3 Tips to Sink or Swim in the Startup World

CNBC's Maneet Ahuja interviews Shai Agassi, Nikita Fahrenholz and Lisa Falzone at the Forbes Under 30 Summit in Tel Aviv

renholz and Lisa Falzone at the Forbes Under 3…CNBC’s Maneet Ahuja interviews Shai Agassi, Nikita Fahrenholz and Lisa Falzone at the Forbes Under 30…

How do you survive the world of startups? There’s no clear answer, but three entrepreneurs–Revel System CEO Lisa Falzone, Delivery Hero’s Nikita Fahrenholtz and Better Place founder Shai Agassi–took the stage of the FORBES Under 30 Summit, just off the beaches of Tel Aviv, to share some tips they’ve picked up during their adventures in startup land.

How to push passed the fear of failure?

Nikita Fahrenholtz: You have to get comfortable with it. I’ve failed so many times–it’s part of what makes you human. You change your mindset–I never thought about the negative consequences of an experiment but instead the positive outcome. You push through it and you ignore others’ opinions. You have to trust your intuition.

Shai Agassi: If you’re not willing to fail you won’t succeed. The difference between failure and successes is so minuscule you wont’ be able to tell the difference. Fail early, fail big and fail gracefully. And then you take the next step and you’ll invariably succeed.

Lisa Falzone: I was not good at failure. I had to study to overcome that fear to start a company. It’s about being OK with failure and know you’ll make mistakes. But it’s also about how fast you recover. We’re growing at 200% each year, so there will be pain but it’s about how agile we can be. I always look back to this quote from Theodore Roosevelt which basically says I’d rather stand in the arena and fail than be one of those cold timid souls that know neither victory or defeat.

How did you get your start in the business?

Nikita Fahrenholtz : I went into consulting because it seemed like a safe option after university. It was a great company but it wasn’t for me. I didn’t want to spend 16 hours a day in a windowless room talking about operation strategies. I quit after 7 months and talked with my friend (and future co-founder) about starting a company that ordered pizza online. My mom started to cry when I told her. I think she’s happy now.

Lisa Falzone: Point of sale is huge problem for retailers. There’s a joke in the business that the acronym POS really stands for piece of shit. That was a problem that I could solve. The iPad had just came out and we thought, let’s use this new technology and interface to create a good point of sale product. When you create something out of nothing, everything is hard. No one had printed a receipts from an iPad before, no one had found way to connect the iPad to the platforms. Now we’re doing all the check outs for Cinnabon and the Superbowl.

What are your plans for the future?

Nikita Fahrenholtz: Being based in Germany, we have to expanded rapidly because the home market is so small. We had to move quickly to France and Spain and Italy. With Delivery Hero we mapped out countires that were interesting for us and we found most attraive open spots. I’m not so much worried about US comapnies like GrubHub because they are so content with the U.S.–and if they get fancy they go to Canada. That means the rest of the world is ours.

Lisa Falzone: We’re working toward an IPO, I don’t think I could ever work for a large corp. We never built Revel to get sold and always wanted to remain independent – and going public is the best option.

And a final thought from Shai Agassi: “Bits, atoms, and cells are the three major upcoming shifts, but the biggest challenge will be finding the moral compass to steer them.”

Written by Steven Bertoni of Forbes

(Source: MSN)


Idled Workers Return to U.S. Labor Force

Michael Mulvey of USA Today

Hundreds of thousands of Americans are streaming back into an improving labor market as employers raise wages and hire less skilled job candidates to cope with an intensifying worker shortage.

The portion of the U.S. population working or looking for jobs — known as the labor force participation rate — has risen to 62.9% from 62.4% since September, Labor Department figures show. The rate had been falling since 2008, mostly because of baby boomer retirements, and that’s still expected to be the long-term trend.

Yet part of the decline was caused by a bruising post-recession job market that prompted discouraged workers to drop out of the labor force and many other unemployed Americans to retire, go on disability or return to school.

