Investment Management Overview

Investment Management OverviewInvestment Management OverviewIntroductionDo you enjoy following the financial markets, whether reading the Financial Times, watching Bloomberg or checking stock prices on the internet? Do you want to earn good money? If so, you may find a career in investment management appealing. Investment management, also known as asplatzset management, is pretty much what it sounds like a client gives money to an asset manager, who then invests it to meet the clients objectives. In other words, investment management seeks to grow capital and generate income for individuals and institutional investors alike. The potential clients of an asset manager can vary widely. While theres no black-and-white distinction between where retail and institutional clients invest, asset managers who manage retail kenntniserlangungs, for example, typically manage money for retail clients, while asset managers at investment banks often invest money for institutional investors like comp anies or municipalities (often for pools of money like pension funds). Asset managers can also work for hedge funds, which combine outside capital with capital contributed by the partners of the fund, and invest the money using complex and sometimes risky techniques, with the goal of receiving extraordinary gains. Asset managers buy their stocks, bonds, and other financial products from salespeople at investment banks, who are on what is called the sell-side. (Asset managers are on the buy-side.) Because they make commissions on every trade they facilitate, salespeople provide information (research, ideas) to asset managers, in an effort to get the asset managers to trade through them. (This is why some salespeople often used to shower asset managers with perks like sports tickets and expensive dinners at fancy restaurants, a practice that has diminished hugely in recent years.) Investment management basically boils down to this researching and analyzing potential investments and d eciding where exactly to allocate funds. These days, many investment banks are looking to grow their investment management businesses. Why? Because investment management is largely protected against the volatility of the market. Asset managers charge clients a fee based on the amount of money they are given, so they are guaranteed to make money as long as they attract investment. (Asset managers are generally paid a percentage of the entire amount they handle, whether they make or lose money for the client.) This guide will serve as an insiders guide for careers in the industry. It will provide you with the knowledge to appropriately target your career search and a framework to handle the fruchtwein challenging interviews. It will also break down the many different career positions that are available to both undergraduate and graduate students.cHistoryThe beginnings of a separate industry The process of managing money has been around for some 200 years. At its outset, investment ma nagement was relationship-based. Assignments to manage assets grew out of relationships that banks and insurance companies already had with institutions primarily companies or municipal organisations with employee pension funds that had funds to invest. These asset managers were chosen in an unstructured way, with assignments growing out of pre-existing relationships rather than through a formal request for proposal and bidding process. The actual practice of investment management was also unstructured. Asset managers might simply pick 50 stocks they thought were good investments as there was nowhere near as much analysis on managing risk or organising a fund around a specific category or style. Historically, managed assets were primarily pension funds. Traditional and alternative asset classes such as retail funds, hedge funds and private equity had yet to mature. The rise of the retail fund Historians cite the closed-end investment companies launched in the Netherlands by King William I during 1822 as the first retail funds, while others point to a Dutch merchant named Adriaan van Ketwich whose investment trust created in 1774 may have inspired the idea. The Boston Personal Property Trust, formed in 1893, was the first closed-end fund in the U.S. The first vermodern retail fund was created in 1924, when three Boston securities executives pooled their money for investment, retail funds were normally used by financially sophisticated investors who paid a lot of attention to their investments. They really came to prominence in the early-to-mid 1980s when retail fund investment hit new highs and investors reaped impressive returns. During this time investor sophistication increased with the advent of modern portfolio theory and investment management firms began heavily absatzwirtschaft retail funds as a safe and smart investment tool, pitching to individual investors the virtues of diversification and other benefits of investing in retail funds. Traditional versus alternative asset managers By the early 1970s, the investment management industry had begun to mature as retail funds and other asset classes gained prominence. The dominant theme over the past decade has been the proliferation of alternative asset managers. It is necessary to make the distinction between traditional asset managers and alternative asset managers. Traditional asset managers, such as retail funds, are highly regulated entities that are governed by strict laws and regulations. The