Why SEC Regulations Could Drive A ‘Great Reshuffle’ Among Advisor Talent In Financial Services

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As we gaze into the crystal ball for 2023, expect to see a bit more turbulence in the financial services sector. This is no surprise. In fact, it’s almost a given that market instability will continue, and there’s no quick or easy cure for inflation. But what might be unexpected is the shift that’s likely to take place in the advisor landscape.

Advisors have more opportunities than ever before to attract, retain and do great work for clients. The big question is, will their firms allow them to leverage the right digital tools at their disposal? It’s already a challenge for firms to keep up with evolving technology and offer advisors more discretion and freedom while giving them the best shot at success. But the firms that fail to do this risk losing their top advisory talent.

The Shifting Advisor Landscape

Like most other industries, financial services firms face a talent shortage. This was true even before the pandemic, but today, nearly four in ten financial advisors, who collectively control approximately 40% of total industry assets, are expected to retire within the next 10 years. And the talent to support this type of exodus simply isn’t there: There are fewer certified financial planners (CFPs) under the age of 30 than over the age of 70.

These problems are compounded by what many have called the Great Resignation, which makes it sound like workers are leaving their careers in droves to do something totally different and more rewarding. But the results of PwC’s annual Saratoga workforce benchmarking survey found that the Great Resignation is really more like a Great Reshuffling. People aren’t wholly abandoning their fields—they’re just looking for better options. This includes advisors who are leaving big firms to go to independent models where they have more freedom or switching to firms that they believe have a better value proposition. ​

With this as the backdrop, is it any wonder that the ability to attract and retain talent has taken on even greater importance? According to the findings of Schwab’s 2022 RIA Benchmarking Survey, talent is the top strategic priority for registered investment advisors who must have strong teams to properly serve their client base and support firm growth.

Adapting To A New Reality

One of the biggest ways for firms to attract and retain top advisors is by giving them the tools and support they need, which includes digital communications. Financial services firms traditionally tread cautiously with digital communications due to the complexity of ensuring compliance. The stakes have grown even higher in the current regulatory climate, in which the SEC is levying heavy fines for violations. With testimonials and endorsements now allowed by the SEC’s new Marketing Rule, firms may not want to take on the burden of yet another type of content to review and approve prior to posting.

Yet, testimonials and endorsements have been demonstrated to not only bolster online presence but also to drive engagement. Websites with testimonials can increase sales page conversions by up to 34%. Additionally, research results show that 72% of consumers are spurred to action only after reading positive reviews.

If firms prohibit advisors from posting content like endorsements and testimonials, advisors may be more likely to leave, which can create harmful ripple effects throughout the firm. Aside from the potential loss of clients who follow their advisor elsewhere—and the reputational harm associated with losing talent—there are actual hard costs. It’s estimated that turnover can cost a firm anywhere from 50% to 200% of an advisor’s annual compensation. If a firm loses multiple team members, it’s not only disruptive, it’s expensive.

As just one way to help ward off the threat of departures, many firms are bulking up their compliance teams to better support advisors’ preferred communications strategies and practices. According to Hearsay’s 2022 Finserv Compliance Benchmark Report, “42% of respondents plan to further increase compliance staffing over the next 12 months.” But will this be enough to keep employees with their current firms?

Moving Forward

Advisors will ultimately go to firms that offer them the best chance of building their client roster to generate personal income. One way to help ensure that advisors want to join or remain at your firm is to offer the ability to develop a robust, highly personalized and credible online presence coupled with modern compliant communications options. In tandem with this, you’ll want to make sure your processes, programs and technologies support a fully compliant risk-based approach for your communications strategies.

Firms that empower their advisors to succeed by opening up previously unavailable channels have the opportunity to differentiate themselves from competitors. As they meet and exceed the expectations of modern investors and advisors, they might not only be able to attract new talent but also usher in new business.

CEO of Hearsay Systems, a trusted leader in compliant last-mile digital communications solutions for the financial services industry. Read Michael Boese’s full executive profile here.

Source: Why SEC Regulations Could Drive A ‘Great Reshuffle’ Among Advisor Talent In Financial Services

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Why SEC Regulations Could Drive A ‘Great Reshuffle’ Among Advisor Talent In Financial ServicesForbes

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5 Secrets To A LinkedIn Profile That Can Compete In The 2023 Job Market

In a job market saturated with candidates, a strong LinkedIn profile may just be your saving grace...getty

The new year has arrived, and for the career-oriented go-getters, so has another list of professional goals to tackle. Double the size of your professional network, promote your organization externally, find a new job after getting laid off, increase your annual salary, get a mentor…

Would you believe me if I said you could check any of these items off your to-do list just by giving your LinkedIn page a facelift? It sounds shallow, but it’s true: the likelihood you’ll receive a job interview or have a career-changing conversation within the next year rely heavily on the caliber of your LinkedIn profile.

You may as well shove those high heels back in the closet and forget about ironing that shirt because you can propel your career forward just by laying down on your couch with a laptop while wearing yesterday’s sweats. It may not be a professional nor ergonomic look, but in today’s age, it works. The phrase “getting your foot in the door” has never stood further away from its literal meaning.

Shiny LinkedIn profiles will dominate the 2023 job market

If the thought of rewriting your LinkedIn bio or brainstorming a catchy headline makes you want to run in the opposite direction, trust me when I say you should think again. With more than 875 million users worldwide, LinkedIn’s role in the hiring process is nothing short of massive.

Jobvite’s 2020 Recruiter Nation Survey reported that 72% of recruiters use LinkedIn to hire new candidates. Every second, 101 job applications are submitted through the platform. Eight people get hired every minute.

But don’t be deceived – the prevalence of job listings does not equate to a surplus of work. According to LinkedIn’s December 2022 Workforce Report, hiring across all industries fell 4.9% from October to November and is 20.5% lower than it was during November of last year. Even more concerning, current hiring has fallen 11.9% below pre-pandemic levels – a clear indicator that the job market is entering a shift we haven’t experienced in years.

