and perceptions. In the context of flexibility and retention, two cognitive biases come into sharp focus: the status-quo bias and anchoring bias. during the pandemic. As the world normalized, leadership decided to return to pre-pandemic, in-person work arrangements. However, they faced resistance and an unexpected swell of turnover.
This situation illustrates the potent influence of the status quo bias. This bias, deeply entrenched in our human psyche, inclines us towards maintaining current states or resisting change. Employees, having tasted the fruits of flexible work, felt averse to relinquishing these newfound freedoms. The Greenhouse report bears testament to this, with 76% of employees open to job hunting if their company rolled back flexible-work policies.
Consider a large financial institution that enforced a full return to office after the pandemic. Many employees, initially attracted by the brand and pay scale, felt disgruntled. The crux of the problem lies in the anchoring bias, which leads us to heavily rely on the first piece of information offered when making decisions.
When initially joining the company, the employees were primarily concerned with compensation and job security, the"anchors" in their decision-making process. However, once within the fold, the pandemic caused them to shift their focus to work-life balance and flexibility, as confirmed by both the Greenhouse and SHED reports. Unfortunately, the rigid return-to-office policy made these new anchors seem less attainable, resulting in dissatisfaction and an increased propensity to leave.
So, as we steer our ships through these tumultuous waters, understanding these cognitive biases can help illuminate our path. Recognizing and accounting for the status quo and anchoring biases can enable us to create a workplace that not only attracts but also retains its employees in this age of flexibility. After all, success in the world of business is as much about understanding people as it is about numbers and strategy.
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