Summary: Jobless MBA's

The article "Jobless MBA's" discusses how the recent downturn in the economy has affected newly graduated MBA's. According to BusinessWeek, 16.5 % of job seeking students from the top 30 programs did not receive any offers by the time schools collected their final fall employment data three months after graduation. This is a major increase from the 5% of students who could not find jobs the previous year. Since most high paying finance jobs have dissappeared after the recession, most schools have directed students into other industries. Mark Brostoff, associate dean at Westin Career Center, believes students need to "recognize the value of other career paths" and look at other skill sets they possess in order to be successful in today's market. Many people don't forsee the job market picking up anytime soon, which means students will end up taking jobs they otherwise would not have considered or even return to industries that they came to graduate school to get out of. Some students will enjoy different fields of study, travel the globe or start their own businesses, but others will stick with their original plans even if it does take longer than expected. Graduates from this year's class will definitely take different paths to reach their ultimate career goal than any other class in history.

Essay: Myths That Undermine Decision Making

Most problems involved with group decision making do not have anything to do with psychological issues, but more with the myths about the teams themselves. The article discusses how decisions at the highest level are made in many different meetings, formal and informal. The article also discusses how different people in the organization carry different levels of decision making responsibilities. Finally, the article mentions that asking all employees to think like a CEO can be a huge mistake.

One myth that many people fall prey to is that a single team makes all of the major decisions for an organization. In reality, the decisions being made at the highest levels may only involve a handful of executives and not necessarily the entire executive team. However, this may lead to some confusion over the locus of control. Executive team members who are frequently presented with deals that have already been finalized may feel disempowered.

Another myth that many people believe is that the executive team is a body of equals. In organizations, different people carry much more weight and responsibility than others. The article compares this to the House of Representatives, where California has a bigger say than a smaller state, such as Rhode Island. Problems are created when members have differing views on what kind of advice they are being asked to give. The solution to this problem is simple. The CEO must make clear before the meeting where the group stands in the decision making process.

The third myth entails that all executive team members should adopt a CEO's perspective. However, asking everybody to "think like a CEO can be counterproductive". According to the article, organizations should not choose the generalist or functional perspective, but chose a model that best relates to the type of decision being made.

By reading this article, I learned that addressing these three decision making myths will greatly enhance an employee's ability to contribute to the organization. When an employee knows their role within the company, they will be able to fully participate in the decision making process.

Summary: Fed & Treasury Pitch Pay Rules, But Will They Work

The article "Fed & Treasury Pitch Pay Rules, But Will They Work?" focuses on new plans the Fed and the Treasury Department have put in place to manage high level executive's pay. The Fed's proposal requires the agency to tell the bank holding companies just how they plan on assessing their pay practices. This will ensure that bonuses and other incentives don't encourage bankers to take more risk and put banks in further jeopardy. However, the Fed's new plan does not contain any hard-and-fast rules because they figure every company is different and their pay practices should reflect that. The Treasury's new plan focuses mainly on the top echelon of the corporate hierarchy (top 5 executives and 20 other highest paid employees). Another element of the Treasury's plan centers on trading cash salary for stock and also replacing bonuses with restricted stock. This will encourage top executives to "shoot for the stars". In order to keep stock issued as a bonus, executives will have to stay with the company for three years and they won't be able to cash the stock until the government is paid back.

Summary: Beware the Bottlenecks

The article "Beware the Bottlenecks" points out potential problems that isolated shortages could lead to. The author explains how it is surprising and worrisome that there are shortages in a variety of items in the current economy, ranging from cars to lobster bait. These shortages may be a sign that the current recession is not as bad as once believed. As the economy continues to grow and demand grows at the same time, these shortages could drive prices up and force the Fed to raise rates before the recovery even starts. Economists believe that shortages are short-term problems that won't end up hurting the economy too much; however the bigger problem is deflation. Deflation is an economic contraction that causes falling prices, unemployment and bankruptcies. The central bank must now focus not only on deflation, but also capacity bottlenecks that lead to inflation.