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Job hunters looking to work from home face an especially competitive battle. Remote work makes up only fifteen percent of the jobs listed on LinkedIn, but receives 50% of the platform’s applications. The Washington Post dubs the growing clash between employees’ interest in remote work and the employers who are willing to allow it “the great mismatch.”

In a job market saturated with candidates, those with sleek shiny LinkedIn profiles rise to the top.

5 steps to glam-up your LinkedIn profile

1. Structure your profile around your career goals

Whether you partake in New Year’s resolutions or not, the beginning of a new year comes with the inevitable urge to imagine the future that lies ahead. Use this time to think about the career goals you have for the upcoming year. Doing this before you dive into a full-on LinkedIn makeover will help you structure the changes you do make around a specific purpose. A cohesive profile gives recruiters a clear message about who you are and what you have to offer.

Here are a few questions you can help you define the career goals you have for the new year:

  • Where would you like to see yourself by the end of the year?
  • What skill set are you primarily using in your career this year– and what key words reflect those skills when used on your profile (remember! Recruiters search by key words)?
  • How would you like your brand to change over the next year?
  • Think of a dream company you’d love to work for. What impression would you want to give in a conversation with a recruiter?
  • What topics and skills would be beneficial for you to learn and develop?

2. Revamp the details

A sparse or crusty LinkedIn profile gives recruiters little faith someone will perform at a high standard in the workplace. It’s just a fact of life: aesthetics matter, and this is especially true in the job market. Take the time to make sure the details of your LinkedIn profile are all straightened out. Photo lighting, punctuation, job descriptions – these may seem like small things, but recruiters notice when they’re done sloppily.

Look at the content you already have on your page and see how it can be improved or updated:

  • Profile Picture
  • Use a photo that closely resembles your current appearance
  • Avoid using photos with poor lighting or additional people you need to cut out
  • Wear business-casual attire, take the photo from the chest up in front of a plain background
  • Headline
  • Avoid the default headline that shows your job title under your name
  • Instead, give a wide scope of who you are by including skills, certifications, future goals, and your own interpretation of what it means to do the work you do
  • Use your headline to explain where you want to go. If you’re in tech, transitioning into communications, lead with what you want to go into.
  • About info
  • Make sure your bio is written in the first person (use the words “I” and “my”)
  • Double check for grammatical mistakes and punctuation errors
  • Avoid casual language, fragmented sentences, and an excessive use of emojis
  • Background photo
  • Make your profile pop by adding a background photo in the space above your profile picture
  • Avoid personal photos and group photos
  • Consider using a subtle image related to your career
  • New accomplishments
  • Add the jobs, awards, or major achievements you’ve had since last updating your profile
  • Previous work experience
  • Treat this section of your LinkedIn Page like your resume by describing the work you did with a few bullets led by strong action verbs
  • Format text consistently across all job entries

3. Reassess your keywords

This is the part where strategy comes into play. You can create the most aesthetically pleasing profile LinkedIn has ever seen, but it won’t be seen by recruiters if you don’t leverage keywords correctly. Keywords are terminology commonly used in a specific industry.

Recruiters hiring for job candidates through LinkedIn will often filter results by entering keywords that relate to the position or industry into the platform’s search feature. The more keywords you include in your profile, the better chance you have at being approached by a recruiter looking to hire someone in that related field.

Think about some keywords that relate to the goals you brainstormed in step 1. If you’re looking to change jobs, you can probably benefit by rewording your profile’s “about” section and previous job descriptions to better reflect the skills sought after in your preferred job or industry. But make sure you avoid using keywords that stretch the truth – you may think this gives you an edge over candidates, but it will only be a detriment to your credibility later on.

4. Expand your network with LinkedIn groups

Scrolling through a seemingly infinite reel of LinkedIn posts makes it easy to forget that the platform, at its core, is a network of professionals. Passively consuming posts from college peers will rarely be enough to propel your career forward. Instead, you need to use LinkedIn to actively seek out professionals with valuable connections and opportunities in your field of work, and the finding right LinkedIn group is a total gem.

The easiest way to do this? Join more LinkedIn groups and take note of which one has like minded professionals and positive engagement. There’s a LinkedIn group related to just about every occupational field and professional development topic out there, including several for job seekers. You can read more about which ones I recommend here.

5. Become more active and explore creator mode

Your posts, comments, likes, and shares all play a role in shaping a hiring manager’s impression of you. In essence, they’re part of your personal brand. While some people may think it’s safer to avoid leaving a trail of activity, this path can be even more detrimental.

A lack of engagement on LinkedIn reads as a lack of interest in professional development and few, if any, achievements in the workplace. Of course, this may very well also not be the case, but it doesn’t change the fact that a recruiter has no reasons to believe otherwise.

If you’re anxious about engaging with other professionals on LinkedIn, dip your toe into the water by liking and commenting on posts that come up in your feed. Keep in mind that comments that prompt a follow-up answer will spur more engagement than comments that just affirm the post.

You don’t need to make your own LinkedIn posts overly complicated. A quick update on a team project or a post highlighting your company’s community involvement is a short but positive contribution to people’s timelines. Do your best to remain active and consistent on the platform. Consider giving yourself a certain number of posts to aim every week or month.

Above all else, make sure the content you do contribute to LinkedIn stays classy and avoids conflict. There are better places you can go if you’re looking for tension, namely Facebook and Twitter.

I’m a career coach, keynote speaker, podcast host (You Turn Podcast) and author, here to help you step into a career you’re excited about and aligned with.

Source: 5 Secrets To A LinkedIn Profile That Can Compete In The 2023 Job Market

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Wave Of High-Profile Tech Layoffs Raises Fear Of Recessions–And Stalled Careers–Past

Getty

If you’ve been on LinkedIn recently, you’ve likely seen posts about someone being laid off or having a dream job offer rescinded, often by a high-profile, once hot startup. According to the tracker Layoffs.fyi, so far this year, 349 startups have laid off more than 53,000 employees.