At least some of those idled workers are returning to work or looking again now that the jobless rate has fallen to 4.9%, a level many economists consider full employment. They’ve been drawn back by employers who are raising pay or becoming less selective..

“We’re just hearing a lot more openness” from employers, says Tim Gates, of staffing firm Adecco.

Wells Fargo said recently the rebound appears to be driven by the less educated, including discouraged workers who had been on the sidelines. Since September, the participation rate for college graduates with at least a Bachelors degree has dropped to 73.8% from 74.4%. The rate for other groups, including high school graduates and those with less than a high school diploma, has climbed at least half a percentage point.

Even so, their unemployment rate has declined, indicating that many of those returning are landing jobs despite increased competition from their peers.

Other groups are also coming bac, including retirees, the disabled and people in school, according to a Goldman Sachs analysis. Many are enticed by rising wages. Although average wage growth across the economy has been tepid at about 2% nationally, average earnings for private-sector employees in the same job at least 12 months jumped 4.1% in the fourth quarter, according to payroll processor ADP.

Companies are also getting creative. Adecco’s Gates says some manufacturers unable to find experienced workers are splitting jobs into two positions and hiring less skilled candidates for the simpler tasks. Others are bringing on unskilled workers and training them, a strategy rarely deployed when unemployment was elevated after the recession, says Becca Dernberger, of Manpower’s Northeast division.

Written by Paul Davidson of USA Today

(Source: USA Today)

Illegal US Immigrants Far Likelier to be Working than American Men

Provided by Quartz

They come to work.

Men who come to the US illegally are more likely to be employed than native-born American males, according to a new paper from Harvard University’s George Borjas, an authority on the economic impact of undocumented workers in the US.

It’s not a surprise that many undocumented immigrants come to the US to work. But the Borjas study is an ambitious attempt to shed light on how undocumented immigrants in the US have typically interacted with the US labor market over the last two decades.

Provided by Quartz

The outcomes are clear. Employment rates of undocumented immigrants are sharply higher than those of native-born American men. Borjas found that 86.6% of illegal immigrants had work compared to 73.6% of native-born males when looking at a sample from 2012-2013. That 16-percentage-point gap shrinks once Borjas controlled for the fact that undocumented immigrants tend to be younger than native-born men. But it remains wide, with employment rates of undocumented workers 10 percentage points higher than native men of a similar age.

Such a revelation could influence US policy toward the some 11.4 million undocumented immigrants who resided in the US as of 2014. Their presence is a high-profile political issue, most recently helping drive the candidacy of Republican hopeful Donald Trump.

Undocumented workers now account for roughly 5% of the total US labor supply. Previous work co-authored by Borjas found that their presence has driven down wages of low-skilled US workers in recent years.

Borjas’ findings are part of a global story in which the poorer residents of the rich economies, such as the US, have been losing ground as globalization and trade have lifted large chunks of the world population out of poverty.

Provided by Quartz

Rising standards of living in places such as China and among immigrants both legal and undocumented in the rich world would clearly be a good thing.

Provided by Quartz

But to the extent those gains have been driven by damage to the poorer portions of the rich world as well as rising inequality in the world’s richest countries, they should be thought about carefully.

Written by Matt Phillips of Quartz

(Source: Quartz)

How Sunday Stopped Being Special for the American Worker

Sometimes it's harder to come to work than other times.
Gilbert R. Boucher II/Daily Herald via AP

This month, workers who have been with Walmart for at least five years received a one-time bump in their pay checks. A couple hundred extra dollars is usually welcome, but this time, it actually symbolizes a loss: No longer will those workers receive premium pay for their Sunday shifts, as the idea of compensating people for toiling on what some consider a day of rest fades from American business.

Walmart discontinued Sunday premium pay, which had been $1 extra per hour, for new hires back in 2011. Those who had continued to receive it will receive a lump sum equal to half the amount of Sunday pay they received last year, according to a company release in January outlining a handful of adjustments that Walmart explained were a way of “simplifying its pay structure” — and reducing the overall cost of increasing base wages to $10 an hour across the board.

