Why 'Old Is Safe' Is a Dangerous Illusion
People assume their current way of doing things is safer than trying something new, a bias called the endowment effect. But the old way often has hidden costs. The key is to make people aware of the real price of sticking with the status quo.
- People overvalue what they already have and undervalue new options.
- The 'old way' feels easier but may cost more in time or effort over time.
- Example: Writing 'Best, Charles' manually vs. setting up an email signature.
- Change agents must highlight the hidden costs of inaction.
“The old way is easier and it is easier but we may not realize how challenging it is.”