Financial Services Authority (FSA) is the principal governing body, and its rules are designed to protect investors and limit unnecessary risk-taking. Traditional asset managers have defined investment mandates that determine what types of securities and strategies they can pursue in a given portfolio. These strategies are discussed in detail in further chapters. Alternative asset managers include assets classes such as hedge funds, private equity, venture capital and property. They ar e lightly regulated investment vehicles that do not always have defined investment strategies or risk tolerances. These asset classes are designed to be uncorrelated with the broad stock and bond markets and seek to provide returns in a variety of economic situations. Hedge funds, for example, have evolved into high-risk money managers that borrow money to invest in a multitude of stocks, bonds and derivatives. They use a large equity base to borrow mora capital and therefore multiply returns through leveraging. Since alternative investments can be very risky, as well as lucrative, investors need to be deemed acleistungspunkted which is determined by net worth in order to invest. Six figures is a minimum bank balance for any prospective investor. The Industry TodayWhats really going on The industry controls around $64 trillion globally (having grown by roughly 10 per cent annually over the past decade) and charges clients 1.5 per cent to 2 per cent for the privilege. Hedge fund s charge 2 per cent management fees and typically 20 per cent performance fees. No surprise then that operating margins in the investment management industry are mora than 40 per cent, according to the Boston Consulting Group. The beauty of the industry, for its incumbents, is that as markets tend to rise over the long run their fees increase even though the cost of managing money doesnt. Overtime, according to some estimates, fund managers raise their fees by double digits, up to around 15 percent a year. The investment management industry is one of the few that broadly impact households all over the world, particularly now. As the population gets older in the core European Union countries, the old-age dependency rate is set to rise from 21 percent now to 50 percent in 2050 and pension deficits have increased, mora people than ever are planning for their future financial needs. As a result, the industry is increasingly visible. Investment management has become an increasingly i mportant part of the financial services industry in Europe. London, for example, is now one of the leading international centres for investment management. Still growing In Europe assets under management grew by almost 400 billion in 2007 the UK alone now accounts for around 7 percent of global assets under management, the third biggest home for managed assets behind the US and Japan. Retail fund demand has continued to increase nearly 50 million households had $24 trillion invested in retail funds as of June 2007, up from $1 trillion in 1990. Despite the credit crunch investment in alternative asset classes has also shot up. A survey by HedgeFund Intelligence said global hedge fund assets under management reached $2.65 trillion at the beginning of 2008, a massive increase of 27 percent from the same period in 2007. But the credit crunch will bite However, the adverse economic conditions of recent times have caused problems for the industry. The credit crunch will lower returns in t he short-term because there will be less leverage available to fund managers, not to mention the effect of the crunch on global stock markets. Many big investment banks, such as Citigroup and Merrill Lynch, were already selling off their wealth management departments before the economic downturn. As the credit crunch continues to bite and push returns lower, mora big players could downsize their investment management offerings. The crunch may also bring about regulatory changes. In the US, for example, the Federal Reserve bailed out Bear Stearns because, if it failed, its entangled assets would have also brought down the edifice of modern finance. As a result harsher regulatory regimes will be introduced to ensure fund managers cannot topple a financial system that it has taken centuries to create. The heat has also been turned up on fund managers who are making exorbitant sums amid a seriously tightening economy. While more people than ever are using food stamps in the US some ass et managers, particularly hedge fund owners, are making massive profits. Even multi-multi millionaires such as Bill Gates and John McCain have criticised the super-rich for cashing in on other peoples hard-times. John Paulson, a hedge fund manager, made $3.7 billion in 2007 primarily through shorting the risky CDOs that have brought misery to so many. Paulson beat the best-known fund manager, George Soros, into second place with an annual income of $2.9 billion. In the UK alternative assets managers, particularly short-selling hedge funds, have been seriously admonished by the FSA for spreading liquidity scare-stories about UK banks.Pension reform and emergence of property Throughout Western Europe, pension reform has become a politically explosive topic - and one being watched closely by the biggest banks in London, Frankfurt and across the Atlantic on Wall Street. Several European Union countries are facing pension crises, mainly due to an ageing population. Europes state pensio n schemes are based on a pay-as-you-go premise, which