Startups looking at the prospect of falling venture capital valuations are scrambling to conserve the cash they have. Just yesterday, OpenSea, the early leader in the once bubbly non-fungible token (NFT) market, cut 20% of its workforce. Earlier this month, virtual office startup Gather let a third of its 90 employees go. Last month, high-flying ID verification unicorn Socure laid off 13% of its employees.

And it’s not just startups. Coinbase, the nation’s largest cryptocurrency exchange, laid off 1,100 employees and rescinded some job offers. Elon Musk’s Tesla is cutting 3.5% of its workforce. Meta has plans to slash hiring of engineers this year by at least 30%.While most of the layoff news has come from tech companies, the mortgage industry, too, has been slashing away as higher interest rates crush mortgage volume.

This week loanDepot disclosed plans to eliminate thousands of jobs. Real estate companies RedFin and Compass have cut about 450 jobs each, and PIMCO-backed First Guaranty Mortgage Corporation let go of more than 75% of its workforce in June, before filing for a chapter 11 bankruptcy a week later.

Despite such high-profile layoffs, unemployment remained at a low 3.6% in June as the economy added 372,000 jobs. Moreover, interviews with recent job–or job offer–losers, as well as hiring managers, suggest that so far at least, most of those cut are landing on their feet with new offers.

Yet the sense of dread is unmistakable, with more consumers now pessimistic than optimistic about the short-term labor market, according to the Conference Board. And the layoffs could just be getting started: Oracle recently considered letting go of thousands of employees as early as August.

“In the tech industry, this is dejà vu all over again,” observes economist Anthony Carnevale, who has been involved with employment and education policy for four decades and is now director of the Georgetown University Center on Education and the Workforce.

“This is pretty much precisely what happened in the late 1970s, early 80s, when technology was not penetrating American industry rapidly enough and [former Fed Chair] Paul Volcker put on the brakes. We get high interest rates, high unemployment rates, and basically that shuts down technology investment and secondly, it chokes the industry.”

Given the current low unemployment rates, Carnevale adds, it’s still a question whether the slowdown will ultimately “create dislocation of substantial sorts in tech or any other industry.” His answer? “Yes and no,” he says. “The yes is yes, specific technology-based industries might be affected, interest rates being the culprit here. But what we’re seeing in the churn is that people who are seeking jobs are getting jobs.

And we haven’t come to the point yet where it’s a classic recession…in which people don’t get jobs.” He noted that in general, wages are increasing — though those increases are generally offset by inflation.“So what does that mean going forward? It may mean a slowdown in startups and in the expansion of particular technology companies, in even the overall industry if it’s strong enough, but so far, it has not meant that people can’t find jobs,” Carnevale said.

“And it does not reflect on the possibilities for college graduates, at least so far, we don’t really see that.” Indeed, a recent survey of almost 200 employers by the National Association of Colleges and Employers found that almost 90% of respondents will be hiring new graduates for both full-time and intern/co-op positions — up from last spring’s figure of 83%.

But while early-career recruiting is still strong, it can’t erase the memory of what happened in the wake of the Great Recession, with its large jobs loss and unusually slow recovery. Some new grads caught in the undertow experienced what economists call “permanent scarring”—meaning poor economic conditions when they graduated from college contributed to a long-term reduction in their employment prospects.

Again, that’s the scary prospect, but not, as of now, the reality. Aidan Deery, associate director at the global talent partner X4 Technology, reports that among tech companies, “largely, everyone is still hiring” and “the demand for experienced professionals is at an all-time high.” He adds that those laid off from crypto companies like Coinbase are generally “very employable” and “highly sought after in the finance and technology world.”

Danny, 23, whose last name and former employer are not being included due to a nondisclosure agreement he signed, was let go in June from his engineering job at a sales productivity company. “I know I’ll be able to find a job,” he said, estimating that of the roughly 30 jobs he applied to since being laid off, 8-10 got back to him. “Three of them actually were like, ‘Yeah, just kidding, we’re not hiring for this role.’”

Some of the other companies he started interviewing with stopped the process because of hiring freezes. However, Danny has already turned down one offer for reasons including the pay, and says he is still being picky in his job search.

Curio Health, a startup working to improve remote patient care, is among the companies still hiring. CEO Yuchen Wang worries that layoffs among startups may encourage job seekers to look to more established companies for future opportunities, but insists startups will retain their appeal because, “you take a broader responsibility, and you can grow faster and learn more.”

Wang has seen both sides of this job-cutting drama. He himself lost his job in 2001, shortly after earning a Masters in computer science at Georgia State, and in a later role, had to lay off employees himself because a contract did not pan out as well as expected. “These things kind of happen, even if you do everything 100% perfectly,’’ he says. “Treat it as a new start — there are more opportunities ahead than the one you just lost.”

Still, for some job-losers, the new start carries a unique challenge–one imposed by the U.S.’ dysfunctional system for retaining foreign tech talent. Twenty-seven-year-old software developer Amitesh Singh Baghel was laid off in late June while on STEM OPT, a visa program allowing graduate international students to gain work experience in the U.S. in their field. The catch: he lost his job as a software engineer at a data security startup before he completed his visa extension — about two weeks before his employment authorization document was set to expire.

He had been offered other jobs while working there but turned them down out of “goodwill” and because his manager, who also was let go, provided good mentorship. “I had other offers coming, but I chose to stay ignoring the red flags,” such as a manager being fired and not replaced, he said.

“I tried to negotiate. I was like, ‘Instead of giving me the severance pay, keep me on the payroll so that I can finish with the extension process and I’ll still work,’” he said. “I offered them a solution…but they didn’t want to do the extra work, which is understandable. I mean, it’s not their problem.”

And then there’s the experience of Jenna Radwan, 22, who recently earned her BS in Entrepreneurship & Innovation at the University of San Francisco. She originally accepted a job at San Francisco-based startup Hirect, which helps other tech startups recruit and hire.

