Employee Engagement and Commitment
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The Market for Financial Advice: an Audit Study
The Market for Financial Advice: An Audit Study Sendhil Mullainathan (Harvard University) Markus Nöth (University of Hamburg) Antoinette Schoar (Massachusetts Institute of Technology) April, 2011 A growing literature shows that households are prone to behavioral biases in choosing portfolios. Yet a large market for advice exists which can potentially insulate households from these biases. Advisers may efficiently mitigate these biases, especially given the competition between them. But advisers’ self interest – and individuals’ insufficiently correcting for it – may also lead to them giving faulty advice. We use an audit study methodology with four treatments to document the quality of the advice in the retail market. The results suggest that the advice market, if anything, likely exaggerates existing biases. Advisers encourage chasing returns, push for actively managed funds, and even actively push them on auditors who begin with a well‐diversified low fee portfolio. Keywords: financial advice, audit study JEL: D14, G11 We thank John Campbell and Michael Haliassos, and seminar participants at Columbia, York, MIT Sloan, SAVE Deidesheim, and ESSFM Gerzensee 2010 for their helpful comments. 1. Introduction A growing body of lab – and to a lesser extent field – evidence argues that individual investors make poor financial decisions. Drawing on research in psychology, this evidence argues that consumers’ beliefs and decision processes lead them astray. They chase trends, are overconfident, use heuristics and generally fall prey to biases that lead them to choose in ways at odds with basic portfolio theory. For example, the median household rebalances its retirement portfolio zero times (Samuelson and Zeckhauser, 1988), whereas in traditional portfolio theory rebalancing would be optimal in response to aging and the realization of uncertain returns. -
Employee Engagement
Management In practice Measurement Strategy !e missing link As seen on screen How did you score? Temp tactics How managing your employees A look at how companies such as Sky We explain why surveys are only a means The importance of keeping short-term properly boosts productivity | Page 5 are engaging their sta! | Page 8 to an end | Page 11 workers on side | Page 13 July 2012 | business-reporter.co.uk EMPLOYEE ENGAGEMENT !e pursuit of happiness As Unilever’s head of employee insight, how does this man keep 140,000 workers satis!ed? Page 11 DISTRIBUTED WITHIN THE SUNDAY TELEGRAPH, PRODUCED AND PUBLISHED BY LYONSDOWN WHICH TAKES SOLE RESPONSIBILITY FOR THE CONTENTS Business Reporter · July 2012 AN INDEPENDENT REPORT FROM LYONSDOWN, DISTRIBUTED WITH THE SUNDAY TELEGRAPH 2 Industry view Find us online: business-reporter.co.uk Follow us on twitter: @biznessreporter Like us: facebook.com/business-reporter Find us online: business-reporter.co.uk Growing momentum Publisher Project Manager Bradley Scheffer Tom Turnbull [email protected] [email protected] !e economic downturn may prove to be the catalyst Editor For more information on any for organisations "nally realising they cannot a#ord to Nick Martindale of our supplements please [email protected] contact us: ignore employee engagement as a business tool Telephone Production Editor 020 8349 4363 Amy Dickson Email [email protected] For years “employee engagement” was one in this supplement outline how this people who can make or break [email protected] of those phrases bandied around by HR, to has already helped to turn rhetoric such initiatives. -
Workplace Ergonomics Control Work Processes to Avoid Strains and Sprains
Ergonomics Workplace ergonomics Control work processes to avoid strains and sprains Ergonomics is about fitting the task to the • Provide adjustable workstations, anti-fatigue Ergonomics risk individual. It’s an important part of employee mats, and footrests. factors: safety and health, whether you work in an • Use and promote proper body mechanics. office, on a factory floor, or other environment. Posture: Can you • Maintain neutral postures; redistribute maintain a neutral Good ergonomics can improve efficiency posture while and productivity as well as reduce the risk of loads to larger muscle groups. performing the task? strains and sprains. • Adjust lighting higher or lower to suit the task. (Neutral posture supports the natural If you observe risk factors in your • Minimize exposure to heat and cold. curve of the spine and workplace, look for ways to modify the task to body alignment, and minimize the impact on employees. Here are Match the tool to the task. can be sustained with some guidelines: • Avoid pinch grip or repetitive gripping; allow minimal effort.) Do you avoid awkward and Optimize the process. power grip for forceful tasks. static postures? • Place frequently used items within arm’s • Spread contact over several fingers. Frequency and reach; provide easy access to the load. • Consider how tool design (shape, contour duration: How often do texture) makes it harder or easier to grip. you repeat the same • Mechanize operations; use gravity, carts, motion or motions? and conveyors when possible. • Reduce or isolate equipment vibration. How much time do you spend performing the • Break down the load. Lift fewer items at • Consider inline vs. -
Development and Test of a Task Level Model of Motivational Job Design