means that money paid into the retirement plan by todays workers are passed through immediately to todays retirees. That means much more responsibility is placed on the current crop of workers to pay for a disproportionate amount of pensioners Older workers (aged 55 to 64) in the European Union are set to increase by 24 million between 2005 and 2030. And heres how investment managers might benefit in the years to come the governments plan is to strike a new model that shifts more responsibility to workers and away from state-run pension plans. Nations like France, Germany and Italy are trying to increase the retirement age as a way to encourage workers to look after their own pensions through defined contributions. Meanwhile, requirements for defined benefit contributions are being increased. As pension reforms are passed throughout Europe, those that enter the investment management industry will benefit. It is one of the reason s why investment managers, from Deutsche Bank in Germany to UBS in Switzerland, are touting a variety of investment tailored to younger investors. The show will go on Investors will always desire yields, whether from short-term risky ventures or more secure longer-term investments. As a result, the industry can survive anything. After all, assets are always there to be managed. However, the next couple of years will be a tougher time for the industry as the risks surrounding financial markets and global economic growth remain on the downside. As a result investors, alongside other consumers, are tightening their belts to offset a drastically slowing global economy and a reduction in cheap credit while this continues investors appetite for equity exposure and interest rate risk is likely to remain subdued. This will impact liquidity, meaning managers will have less cash in their funds than they have been used to over the belastung few years. Consolidating There have already been we ll over 150 mergers in the investment management industry in the last 20 years. Recent consolidation activity includes the merger of BlackRock and Merrill Lynch Investment Management, buyouts of Jupiter from Commerzbank and of Gartmore from Nationwide Mutual. A further spate of consolidation is in the offing amid tough economic conditions. Experts believe institutions with low price-to-earnings ratios, or struggling with poor asset quality, will sell-off their investment management businesses to find more capital. The credit market turmoil has already sidelined some private equity deals and could lead to fire sales of distressed assets. Indeed, M&A activity within the investment management industry was at an all time high from January to March 2008 in terms of deal volume. In the first quarter of 2008 53 deals were announced at a cost of around $9.6 billion. The acquired assets under management totalled over $704 billion. By contrast in the same period of 2007 45 deals were announ ced representing $544.9 billion in acquired assets under management. Convergence The European investment management sector is currently experiencing massive convergence between traditional and alternative investment styles. Hedge funds, private equity funds and traditional asset managers are competing increasingly closely as the lines between the asset classes become blurred. Investors increasingly understand how to invest and which investments could generate higher returns in a regulated environment. Regulators have realised this and are now offering traditional asset managers new flexibility as long as investors remain protected. The search for the alpha has aided the process. Traditional asset managers have been buying hedge fund boutiques for some time. But now the difference between these businesses and their core investment strategies are disappearing. Long-only managers are also using regulatory devices such as UCITS III to offer hedge fund products for retail investors and other products to widen the choice for their institutional investors. Meanwhile, alternative asset managers are reaching a wider audience among investors through regulated fund vehicles and eschewing offshore domiciles of the Caribbean and the British Isles for EU member states such as Luxembourg. The Alternative Investment Management Association (AIMA), the international hedge fund industry body, recently suggested Hedge funds are now considered part of the mainstream of the investment management industry. There is even convergence among alternative assets. Private equity houses and hedge funds are frequently adopting similar investment strategies. Cheap credit, low volatility and rising equity markets encouraged hedge funds to enter the private equity market until the middle of last year. More strategically, hedge funds are increasingly ring-fencing capital for illiquid investments, similar to those made by private equity. Recently they have deployed these investments up and dow n the capital structure, including second lien and mezzanine debt products. Private equity houses have acquired undervalued assets and businesses through public market deals. Many experts suggest this could lead to further growth in hybrid alternative investment firms. We will expand upon this in more detail in Chapter 2. The shift from equities to bonds to equities After the dotcom bubble burst at the turn of the millennium, equity markets became erratic as stocks were challenged by a mixture of corporate scandals and weak economic growth. As a result funds moved from equities to