When she heard Hirect would pay her a base salary of $80,000 plus uncapped commission that could push her total compensation to a multiple of that, she cut short other interviews to accept the offer, “My ears perked up, my eyes got big, and I didn’t even see any of the other companies as even close competition,” she said. But two weeks before her start date, Radwan got thrown a curveball. Her offer had been rescinded “due solely to the current unforeseen circumstances & drastic turn in the market.”

“Due to the very volatile market conditions, the business & leadership team has decided to halt/freeze all forms of external hiring at this time, and we have entered an immediate hiring freeze and a round of layoffs,” reads an email from a recruiter that Radwan shared on LinkedIn. (A spokesman for Hirect confirmed to the Wall Street Journal that it had rescinded two job offers due to the slump in tech hiring.)

Radwan was “in shock,” but quickly tapped into her network and reached out to recruiters she’d previously been in the process of interviewing with, and ultimately landed a job as a recruiter at Insight Global. “It was a wild ride but I know that I’m exactly where I am meant to be,” Radwan said, adding that she hadn’t really considered her values in terms of a career before then. “I just thought of money, but I realized that you can have money plus other things, like good company culture, like good job security, like good benefits, like good PTO,” she said.

Her advice for recent grads entering the job market amid the growing fear of offers being rescinded? Do your research, ask questions like how the company reacted to COVID in 2020 (i.e. was it quick to lay off workers?), talk to current employees and take time to weigh all your offers.

If you’re looking for an indication of the current gestalt, it may come from Radwan’s new employer. Insight Global is still hiring. But in June, it surveyed 1,000 workers and found 23% were “extremely worried” about losing their job in the next recession. Or, as Insight put it, the “Great Resignation” is giving way to the “Great Apprehension.”

Katherine Huggins is an editorial intern for Forbes Money and Markets. Before joining Forbes, Katherine covered media and politics as a reporter at Mediaite

Source: Wave Of High-Profile Tech Layoffs Raises Fear Of Recessions–And Stalled Careers–Past

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Why Happiness Is the Key to Success

Jan Buchczik

Many people chase achievement, assuming it will lead to well-being. They should reverse that order of operations.

Without going too far out on a limb, I believe almost everyone would like two things from their jobs and careers: success and happiness. They want to do relatively well financially, receive fair recognition for their accomplishments, enjoy their work as much as one can, and become happier as a person as a result.

These are reasonable goals, but they can be a lot to ask—so many people, especially ambitious, hard-working people, simplify them in a logical way: They first seek success and then assume that success will lead to happiness. But this reasoning is flawed. Chasing success has costs that can end up lowering happiness, as many a desiccated, lonely workaholic can tell you.

This is not to say that you have to choose between success and happiness. You can obtain both. But you have to reverse the order of operations: Instead of trying first to get success and hoping it leads to happiness, start by working on your happiness, which will enhance your success.

Success and happiness are generally positively correlated, as many workforce studies have shown. For example, companies in Fortune magazine’s “100 Best Companies to Work For” list saw an average 14 percent stock-price increase every year from 1998 to 2005, compared with 6 percent for the overall market.

And as Gallup data have shown, among business units with employee-engagement levels (that is, employees who reported feeling heard, respected, and intellectually stimulated, and who had a best friend at work) in the 99th percentile, 73 percent perform above the company average, and 78 percent perform above the industry average.

From this correlation, many assume causation—from success to happiness. During my years as an executive, I found that people strongly believe that pay increases—especially big ones—will have a large and long-lasting effect on their job satisfaction. The data tell us a different story, however: Large wage increases have only a small and transitory effect on well-being.

Researchers in 2017 tracked the pay and job satisfaction (measured on a 0–10 scale) of nearly 35,000 German workers over several years. The study found that the anticipation of a 100 percent pay bump increases job satisfaction by about a quarter of one digit in the year before the raise. The raise increases that satisfaction bump by another fifth of a digit. By the fourth year, the increase has fallen to less than a fifth in total.

In other words, say your job satisfaction is a six out of 10—not bad, but could be better. If your boss doubles your pay, it will get you to about 6.5, and then it will fall back to about 6.2. Maybe this isn’t the best strategy to help you love your job. And that doesn’t even take into account the cost that increased job success can have on overall life satisfaction. In 2016, psychologists measured career success by asking 990 college-educated full-time professionals to compare their career achievements to others’.

They found that people generally enjoyed the money and status that relative success produced. However, success did not lead to total contentment: It indirectly chipped away at life satisfaction, likely via time constraints, stress, and impoverished social relationships.

Much stronger and more positive results emerge, however, when researchers reverse the order, looking not at success’s effects on happiness, but happiness’s effect on success. Scholars in 2005 surveyed hundreds of studies—including experiments to establish causality—and concluded that happiness leads to success in many realms of life, including marriage, friendship, health, income, and work performance.

One explanation might be that happiness makes us more attractive, so we are rewarded by others. Alternatively, happiness might make us more productive. Novel experimental research suggests both are true. For example, scholars in 2021 studied Chinese livestream web broadcasters, for whom voluntary viewer tips are the primary source of income.

They found that when they showed more positive emotion, their tips immediately increased, suggesting that people who appear happy are rewarded in the market. Another experiment involved British test subjects engaging in a time-limited arithmetic task and math test. The researchers found that subjects who were shown a clip of a comedy movie beforehand were about 12 percent more productive on the task and test than those who weren’t, and that the funnier they found the clip, the more productive they were.

Whether you are an employee or employer, it is a better investment to increase happiness at work and in life, rather than simply trying to increase measures of success.

The first thing to remember is that happiness requires balance. No matter how much you enjoy your work, overwork will become an obstruction to well-being. Researchers in 2020 studying 414 Iranian bank employees found that workaholic behavior (such as perfectionism and work addiction) strongly predicted workplace incivility (such as hostility, privacy invasion, exclusionary behavior, and gossiping).

Workaholic behaviors also degraded the quality of family life (as measured in disagreement with statements such as “My involvement in work provides me with a sense of success; this, in turn, helps me to be a better person in my family”).