That hasn’t worked worked out so well for more experienced employees like 8-year Walmart veteran Nancy Reynolds, a 69-year-old cashier in Cape Canaveral, Fla., who works Thursday through Tuesday. Her base pay was already slightly above $10 an hour, so she didn’t get much of a raise, and the loss of a few extra Sunday dollars a week will hurt. “The younger people, the ones who haven’t been there that long, they got it, and I’m glad for them,” Reynolds says. “But they did it at the expense of me and everybody who’s been there a long time.”

In cutting Sunday pay, Walmart is actually behind most of the retail industry, which made that change as legal requirements to pay more on Sundays were stricken from state laws across the country. So-called “blue laws” once prohibited Sunday commerce altogether in 34 states in the 1960s. They were often weakened through compromise, with higher pay mandated in exchange for shopping being legalized. Even with no mandate, premium pay was often what the labor market demanded.

“To get people to work, when they’d never worked before, they started to pay Sunday pay,” says Craig Rowley, a retail compensation consultant with Korn Ferry who has done work for Walmart.

That changed over time as women entered the workforce, pushing more shopping from weekdays to the weekend. The labor market also loosened up, meaning workers couldn’t pick and choose which days they wanted to work; Sunday shifts are now expected rather than optional. And meanwhile, the importance of Sunday as a universal day of rest started to recede from the American psyche.

“When I was growing up, Sundays were kind of family day, church day,” Rowley says. “As we’ve gotten to be a more secular society, staying at home on Sunday is not necessarily expected. ‘We’re all going to be here all day Sunday’ is not as strong a cultural norm.”

Rhode Island and Massachusetts are now two of the last states to require retailers to pay time and a half on Sundays, and the retail industry is pushing hard to get the requirement rolled back in Massachusetts. “Sundays in retail have become unaffordable in our state,” wrote William Rennie, vice president of the Retailers Association of Massachusetts, in a Boston Globe op-ed.

Sunday premium pay hasn’t disappeared as quickly from other sectors, such as manufacturing and transportation, which have held on to a more traditional five or six-day work schedule. Most federal employees are still entitled to time and a half on Sundays. But more and more of their neighbors in the private sector won’t be so lucky.

Written by Lydia DePillis of The Washington Post 

(Source: The Washington Post)


The Selling of the American MBA

Kevork Djansezian/Getty Images

In December the University of Rochester’s Simon Business School introduced loans that don’t require co-signers for international students entering its full- time MBA program this fall. Simon is also cutting its tuition by almost 14 percent and strengthening career services to help foreign students land jobs. The school recruited in more than a dozen countries last year, holding events in Buenos Aires, Cairo, Taipei, and Istanbul, among other cities. The efforts reflect the school’s “very strong commitment to global diversity within its student body,” says Rebekah Lewin, assistant dean of admissions and financial aid at Simon, where about half of the 98 full-time MBA students in the class of 2017 are from overseas.

As the U.S. appetite for the MBA degree wanes, many of the country’s more than 700 B-schools are stepping up recruiting abroad, where regard for this American invention appears undiminished. (Harvard was the first institution to offer an MBA, in 1908.) The number of U.S. citizens taking the main business school entrance exam, the GMAT, dropped by a third from the 2010 to 2015 testing years, which run from July 1 to June 30, while the number of foreign nationals taking the test rose almost 19 percent, according to the Graduate Management Admission Council, the organization that administers the exam. International candidates accounted for 58 percent of the applicant pool at full-time MBA programs in the U.S. in 2015, according to GMAC.

Nunzio Quacquarelli, chief executive officer of Quacquarelli Symonds in London, which helps business schools recruit abroad, says international students make up more than 35 percent of the class at over 50 of the 200 U.S. business schools he tracks, compared with just a “handful” a decade ago. Foreigners are “providing vital tuition revenue and compensating for any decline in domestic revenue,” he says.