bonds. According to some estimates, pension funds moved 40 billion from equities to bonds in 2004. However, strong economic growth and weakening bond yields since then has instigated a shift back to equities. But, experts suggest, investors in stocks lulled by periods of low volatility can be hit hard. As the recent economic crisis has shown, things can change quickly and even the strongest of stocks can plummet. In the UK during the 1970s the last time stagflation hit and editor of The Sun Larry Lamb immortalised 1979 as the Winter of Discontent equities on the whole performed very poorly. Then, as now, investors flocked to more secure bond funds, primarily investing in government debt as opposed to risky junk bonds. Still, bonds arent always a safe-haven in times of strife. The trick for investors, says one fund manager, is to Keep a diversified portfolio comprised of stocks and bonds. Even 100 percent safe products arent always safe, as most managers will tell you. The trick is to spread the risk. The challenge of exchange traded funds Described as the Wal-mart of the business, exchange traded funds (ETF) are increasingly undermining the traditional business model of investment management funds. According to Morgan Stanley, ETFs had $74 billion in assets under management in 2000, but by 2007 this was up to $700 billion. The growth will not stop there, with Morgan Stanley estima ting that $2 trillion will be invested in ETFs by 2011. And it is no surprise. Nearly anything investors believe will perform well in the future can be bought in the form of an ETF, which is a portfolio that can be bought on the stock exchange and costs much less than a traditional investment management firm. The more investors pay in charges, the less money they are likely to make according to experts. As a result, ETFs will remain extremely attractive to investors. More than just investment More than ever investment management companies are focusing on more than just investing. Business decisions such as marketing and distribution, global growth, and technology integration are becoming increasingly important factors in the success of investment management firms. While this Guide will focus mainly on developing a career on the investment side of the investment management industry, we will also spend some time discussing the growing alternative career opportunities relating to the se non-investment business issues.

An Introduction to Military Justice and Its History

An Introduction to Military Justice and Its HistoryAn Introduction to Military Justice and Its HistoryWhen one joins the United States Military, one becomes subject to a completely new justice system. While the primary purpose of the United States justice system is to dispense justice, that is not the primary reason for the creation of a separate justice system for Americas Armed Forces. The primary purpose of the Militarys system is to provide the military commander with the necessary tools to enforce good order and discipline. Thats why, for example, its not considered a crime to be late for work at your civilian job, but it is a crime to be late for work in the Military (violation of Article 86 of the Uniform Code of Military Justice, or UCMJ). The military commander has several methods available to enforce good order and discipline within the unit, ranging from lind administrative measures such as formal or informal counseling to full-blown General Court Martials, in which a pers on can be sentenced to hard labor, or even executed. Part I of this article gives a general background of the United States Military Justice System. Other related topicsinclude Counseling, Reprimands, and Extra TrainingA counseling can be formal or informal. It can also be verbal, or it can be in writing. It can be positive (pat on the back) or it can be corrective. A reprimand or an admonition is a chewing out. They can be verbal, or they can be written. Written reprimands and admonitions can provide a track record, which could later be used to justify punishment under Article 15, or administrative demotions discharges. Extra Training is not the same as extra duties imposed under Article 15. Extra duties are punishment, extra training is not. To be legal, extra training must logically relate to the deficiency to be corrected. Administrative DischargesAdministrative discharges are authorized for a variety of reasons. The characterization for an administrative discharge can be Honor able, General (Under Honorable Conditions), and Other Than Honorable.Article 15Also known as nonjudicial punishment, or Mast (In the Navy/Coast Guard, and Marines). It is sort of a mini-court martial with the commander acting as judge and jury. Its used for relatively minor (misdemeanor) crimes under the UCMJ. The punishment authorized is limited by the rank of the commander and the rank of the accused. In most cases, a person can refuse Article 15 punishment, and demand a trial by court-martial instead. Self-IncriminationCivilians are protected from involuntary self-incrimination by the 5th amendment. Military personnel is also protected, via Article 31 of the UCMJ.Pretrial Confinement and Pretrial InvestigationsThe military has no bail system. But, there are special rules which must be followed if a military member is confined prior to court-martial. Article 32 Pretrial Investigations are the militarys version of Grand Jury hearings.Court MartialsThese are the biggies. There are t hree types of court martials Summary, Special, and