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Copyright: © 2013 The Wharton School of the University of Pennsylvania
Schools companies and nonprofit organizations around the country including educators at Wharton say helping children and teenagers learn the rudiments of free markets entrepreneurship credit spending saving and investing is one of the most important - and neglected - components of a young person’s education. Yet for kids from both affluent and poor neighborhoods it’s difficult to find financial literacy courses not just in their schools but outside the classroom as well. Several organizations are hoping to change that.
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From childhood on individuals are told that setting goals for themselves will make them more successful in whatever they set out to do – whether it’s win tennis games ace their exams or become CEO of their company. But goal-setting also has a dark side to it according to a recent research paper by a Wharton faculty member and two colleagues. In addition to motivating constructive behavior goal setting – especially when it involves rewards such as bonuses or perks – can also motivate unethical behavior when people fall short of the goals they set or that are set for them.
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Impossible thinking. It is what put men on the moon allowed Starbucks to turn a commodity product into a powerful global business and permitted Roger Bannister to run the four-minute mile. While not every “impossible thought” can become a reality very often the greatest obstacle to transforming our organizations society and personal lives is our own thinking. This may seem to be a simple idea in theory – that what we see and act upon is more a product of what is inside our heads than out in the world – but it has far-reaching implications for how we approach life and decision making. In their new book titled The Power of Impossible Thinking: Transform the Business of Your Life and the Life of Your Business Wharton marketing professor Jerry Wind and Colin Crook former chief technology officer at Citibank discuss the process – and promise – of “impossible thinking.”
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Why do so many smokers keep smoking despite decades of health warnings? Why do Harley Davidson motorcycles and Ralph Lauren clothing engender such loyalty among very specific types of people? Why do teens and parents always seem to fight and never seem to hear what the other is saying? Wharton marketing professors Lisa Bolton and Americus Reed have found through their research that judgments linked to a person’s identity – from teenager to Republican environmentalist or businessman – are virtually immovable. That has crucial implications for brand identity.
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Pricing the intersection at which untold numbers of buyers and sellers meet every day lies at the core of any business. Yet it remains misunderstood and poorly managed according to The Price Advantage a new book by three consultants at McKinsey & Co. Even executives at successful companies may not fully appreciate how small changes in price can lead to large changes in profitability. Wharton marketing professor David J. Reibstein spoke recently with the authors about the themes in their book.
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Wal-Mart Target and other companies see radio-frequency identification (RFID) as a technology that will usher in the next revolution in the world of retailing. How real is this revolution? And what does it mean for retailers and customers? Experts at Wharton and elsewhere say that RFID is a potentially powerful technology that is on the brink of having a big impact. Still several hurdles remain that make it hard to predict whether its benefits will be immediate or spread out years into the future.
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The demographics of today’s workforce employee expectations about retirement and the types of retirement options offered are all in a state of flux making retirement policy a moving target for those charged with researching and administering pension plans. That was the message at a recent Wharton conference titled “Reinventing the Retirement Paradigm” co-hosted by Wharton’s The Pension Research Council. Experts from academia government and industry debated what’s ahead for the baby boomers and those coming up behind them.
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It’s no surprise that the front lines of a corporate call center are unusually stressful but companies don’t always account for that when hiring and training workers for this critical customer contact role according to speakers at a recent Call Center Industry Forum sponsored by Wharton’s Financial Institutions Center. Given that an estimated 3% of the U.S. workforce is employed in call centers and that such centers typically experience a 30% annual turnover it’s clear that new approaches to call center management are needed.
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Baby boomers are amassing trillions of dollars in stocks bonds and mutual funds for retirement. But when they quit work and start selling those assets will there be enough buyers? Or will supply outstrip demand driving down prices and leaving the retirees with far less than they had expected? Wharton finance professor Jeremy Siegel addressed these issues during a presentation at Wharton on May 15 in which he also talked about the current financial markets worker productivity and growth in developing countries.
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Networking services – Internet companies that let users share personal profiles as a way to make social and professional contacts – are the hot e-businesses of the moment. Close to two dozen of these online communities are furiously recruiting members who in turn recruit their friends relatives co-workers and just about anyone seeking an introduction to or reference from someone who might matter. But it’s still too early to measure how successful these sites are at matchmaking – or making money.
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