as you
say giving more trust to homes working
remotely in agile agile virtual teams I
think that's a really important point
that you're making Julian I mean you
know one of the reasons why home working
never really took off
is that bosses didn't work from home and
so they had no sort of real
understanding of what that was and they
often thought that people working from
home was skiving yeah
now all the bosses are working from home
and so I would say it's really important
that you show empathy yeah both to
yourself and the people that you're
leading be empathic to their situation
listen on a daily basis to the stories
that they're telling you about their
experiences and change your protocols as
fast as possible in order to reformat
work to reformat the home so that people
can actually use this period as an
opportunity to become more resilient to
have more resilient working practices as
I said at the beginning I've been
concerned about the way we work for some
years now and I've written extensively
about that and I don't think it's
resilient enough for people now to work
into their 70s we have to change the way
we work this is our opportunity to do
that but to do that you need as leaders
to be empathic about about the issues of
people face and to be trusting that
they're doing the very best they can so
let's move in the final piece we'll
probably do another five minutes or so
to some of these bigger questions and
I've been recording quite a lot of them
you know can we expect the death of the
office job I mean that links to
something you said earlier that an awful
lot of people have been sitting in
offices or going to business meetings
which they've finally figured out they
didn't need to but but let me they mean
that we should tie this to a much much
more kind of interesting linked question
which is you know we have this sort of
belief that somehow big agglomerations
big
million 20 million person cities is the
way that the world is moving you know as
soon as we've freed ourselves up and I'm
really talk about the developed world
rather than the developing world here
tokyo's and London's and New York's but
as soon as we got ourselves away from
this huge notion of collaboration you
know there are high quality of life
places we can Wayne mentioned the Isle
of Skye
you know I particularly like the Lake
District I know you're from the Lake
District I mean why shouldn't a bunch of
us actually you know start living in
some of these places and you know coming
to London anymore occasionally yeah and
and I and I have a lot of sympathy with
that view as I said at the very
beginning I don't think that when this
is over we'll go back to the place we
started you know that's the is the
metaphor of the flowing river actor you
know when you jump back in it's not the
same and it won't be the same and we
have to acknowledge that and if it goes
on I've been thinking about this is from
a psychological perspective mean what we
know is that habits form over a period
of time and if it goes on for three
months and I have every belief that it
will then three months is enough time
for new habits to form so what might
those habits be well part of those
habits will be that we we use video more
than we used to you know so we everybody
feels fine about having a video
conference part of those habit mean
means that we don't go into the office
as much as we do you know all of us are
worried about our carbon footprint and
we know that for many large companies
the major a major aspect of the carbon
footprint is people commuting from their
home into work we know that that has
mental health issues we know that many
of you have a two-hour commute how does
it feel not to have that commute now you
know in terms of your mental health so I
think that we will start asking
ourselves why do we work like that I've
been saying for ages wouldn't it be
marvelous if we didn't work in cities
and or move to cities right now humans
have moved to cities faster than is it
imaginable you know humans live now more
are more likely to live in cities than
there are in rural places but wouldn't
this be a great opportunity
to actually move back to other parts of
the country in all you know we're
speaking here in London but I spend
quite a bit of time in Tokyo the
Japanese would Japanese government would
love people to stop living in Tokyo and
to work to live in in the cities around
Japan so why not give this as an
opportunity to think differently about
where we locate ourselves no I think
that's right and and if you start
thinking through the ramifications of
that in terms of you know infrastructure
in terms of all those huge buildings
which is going to be you know up for up
for let's how much we rely on the trains
and and the planes it does link very
nicely to the whole sustainability
agenda that has been of course part of
the conversation for many years but but
it is fascinating isn't it that's all
the talk about changing our behaviors
because of the risk of global warming
have kind of come to nothing
whereas suddenly you know this crisis
dramatically changes how we pay there's
a fascinating psychological point about
what it takes us to change so it'll be
kind of neat won't it in some ways that
this this jot to the system which has
been imposed in an unfortunate way could
actually help us to then change our
behaviour in a positive way for that for
the payment it could and I think the
reason I would feel positive about
change is for two reasons one is this is
going to go on for months so it's so
habits new habits can form and secondly
it's everyone and what we know about new
ways of working is the major blockage
new ways of working it was also always
leaders themselves and now that they're
having to find new ways of working they
themselves are changing their behavior
so I would recommend that you know as I
say I'm keeping a diary but do recommend
that there are much bigger issues in
play here issues about where the post
pandemic world actually wants to be Wow
good Thank You Linda that was you know a
terrific point to end let me just give
you two or three minutes worth of of
housekeeping before before we close
first of all the video will be available
on capture but obviously the slides are
part of that video so if you want to
remind yourself of anything that Linda
said it will all be available I'm
guessing
tomorrow the final slide which if we
could just move to it that final slide
tells you two things first of all right
at the bottom it has got the landing
page for our entire webinar series it's
quite a long URL but I'm sure you can
write it down that gives you access to
the entire series there are currently
seven that are up on that list obviously
including this one we are about probably
next week to announce a further seven so
there will be two per week for the
entire period of you know end of March
April and even into early May and then
I'd like to just make a particular plug
for our next one which is on Friday Sir
Andrew Lichtman is our speaker I will be
there to introduce him into asking
questions so andrew is the former dean
of London Business School and he's a
professor of management practice in
accounting he's been doing a lot of
research on judgment making difficult
judgments and of course those are very
live issues to all of us all the time
particularly in times of crisis where
there is so much uncertainty so if you
would like to register for that talk
many of you will have already done so
but if you'd like to register go to the
landing page that's mentioned there and
you can apply to join that one at that
point so with that I'm going to suggest
that we finish thank you once again
Linda for a terrific set of ideas thank
you all for joining us and hopefully
we'll see many of you virtually on
Friday thank you and goodbye
you

