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Jason McDowell, an HR manager with Prime Banking and Consultancy, switched from the traditional recruitment methods he had used successfully for over a decade to using the Internet as a platform to advertise job openings. He feels that this change enables him to portray his company's culture in a way that appeals to the younger generation who are avid users of these sites. Additionally, it helps him target the younger generation of potential candidates who are required to fill the positions that are becoming vacant as employees of the baby boomer generation are set to retire. It also helps him minimize costs-a crucial benefit in the uncertain economic conditions that are prevailing. His ability to alter his methods to suit the external factors affecting the organization reflects the area of HR function that Ulrich referred to as the _____.
Behavioral Economics
A field of economics that studies how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions.
System 1
Refers to our mental system primarily responsible for quick, instinctual, and often subconscious decisions and judgments, contrasting with deliberate and analytical thinking processes.
System 2
refers to a theory of decision-making proposed by Daniel Kahneman that emphasizes slow, deliberate, and analytical reasoning.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to a person's mind, affecting the perception of the frequency or likelihood of events.
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