Bill Dudley, the outgoing President of the New York Federal Reserve, offers an expansive and candid assessment of the topic of Culture. This essay coincides with a conference on “Reforming Culture and Behavior in the Financial Services Industry” sponsored by the New York Fed on June 18th.
Mr. Dudley addresses many of the concerns raised around how to address the management of culture by pointing to recent advances in behavioral science and how those can be applied within organizations. Key to this is recognizing the role that social norms play in behavior and how employees behavioral cues from peers. With this understanding it is increasingly possible to leverage data science and quantitative approaches to measure the “cultural conditions” that work to prompt behavior in ways that are predictable and to better align incentives to achieve those outcomes.
Read the full essay: Coda: Candid Reflections on the Culture Conversation