You should guard against workaholism in yourself and help your friends and family who suffer from it. But just as important, employers should not encourage overwork—which will likely require effort and attention on their part, as research shows that executives generally underestimate employees’ struggles with well-being.

Once work quantity is under control, happiness at work requires a sense of meaning and purpose. I have written in this column that the two key aspects of meaningful work are earned success and service to others. Earned success implies a sense of accomplishment and recognition for a job well done, while service to others requires knowledge of the real people who benefit from your work.

Lots of research shows the importance of these work aspects. For example, Gallup has revealed that people who serve their communities and receive recognition for it self-report significantly less stress and worry in their lives than those who do not (either because they don’t serve their communities or do not receive recognition).

Meanwhile, the most meaningful jobs tend to be those that are the most service-oriented. According to 2016 research by the Pew Research Center, proportionally, more workers in nonprofit and government sectors—i.e., work that is generally service-oriented—said their jobs give them a sense of identity than did private-sector workers.

It’s harder to find the link to service in some professions than others, but it can usually be done. Years ago, I was working with a team of academic researchers creating policies for improved bank regulation. One scholar who was particularly passionate about the project told me he always remembered that his work mattered, because poor people need access to reasonably priced credit, and that requires less bureaucratic red tape.

Even if you struggle to see who benefits, because the people you touch with your work are very far away or your work touches them indirectly, try looking a little closer—maybe even in the next cubicle. You can always enjoy the effects of service by helping your colleagues, and there is clear evidence that supporting co-workers can help ease negative emotions at work.

Ultimately, although success and happiness are linked, the alchemy is mostly one-way—and not in the way that most people think. Working on your success to get happier is inefficient at best, and may blow up in your face and lead you to unhappiness. But working on your happiness gives you the best chance at getting both.

Even if all of this makes sense to you, you may still find yourself falling into old habits of seeking happiness via worldly success at work. Don’t feel too bad—I do it too, even as a specialist in this field. Whenever I notice my hours creeping up to workaholic levels and my dreams of happiness revolving around some accomplishment, I like to reread a short story published in 1922 by Franz Kafka called “A Hunger Artist.”

It features a man who starves himself in a cage for a living as a traveling carnival act. He is obsessed with his work and, as a perfectionist, seeks what he calls “flawless fasting.” The hunger artist is proud of his success, although he is always gloomy, and, Kafka writes, “if a good-natured man who felt sorry for him ever wanted to explain to him that his sadness probably came from his fasting … the hunger artist responded with an outburst of rage.”

Over time, the hunger artist’s act falls out of public favor. In desperation to resuscitate his flagging career, he tries fasting longer than he ever has before. Instead, he is utterly ignored, and sits alone in his cage. In the end, the hunger artist starves himself to death. In a twist of absurdism—

we might even call it Kafkaesque—the protagonist admits just before expiring that the only reason he had engaged in his art was because he could not find any food to his liking. I’m not that bad, of course, but I have a bit of a hunger artist in me, and you might too. Here’s my advice: You won’t find happiness by forgoing happiness. Don’t starve yourself. Your odds of success will increase if you eat.

By Arthur C. Brooks

Source: Why Happiness Is the Key to Success – The Atlantic

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Pay Transparency Laws Can Help Fix The Wage Gap But Not Erase It

Coming soon to a job posting near you: Knowing how much it pays.Getty Images

A series of local and state laws, both newly adopted and soon to be in effect, will force companies to divulge what a job pays when posting an open position. Besides being common sense, the intent of these laws is to shrink the persistent wage gap that divides white men from women and people of color. Lowering the pay gap would be an important step forward for equality in the US, affecting everything from Americans’ quality of life to how they see themselves.

But while pay transparency is a much-needed improvement, a lot more is needed to truly create balance for all Americans. In the US, women and people of color get paid less than white men, regardless of job or experience. Pay gaps often begin at the start of careers, then compound over a lifetime as women and people of color are less likely to get raises. A variety of other factors contribute to the gap as well, like the motherhood penalty, wherein women who take time off paid work to care for kids are paid nearly 40 percent less than those who don’t.

There’s occupational segregation, in which jobs that are filled predominantly by women or people of color, like home health aides or food service workers, are paid less.  (The pay and prestige of computer science, for example, rose only as more men entered the field.) Women and people of color are also seriously underrepresented in leadership positions, which are paid the most. In sum, that means the median hourly wage for women is 86 cents per hour for every dollar a man makes. Black women make 68 cents.

There’s been little progress on closing the pay gap in the last three decades. Enter this new spate of pay transparency laws. “Transparency is one of the leading tools we’ve identified for closing the wage gap,” Andrea Johnson, director of state policy at the National Women’s Law Center, told Recode. “It is absolutely crucial for both increasing worker power and employer accountability.”

While some of the new pay transparency laws protect workers’ rights to discuss pay without retaliation, others go further. Laws that prevent employers from asking candidates about their salary histories, which have been cropping up from Connecticut to Hawaii in recent years, keep past pay inequality from informing how much a person makes at their next job.

Most promising are laws that require employers to post the pay range for a job when they first start recruiting. One such law went into effect in Colorado in 2021. One in New York City goes into effect in November, while California’s and Washington’s go into effect in January. New York’s governor is expected to soon sign a state-wide law of this nature that would go into effect next year.

Disclosing a pay range lessens the likelihood implicit bias will creep into new salaries because it changes the need for negotiating salary, which typically works out unfavorably for women and people of color. When women ask for raises (which they do as much as men), for example, they’re simply less likely to get them.

“Whenever we take negotiation out or reduce the role of individual negotiation, pay-setting tends to get more equal,” Ariane Hegewisch, senior research fellow at the Institute for Women’s Policy Research, told Recode.

The very act of establishing a pay range for a position forces companies to evaluate their compensation practices and potentially fix disparities between existing employees. Finally, pay transparency for new roles would allow already-employed people to negotiate for better pay if they’re making less than others in similar positions. Relying on workers to identify and negotiate the difference is obviously imperfect, but it will certainly help.