General. A conviction by a Special or General Court may be a felony conviction. Court Martials can award fines, reductions, punitive discharges, and prison time (at hard labor). General Court Martials can even impose the death sentence for certain offenses. Article 138 ComplaintsThe UCMJ provides a method for military members to file a complaint if they are wronged by their commanding officer. This is one of the most powerful, yet under-used tools in the military justice system, for members to assert their rights. Military Law Background Military law (military justice) is the branch of the law that regulates a governments military establishment. It is entirely penal or disciplinary in nature and, in the United States, includes and is analogous to civilian criminal law. Its sources are many and varied, some considerably antedating the United States and its Constitution. However, since it is through the Constitution that our Publi c Law began to exist, the Constitution can properly be considered the primary source of the law governing our military establishments. Along with the Constitution, there are other sources, both written and unwritten, that govern the military as wellInternational law contributed the law of war and numerous treaties affecting the military establishment Congress contributed theUniform Code of Military Justice(UCMJ) and other statutes Executive orders, including theManual for Courts-Martial(MCM),tafelgeschirr regulations usages and customs of the Armed Forces and of war and, finally, the court system has contributed its day-to-day decisions to clarify the gray areas. All of these make up our military law. The US ConstitutionThe constitutional source of military law stems from two provisions those vesting certainpowers in the legislative branchand those granting certain authority to theexecutive branch. Also, the fifth amendment recognizes that offenses in the Armed Forces will be deal t with in accordance with military law. Powers Granted to CongressUnderSection 8 of ArticleI,US Constitution, Congress is empowered to define and punish offenses against the law of nationsdeclare war, grant letters of marque and reprisal, and make rules concerning captures on land and waterraise and support armiesprovide and maintain a navymake rules for the government and regulation of theland and naval forcesprovide for calling forth the militiaprovide for organizing, arming, and disciplining the militia and for governing such part of them as may be employed in the tafelgeschirr of the United States andin general, make all laws which shall be necessary and proper for carrying into execution the foregoing powers and all other powers vested by the Constitution in the government of the United States or any department or officer thereof. Authority Vested in the PresidentUnder the Constitution, the President serves as Commander in Chief of the Armed Forces of the United States, and, w hen called to Federal service, the President also serves as Commander in Chief of various state militias. TheConstitution alsoempowers the President, with the concurrence of the Senate, to appoint the officers of the services. The President commissions all officers and has the duty to see that the laws of this country are faithfully served. The Fifth AmendmentIn the fifth amendment, the framers of the Constitution recognized that cases arisingin the military serviceswould be handled differently from cases arising in civilian life. Thefifth amendmentprovides, in part, that no person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of aGrand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger. International LawThelaw of armed conflictis the branch of international law that prescribes the rights and obligations of combatants, noncombatants, belligere nts, and prisoners. It consists of those principles and usages that, in time of war, define the status and relations not only with enemiesbut also of persons subject to military control. Acts of CongressThe UCMJ is contained in Chapter 47,Title 10, United States Code, Sections 801 through 940. Although the authority to make rules and regulations for the Armed Forces is in the Constitution, military law is centuries old. The articles of the UCMJ define the offenses that violate the military lawin the Armed Forces of the United States and expose a military member to punishment if found guilty by a proper tribunal. They also set forth the broad procedural requirements implemented by the Presidents Executive order (the Manual for Courts-Martial MCM). For the member, this code is as much a law of the land as a state, or Federal criminal code is for a civilian. Executive Orders and Service RegulationsBy virtue of his powers as Commander in Chief, the President has the power to promulgate Executive ordersandservice regulationsto govern the Armed Forces as long as they do not conflict with any basic constitutional or statutory provisions.Article 36, UCMJ, specifically authorizes the President to prescribe the procedures (including rules of evidence) to be followed before the various military tribunals. Pursuant to theseexecutive powers, the President has established the MCM to implement the UCMJ. The President and Congress have authorized the Service secretaries and military commanders to implement various provisions of the UCMJ and the MCM and to promulgate orders and regulations. Our courts have consistently held that military regulations have the force and effect of the law if they