Journal of Applied Psychology Copyrigh11991 by lhe American PsychologicalAssociation, Inc, 1991, Vol. 76, No. 6, 825-837 0021-9010/91/$3.00 Development and Test of a Task Level Model of Motivational Job Design Chi-Sum Wong and Michael A. Campion Krannert School of Management Purdue University The motivational value of jobs was predicted from the motivational value of tasks, task interdepen- dence, and task similarity. This model was tested on 67 jobs (188 incumbents); analysts provided task measures and incumbents provided job measures. Task design had positive relationships, task interdependence had inverted4J relationships, and task similarity had scattered negative relation- ships with motivational job design. Results suggest that, to design motivating jobs, the motiva- tional value of tasks should be increased, as should task interdependence (up to a moderate point); low to moderate amounts of task similarity do not matter. Increasing similarity and interdepen- dence beyond a moderate point may lead to overly focused and specialized jobs that are less motivating. Also, job design mediated relations between task design and affective outcomes, but task design and interdependence had unique effects on ability requirements. Job design research in the behavioral sciences has advanced search (Fine & Wiley, 1971; Gael, 1983; McCormick, 1979; U.S. knowledge about the relationship between the motivational fea- Department of Labor, 1972). A task represents certain pro- tures of jobs, such as autonomy and variety, and important cesses in which the worker, through his or her actions, trans- outcomes, such as job satisfaction (e.g., Fried & Ferris, 1987; forms inputs into outputs meaningful to the goals of the job by Hackman & Lawler, 1971; Herzberg, 1966; Loher, Noe, using tools, equipment, or work aids. -
Engaging the Workforce Getting Past Once-And-Done Measurement Surveys to Achieve Always-On Listening and Meaningful Response
Engaging the workforce Getting past once-and-done measurement surveys to achieve always-on listening and meaningful response Deloitte Employee Engagement Perspectives Deloitte Employee Engagement Perspectives / Engaging the workforce What is employee engagement? Organizations are increasingly talking about engagement, but not everyone is defining and measuring it in the same way. Engagement typically refers to an employee’s job satisfaction, loyalty, and inclination to expend discretionary effort toward organizational goals.1 It predicts individual performance and operates at the most fundamental levels of the organization —individual and line—where the most meaningful impact can be made. Workplace culture is related, though operates on a different level. Culture is a system of values, beliefs, and behaviors that shape how real work gets done within an organization. It predicts company performance, and is shaped and cultivated at the most senior levels of the organization. 1 Deloitte Employee Engagement Perspectives / Engaging the workforce The vast majority of executives responding to our Global Human Capital Trends survey rated engagement as a priority for their companies. More than executives rated engagement as important or very important.2 8 in10 But company actions regarding engagement don’t always support that level of importance. Just 64% And of respondents say they are measuring employee one in five engagement once a year.3 (18%) said their companies don’t formally measure employee engagement at all.4 As the workforce and its expectations about work evolve rapidly, employers should start treating engagement as the business-critical issue it is. 1 Deloitte Employee Engagement Perspectives / Engaging the workforce Why does employee engagement matter ? Engagement is critical because it is directly linked to business outcomes. -
“Performance and Retention” Through Employee Engagement
International Journal of Scientific and Research Publications, Volume 5, Issue 8, August 2015 1 ISSN 2250-3153 Enhancing “Performance and Retention” through Employee Engagement B.SARATH SIMHA, M.B.A, (M.PHIL) *, B.VISHNU VARDHAN., M.COM (M.PHIL) ** * Asst.Professor, School of Management Studies, Qis College of Engg. & Technology: Ongole ** Research Scoller, Dept. Of Commerce&Business Admistration, Acharya Nagarjuna University, Guntur Abstract- Employee engagement is integral to driving successful techniques of operation. As sophistication of technologies organizations. Employee engagement is a vast construct that continues to evolve, they pose more challenges for managers touches almost all parts of human resource management. because organizations will have to need more number of ‘Employee engagement is the emotional commitment the employees with increased technical and professional skills. These employee has to the organization and its goals’. Engaged knowledge workers cannot be managed with old styles of employees are emotionally attached to their organization and management. They expect operational autonomy, job satisfaction highly involved in their job with a great enthusiasm for the and status. It is because of these facts that attention of managers success of their employer, going extra mile beyond the is shifting towards employees’ side of organizations. At that time employment contractual agreement. The paper focuses on how concepts like employee commitment and Organizational employee engagement is extracting the best of employee and Citizenship Behavior (OCB) started to appear on the ground that retain as long as possible. Employee engagement has a direct efficiency and productivity lie within the employees’ ability and impact on the Employee’s productivity. The global recession has commitment. -