“You come here, you study, you want to stay here, you have a company that wants you to work for them, and the lottery just might not pick you”

Enrollment in U.S. MBA programs is down 11 percent since 2009, according to a survey of 265 B-schools by AACSB International, an accrediting group. Tom Robinson, AACSB’s president and CEO, attributes the trend to a shift away from the MBA to specialty masters in areas such as marketing and nonprofit management. AACSB’s data show an overall increase in enrollment if those are counted. “I’m not worried about it, because there’s always going to be some subset of the population that wants the generalist management education and wants to do it full time,” he says.

This is a starkly different outlook than that offered by Roger Martin, who led the University of Toronto’s Rotman School of Management for 15 years. Martin, who stepped down as dean in 2013 and now heads a research institute at the university, says U.S. MBA education is in “the declining phase of its long and relatively illustrious history.” He predicts that half of U.S. business schools may not be operating in 10 to 15 years, because there won’t be enough enrollment to support their “very bloated” cost structures.

Ramping up international admissions is a temporary fix, Martin says. And helping foreign graduates land well-paying jobs in the U.S., which is what most of them aspire to, may prove a big headache. A student from India doesn’t want to collect his degree, he says, and “go back to India to an Indian salary.”

Fabio Bergamo, a Brazilian who graduated from Columbia Business School last May, says getting permission to work in the U.S. has been a “disappointing” struggle. Even though his employer, a fashion overstock startup in New York, is sponsoring his work visa application, there’s no guarantee the government will grant it. “You come here, you study, you want to stay here, you have a company that wants you to work for them, and the lottery just might not pick you,” he says. “I’m in the dark if I’m going to be here after July.”

Prodigy Finance, the London-based lender that financed Bergamo’s degree, says international MBA seekers in the U.S. have become an important part of its business. It expanded into the U.S. in 2014, pilot-testing loans at the University of Michigan’s Ross School of Business and Columbia Business School. Last year it loaned about $100 million in total, half to foreign students at about 45 top-ranked U.S. business schools. “There’s been huge growth in the U.S.,” says Ricardo Fernandez, the 75- employee company’s head of business development. “International students are critical to MBA programs.”

The bottom line: In 2015 international candidates accounted for 58 percent of the applicant pool at full-time MBA programs in the U.S.

Written by Nick Leiber of Bloomberg

(Source: Bloomberg)

Just Saying No: Interns Challenge Employers Over Exploitation

Carolyn Osorio
Provided by Guardian News

Four years after moving to New York City, Carolyn Osorio had finally had enough.

After three stints as an unpaid public affairs intern and another three as an unpaid fashion design intern, the 24-year-old moved back home to California in the hope of finding a paid full-time job, something she had been unable to land since graduating from university in 2013 with a degree in art and design.

“I was frustrated. I’d been out of college for two years and still hadn’t been able to find a full-time job in my field,” she said.

Shortly after arriving back in San Diego last summer, Osorio thought she had finally found paid work as a fellow with Hillary Clinton’s 2016 presidential campaign. That is until she received the acceptance letter for the “once-in-a-lifetime” opportunity, which included no mention of pay.

“I guess I shouldn’t be surprised. Unpaid work is common in campaigns, and as secretary of state, Hillary worked for the Obama administration. At the same time the administration was cracking down on unpaid internships in the private sector, it continued not paying the 300 annual interns in the White House,” Osorio wrote in an op-ed for USA Today calling on Clinton to pay her interns.

Osorio is one of more than a million Americans who end up in one of the 1.5 million internships available in the U.S. each year, according to Ross Perlin, author of the 2011 book Intern Nation. About half of those internships are unpaid, which is legal in the U.S. as long as the positions meet Department of Labor requirements: unpaid internships “must benefit” the interns by providing them with new skills and experience.

According to Osorio, Clinton’s campaign justified the lack of payment by telling prospective fellows they would be earning experience. Osorio, who already had experience from her other unpaid internships, felt helpless and disillusioned.

“I have considerable student debt which, due in large part to the current job market, I have been unable to pay down,” Osorio said. “I subscribed to the hope that working as an intern while an undergraduate student would significantly improve my chances of attaining full-time employment after I graduated, but instead the experiences were simply discounted as ‘not real work’ because I was unpaid.”