are consistent with the Constitution or statutes. Regulations and orders issued at lower levels of command are enforceable byArticle 92, UCMJ, which prescribes violations of general orders and regulations, andArticles 90, and91, UCMJ, which prohibit disobedience of the commands of super iors. The Evolution of Military Justice Military justiceis as old as the earliest organized forces. An adequate and fair system of military justice has always been essential to the maintenance of discipline and morale in any military command. Thus, the evolution of military justice has necessarily involved the balancing of two basic interests warfighting and the desire for an efficient, but fair, system for maintaining good order and discipline. Uniform Code of Military Justice (UCMJ) (1951)The desire for uniformity amongst the services resulted in the enactment of the UCMJ, effective 31 May 1951. It welches implemented by the Manual for Courts-Martial, 1951. The UCMJ established service courts of military review, composed of appellate military judges, who were, and are, the first level of appeal in the military justice system. The UCMJ also established the US Court of Military Appeals (now known as the US Court of Appeals for the Armed Forces (CAAF), originally composed of thre e civilian judges, which is the highest level of appellate review within the military system. (The Court added two more civilian judges on 1 December 1991.) The creation of this appellate court structure was perhaps the most revolutionary change in military justice in our countrys history. In this structure providing for appeal and review of courts-martial convictions, the checks and balances of civilian control of the Armed Forces were carried over into the military justice system itself. 1969 Manual for Courts-Martial (MCM)After several years of preparation, a new MCM became effective on 1 January 1969. The primary purpose of the revision was to incorporate changes made necessary by the decisions of the US Court of Military Appeals. Less than a month after the President signed the Executive order promulgating the new 1969 MCM Congress passed the Military Justice Act of 1968, the major portion of which became effective 1 August 1969. The Military Justice Act of 1968Among the subst antive changes made by the Military Justice Act of 1968 was the establishment of a trial judiciary, which consists of circuit-riding judges in each service. The act also allowed an accused the option of being tried by a military judge alone (no court members) if the member so requested in writing and if the military judge approved the request. The Military Justice Act of 1983Effective 1 August 1984, the Military Justice Act of 1983 made several procedural changes, including provisions for government appeals of some rulings by military judges. The government may not, however, appeal findings of not guilty. The act also provides for both defense and government appeals to theUS Supreme Courtfrom the US Court of Appeals for the Armed Forces. TrendsThe UCMJ today reflects centuries of experience in criminal law and military justice. The military justice system has evolved from one that permitted commanders to impose and carry outthe death penaltyto a system of justice that guarantees ser vice members rights and privileges similar to and in some cases greater than, those enjoyed by their civilian counterparts. Jurisdiction of Military CourtsWhether a civilian court has jurisdiction to decide a particular case depends upon several factors, including the status of the parties (age,legal residence, etc.), the type of legal issue involved (criminal or civil, contract dispute, tax delinquency, marital dispute, etc.), and geographical factors (crime committed in New York, contract dispute regarding Florida real estate, etc.). Courts-martial jurisdiction is concerned primarily with the following two questions Personal jurisdiction that is, is the accused a person subject to the UCMJ?Subject-matter jurisdiction that is, is the conduct prescribed by the UCMJ? If the answers are yes in both instances, then, and only then, does a courts-martial panel have jurisdiction to decide the case. Personal JurisdictionCourts-martial jurisdiction does not exist over a person unless he or she is subject to the UCMJ, as defined by Article 2, UCMJ. Article 2 states the following persons are among those subject to the UCMJ Members of a regular component of the Armed Forces, including those awaiting discharge after expiration of their terms of enlistment volunteers from the time of their dessin or acceptance into the Armed Forces inductees from the time of their actual induction into the Armed Forces and other persons lawfully called or ordered into, or to duty in or for training in, theArmed Forces, from the dates when they are required by the terms of the call or order to obey it.Cadets, aviation cadets, and midshipmen. Members of a Reserve component while on inactive-duty training but, in the case of members of theUS Army National GuardandUS Air National Guard, only when in Federal service.Retired members of a Regular component of the Armed Forces entitled to pay. Since the enactment of the UCMJ, theSupreme Courthas held that the military cannot constitutionally exerc ise jurisdiction over civilian dependents of members of the Armed Forces. Additionally, the US Court of Appeals for the Armed Forces has held that the military lacked jurisdiction over civilian employees of the Armed Forces during the Vietnam Conflict, even though the alleged crimes were committed within the combat zone. The court held that the phrase in time of war contained in Article 2(10), UCMJ, means a war formally declared by Congress. Subject-Matter JurisdictionGenerally, courts-martial have the power to try any offense under the code except when prohibited from so doing by the Constitution. Jurisdiction of courts-martial depends solely on the accuseds status as a person subject to the UCMJ, and not on the service-connection of the offense charged. For example, a person subject to the UCMJ is caught shoplifting from a local merchant. The member could be tried by courts-martial, even though the offense itself is not service-connected in a traditional sense.?