AN EXPERIENTIAL EXERCISE in PERSONNEL SELECTION “Be
AN EXPERIENTIAL EXERCISE IN PERSONNEL SELECTION “Be careful what you wish for.” An experiential exercise in personnel selection Submitted to the Experiential Learning Association Eastern Academy of Management AN EXPERIENTIAL EXERCISE IN PERSONNEL SELECTION “Be careful what you wish for.” An experiential exercise in personnel selection Abstract Personnel selection is a key topic in Human Resource Management (HRM) courses. This exercise intends to help students in HRM courses understand fundamental tasks in the selection process. Groups of students act as management teams to determine the suitability of applicants for a job posting for the position of instructor for a future offering of an HRM course. At the start of the exercise, the tasks include determining desirable qualifications and developing and ranking selection criteria based on the job posting and discussions among team members. Subsequently, each group reviews three resumes of fictitious candidates and ranks them based on the selection criteria. A group reflection and plenary discussion follow. Teaching notes, examples of classroom use and student responses are provided. Keywords: Personnel selection, HRM, experiential exercise AN EXPERIENTIAL EXERCISE IN PERSONNEL SELECTION “Be careful what you wish for.” An experiential exercise in personnel selection Selection is a key topic in Human Resource Management (HRM) courses and yet, selection exercises that can engage students in learning about the selection process are not abundant. Part of the challenge lies in providing students with a context to which they can relate. Many selection exercises focus on management situations that are unfamiliar for students in introductory HRM courses. Consequently, this exercise uses a context in which students have some knowledge – what they consider a good candidate for the position of sessional instructor for a future HRM course. -
Proffer, Plea and Cooperation Agreements in the Second Circuit
G THE B IN EN V C R H E S A N 8 D 8 B 8 A E 1 R SINC Web address: http://www.law.com/ny VOLUME 230—NO.27 THURSDAY, AUGUST 7, 2003 OUTSIDE COUNSEL BY ALAN VINEGRAD Proffer, Plea and Cooperation Agreements in the Second Circuit he Department of Justice over- Northern and Western districts provide sees 93 U.S. Attorney’s offices that proffer statements will not be used in throughout the country and any criminal proceeding, the Eastern and beyond. Thousands of criminal Southern agreements are narrower, T promising only that such statements will prosecutors in these offices are responsible for enforcing a uniform set of criminal not be introduced in the government’s statutes, sentencing guidelines and case-in-chief or at sentencing. Thus, Department of Justice internal policies. proffer statements in those districts may Among the basic documents that are be offered at detention hearings and criminal prosecutors’ tools of the trade are suppression hearings as well as grand proffer, plea and cooperation agreements. jury proceedings. These documents govern the relationship Death Penalty Proffer. The Eastern between law enforcement and many of the District’s proffer agreement has a provision subjects, targets and defendants whom defendant) to make statements to the that assures a witness or defendant that DOJ investigates and prosecutes. government without fear that those proffer statements will not be considered Any belief that these agreements are as statements will be used directly against the by the U.S. Attorney’s Office in deciding uniform as the laws and policies underly- witness in a later prosecution. -
Mapping Success in Employee Volunteering
Learning, Practice, Results. In Good Company Mapping Success in Employee Volunteering The Drivers of Effectiveness for Employee Volunteering and Giving Programs and Fortune 500 Performance To help community involvement professionals steer their volunteer programs toward high community and company impact, this report presents an absolute and a relative benchmark of effectiveness for employee volunteering. The absolute benchmark consists of the Drivers of Effectiveness for Employee Volunteering and Giving Programs composed of the six practices or drivers that, according to existing research, generate community and company impact. The relative benchmark consists of findings from a survey of over 200 Fortune 500 companies that measured collective compliance with the drivers and identified best practices from high performers. On the cover: Lockheed Martin’s “Engineers in the Classroom” program aims to inspire students to think of careers in engineering as compelling, rewarding and even fun. Learning, Practice, Results. In Good Company By Bea Boccalandro Contents Faculty Member Message from the managing director i Executive summary Boston College Center for 1 Introduction Corporate Citizenship 1 Purpose 1 Author and partners 1 Definition of the Drivers of Effectiveness This project sponsored by for Employee Volunteering and Giving Programs (EVGPs) 1 Methodology behind the Drivers of Effectiveness for EVGPs 4 Methodology behind the Fortune 500 survey 7 Drivers of Effectiveness for EVGPs and Fortune 500 performance 7 An overview of Fortune 500 performance 10 Driver 1: Cause-effective Configuration 15 Driver 2: Strategic Business Positioning 21 Driver 3: Sufficient Investment 24 Driver 4: Culture of Engagement 29 Driver 5: Strong Participation 32 Driver 6: Actionable Evaluation 37 Conclusions 39 Project advisers 40 References © 2009 The Boston College Center for Corporate Citizenship. -
