224. Inequity Aversion: That’s Not Fair! A Behavioral Economics Foundations Episode

<p><span style="font-weight: 400;">Today we are digging in on inequity aversion – which is featured in chapter 12 of my new book,</span> <a href="https://amzn.to/3m2PA3a"><em><span style= "font-weight: 400;">What Your Employees Need And Can’t Tell You</span></em></a><span style="font-weight: 400;">, titled “That’s Not Fair!” </span></p> <p><span style="font-weight: 400;">Fairness is a fascinating topic and one that is really important in business. We strive to have fair standards in our business practices, in how we pay our employees, and in the offers we provide to customers…but should everything always be perfectly “fair”? </span></p> <p><span style="font-weight: 400;">Does it have to be fair? And…what the heck is “fair” anyway? Who decides what is fair? (and is that fair?) Tune in to hear all about it. You will also get to hear why fairness is like air, and what a bunch of capuchins can teach us about work (and why your employees might be ready to throw cucumbers). Listen in to learn all about inequity aversion, why it matters to business, and some tips for how to keep this from being a big problem in your work.</span></p> <h3><span style="font-weight: 400;">Show Notes:</span></h3> <ul> <li><span style="font-weight: 400;">[00:40] Today we are digging in on inequity aversion – which is featured in chapter 12 of my new book,</span> <a href="https://amzn.to/3m2PA3a"><em><span style= "font-weight: 400;">What Your Employees Need And Can’t Tell You</span></em></a><span style="font-weight: 400;">, titled “That’s Not Fair!”</span></li> <li><span style="font-weight: 400;">[02:32] Inequity aversion is a pretty easy concept on the surface. We want things to be equal (unless we are the ones getting the benefits…then we tend to be a little more lax in our demands for equality, right?)</span></li> <li><span style="font-weight: 400;">[03:19] I want to point out that fair and equal are not the same, and furthermore, equality is not the same as equity – remember this is</span> <em><span style= "font-weight: 400;">inequity</spa