Management 3240 Study Guide 1 The basic ideas presented prove that all industries in an economy are interrelated When the man lost his job six figure salary he and his family stopped going out to eat weekly The female bartender had to stop going out as much because she could not afford to pay her dog sitter The meat distributor Allen brothers had to cut 5 of the butchers and drivers because their meat orders from restaurants were smaller The economy was a domino effect 2 70 of men and women confirm recession has increased stress levels of employees 55 confirm management has grown increasingly demanding 80 nervous about long term financial well being 40 of employees have reported increased incivility backstabbing sucking up and politicking as a means to stay employed 3 High Foreclosure bad California Nevada Arizona Utah Illinois Georgia Florida banks were easier on lending living beyond their means Fewest foreclosures North Dakota D C West Virginia Alaska Wyoming 4 Parents believe children will grow up worse off younger generation is more optimistic about future economy 5 While unemployment figures are lowering the jobs being created aren t like those lost While 2 3 of the jobs lost during the recession were for middle income jobs about half of those created since have been in low wage sectors like tourism hospitality and retail sales What s more a greater proportion of them are temp positions than in recoveries past The result is that although wage growth has begun to pick up a little bit It s far below what most economies would expect at this stage of recovery In an economy that is 70 based on consumer spending this matters a great deal 6 Uncertainty Government finances future Seem to be doing well with current amount of employees Earnings might seem good but everything is relative Can I get cheaper work elsewhere 7 General theme the recession has given people time to think about what is important in life Rather than putting a greater emphasis on the importance of a job people have shifted towards home and family Males thoughts driven by recession related job insecurity and its role in creating a hostile work environment Women thoughts triggered by conflicts between work and family obligations Study done at FSU Hockwater led research team 8 The recession took a toll on the psychological well being of the younger generations People are less willing to take risks invest in stock market and are just holding onto cash Many Americans who came of age during the Depression never invested in stock market but they had company sponsored pensions to support them in retirement Depression s children were eventually bolstered by a wartime economy and postwar boom millennials face no such relief on the horizon 9 There has been a slow place to recovery meaning many still receive pay levels lower than they were pre collapse There is no such thing as job security anymore and people have accepted the idea of working part time during retirement Although stock market has since surged since the collapse only 14 say they were positively affected by this spike This means either meager investments or families unloaded their stock holdings near the bottom of the market 10 Wage gap statistic doesn t compare two similarly situated co workers of different sexes it merely reflects the median earnings of all men and women classified as full time workers Men typically work more hours Women are increasingly taking on leadership roles in business and are excelling much more than men academically Earn more college degrees then men 11 Gender wage gap change over the years 12 Women s earnings as a percent of men Property managers 60 6 personal financial advisors 61 3 Credit counselors and loan offices 61 6 Insurance Agents 64 4 Education administrators 69 3 CEOs 69 13 People are just happy to get a job so they are taking low pay jobs Huge disparity forming between high pay and low pay workers To reduce pay in equity the article recommends to Increase the minimum wage and keep raising it to match inflation strengthen enforcement against corporations who cheat employees out of earned money disclosing info about pay scales while discouraging workplace discrimination and provide more on the job training 14 Editor Jill Abrahamson was dismissed from NY Times because of her tough management style claims wouldn t have been seen as so harsh if she was a male realized she was paid less then her predecessor in two separate positions after the fact 15 The Paycheck Fairness act would require employers to show that wage differences are job related not sex based and are governed not by bias but by business necessity Also it would prohibit employers from retaliating against employees for sharing salary information with co workers The Women s Policy research found that men have higher median earnings than women in nearly every field including most commonly pursued by full time working women like nursing and elementary school teaching 16 Companies don t dig office relationships because data shows 29 chance of potential conflicts of interest 26 complaints of favoritism 16 effect on morale productivity 17 Millennials are MUCH MORE likely to have a relationship with coworker than non millennial generations 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
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