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What is behavioral economics? Why does it matter to you?

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Podcast Episodes

What is behavioral economics? Why does it matter to you?

387. Unlocking Exponential Growth: The Secret Sauce Behind Psychological Safety

In this episode of The Brainy Business podcast, Melina Palmer engages in an enlightening conversation with Hugh Massie, the executive chairman and founder of DNA Behavior. Hugh’s journey into human behavior began during his tenure as a tax specialist at Arthur Anderson, where he honed his ability to tailor advice to clients based on their behavior. This experience led him to establish a wealth management family office business, where he recognized the crucial importance of understanding individual behaviors, particularly in relation to money. 

Throughout the episode, Hugh emphasizes the critical need for psychological safety in business environments and shares personal experiences that underscore the impact of creating a safe space for open communication among team members, clients, and employees. His expertise in utilizing technology to understand and interact with individuals more effectively, improving communication, talent matching, and overall employee and client experience, makes this episode a must-listen for business leaders and managers focused on enhancing team collaboration and performance.

In this episode:

  • Understand the significance of psychological safety for fostering a supportive and productive work environment.
  • Master effective communication strategies to enhance team collaboration and performance.
  • Explore the potential of leveraging technology to optimize team productivity and efficiency.
  • Gain insights into human behavior in leadership to improve decision-making and team management.
  • Learn how open communication builds trust and strengthens team dynamics for enhanced performance.
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction
Melina introduces Hugh Massie, the founder of DNA Behavior, and shares his background in behavioral solutions architecture and the importance of understanding human behavior.

00:03:54 – Hugh’s Background and Work
Hugh shares his background as a CPA and his transition into understanding human behavior through his experiences in the workplace and working with clients in a family wealth management business.

00:12:57 – Cost of Miscommunication
Melina discusses the significant cost of miscommunication in the workplace, including the 17 hours per person per week spent clarifying previous messages and the high percentage of misunderstood emails.

00:15:10 – Psychological Safety in Business
Hugh delves into the concept of psychological safety, using the example of Boeing’s management pressure for financial results leading to the dismissal of employees who raised concerns about the design of the 737 MAX, highlighting the importance of creating a safe environment for open communication.

00:16:28 – Cultural Issues in Organizations
Hugh discusses the cultural issues at Boeing and Arthur Anderson, emphasizing the importance of psychological safety in a business environment. He highlights the need for team members to feel free to express themselves and share information.

00:18:28 – Support and Responsibility
Hugh emphasizes the importance of supporting team members and taking responsibility as a leader. He discusses the need for leaders to have their team’s back and to take ownership of decisions. He also addresses the importance of managing emotions and showing up with the right energy.

00:21:39 – Trust and Autonomy
Melina shares a personal story about trust and autonomy in her previous workplace, emphasizing the importance of having a leader who supports their team’s decisions. She highlights the impact of a leader’s trust and support on the team’s ability to have open conversations.

00:26:15 – Psychological Safety in Business
Hugh discusses the significance of psychological safety in the workplace, particularly in financial services firms. He explains how leaders’ willingness to share their DNA discovery profile assessment with their team members can impact the organization’s success.

00:31:32 – Technology and Communication
Melina and Hugh discuss the use of technology to customize communication based on individual styles. They highlight the benefits of using technology to communicate thoughtfully and effectively, catering to the recipient’s preferences and emotional intelligence.

00:32:31 – Understanding the Core of Human Behavior
Hugh explains that a person’s natural hardwired behavior is 85% determined by age three and 95% by age seven. This core behavior influences how people react under pressure and their comfort in different environments.

00:35:19 – Depth and Accuracy of the Model
Hugh discusses the forced choice scoring model used in their system, which measures 4000 psychometric metrics to provide a deeper understanding of an individual’s behavior. The model goes beyond traditional assessments like Myers Briggs and disc profiles.

00:37:54 – Application across Different Industries
The system is utilized not only within internal teams but also with clients in various industries, including wealth management and other businesses requiring ongoing engagement and relationships. The focus is on understanding and communicating with individuals in a way that aligns with their natural behavior.

00:41:36 – The Platinum Rule of Communication
The conversation delves into the importance of adapting communication to the individual on the other side, known as the “platinum rule.” Understanding and accommodating the preferences of others leads to better relationships and interactions.

00:46:42 – Trust and Psychological Safety
The discussion emphasizes the significance of trust and psychological safety in relationships, both professional and personal. The importance of responsiveness, respect, and adaptability in building and maintaining trust is highlighted.

00:48:01 – Understanding Human Behavior and Differences
The conversation starts with the importance of understanding human behavior and dealing with differences among people in the workplace. It emphasizes the need for leaders to communicate effectively with everyone and align their strengths.

00:49:45 – Technology for Effective Communication
The discussion highlights the role of technology, specifically gene AI, in enabling real-time communication and interaction among team members. It emphasizes the importance of using technology to tailor messages to individual preferences for better engagement.

00:50:37 – Leveraging Technology for Efficiency
The conversation delves into how technology, when used thoughtfully, can save time and effort by automating communication processes. It emphasizes the value of investing upfront in technology to yield significant long-term benefits.

00:53:20 –  Conclusion
Melina’s top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media — you’ll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

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