Summary: Wal-Marts Painful Lessons

The article "Wal-Mart's Painful Lessons" explains how Wal-mart's future success depends on whether the company learns from past mistakes and how quickly it adapts to shifting trends in foreign markets. The article covers four foreign markets outside North America that Wal-Mart has tried gaining entry into and outlines the strategies the company plans on takingin order to do so. In Japan, Wal-Mart has made many changes, including closing 20 stores, removing in-store butchers and increasing the number of meals-to-go. However, the biggest change was making the transition from weekly specials to "everyday low proces". Progress has been slow, but baby steps are being taken towards improvement. Russia and India are two of the fastest growing retail markets in the world, but they are also regarded as the two most frustrating for foreign retailers. After five years, Wal-Mart has only one outlet in India and a 30 person development office in Russia. Recently, Wal-Mart joined with Bharti Enetrprises to open a cash-and-carry operation in northern India, catering to merchants and small businesses. However, with little experience and background in the type of merchandising and retailing done at Wal-Mart, employees have much to learn. While Wal-Mart plans to open 10 to 15 stores in Russia, it will probably start by acquiring a local retailer. In Chile, Wal-Mart has acquireed a 75% stake in a local company called D&S, which turned out to be a very smart move. Instead of entering the market alone, as many other companies have tried to do and failed, Wal-Mart has kept close ties to D&S over the last decade. They have increased D&S's expansion budget from $150 million to $250 million, most of which will go towards opening 70 new stores this year. On its way to taking over the world retail market, Wal-Mart must make sure it employs lessons learned from past mistakes into future plans.

Summary: A Smokestack Comeback

The article "A Smokestack Comeback" explains how the U.S. Manufacturing sector has shown signs of economic improvement in the stock market, however nothing is a sure bet as other data conflicts with this idea. While stocks classified as industrial rose 27% in the last three months, the U.S. Philadelphia Fed Index declined from 14.1 to 11.5 during September and October. Others will be looking at the earnings reports, who some believe give investors a better sense of whats going on. Developments overseas and the fact that manufacturing is jumping off a very low base are a couple of the reasons to be optimistic for the U.S.industry.

Essay: The Kinds of Employees You Want To Hire

The article "The Kinds of Employees You Want To Hire" explains the distinguishing features of employees that many companies want to hire. The type of employee who possesses a confident "core self evaluation" will be beneficial to a company. The article also explains that employees with high core self evaluations of themselves will continue to succeed in even the toughest environments. The article gives helpful ways to spot future superstar business leaders as well.

The trait that distinguishes great employees from average employees is "core self evaluation". This term refers to a person's belief in their own abilities. Its obvious that an employee who feels that they control the events in their lives ,rather than vice versa, will have a better chance to succeed in the business world. These employees will sell more products, give better customer service and will be more motivated than people who lack a high self-esteem. Ultimately, employees who have a higher self core evaluation will fare better in the long run, moving up the corporate ladder and earning better wages than employees who do not think highly of their abilities.

When challenging times set in is the point where the superstar employees are weeded out from the average employees. In these situations, confidence is a great virtue to have. Self-belief in one's abilities will allow a person to persevere through turbulent times when most others would quit. The article also points out that employees with a high "core self evaluation" experience less stress and have less trouble balancing work and personal life.

Ways of spotting highly confident employees are more obvious than one would think. One way is to identify people with an "I think I can" attitude. These people will be able to overcome challenges more easily than other people. Another way to spot a superstar employee is to identify people who take control of the situation and not wait for something to happen. Also, make sure the employee is emotionally stable. People who are not easily discouraged are less likely to fall prey to stress and burnout.

After reading this article, I learned that "can-do" attitudes are synonymous with success in the workplace. Having a positive attitude and confidence in my abilities will allow me to far exceed my colleagues. I need to take control of the situation and not wait for something to happen as most people do. Confidence in my own abilities is key to achieving any task in life.

Essay: The Lost Generation

The article "The Lost generation" provides a glimpse into the difficult world of young people trying to land a job during a recession. The article states that companies are less likely to take risks during recessions. It also explains how employers will suffer the same, if not more than the young people trying to find jobs. Although there is a severe lack of young people in the workplace, there are ways around unemployment for many young people.

When one thinks about the situation from a business perspective, it might make sense to hire younger workers who are much cheaper to employ than older workers. However, this is not the case. During the recent depression, employers have stuck with their trusted, older workers as they are less willing to take risks on younger, unexperienced job seekers. Many employers are even hesitant to look at any resumes, making it very tough for any young person to find a job.