---

### Academic insights in striving for gender equality | LBS
URL: https://www.youtube.com/watch?v=Ejn57hEdSOo

Idioma: en

when I was a boy about 10 or 11 I was
speaking to my mother
about the factory didn't go to
university and I asked her why because
she told me she was a straight-a student
and she very pragmatically talked about
when my mother and father went to
university they figured out they
couldn't afford to send both of them and
one of them needed to drop out and
support the other and my mother said it
was obvious that it should be her
because my father's earning potential as
a man was so much more than hers as a
woman and I remember thinking at the
time like that's just wrong
so that's motivated me to do research on
gender and diversity for Jean the last
25 years one of the most exciting
developments in my career is I've been
invited to join the UK National Board of
UN Women I'm very very excited to take
that role on and to do what I can to
make a difference for women everywhere
UN Women is a global organization with a
very clear mission which is to empower
women and girls around the world and
ultimately we've gained gender parity
you know a lifetime persuading
businesses governments stakeholders that
this is a real issue and needs to be
addressed needs proper research which
gives data to make the case Randall's
background and his knowledge and
experience of that makes him a very
valuable contributor to the board the
research he's done in this topic was
very appealing as a credible source for
information that would lead to advancing
the conversation around gender equality
my hope like any of us is that my
research will actually make a difference
that it will mean fewer women have to do
what my mother did which is for the
interests of your family subordinating
your own career because if only one of
you can go to school it needs to be in a
man we are looking for a track record in
helping to make change half
organization and to help an organization
and in particular charity to grow and be
sustainable in its growth we're looking
for people who are prepared to stand on
a public platform and be counted
whether that's speaking at events
whether it's speaking in the board
meeting and Randall hits every single
one of those boxes in spades
so his knowledge and commitment and
passion to gender equality is there for
all to see
the diversity work that he does and the
research work that he does he will be
able to draw on as we think about our
strategies and our policies and how we
engage with the communities that we
serve if I look back to the world that
my mother was talking about it's changed
not enough but it's changed and I hope
and believe that that progress will
continue it isn't inevitable it only
happens when lots of people work hard at
it and I want to be one of those people

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### Sustainable Innovation will change the world
URL: https://www.youtube.com/watch?v=R5FP5NDV5KI

Idioma: en

technolog is helping us develop
practical forward-looking solutions for
winning this war on climate change
because I really call it a war we need
to have standard Setters we need to have
Regulators we need to have legislators
we need to have public policy and then
we need to have investors and companies
the transition is not going to be a walk
in the park they're going to be very
very difficult tradeoffs and difficult
strategic decisions that we need to take
collectively as a Society but also as
businesses and also as governments on
the way towards a more sustainable
future to Define sustainable Innovation
it's useful to think of what is an
innovation and what is sustainability
and Innovation is the application of a
new idea to create value sustainability
involves creating value for people and
the planet so a sustainable Innovation
is one where new ideas are applied to
create value for people and the planet
sustainable Innovation is about
innovating our products our services or
our business models in a way that
integrates environmental and social
issues and ultimately allows us to
function within planetary
boundaries the single biggest challenge
uh in sustainable Innovation will be
inmed meeting the legitimate aspirations
of billions of people around the world
in a manner that the planet and Society
can bear and allows the planet and
Society to flourish so we need to have
an infrastructure with data and with
standards which is similar with what we
have for financial
disclosure I'm going to share an example
that is exciting at a very personal
level because it's a research project
I'm involved in and this is around
Greening the world and specifically
planting trees in places where
deforestation has been happening what's
exciting about this is that this
Behavior change that we're involved in
uh with an organization called Dharma
life in India at run by an Alum this
change is powered by entrepreneurs women
entrepreneurs with smartphones with AI
powering it with blockchain powering it
so you have this Confluence of
Technology ology and the power of human
entrepreneurship and uh Ingenuity being
applied to a rather fundamental problem
which is Greening vertical farming in
agriculture it's the idea that we can
move away of some of the water intensive
and carbon intensive traditional
agricultural policies bring fresh food
closer to Urban centers while reducing
our water consumption it's it's
estimated to be a huge Market by some
estimates by 20 2030 the fer farming is
estimated to be$ 27 billion or so uh of
a market we are Educators and we have
incredible human capital passing by our
school in our very different programs
from different part of the world the
different age groups and so on so I
think our main mission is to raise the
awareness of the complexity of this
journey to Net Zero let's call it the
journey to Net Zero I am always hopeful
for the future future there's been big
changes happening we can and I believe
that we will accelerate them leadership
and putting effort is about being
optimistic in the face of even the
gloomiest data even the gloomiest
reports right that's where our
leadership shines that's where managers
can shine in my experience in the last
few years here at L business school
there has been a great demand from the
student body to get more material on
climate change and sustainability in
general so this is an index uh that uh
that business people or the future
business people of the
world uh are very much aware that
without sustainable business there is no
sustainable World sustainable Innovation
does not take place in a vacuum it
requires leadership it requires
organizations structures and processes
it's really hard to imagine any domain
of our daily lives that is not going to
be affected by sustainable innovation
[Music]

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### think ahead: Ripple Effects - The Global Economic Impact of the US Election
URL: https://www.youtube.com/watch?v=9870bYAiZfE

Transcrição não disponível

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