Continuing to take unpaid internships after college while trying to pay rent and student loans was no longer financially feasible, Osorio said.

“The Clinton fellowship would have incurred even more debt because the campaign wanted me to pay for my housing, my transportation, my meals and the actual cost of moving states entirely on my own,” she said. “Telling my loan provider I’ll be getting paid in ‘experience’ isn’t going to stop the ever-increasing interest on my student loans and it isn’t going to put a roof over my head.”

Many internships require interns to pay their own way, which puts poor millennials at a disadvantage.

Minorities are less likely to get the most valuable unpaid internships because they often cannot afford to take them, especially if they are away from their home town, according to Ross Eisenbrey, vice-president of the left-leaning Economic Policy Institute.

“How can a poor kid afford to pay rent in New York City or Washington, D.C., when she’s not getting paid for her full-time job? Her family isn’t in a position to subsidise her when they’re already borrowing for college,” he said.

A 2015 survey conducted by the National Association of Colleges and Employers (NACE) found the primary purpose of an internship scheme at about 70% of employers was to turn interns into full-time employees. Yet only 52% of interns were hired after their internships last year.

“Unpaid internships can be beneficial but on the whole, they are much less advantageous than paid internships, and there is evidence that they can actually do harm to the students who do them,” said Eisenbrey. He added that data from NACE found that paid internships lead to salary offers substantially higher than those offered to students who had unpaid internships, in addition to a much higher rate of job offers.

Alex Caprariello is one of the 48% of people who finished an internship without a job offer. Caprariello, 25, is a graduate student at Arizona State University, studying sports journalism. He knew that his recent internship with the Arizona Sports and Entertainment Commission would be unpaid but did it anyway for the experience.

“Obviously, I would have liked being paid, but in terms of what I want to do, internships are definitely the way to go,” he said.

Before deciding to pursue a career in sports journalism, Caprariello studied business as an undergraduate. During that time, he held other paid and unpaid internships, none of which he regrets.

“I’ve gotten pretty good experiences out of all of them. I usually leave with a good letter of recommendation or a good reference. It’s part of my networking right now. I get to meet a lot of people and the more people get to see how I conduct myself and my work ethic and my motivation, the better,” he said.

But not everyone believes “experience” or connections are enough of a payout for weeks and months of labor. Over the past five years, former interns at Condé Nast, Harper’s Bazaar, Gawker Media, NBC Universal and Fox Searchlight have filed lawsuits against their employers, accusing them of exploitation.

Eric Glatt
Provided by Guardian News

Eric Glatt, who worked as an unpaid intern on the Oscar-winning film Black Swan, led the charge against Fox Searchlight. But Glatt was not a young college graduate who felt he had no option but to take an unpaid internship. At the time, he was a successful 40-year-old who quit a career in finance to become a documentary film-maker.

After completing a film-editing certification course, Glatt was shocked to hear his instructor recommend that students take unpaid internships to build up their resumes and gain experience.

“This idea that employers would expect to get something for free had never even crossed my mind before, not even as an undergraduate student and not when I was in business school,” he said. Glatt said he knew that the Black Swan internship was unpaid from the start, but the more he thought about it, the angrier he got, so he filed a lawsuit in September 2011.

Though the suit is ongoing, Glatt said of his decision to sue Fox Searchlight: “It has been great and empowering to finally call bull**** on bull****.” It also led him to a new career as a lawyer with the American Civil Liberties Union in Alaska.

As for Osorio, she does not regret writing her op-ed. Weeks after it ran in July 2015, Clinton’s campaign announced it was going to pay the full-time fellows it had hired for the summer.

Written by Jana Kasperkevic of The Guardian

(Source: The Guardian)


Women Still Shorted on Wages and Good Jobs

If you’re a woman, maybe now is a good time to consider getting into data entry keying.

That’s one of the precious few jobs in which women can expect to earn a median wage about $50 a week more than their male counterparts.

