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The Six Hardest Words in Pensions

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Slides by Paul Richards on psychological safety and why it's important and how it can help your board.

Published in: Economy & Finance
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The Six Hardest Words in Pensions

  1. 1. THE SIX HARDEST WORDS IN PENSIONS
  2. 2. THINK OF A MEETING……. 2 “Tell her to stop, that I don’t understand”
  3. 3. 3 “No, just nod, look like everyone else” THINK OF A MEETING……. “Tell her to stop, that I don’t understand”
  4. 4. PSYCHOLOGICAL SAFETY - THE GOOGLE PERSPECTIVE 4
  5. 5. PSYCHOLOGICAL SAFETY – A KEY FACET OF CULTURE Psychological Safety 5 High > Diverse perspectives aired > Issues on table > The six hardest words
  6. 6. THE 6 HARDEST WORDS 6 “I don’t know, I was wrong” > Making and sticking with bad choices > Deferring decisions > Groupthink
  7. 7. WHY IS IT SO HARD? >Because we are human and shaped by evolution 7
  8. 8. A TALE OF TWO DRIVES - RELATIVE STATUS 8 People come into the world equipped with an inner voice urging them to rank as high as possible in whatever social hierarchy they belong to. Robert H. Frank Can often be hard for people to accept
  9. 9. A MULTI-WORLD EXPERIMENT 9 You get praised three times Your colleagues get praised once You get praised 5 times Your colleagues get praised 10 times
  10. 10. A TALE OF TWO DRIVES - RELATIVE STATUS 10 >What drives status in the work/trustee landscape? Depends on your culture: >Knowledge >Competence >Being ‘in control’ >Decisive
  11. 11. A TALE OF TWO DRIVES – CONFORMITY 11 >We’re pack animals >We survived and evolved by working in highly coordinated groups >We’ve evolved to recognise social cues and to coordinate and align our behavior with those around us Not conforming………..feels uneasy Conforming……feels right
  12. 12. A TALE OF TWO DRIVES – CONFORMITY 12
  13. 13. A TALE OF TWO DRIVES – CONFORMITY 13 >How does conformity manifest itself in the work/trustee landscape? >Following the herd >Not challenging
  14. 14. 7 THINGS WE CAN DO RIGHT NOW 14 1. Start the discussion 2. Reframe the game 3. Naming not shaming 4. The role of the Chair 5. Take it outside 6. Short-circuit the system 7. Hold us to account
  15. 15. A MULTI-WORLD EXPERIMENT 15 You earn £75,000 All your close contacts earn £55,000 or less You earn £150,000 Everyone else earns £300,000

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