From the course: The Data Science of Media and Entertainment with Barton Poulson

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Optimizing nonfinancial incentives

Optimizing nonfinancial incentives

From the course: The Data Science of Media and Entertainment with Barton Poulson

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Optimizing nonfinancial incentives

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- [Instructor] Before we wrap up our discussion of data science in media and entertainment, I want to take a moment to talk about something that may seem a little different, and that's about optimizing nonfinancial incentives within arts organizations. Now, the reason this is important is because A: money can't solve everything, and also because many arts organizations are cash strapped. I've worked with several, I know this is true. But that's not the worst thing in the world because really, money has its limits. There's very good psychological research to indicate that while money is very good for getting out of misery, you need to be able to pay your bills, you need to be able to get healthcare, you need to feed your family, it's not as good for getting happiness once those basic needs are met. What that means is that in an organization that really is limited in terms of how much cash it has, nonfinancial incentives become much more important. And what's important about that is…

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