“It’s very simple: The more data that’s out there, the better positioned talent can be to know how much they’re worth,” said Josh Brenner, CEO of Hired, a hiring platform that releases an annual study on the wage gap in tech. The company’s software also notifies employers when it detects bias in their salary offers (Hired said the nudge results in updated salary offers about 5 percent of the time, and those offers are on average 11 percent higher).

While research on the effects of pay range laws is new and therefore limited, experts point to the much smaller pay gaps in the public sector and at union jobs, where salaries are more transparent and regimented. For transparency efforts to be successful, the ranges can’t be too large and companies have to be actively penalized for not following pay transparency rules.

Research on Colorado’s new pay transparency law showed that the fraction of job postings with salary information has so far grown 30 percentage points since the law went into effect in 2021, but more compliance is expected over time. Data shared by compensation software company Payscale showed that employees working at companies with pay transparency make 7 percent more than employees with the same job and qualifications at companies without that transparency.

And although these laws are being set at the city and state level for now, it’s possible their effects will reverberate outside of those municipalities, influencing companies to voluntarily share pay information, whether it’s to simplify job posting or to attract talent in a tight hiring market.

“I would say about half of our customers came to us without any requirements on the legal end that they have to post,” said Payscale senior corporate attorney Lulu Seikaly, referring to company inquiries about setting pay ranges. “They know with states like California, Washington, New York, and Colorado being forced to post their salary ranges, they’re going to be also forced to post their salary ranges just to get the talent in the door.”

Other strategies to close the pay gap

Extending these pay transparency laws to existing positions — rather than just new job postings — and to more companies in more states would be even more effective. But pay transparency alone won’t completely close the pay gap. “There is no silver bullet,” Elise Gould, senior economist at the Economic Policy Institute, said. “But I think pay transparency moves us in the right direction.”

While the experts Recode interviewed for this story expect that pay transparency laws will certainly lessen the pay gap, they don’t think that will mean women and people of color will all of a sudden have truly equal pay. As we know, the pay gap is caused by a number of issues, so it will likely take a variety of tactics to solve it. Here are some that experts told us would help.

The National Academies of Sciences, Engineering, and Medicine, in an independent review of the data collection, recently found, unsurprisingly, that doing so is a key tool to combat pay discrimination, and recommended that the EEOC broaden and strengthen its data collection (the Trump administration stopped the practice but it’s expected to return under Biden).

Going a step further and making that data publicly available could do more to compel companies to rectify their wage gaps, rather than waiting for discrimination charges to make them do so. Additionally, better funding for the EEOC would make the organization better able to address the pay discrimination complaints they handle.

Raise the minimum wage: Part of the reason for the pay gap is that women and people of color are overrepresented in the lowest-paid industries. Therefore, raising the federal minimum wage, which has been stuck at $7.25 since 2009, would disproportionately help women and people of color and would go a long way toward lessening their pay gap.

Affordable, high-quality child care: There’s a child care crisis in America, and it deeply hurts the career prospects of women, who shoulder more child care duties. Without adequate child care, women will continue to be pushed out of the workforce and their wages will continue to suffer. The sector needs more government investment, which will in turn improve the personal and working lives of women.

Make it easier to unionize: Unions help rationalize pay bands and lower the wage gap, but it is incredibly difficult to unionize in the US. Passing the PRO Act, which is stalled in the Senate after passing the House, would make the unionization process easier, and more unions means more pay equality.

Of course, all of this is easier said than done, and it will take a long time for the wage gap to disappear. But the new transparency laws show that progress is possible, and so are more changes on the horizon.

By:

Source: Pay transparency laws can help fix the wage gap — but not erase it – Vox

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Marketing Program Apps To Buy:

10 Bold Actions In Positive Life     https://jvz3.com/c/202927/383942/
3D Pal Toons     https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit      https://jvz8.com/c/202927/374505/
9 figure Success        https://jvz8.com/c/202927/384653/
Ad Raven      https://jvz4.com/c/202927/382796/
Ada leadz     https://jvz8.com/c/202927/376381
ADA Web      https://jvz3.com/c/202927/383751/
AdRaven       https://jvz3.com/c/202927/382851/
Adsense Machine      https://jvz2.com/c/202927/290487
Adtivate Agency      https://jvz3.com/c/202927/383706/
AdvertSuite     https://jvz1.com/c/202927/335011/
AdzHero     https://jvz2.com/c/202927/366972/
AffiliateMatic     https://jvz3.com/c/202927/381148/
Agency Client Finder    https://jvz3.com/c/202927/384619/
Agencyscale      https://jvz1.com/c/202927/383113/
AgencyScale      https://jvz4.com/c/202927/383111/
AIWA Commercial     https://jvz2.com/c/202927/365061
ALL-in-One HD Stock    https://jvz4.com/c/202927/381560
Animaxime    https://jvz2.com/c/202927/383307/
Appimize      https://jvz8.com/c/202927/370227
Appoint B Agency     https://jvz1.com/c/202927/384630/
Appointomatic      https://jvz6.com/c/202927/374258
Appowls    https://jvz4.com/c/202927/381231/
Art Of Living    https://jvz4.com/c/202927/382425/
Audiencetoolkit     https://jvz6.com/c/202927/302715
Aweber Crash Course     https://jvz6.com/c/202927/383057/
Backlinkindexer    https://jvz6.com/c/202927/88118
BettingMaster      https://jvz2.com/c/202927/387079/
BevTraders    http://www.bevtraders.com/?ref=arminham
Big Audio Club     https://jvz6.com/c/202927/380087/
BigAudio Club    https://jvz2.com/c/202927/380877/
Boost Optimism   https://jvz2.com/c/202927/380692/
BrandElevate   https://jvz4.com/c/202927/381807/
BrandElevate   https://jvzoo.com/c/202927/381812
Bybit     https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz    https://jvz4.com/c/202927/379051/
ChatterPal    https://jvz8.com/c/202927/324615
Clientfinda   https://jvz8.com/c/202927/370806
Clipsreel   https://jvz3.com/c/202927/372682
Commission smasher   https://jvz3.com/c/202927/376879
Content Gorilla   https://jvz2.com/c/202927/330783
Content Tool Kit   https://jvz3.com/c/202927/329145/
CourseAlly eLearning   https://jvz4.com/c/202927/384759/
CourseReel   https://jvz2.com/c/202927/355249
Courserious   https://jvz8.com/c/202927/360397/
Coursova   https://jvz1.com/c/202927/376527
Creaitecontent  https://jvz1.com/c/202927/376986
Credit Repair   https://jvz8.com/c/202927/377815/
Cryptokit    https://jvz8.com/c/202927/383809/
CryptoRocket    https://jvz6.com/c/202927/378113/
CryptoUnderworld     https://jvz8.com/c/202927/374345/
Dealcheck     https://dealcheck.io?fp_ref=armin16
DesignaSuite      https://jvz2.com/c/202927/297271
DesignBeast    https://jvz6.com/c/202927/371547
DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
DFYContentClub     https://jvz6.com/c/202927/381337/
DFYSuite   https://jvz3.com/c/202927/381194/
Diabetes Guide    https://jvz2.com/c/202927/358870/
Diddly Pay’s    https://jvz2.com/c/202927/315596
Diet fitness diabetes   https://jvz1.com/c/202927/286851
Domainname    https://jvz6.com/c/202927/377005
Dominate Email   https://jvz4.com/c/202927/386980/
Dropshiply   https://jvz3.com/c/202927/383483/
DUX Forex Signals   https://jvz3.com/c/202927/128215/
EBook Agency    https://jvz2.com/c/202927/384573/
Ejaculation Total   https://jvz2.com/c/202927/75989/
Email Monetizer    https://jvz2.com/c/202927/386337/
EngagerMate  https://jvz8.com/c/202927/328172
EngageYard   https://jvz2.com/c/202927/383051/
Explaindio    https://jvz1.com/c/202927/123757/
Extreme Adz   https://jvz8.com/c/202927/379244/
Extreme Coupon  https://jvz1.com/c/202927/216101/
EZ Local Appointment  https://jvz2.com/c/202927/385180/
Ezy  https://jvz1.com/c/202927/381935/
Ezy MultiStores  https://jvzoo.com/c/202927/381935
Facebook Cash Machine   https://jvz4.com/c/202927/382333/
Facedrip  https://jvz1.com/c/202927/376325/
FaceSwap   https://jvz4.com/c/202927/381768/
Fade To Black   https://jvz2.com/c/202927/344541
Fanpage  https://jvz4.com/c/202927/144349
Fitness Nutrition   https://jvz4.com/c/202927/353334/
Followup Builder   https://jvz3.com/c/202927/386313/
Forex Atlatian   https://jvz8.com/c/202927/25069/
Forex Blizz   https://jvz8.com/c/202927/144577/
Forex Blue Stark  https://jvz3.com/c/202927/47481/
Forex expert   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper    https://jvz6.com/c/202927/95037/
Forex Joustar   https://jvz6.com/c/202927/381617/
Forex Mastery   https://jvz2.com/c/202927/144621/
Forex Scouts   https://jvz6.com/c/202927/132677/
forrk  https://jvz1.com/c/202927/373449
FusionMT4    https://jvz2.com/c/202927/372523/
FX Goldminer  https://jvz1.com/c/202927/381439/
Galactic  https://jvz1.com/c/202927/188236/
Gaming job   https://jvz2.com/c/202927/184902  s
Genesis Mining   https://www.genesis-mining.com/a/2535466
Gluten free   https://jvz4.com/c/202927/296191
GMB Magic  https://jvz2.com/c/202927/377194
Graphic Alta  https://jvz2.com/c/202927/324492/
Heal Your Emptiness   https://jvz6.com/c/202927/384848/
High Converting Emails  https://jvz3.com/c/202927/386305/
HostLegends    https://jvz4.com/c/202927/384755/
Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
ImageX   https://jvz6.com/c/202927/363237/
IMSyndicator  https://jvz1.com/c/202927/370769
Inboxr   https://jvz2.com/c/202927/312692
Insta Keyword    https://jvz6.com/c/202927/351606/
Instant Website   https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X  https://jvz2.com/c/202927/320466
keysearch  https://jvz3.com/c/202927/194909
Klippyo Kreators  https://jvz8.com/c/202927/327447
KoinCart   https://jvz2.com/c/202927/383555/
Leadvalet   https://jvz3.com/c/202927/385580/
Levidio Royal Podcasting   https://jvz6.com/c/202927/384025/
Linkable DFY   https://jvz6.com/c/202927/385873/
Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
Living An Intentional Life    https://jvzoo.com/c/202927/382455