Young job hunters are not the only ones suffering from the lack of youth in today's workplace. Without the energy and freshness that many young people bring to the work environment, employers may be hurting just as much. Tomorrow's leaders are stuck in unemployment, not gaining the experience they need to succeed in the business world. When younger people finally do get jobs, many will be dissatisfied with being placed below employees who worked all along, leading to a decline in lifetime income. In fact, a study completed at Yale University showed that even fifteen years out of school, recession graduates earned 2.5% less than employees who had begun working in more thriving times.

Despite being stuck in a jobless market, there are ways to avoid years of unemployment for young people. The amount of people enrolling at community colleges is astronomical. Also, many students plan to start their own businesses. Companies are encouraged to hire young employees even during layoffs through programs established by the government offering tax credits for each new hire.

I believe the unemployment crisis involving young workers will have a very long-lasting impact on the world. In the United States, it will have massive implications on the Social Security system. Older workers are expecting to retire, while counting on the young workforce to fund their retirement. If younger people keep taking lower jobs for less money it means lower taxes for Social Security and Medicare. Taking the lower paid jobs will not only lead to a lack of income, but also may lead to feelings of depression. As youth unemployment continues to rise, young people must find ways to create opportunities for themselves and avoid damaging their future and the economy.

High-Quality Web Site

http://www.mcdonalds.com/

This website is very easy to use and has a very simple design. The links are very easy to find, allowing for trouble-free navigation throughout the website. Each link page also has the same design, adding a neat and organized feel to the website. Unlike, the low-quality web page, all graphics and links are related to the website's purpose. Links include nutritional facts for McDonald's food, promotions, menus, etc. McDonald's website does not contain any moving images or ugly color schemes. It is very appealing to the user.

Low-Quality Web Site

http://www.americanbeautybordercollies.com/

This website is absolutely absurd. One of the many things wrong with this web page is the graphics. There are many moving parts and the color scheme is extremely gloomy. There are also many graphics that have no meaning to the website's purpose. The page also contains music that will not stop playing until the user exits the website. Another mistake made by the web designers includes not having any viewable links.

Summary: "Gary Vaynerchuk's Startup Advice"

In the article "Gary Vaynerchuk's Startup Advice", the author contrasts pursuing what one loves or pursuing a market opportunity, all while having the best chance to succeed. According to Gary Vaynerchuk, one should do what they love and know the most about. It is more likely that a person who loves what they do and is confident in their own abilities, will be better able to succeed. However, some will disagree with Vaynerchuk. Scott Shane, an entrepreneurship professor, believes having a passion for a lousy opportunity is very risky. He considers responding to market needs a safer opportunity for entrepreneurs. In some cases, passion and market opportunity overlap, as in Vaynerchuk's case. Vaynerchuk took his passion for wine, became an expert in the industry and turned his family's liquor store into a multi-million dollar wine empire. In other situations, money may not be a determining factor in the decision's being made. Some would rather work for themselves, as Paula Davis does. Single and divorced, Davis considered going back to her old job, but decided against it when she figured she wouldn't be able to spend enough time with her children. Today, she sells artisan soaps. While she would've been able to make much more money working as a lawyer's assistant, she chose to make soap and work for herself. According to the Vaynerchuk, working to seek profit is a recipe for disaster. Even for those who do achieve the money, many are still unhappy because they don't have a passion for what they do.

Summary: Washington Revives the Mortgage Cramdown

According to the article, "Washington Revives the Mortgage Cramdown", new ideas on how to stop the current mortgage crisis are being passed around Congress. Included in these ideas are bills that would force the lenders to pause before they foreclose and offer borrowers a break on their mortgage if they qualify for help under the Treasury program. Another idea being introduced to the Senate includes the temporary suspension of home-loan payments or brief monthly mortgage subsidies for unemployed homeowners. However, almost all Democrats believe they have the best option: cramdown. Cramdown would allow bankruptcy courts to adjust mortgages. Under this idea, a judge would have the power to reduce principle or interest rates on loans and stretch out mortgage payments. Supporters of the bill believe cramdown would free homeowners of the debt they cannot pay, at the same time pushing lenders to make deals before reaching the courthouse. On the other hand, critics believe cramdown would drive up borrowing costs and make loans much harder to obtain.