ASSESSMENT METHODS in RECRUITMENT, SELECTION& PERFORMANCE 00 Prelims AMIR.Qxd 16/06/2005 05:51 Pm Page Ii Assessment Methods TP 31/8/05 10:25 Am Page 1
Assessment Methods HP 31/8/05 10:25 am Page 1 ASSESSMENT METHODS IN RECRUITMENT, SELECTION& PERFORMANCE 00_prelims_AMIR.qxd 16/06/2005 05:51 pm Page ii Assessment Methods TP 31/8/05 10:25 am Page 1 ASSESSMENT METHODS IN RECRUITMENT, SELECTION& PERFORMANCE A manager’s guide to psychometric testing, interviews and assessment centres Robert Edenborough London and Sterling, VA 00_prelims_AMIR.qxd 16/06/2005 05:51 pm Page iv To all the people whom I have studied, assessed and counselled over the last 40 years Publisher’s note Every possible effort has been made to ensure that the information contained in this book is accurate at the time of going to press, and the publisher and author cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication can be accepted by the editor, the publisher or the author. First published in Great Britain and the United States in 2005 by Kogan Page Limited Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licences issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned addresses: 120 Pentonville Road 22883 Quicksilver Drive London N1 9JN Sterling VA 20166-2012 United Kingdom USA www.kogan-page.co.uk © Robert Edenborough, 2005 The right of Robert Edenborough to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. -
Indian Wedding Budget Worksheet
Indian Wedding Budget Worksheet www.marigoldevents.com 1 Indian Wedding Budget Worksheet Indian Wedding Budget Worksheet Indian Weddings are known to be elaborate affairs, where families spend a lot of money to entertain their guests and celebrate. No matter how big of an amount you are spending on the wedding, there is always a budget. So how do you come up with a budget for your wedding? Start by compiling a list of finance sources, which could be you (the bride), the groom, both sets of parents, as well as other generous family members or friends. In this worksheet, we will go through all the steps to decide how to plan your wedding budget. So start with coming up with a realistic figure. Enter total budget: ________________ Once you have a realistic figure for your budget, we will divide that amount into various categories and what those categories should include. Ceremony: 5% • Cost of the venue • All transportation like horse carriage for Baraat, limos etc. for guests, family and bridal party to and from the hotel/house of the bride and groom to the ceremony site. • Enter Ceremony Budget: ______________ (Multiply total budget by 0.05) Reception: 40% Your Wedding Reception will take up the bulk of your wedding budget. The budget for your reception will include: • Cost of the venue • Event Rentals (Chairs, Tables, Flatware, Glassware, China) • Catering and Servers (including taxes and tips) • Bar and non-alcoholic beverages • Wedding Cake • Valet parking, if applicable • All transportation like shuttle service, limos etc. for guests, family and bridal party www.marigoldevents.com 2 Indian Wedding Budget Worksheet • to and from the ceremony site to the reception venue. -
The Social Economy
McKinsey Global Institute McKinsey Global Institute The social economy: Unlocking value and productivity through social technologies social through productivity and value Unlocking economy: The social July 2012 The social economy: Unlocking value and productivity through social technologies The McKinsey Global Institute The McKinsey Global Institute (MGI), the business and economics research arm of McKinsey & Company, was established in 1990 to develop a deeper understanding of the evolving global economy. Our goal is to provide leaders in the commercial, public, and social sectors with the facts and insights on which to base management and policy decisions. MGI research combines the disciplines of economics and management, employing the analytical tools of economics with the insights of business leaders. Our “micro-to-macro” methodology examines microeconomic industry trends to better understand the broad macroeconomic forces affecting business strategy and public policy. MGI’s in-depth reports have covered more than 20 countries and 30 industries. Current research focuses on six themes: productivity and growth; the evolution of global financial markets; the economic impact of technology and innovation; urbanization; the future of work; and natural resources. Recent reports have assessed job creation, resource productivity, cities of the future, and the impact of big data. MGI is led by three McKinsey & Company directors: Richard Dobbs, James Manyika, and Charles Roxburgh. Susan Lund serves as director of research. Project teams are led by a group of senior fellows and include consultants from McKinsey’s offices around the world. These teams draw on McKinsey’s global network of partners and industry and management experts. In addition, leading economists, including Nobel laureates, act as research advisers.