Of course, it’s not a great job. According to the Bureau of Labor Statistics, a data entry keyer operates a keyboard to enter data, and she (it’s “she” 75 percent of the time) earns a little less $30,000 a year.

Tuesday is International Women’s Day, a good time to review the data on how women fare in the U.S. labor market. Last year, the average full-time female employee made a median of $726 a week. That’s 81 cents for every dollar made by the median man, and it’s actually a bigger gap than the 83 cents per dollar the median woman made in 2014.

In the U.S., certain jobs (like data entry keying) are far more likely to be held by women than men (and vice versa). Here’s how our labor market breaks down by gender, with blue indicating occupations that have a higher percentage of women workers than five years ago:

Women make up about 95 percent of all child care workers, earning a median wage of $475 a week (for personal care and service occupations). Men, on the other hand, still make up more than 80 percent of aerospace engineers, chemical engineers and software developers, who make about four times as much.

In the last five years, those gender lines haven’t shifted much at all. Women are now less likely to be models and religious directors (red dots) and slightly more likely (blue dots) to be tailors, clerks and financial analysts.

Men also tend to make more within occupational categories. That’s true for nearly every profession with weekly wage data available, except for retail and wholesale buyers, data entry keyers and accounting clerks. As you can see, the gap between men and women is wider the higher up the pay scale you go.

Written by Mark Fahey of CNBC

(Source: CNBC)

Millions of Americans Call in Sick the Monday After the Super Bowl

Expect your office to be a bit emptier come 9 a.m. Monday.

According to a 2008 report, over 1.5 million workers will call in sick the day after the Super Bowl, and millions more will be late. Maybe it’s the reported 325 million gallons of beer Americans will consume — or the 1.3 billionchicken wings. Whatever the case, that’s a lot of lost productivity.

So what can employers do to ensure the day isn’t a wash? One expert says you could punish those who had a bit too much fun Sunday night—or throw a party instead.

Tim Eisenhauer, a workplace collaboration expert, says it could benefit employers to embrace the sluggishness and “nurse the hangovers.”

“Provide breakfast and turn the morning or even the entire day into a morale building-slash-employee-engagement-slash-get-together-slash-get-to-know-each-other-at-work day,” Eisenhauer suggests. “You could make it a day of fun and play, and bring in a comedian, a funny speaker, a musician, (or) a spread of food.”

Too often, Eisenhauer says, an employer’s assumptions about what will make them successful are overly strict. Hard work is well and good, but incorporating a bit of fun can also be beneficial to your bottom line.

Plus, providing a breakfast or some other type of socializing event is a great way for your workers to get to know each other, particularly at a large organization. And that could lead to even greater productivity down the line.

“Make it a point that your people walk out of every corporate event knowing more coworkers than they did when they walked in,” he says. “Well-networked employees are happy employees.”

Naturally these suggestions depend on your company culture, but if you’re looking for a way to boost morale, free bagels and coffee never hurts.

Written by 

(Source: Time)

Those Days You Work From Home May End Up Wrecking the Planet

Kathy Ponce/Flickr

Next time your boss tries to convince you of the benefits of working from home, spare a thought for how that could contribute to wrecking the planet.

More businesses than ever are asking employees to work remotely in a bid to cut rental costs for office space and take advantage of the growth of super-fast broadband, teleconferencing and smart phones.

But working from your kitchen can actually increase the carbon dioxide emissions that cause global warming, since those who stay home usually turn up the thermostat. Home energy consumption increases 20 percent when people work where they live, according to a study by BT Group Plc, the U.K.’s biggest broadband provider.

“The general view is home working is always a good thing, but it’s never as simple as it appears,” said Paul Swift, a consultant for Carbon Trust, a London-based research group that advises companies on sustainability. “You can have a very efficient building in a city where people are walking or using public transport. If employees working from home are switching on the heating across the entire house, it will be a negative.”

Swift and his team confirmed that working at home during the winter can quickly lead to an increase in emissions. A single hour of extra heating for most households cancels out the emissions saved by avoiding a commute, the Carbon Trust concluded in a 2014 report.