Living an International Life    https://jvz8.com/c/202927/382455/
Local Leader   https://jvz4.com/c/202927/383751/
Local Sites   https://jvz4.com/c/202927/380543/
LocalAgencyBox  https://jvz2.com/c/202927/359468
LocalCentric   https://jvz2.com/c/202927/379339/
LocalioAI    https://jvz6.com/c/202927/378310/
MarketAll      https://jvz2.com/c/202927/386971/
Marketingblocks     https://jvz6.com/c/202927/374934
MarketPresso   https://jvz2.com/c/202927/369837
Mat1 Simple Funnel   https://jvz2.com/c/202927/380197/
Maxslides  https://jvz8.com/c/202927/376842
Mech Forex Robot   https://jvz6.com/c/202927/383447/
MediaCloudPro   https://jvz2.com/c/202927/343635
Megasuite   https://jvz3.com/c/202927/383953/
Mobi First   https://jvz2.com/c/202927/353694/
Motion Kingdom Studio  https://jvz4.com/c/202927/383177/
Movid Animation  https://jvz6.com/c/202927/380385/
MT4Code System   https://jvz2.com/c/202927/376925
My Passive Income   https://jvz1.com/c/202927/384099/
MyMailIt   https://jvz3.com/c/202927/292919
MyTrafficJacker   https://jvz2.com/c/202927/353558
Next Drive  https://jvz4.com/c/202927/371095/
NichBox  https://jvz2.com/c/202927/370705/
Organic Life Guide  https://jvz8.com/c/202927/366872/
Phemex  https://phemex.com/register-vt1?referralCode=D8HUS2
Photokit  https://jvz4.com/c/202927/373207/
PicsAds   https://jvz2.com/c/202927/385468/
PigMoneyMethod   https://jvz2.com/c/202927/377665/
Pitchdeck   https://jvz3.com/c/202927/347847/
Pixal  https://jvz2.com/c/202927/378775/
PixaStudio    https://jvz1.com/c/202927/373089/
Pixivid   https://jvz6.com/c/202927/385213/
PlanB Muscle Growth   https://jvz1.com/c/202927/36517/
PlayerNeos   https://jvz2.com/c/202927/376962
Podcast Advantage   https://jvz8.com/c/202927/379995/
Podcast Masterclass  https://jvz3.com/c/202927/379998/
PodKastr    https://jvz1.com/c/202927/369500/
Postradamus     https://jvz6.com/c/202927/108695
Power Reviews    https://jvz8.com/c/202927/384625/
Powrsuite   https://jvz1.com/c/202927/376361
PR Rage  https://jvz4.com/c/202927/343405
prime stocks   https://jvz8.com/c/202927/369164  prime stocks
Profile mate    https://jvz4.com/c/202927/358049
Promovidz   https://jvz8.com/c/202927/375692/
Push Button Traffic   https://jvz2.com/c/202927/301402
QR Verse   https://jvz3.com/c/202927/383865/
Quintex Capital     https://quintexcapital.com/?ref=arminham
Quit Smoking    https://jvz3.com/c/202927/359081/
QuizMatic   https://jvz6.com/c/202927/387116/
Reputor   https://jvz8.com/c/202927/380159/
ReVideo  https://jvzoo.com/c/202927/381761
ReviewReel   https://jvz6.com/c/202927/382663/
Rewriter   https://jvz4.com/c/202927/353373/
RSI SEO   https://jvz6.com/c/202927/384381/
Scriptdio   https://jvz4.com/c/202927/385387/
Seniors Income    https://jvz2.com/c/202927/383888/
Senuke  https://jvz6.com/c/202927/279944
ShopABot   https://jvz2.com/c/202927/291955
ShopFunnels   https://jvz3.com/c/202927/384069/
SocialAgency360   https://jvz1.com/c/202927/385357/
SociCake  https://jvz2.com/c/202927/321987
Socifeed   https://jvz6.com/c/202927/375706
SociJam  https://jvz2.com/c/202927/309649
Soronity  https://jvz6.com/c/202927/368736
SqribbleEbook   https://jvz6.com/c/202927/283867
Stackable Picture   https://jvz1.com/c/202927/385046/
Steven Alvey’s   https://jvz2.com/c/202927/351754
Stoodaio   https://jvz1.com/c/202927/372094
Storymate    https://jvz3.com/c/202927/320972
StreamPilot   https://jvz2.com/c/202927/385431/
Studioninja   https://jvz1.com/c/202927/374965
Sunday Freebie  https://jvz1.com/c/202927/267113/
Super backdrop   https://jvz8.com/c/202927/376524
Survai    https://jvz8.com/c/202927/380933/
Syndranker    https://jvz3.com/c/202927/378143/
Talkingfaces   https://jvz3.com/c/202927/375550
The Internet Marketing   https://jvz2.com/c/202927/289944
Tonai Voice Content   https://jvz8.com/c/202927/383119/
Toon Video Maker    https://jvz2.com/c/202927/357201
TrafficForU   https://jvz3.com/c/202927/381950/
Trendio  https://jvz3.com/c/202927/381003/
TubePal   https://jvz6.com/c/202927/379863/
Tubeserp   https://jvz3.com/c/202927/370472
TubeTargeter  https://jvz6.com/c/202927/377211
TuneMingo    https://jvz3.com/c/202927/386556/
TV Boss Fire  https://jvz6.com/c/202927/379480/
Ultrafunnels A.I   https://jvz2.com/c/202927/381129/
VIADZ Ad Template  https://jvz4.com/c/202927/379307/
Vidcentric   https://jvz4.com/c/202927/376095
Viddeyo    https://jvz6.com/c/202927/382326/
Videevolve   https://jvz4.com/c/202927/381011/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
VideoGameSuite    https://jvz3.com/c/202927/366537/
VideoRobot Enterprise   https://jvz8.com/c/202927/291061
VidKreate   https://jvz6.com/c/202927/386029/
VidMingo   https://jvz6.com/c/202927/378359/
VidRaffle   https://jvz2.com/c/202927/386840/
VidSnatcher    https://jvz3.com/c/202927/342585
VidVoicer    https://jvz1.com/c/202927/379983/
Vidzura   https://jvz4.com/c/202927/385754/
Viral dash   https://jvz6.com/c/202927/375959
Viral Quotes      https://jvz2.com/c/202927/386984/
VirtualReel   https://jvz8.com/c/202927/376849
Vocalic  https://jvz2.com/c/202927/383848/
VoiceBuddy    https://jvz1.com/c/202927/342854
WebCop  https://jvz4.com/c/202927/378683/
Webinarkit   https://jvz3.com/c/202927/383937/
Webprimo   https://jvz1.com/c/202927/379455/
WordPress Mastery   https://jvz1.com/c/202927/386249/
WowBackgraounds   https://jvz2.com/c/202927/381556/
WP GDPR    https://jvz8.com/c/202927/299907
WP Simulator    https://jvz3.com/c/202927/46987/
Writer Arc   https://jvz1.com/c/202927/386602/
writing job   https://jvz8.com/c/202927/213027
XBrain Forex   https://jvz3.com/c/202927/372305/
XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
YoDrive   https://jvz2.com/c/202927/384700/
YoSeller   https://jvz4.com/c/202927/387544/
Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
KlickCourse   https://jvz3.com/c/202927/385006/
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