The pros and cons of employees making a salary-transparent database

The pros and cons of employees making a salary-transparent databaseThe pros and cons of employees making a salary-transparent databaseHow much is everyone around you getting paid? This is a question many of us at work privately wonder, and now, a group of TV professionals actually get to find out.On Tuesday, an anonymous Google spreadsheet was being shared widely for entertainment employees, such as writers, assistants, script coordinators, and producers, to share their actual salaries and pilot quotes. The form lets employees see how much their peers could be earning by their gender, race, years of experience, title, and employer, among otzu sich factors. The unnamed author of the document called the initiative a good faith project that would helpful for employees to cross check information they may already have.The pay-transparency initiative follows a report of huge gender pay gaps between actors. According to the Hollywood Reporter, actress Michelle Williams made nearly ten times less than her costar Mark Wahlberg for the movie All the Money in the World - $625,000 for her work to Wahlbergs $5 million. Pay-transparency databases aim to stop these gaps by letting more people know whats a typical standard of pay.Some states, including New York and California, have made their own regulations to address the gender pay gap by making it illegal for a company to prevent its employees from discussing their pay.For employees lacking legal safeguards, however, making an ansprechbar database is one method to discreetly gather information about your salary, so that you can make better informed decisions about your career.Before you decide to make your own pay-transparency database about your workplace, there are pros and cons you should considerPro shared online documents reach more peopleThe medium that hosts the information informs the message. By sharing pay information through collaborative online documents, employees can keep their identities private while spread ing the knowledge publicly and quickly.Reporting on why political activists choose Google spreadsheets to share information over other technologies like blogs, journalist Ann Friedman noted a Google Documents 100-person edit limit, which caps how many people can share information a Google Doc can be technically public while functionally quite private, allowing members of a like-minded community to reach beyond their immediate friends and collaborators while avoiding the abuse and trolling that comes with publishing on other platforms. This makes shared documents an appealing way to pass along information you want to be more open about but dont necessarily want to blast across the internet.Whatever collaboration tool you use, the most important benefit to sharing a spreadsheet online is that it allows people outside of the people you may know to benefit. Whisper networks are known to exclude vulnerable, emerging professionals who lack strong networks informing them whats a good salar y. Public pay databases change that.Pro research-backed improvement in employee work ethicEconomic research is also on the side of making employees pay public. One study found that knowing your coworkers salary drove workers to be more productive. In the study of 2,000 workers, economics professor Emiliano Huet-Vaughn found that when people were given information about how much their colleagues earned, they worked harder to complete tasks.The finding backs up a separate study that found pay secrecy was linked to a decline in employee wertzuwachs and a companys retention rate of high performers.Con publicly doing this can be costly to your careerBeing publicly tied to a pay-transparency database can backfire, however. Erica Joy Baker, a former Google employee who now works at Patreon, conducted a salary transparency experiment in 2015 to spread information about pay gaps at Google. Creating an internal spreadsheet, Baker said she got 5% of the companys employees to participate, and i t led to people getting raises.But even though her actions were not illegal, Baker said she faced pushback from higher-ups in the company, citing meetings with her manager and superiors who were pissed and refused to interact with her.Google, which is currently being investigated for its pay practices by the Labor Department, did not comment specifically on Baker, but noted the company regularly rananalysis of compensation, promotion, and performance to ensure that they are equitable with no pay gap.Many people can be the beneficiaries of a pay-transparency database, but Bakers story shows us that if youre the public creator of one, youll be exposed to blowback and may need to be prepared to face harm to your reputation.

