Study Questions Test 1 Management 3240 Spring 2014 Exam Week March 17 21 1 2 3 5 6 8 9 The basic idea of the video is that industries are intertwined and thus when something adverse happens to one industry subsequent industries feel the effects as well Industries named were banking restaurant hospitality butcher pet sitter all of these are industries that people cut when they are trying to tighten the belt during a recession People bought houses they couldn t afford In 2006 the housing bubble burst and home prices fell banks forclosed and then wouldn t lend with each other because of toxic collateral led to bankruptcies and bailouts of banks insurance firms AIG investment banks by 2008 unemployemnt was rising once people got laid off they couldn t make their payments and banks forclosed consumer spending twindled Florida Georgia Ilinois Cali NM Utah AZ look as if it is the southwest and the southeast and then add Illinois in there as well 4 As college prices continue to rise students are left with the choice of Is college worth it and add this with the fact that median family income has been dropping or stagnant graduates are left behind the 8 ball with large amounts of student loans 2 3 of the jobs lost during the recession were middle income jobs and about half of the jobs created since the recession have been in low wage sectors so even if people are getting hired they aren t making as much as they did prior to the recession Seem to be ok with what they have trimmed fat in recent years may have good earnings but everything is relative UNCERTAINTY in gov double dip recession consumer spending Cheaper overseas don t want to hire people and then have to lay them off again 7 Understand the factors in the housing market that have adversely affected the economic recovery With many homeowners being under water on their mortgages because of the downturn in housing prices it is limiting the wealth effect also construction and existing home sales are still below pre recession level numbers It is slightly easier to get credit but still much harder as banks are being more selective with who gets a loan Low labor force participation rate at 63 is the lowest rate since women begun entering the job market in mass Length of time unemployed at average of 37 weeks Stagnant wages and wages are a smaller part of the entire pie 40 of workers admit that there job is not as important to them as it once was and 23 realized that they had put work ahead of family and free time 70 said most days at work the day seems like it will never end Men thought that they were left going nowhere in their job leaving them stressed while women felt it had taken them away from family 10 The gender disparity grows as the age increases with women 30 and younger making around 12 on average less than male counterparts but this number dramatically increases as you get older with the number over 50 being at roughly 26 11 The wage gap statistic however doesn t compare two similarly situated co workers of different sexes working in the same industry performing the same work for the same number of hours a day It merely reflects the median earnings of all men and women classified as full time workers 12 Choice of occupation Development of human capital Work experience Career interruptions Motherhood Industry Health Benefits Insurance Overtime 13 Women make 88cents for every dollar a man makes in boston better than the national average of 77cents According to the compact roadblocks such as inflexible work hours lack of female role models and perhaps the most pervasive obstruction unconscious bias make it difficult to grow and remain in the workplace as a female employee 14 What were the general findings from a recent CITI LinkedIn study of 954 breadwinning women regarding work family balance issues Understand the stressors for those in the research The majority of women feel they have it 63 of professional women say they have a good sense of balance between work and life And 95 of women think that having it all is attainable Yet there is still a desire for more flexibility with the option to telecommute at the top of their list 42 wish they could work from home more Of those that work from home at least once a week 90 say they re equally or more productive than when they re in the office However working from home impacts women s perception of their promotability 26 of women who telecommute think they ll get promoted in comparison to 40 who work in the office full time Female breadwinners report one of the highest levels of work life imbalance Additionally nearly half of female breadwinners report that their work causes tension at home due to feeling pressure as the primary earner and wishing their partner did more around the house 15 The secret is that the flexibility of hours has a lot to do with what industries have a larger gender wage gap These industries such as law and finance are much less flexible than say technology or health therefore because of many factors namely child care these industries are tougher for women 16 Potential conflicts of interest complaints of favoritism claims for sexual harassment relationships are unprofessional 17 According to a study by employee benefits provider Workplace Options 84 of employees aged 18 to 29 say they would date a co worker and 71 say they think workplace romance is a positive thing that improves performance and morale Their older colleagues disagree as only 29 of those aged 46 to 65 say they d consider dating someone they worked with and 90 say it could do more harm than good 18 The legal issue is what I like to call the amplification of potential liability that always exists around the employer employee relationship There will foreseeably be claims of favoritism or even discrimination or harassment When a workplace romance sours it can expose the company to increased liability since the connection between alleged actors is easier to establish essentially giving the plaintiff some good ammunition for his or her case Relationships between supervisors and subordinates create even more potential problems In a better scenario coworkers would find it easier to claim that an employee received preferential treatment from a supervisor he or she is dating In a poorer scenario the relationship would end badly one of the employees could claim that the relationship was non consensual or that sexual harassment existed An employee could even make a case for unlawful retaliation if he or
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