~~ Equal Pay Day is an important day for the hospitality business, as our industry has provided more management and ownership opportunity to women than most fields. Recent NRA research found more than 45 percent of today’s restaurant managers are women, compared with 38 percent in other industries. Further, the number of restaurants owned by women increased 50 percent between 1997 and 2007.
~~ Equal Pay Day is the day on which the average woman will make what the average man made in the previous year. So in all of 2014 plus every day of 2015 up to today the average woman’s earnings = the average man’s year 2014 earnings. There are many ways to calculate this and it is no where near an unassailable number or date. Yet the issues of why women lag in earning power are important and fair to debate. Here is a well-documented, balanced analysis from Pew Research Group, which shows improvements to be celebrated as the wage gap closes, yet still areas of opportunity for improvement.
~~ My take is that we have to be very careful not to choose “solutions” that will make things worse for women and the workforce as a whole, such as banning salary negotiation.
~~ To read more on the issue of diversity from the National Restaurant Association here.
Something weird has happened to the U.S. labor market over the past decade or so. As most hiring managers know all too well, it has split in two.
“There’s one job market for people whose skills are in demand, and who jump around from one employer to another,” observes Paul D’Arcy, a senior vice president at job search portal Indeed.com. “Then there’s the second job market, where long-term unemployment is at an all-time high, and labor participation rates are at all-time lows.”
What does the much-lamented skills gap actually cost U.S. companies? With researchers from London-based Centre for Economic Research, D’Arcy set out to calculate that. Their conclusion: More than $13 billion a month, or roughly $160 billion a year.
Employers’ struggle to find new hires with the right skills, the study notes, is a drag on GDP in two ways. First, the company misses out on potential output, so…
We often think of small business as the employment engine of the economy and in many ways that is true. The restaurant/bar/hospitality business is a big mover in job creation. But when it comes to job-creating power, new research indicates it is not the size of the business that matters as much as it is the age.
New and young companies are the primary source of job creation in the American economy. Not only that, but these firms also contribute to economic dynamism by injecting competition into markets and spurring innovation.
Representing 95 percent of all U.S. companies, businesses with fewer than fifty employees are undoubtedly important to overall economic strength. So too are the relatively few large companies, which employ millions of Americans.
Yet, neither group contributes to new job creation in the way young, entrepreneurial firms do. In fact, between 1988 and 2011, companies more than five years old destroyed more jobs than they created in all but eight of those years.
Read the research and conclusions here from the Kauffman Foundation, which shows how Start Ups are a prime job driver, how there’s a dangerous trend toward fewer new enterprises, and what can be done to encourage new businesses that drive more jobs.
Here’s some more info on what’s needed to enable entrepreneurial firms to drive innovation and prosperity.
Please remember it is important to job growth and local economic health to support small businesses, local companies and start ups whenever possible!
I found this to be a great post on how to mix positive thinking with realism to increase your chances for success, using “Mental Contrasting.” Here’s the main idea from the article:
Positive thinking fools our minds into perceiving that we’ve already attained our goal, slackening our readiness to pursue it.
Some critics of positive thinking have advised people to discard all happy talk and “get real” by dwelling on the challenges or obstacles. But this is too extreme a correction. Studies have shown that this strategy doesn’t work any better than entertaining positive fantasies.
What does work better is a hybrid approach that combines positive thinking with “realism.” Here’s how it works. Think of a wish. For a few minutes, imagine the wish coming true, letting your mind wander and drift where it will. Then shift gears. Spend a few more minutes imagining the obstacles that stand in the way of realizing your wish.
This simple process, which my colleagues and I call “mental contrasting,” has produced powerful results in laboratory experiments. When participants have performed mental contrasting with reasonable, potentially attainable wishes, they have come away more energized and achieved better results compared with participants who either positively fantasized or dwelt on the obstacles.
Read more about Mental Contrasting here, in the New York Times. The ideas are well supported by hard research, and I hope you get as much out of the article as I did!
Toxic words for your career:
I Know (say “I agree” instead)
“Under me” or “my people” (referring to subordinates)
Not my job
“I’m sorry if you were offended” (that’s NOT an apology)
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