Summary: Typical U.S. Worker Saw 401(k) Lose 24.3% in 2008

According to a study by Employee Benefits Research Institute and the Investment Company Institute, U.S. workers suffered an average loss of 24.3% in their 401(k) accounts during 2008. At year end 2008, the average account held a balance of $86, 513, a decrease of nearly 25% from the previous year. The article explains that investment performance forced many to change locations of their assets. 56% of people were found to be stashing their assets in equities (funds and company stock), while 41% allocated their assets in fixed-income securities. One of the more eye opening statistics from the article was the fact that 72% of workers held 20% or less of their account balance within company stock, while 7% of all 401(k) investors held more than 80% of their account balances in company stock. A very risky action indeed.

Summary: The Coming Energy Revolution

The article "The Coming Energy Revolution" explains how companies will cut electricity costs by using new "Smart-Grid" technology. Development of this new technology is still in the early stages, but plans for the new product involve transforming the old grid into a two-way network, having power and information flow in both directions between the utility and the customer. However, this new grid does come at a costly price. Costs are estimated to reach $165 billion just to create the "smart-grid". The article also explains how Cargill occasionally uses its own generators for power rather than its electricity vendor, who set rates for industrial customers using peak-use patterns. Another benefit to the new grid would be allowing customers more flexibility in the type of power they use, offering solar and even wind power as possible options. According to the article, the smart-grid will also give customers the ability to see just how much energy their lighting, air conditioning and appliances use and because electricity costs more during peak demand times, it will allow people to shift use of these appliances to off peak periods.

Summary: Grasping For Salvation

Akio Toyoda recently took over Toyota and he believes he knows what plagues the world's largest car maker. Current problems include being too cocky, undisciplined in expansion and also in denial about the trouble it faces. With the yen rising 7% against the dollar, it makes it even tougher for the company to offer discounts and cash back incentives. Although he wasn't too specific in telling how he would reverse the company's fortunes, Toyoda believes the way to attract a loyal following is to make cars that please the enthusiasts. One way to discover what the buyer wants is by test driving cars. In his first year on the job, Toyoda test drove over 200 different kinds of cars. With loads of data from customer satisfaction surveys and market research, Toyoda will have plenty of information on what the consumer wants.

Summary: Disabled Workers; Employers Fears are Groundles

The article, "Disabled Workers; Employers Fears are Groundless", explains how many working-age Americans with physical disabilities will remain jobless even after the economy recovers. This is so because employers assume it would be a challenge to hire people with special needs. Employers are afraid to hire people with disabilities because they believe it would lead to hirgher employment costs and lower profit margin. Other reasons include the view that these workers lack job skills and necessary experience. However, studies have shown otherwise. It has been proven that hiring workers with special needs does not translate into higher accommodation costs and that most workers with disabilities require no accommodation to begin with.

Essay: Deloitte's Diversity Push

In the article, "Deloitte's Diversity Push", CEO Barry Salzburg explains how community colleges are key to employing a diverse workforce. By reaching out to minority students in community colleges, Deloitte is not letting untapped talent slip through the cracks. Throughout the process of becoming more diverse, Deloitte has also had to do a good amount of myth busting. To help minority students, the company has also set up a mentor program.

Barry Salzburg believes diversity is an extremely important value for any company to have. However, 92 percent of the 4,500 partners at Deloitte are white. Deloitte, just as many other companies do, have been recruiting from the same pool that everyone else tries to tap for minority talent. Recently, Salzburg instructed his senior employees to focus more recruiting efforts on community colleges, where the majority of African-American and Latino students enroll. Many two-year programs are overlooked by companies, but the students possess the same drive and ability that many other students possess. By focusing on community colleges, it allows Deloitte to tap a diverse pool of top talent, while allowing students to get on the "accounting prep-track".

Many students view accounting as a very boring trade, where workers sit at a desk all day day punching numbers into a calculator. In order to dispell this myth, Deloitte is sending out a group of eight staffers to guide more students towards an accounting career. By having accountants give presentations on how the industry has broadened into financial, management, technology, and human capital consulting students will be ale to gain insight into the vast world of accounting.

Deloitte has also set up a mentor program for minority accountants to help guide them and become better leaders. Many minority students are able to get through the door, but fall short after they hit the glass ceiling. What they really need is the advice that comes from experienced colleagues who have been in the same position before.

It is still a question of whether or not this entire program will effective in landing more minority students in the accounting profession, but it is a step in the right direction. Through programs like this companies will become more diverse,which is very important in today's ever changing world.