Only those home workers who live far from the office or who would otherwise drive to work contribute to an overall reduction in pollution. Employees whose daily car commute is at least eight miles, who take a bus for 14 miles or travel at least 32 miles by train can cut emissions, the report said. Those who walk or take public transport would increase their emissions by working from home.

Vodafone Libertel BV, a mobile phone provider, has acknowledged similar findings. Home working increases energy and heating use, offsetting the carbon savings from less commuting and smaller office space, according to its latest Environmental Profit and Loss Account.

More people than ever are working from home, and advocates say the practice can cut pollution. About 3.7 million employees in the U.S. do so for half their time on the job or more, double the level of 2005, according to the consultant Global Workplace Analytics.

That may contribute a reduction of 51 million metric tons of carbon emissions a year, the equivalent of taking all of New York’s commuters off the road, according to the research group that works to help businesses and communities understand the advantages of working from home.

“Barring a national disaster, we see the growth of half- time-plus telework staying at about 5 to 7 percent for the next few years,” said Kate Lister, president of Global Workplace Analytics. “The bigger growth will be among less frequent telecommuters. There we predict growth of 10 percent a year for the next few years.”

There isn’t much data on global trends. A poll of more than 18,600 people in 26 countries published by Ipsos in 2012 named India, Indonesia and Mexico as the top countries for telecommuting, followed by South Africa, Turkey and Saudi Arabia. Ten percent to 35 percent of the world’s workforce worked remotely at least once or twice per week, the report found.

Among environmentalists, there’s some suspicion that companies have their own finances in mind when they push employees out of the office.

“Companies are interested in reducing office space for financial reasons,” said Swift of the Carbon Trust. “The environmental side is not the highest priority.”

Written by Jessica Shankleman of Bloomberg

(Source: MSN)

Why Millennials Want to Quit their Jobs

Provided by David Malan

Twenty-eight-year-old Margaret Davis was making nice money as a writer in the legal department of a big pharmaceutical company in New York.

She liked her coworkers and enjoyed the job on a day-to-day basis — except it was not going anywhere.

The company promised Davis an international assignment, but obtaining the right working papers was a problem. Amid management shuffles, Davis felt lost in the system after four years.

As she approached 30, Davis said, “I didn’t really know there were careers in things that were interesting like interior design. . . . It was never a lucrative career choice. But here in New York I realized it can be.”

A few months ago, Davis left her job with plans to study design. In the meantime, she is working at an art gallery, which she finds much more fulfilling.

Davis is not alone. Sixty percent of millennials, ages 22-32, have changed jobs between one and four times in the last five years, according to State Street Global Advisors.

“While pay is important, it’s clear that millennials won’t stay with companies for money alone,” said David Cruickshank, global chairman of consulting firm Deloitte.

Indeed, despite a rocky job market, 44 percent of millennials would leave their current employer in the next two years, if given the choice, according to a new survey from Deloitte. When asked to look four years into the future, 66 percent of millennials said they expect to have switched employers.

Like many members of her generation, Davis has the requisite side hustles, in her case buying furniture on Craig’s List, fixing it up and reselling it. She also walks dogs for extra cash, and is always looking for new income streams.

According to job website Indeed, millennials ages 18-34 make up the largest percentage of working people who look at other job opportunities. In fact, the younger and more educated workers are, the more likely they are actively exploring new opportunities.

“Personal values have the greatest influence on millennials’ decision-making on the job,” Cruikshank said, while also noting that 61 percent of “senior millennials” – those with higher-ranking job titles – have chosen not to undertake a task at work because it conflicted with their values.

Davis does not have to look far for support. Her 27-year-old boyfriend recently left his job at a private equity firm to take a senior role at a startup coffee company in which his former employer invested. While it is still a finance position, he is also building a broad-based skill set as the company rapidly expands, she says.

Davis has no regrets on taking her own leap of faith: “I want my strengths to add value,” she says. “Before I was just lost in a big mix of a big company.”

Written by Bobbi Rebell of Reuters

(Source: Reuters)