Study Questions for Exam 1 Organizational Behavior Spring 2015 1 Understand how the ripple effect has impacted businesses and families Know the video Jason Lost his six figure salary as a bank manager and now has a lot more time to spend with the kids The family has gone from eating at their favorite restaurant every weekend to eating there once a month Their favorite restaurant is The Red Stone Grill The Red Stone Grill serving fewer customers for lunch This means fewer tips for Heather the bartender and lowered meat orders Heather bartender at Red Stone Grill Stopped hiring a pet sitter for her two dogs and does not go out as much anymore because of her loss in wages Allen Brothers a meat supplier that is feeling the hit from Red Stone Grill s and others lower meat orders Due to lower sales they had to lay off 5 of their butchers and truck drivers When individuals lose their jobs and curtail spending there is a domino effect with many other people losing their jobs as well 800 people were losing their jobs every hour in the United States in 2009 and more than half a million became unemployed in January 2009 Projected unemployment was 9 or higher 2 What caused the recession as noted Know the first causes in a nutshell slide Irrational Exuberance in the housing market many people bought houses they could not afford In 2006 the bubble burst as housing prices started to decline Homeowners were not prepared for the decline they had taken loans with little money down As homeowners realized they would lose money by selling the house for less than their mortgage they Escalating foreclosure rates panicked banks and hedge funds secondary markets now realized they were By August 2007 banks became afraid to lend to each other because they didn t want these toxic loans as foreclosed facing huge losses collateral 3 Understand the specifics of Chicago s recession driven economic difficulties Project shortfall was 519 7 million second only to New York in the U S Pensions were a huge driving factor in Chicago s budget deficit 600 million in pensions Chicago mismanaged their money 4 What factors have caused the city of Detroit to have such a difficult time financially Described Detroit s unsecured debt specifics Financial Struggles Decades of corruption and financial mismanagement Largest city in the U S can t service the entire city and they don t have the tax space to do it Low population 1 8 million to 700 000 dwindling to 500 000 Anyone with any money has left Detroit s Unsecured Debts 11 8 billion in total Pensions 3 5 billion Benefits 5 7 billion Go Bonds 1 13 billion Derivatives 1 43 billion 5 Understand Looking Back in terms of the middle class s views of opportunity and security today relative to the past Know specifics opportunity to get etc Americans say the middle class has less opportunity and security today than before A survey shows what people think of the middle class of today compared to the middle class of their parent s generation Job and Financial Security 16 more 17 about the same 65 less Opportunity to get ahead 26 more 21 about the same 52 less Expendable Income after Paying for Expenses 20 more 18 about the same 60 less 6 What are the factors that have causes many middle class to go from working to homeless Lost very specialized jobs where there are few alternatives Multiple family commitments such as divorce or kids People do not save enough for rough patches Perceived as overqualified for many jobs Kids daycare and other expenses 50 a day won t cover it all Desire to have things back that you couldn t afford in the first place ex nice house Insurance is no longer good enough to cover what is needed 7 How have companies contributed to the flat paycheck recovery What consolations were noted in the article with respect to wages Companies have contributed to flat paycheck recovery due to their ability to Be very choosy with whom they hire due to a slack labor market Have much more bargaining power than prospective employees when it comes to Rely on temporary and part time workers most prevalent in fast growing industries setting salaries such as retail that don t pay great to begin with The small consolation prize when it comes to wages is that an improved economy is keeping workers on the job a bit longer 8 Major findings of the attached article were what How did men and women respond differently to questions posed by the researchers Major findings Even though jobs are in short supply they re not as valued as they used to be The recession and high unemployment have caused workers focus to shift toward Recession has caused a realization of the value of people and family over things home and family and away from the actual importance of having a job Men Women Generally responded with a remorseful and reflective attitude Their thoughts were driven by recession related job insecurity and its subsequent role in encouraging hostile work treatment A result of conflict between work and family Thoughts stemmed from the perception that in recent years work obligations have increased in time and energy resulting in less family time 9 Describe the salary disparity documented to exist in the state of Florida Women in Florida fare slightly better than the national average earning 80 cents rather than 77 cent to a man s dollar However regardless of race women in Florida earn less on average than white male counterparts White man 1 White woman 78 cents African American Woman 61 cents Hispanic Woman 57 cents 10 Why do male nurses often make more than female nurses according to the research Know the factors The difference in earnings is partly due to the fact that men were more likely than women to work full time When looking only at full time year round workers the gap narrows but it doesn t disappear female nurses working full time year round earned 9 less than their male counterparts In nursing men are more concentrated in the highest earning segments of the field They make up 41 of nurse anesthetists who earn nearly 148 000 on average but only 8 of licensed practical nurses who make just 35 000 Male nurses are more likely than female nurses to have a doctoral degree more likely to work evening or night shifts and more likely to be immigrants Female nurses are more likely to work in doctor s offices or schools and are far more likely to be over age 65 a reflection of nursing s status as a female dominated profession until recently Compared with other professions female nurses fare
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