Study Questions Test 1 Management 3240 Fall 2014 Exam Week October 27 31 1 What are the basic ideas presented in the Ripple Effect video What industries were mentioned as affected both directly and indirectly A man lost his six figure salary so the family eliminated eating out at their local restaurant they ate at weekly With fewer people at this restaurant meant fewer tips for the staff The owner also was making less income and had to stop hiring a dog sitter as well as cutting back on the meat supplies since there were less customers which then cost the butchers http www youtube com watch v UMqyi6s41iE playnext 1 list PLC9904CA0CE2D115C feature results video 2 Understand how the recession has impacted social behavior at work Specifically know the research as related to sucking up increasingly demanding management and employee s perceived financial well being More than 40 percent of employees reported increased incivility i e More than one half 55 percent reported that management has grown More than 65 percent predicted significant job changes to occur within one year backstabbing sucking up and politicking as a means to stay employed in the event of a layoff increasingly demanding over this period causing employees to grow progressively more concerned about job status 80 percent of employees reported being nervous about their long term financial well being 3 Have an understanding of the Foreclosure States Specially know which states are really bad high foreclosure and which ones are pretty good low foreclosure CA NV UT AZ FL GA IL high People overdoing their lives and houses are foreclosed ND SD AR MS WV DE ME 4 Be able to discuss the research related to parents perceptions of their children s future e g Gazing into the Future and The Satisfaction Gap Mothers treated their children harsher for each 10 increase in the People can adjust to difficult circumstances once they know what to expect unemployment rate in the city they resided whereas fear or uncertainty about the future is more difficult to deal with 5 Know the specifics of the Flat Paycheck Recovery The U S economy is finally growing So far low wage jobs lead the way But the jobs being created aren t like those we ve lost While two thirds of the jobs lost during the recession were 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 economists would expect at this stage of a recovery A number of reasons have been given for companies failing to hire more workers even though it may seem that they are in a position to do so What were the factors discussed Know the specifics as outlined 6 Seem to be doing okay with what we have Trimmed a lot of fat in the past few years and got better at things Earnings may sound good but everything is relative Uncertainty Uncertainty Uncertainty Can I get it cheaper elsewhere Don t want to go through that again Fiscal Who Knows 7 What was the general theme outlined in the Christian Science Monitor s article on job meaning How did people perceive the importance of work How were male and female participants different Hochwarter described the financial downturn as a wakeup call for many people who thought they were doing what was best for their family but who now question the choices they made Nearly 40 percent of workers admitted the job was not as important to them now as it once was and 23 percent realized they had put it ahead of family and free time More than 70 percent of workers said most days at work it felt like the day would never end Hochwarter and his team research associates Tyler Everett and Stuart Tapley also found the impact of the recession was different on men and women While men thought their job was not giving them what they thought it would and left them feeling stressed and like they were going nowhere women felt their job was taking them further and further away from family 8 Have an understanding of the major points outlined in the attached article Why are U S children s futures uncertain as a result of the recession How do younger people of this generation compare to those who lived through the Great Depression Even if families have recovered financially children have to become aware that the economy is riskier than it used to be Financial markets may be less volatile but structural changes in the economy have increased risk for most Americans largest asset future earnings Household finances also are less secure because people have less liquid savings and more debt Younger Americans may never recover from the recession s wake up call to risk and the economy might suffer for that The Great Depression scared a generation away from taking financial risk Many Americans who came of age during the Depression never invested in the stock market Millennials have internalized the same fears http www businessweek com articles 2014 08 19 the psychological damage of the recession is not going away 9 How has the recession caused American s anxiety to grow Overall how has the recent increase in economic strength affected most people Why The slow pace of improvement during most of the recovery now in its sixth year has eroded confidence and slowed a return to the pay levels that many enjoyed Recent evidence of economic strength has done little to brighten most Americans outlooks Because only 14 percent of the respondents said the gains have affected them a lot a sign of either meager investments or the extent to which families unloaded their stock holdings near the bottom of the market http www businessweek com ap 2014 08 28 survey americans pessimism on economy has grown 10 Read the Gender Wage Gap Myth article Describe the way that the information was calculated including any limitations in the way the final results were determined What are the reasons for women to celebrate Equal Pay Day presumes that the difference between men and women s average earnings stems from discrimination The wage gap statistic however 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 Often times women are willing to trade higher pay for jobs with other characteristics that they find attractive Men in contrast often take jobs with less
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