How to recover when you fumble an interview

How to recover when you fumble an bewerberinterviewHow to recover when you fumble an interviewYou didnt think it was possible, but you found it - your dream job. According to the description of the position, the role plays to all of your skills and gives you the chance to make a real difference in an industry that matters to you. It will open opportunities for you tolearn new things to advance your career. And the salary and benefits dont look bad, either Now, your only challenge is making the jobyours. Nailing the interview is obviously a key part of landing any new role, but what happens when things dont go perfectly? Is there room to recover? After an interview fumble, is the dream job still within your reach? According todata from LinkedIn, 55 percent of working professionals admit to making a mistake that affected an interview or their career, so its clear that perfection is far from the norm.LinkedIn career expert Blair Decembrele tells us that it can be tricky to distinguish m istakes that are bound to be interview killers from slip-ups that can be mora easily forgotten. After all, every interview and interviewer is different, so its hard to say once and for all which fumbles are actually recoverable. Still, relationships are everything when on the job search.Having a strong professional community built on real relationships will always be helpful when trying to turn things around, asserts Decembrele.Be sure to contact colleagues and friends working at the company when youre interviewing.Before you even set foot in the amtsstube for the interview, do everything you can to establish positive vibes with people who already work for the organization. If you dont have personal friends who work there, do some homework to find out if there are friends of friends who do - or if there might be some other connection you can leverage in the application process. Even without those connections, you can ensure that the existing team has a positive view of you as a cand idate with friendly, well-written emails and cover letters that may help tip the scales back in your direction if you mess up come interview time.Beyond that, your best bet in recovering from an interview fumble is to simply apologize in the moment. If your interviewer corrects a statement youve made about the company or if you forget their name (yikes), its best to acknowledge the error ASAP. Per LinkedIn, just over half of working professionals think that apologizing privately and in person is the best way to recover from a fumble, and nearly as many feel that handling it right then is the way to go. If you cant come up with a good answer to a more challenging question during the interview, you may want to follow up that stumble with an email as well.Take an opportunity to thank the interviewer for the excellent question, request some time to consider your answer, and come back with a response later in the day, Decembrele suggests.You can send a more well-considered response with your thank-you note.If youre in the midst of an interview and feel like your nerves are going to get the best of you or make you lose your train of thought, the best way to get things back on track is simply to relax. Yes, we know this is easier said than done, but its a great approach if you want your interviewer to forget any weirdness from earlier in the conversation so they can simply be impressed by the brilliant responses that are still to come out of your mouth. Take a deep breath, look at your resume to help you refocus, and forge ahead. Its okay to jot down a few notes if it helps keep your mind from wandering as well.You can write down a one- or two-word prompt for each question as its asked, so you can refer back to it should you lose your train of thought, says Decembrele.Or, if youve been distracted, acknowledge the distraction, ask the interviewer to repeat the question, and get yourself back on track.An interview mistake doesnt have to mean the end of your journey to nab your dream job - its all in how you take charge in handling it.This article first appeared on Brit+Co.

Short Article Reveals the Undeniable Facts About Resume Templates Doc and How It Can Affect You

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Skillroads Review Resume Writing Tips

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