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    Business

    Money Talking

    Go beyond the headlines and economic jargon for a look at what’s happening in the business world and in the workplace – and why it matters in your life.

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    Latest Episodes:
    Rubio And Clinton Start Out On The Same Economic Note Apr 17, 2015
    Show notes

    There's no doubt the two presidential hopefuls who entered the race this week are on opposite ends of the political spectrum. That's why it was so strange to hear Democrat Hilary Clinton and Republican Marco Rubio kick off their campaigns with uncannily similar economic messages: they say they want to fight for the working class.

    This week, Clinton billed herself as the candidate for the "everyday American," criticizing CEOs' swollen salaries. Meanwhile, Rubio told NPR he wants the Republican party — which, he said, is portrayed unfairly as "a party that doesn't care about people who are trying to make it" — to transform into "the champion of the working class."

    Guest host Cardiff Garcia from the Financial Times probes whether the common messages we've heard actually match the candidates' records and asks how the two parties might tackle inequality differently. And guests Rana Foroohar from Time magazine and Joe Weisenthal from Bloomberg discuss ways to combat inequality with a messy tool not many politicians have been able to touch: the tax code.


    There's A Right Way To Play Office Politics Apr 16, 2015
    Show notes

    Skirting office politics is for fools.

    Business psychology professor Tomas Chamorro-Premuzic says there's no way around it: when you've got people, you've got politics. Humans, he says, are inherently emotional creatures and "office politics" is really just another name for human psychology.

    "Maybe in a hundred years or 20 years, robots will take over for us, and they'll be less political, but at this stage, it's just us versus us," he said.

    In his article for the Harvard Business Review, "The Underlying Psychology of Office Politics," Chamorro says if you want to understand the place you work, you have to learn to play the game:

      Pay attention: Invisible forces of power are at play in any office. You can't ignore the dynamics; you're a part of them. Put yourself in others' shoes: Empathy is key in understanding the psychology of the workplace and how to get along. Don't believe everything you hear. Even for employees who fancy themselves apolitical, a little skepticism makes you smart. It helps protect against people who might try to manipulate office dynamics.

    Even though politics are inevitable in the workplace, the best companies have collective psyches that encourage both competition and compassion. Chamorro says they strike a healthy balance of three fundamental human needs that drive human behavior:

      Get Along With Others: Human life is only possible if we live together. That's why we have an instinctual need to connect. Getting ahead: In tension with the need to make friends is the need to make a name for ourselves. Finding meaning: We want to understand the world's patterns, predict behavior, and be ready for what comes.

    When these three needs are in balance, employees are more engaged, and, in turn, they're more productive. Chamorro says while politics are inevitable in any organization, they don't have to be toxic.

    "If you're too political," he said, "you'll self destruct."

    But the only way to change things is from the top.

    "Senior leaders create culture in an organization," he said. "It's not a matter of hours or days or weeks. It takes months." Leaders can replace conniving employees and put in processes that make things more transparent and decrease the degree to which employees perceive the inevitable politics at play. For the employees at the bottom, you have to learn to play the game before you. And if the politics is too much, maybe it's time to find a new job.

    "If you want to move up, you have to play the game," Chamorro says. "Once you get there, stop playing the Machiavellian game."


    The Strong Dollar Isn't All It's Cracked Up to Be Apr 10, 2015
    Show notes

    Leave it to economists to spin a story about the strong dollar as a troubling sign.

    The dollar is strengthening faster than it has in nearly forty years: the euro-to-dollar exchange rate is almost back to 1:1. American tourists have more buying power overseas, imports are inexpensive, and acquisitions of foreign companies come at a cheap price. Just this week, Fedex bought Dutch package delivery company TNT.

    But a soaring dollar bill also means buyers abroad are less interested in expensive American goods. If history's any indication, a strong dollar can be an omen of economic downturns ahead.

    On this week's Money Talking, Rana Foroohar of Time magazine and Josh Barro of The New York Times explore the roots and risks of our strong American currency. And then a look at the future of TV as HBO's hit show Game of Thrones becomes available to viewers without cable. HBO's new stand-alone app, HBO Now, launched this week, is just one in a series of new platforms that's freeing content from cable providers and lets viewers watch traditional TV on a desktop in real time.


    Why Walmart Fought for LGBT Rights Apr 03, 2015
    Show notes

    When social controversy strikes, good business sense says companies should sit in nonpartisan silence. Customers could fall on either side of a debate.

    But this week, just as Indiana passed a "Religious Freedom" law and Arkansas considering passing a similar law, a tidal wave of strong denouncements from Fortune 500 CEOs — from Apple's Tim Cook to Wal-Mart's Doug McMillon — was almost immediate. In their view, the laws would let businesses refuse service to gay, lesbian, bisexual and transgender customers. Marriott's CEO Arne Sorenson went as far as to call Indiana's move "an idiocy."

    Money Talking host Charlie Herman asks why corporations would suddenly feel the need to speak out, and guests Cardiff Garcia of the Financial Times and Heather Landy of Quartz suggest the outpouring of CEO opinion could mean the role of American business in social politics is shifting.

    Our statement on Arkansas #HB1228 pic.twitter.com/KFPd91ejdo

    — Walmart Newsroom (@WalmartNewsroom) March 31, 2015

    "Our internal policies have and will continue to stand up against #discrimination" http://t.co/vfXmIGzZKy #s4egala pic.twitter.com/IW25DYXwws

    — Marriott Internat'l (@MarriottIntl) March 31, 2015

    There’s something very dangerous happening in states across the country. http://t.co/QJTkCuZVdo

    — Tim Cook (@tim_cook) March 30, 2015

    Today we are canceling all programs that require our customers/employees to travel to Indiana to face discrimination. http://t.co/SvTwyCHxvE

    — Marc Benioff (@Benioff) March 26, 2015

    Angie's List will withdraw campus expansion proposal due to passage of #RFRA http://t.co/N4s7mFhhl6

    — Angie's List (@AngiesList) March 28, 2015

    An Open Letter to States Considering Imposing Discrimination Laws http://t.co/2iNMMP0aIt

    — Jeremy Stoppelman (@jeremys) March 27, 2015

    Statement from #FinalFour coaches regarding the Indiana Religious Freedom Restoration Act ... #RFRA pic.twitter.com/zOiX8oh99Q

    — NCAA (@NCAA) April 1, 2015

    Unacceptable. "Defying Criticism, Arkansas Legislature Passes Bill on Religious Freedom", via @nytimes http://t.co/wLn98jt42E

    — Jack (@jack) March 31, 2015

    Joint Statement from NBA, @WNBA, @Pacers and @IndianaFever pic.twitter.com/vqABvR6ua6

    — NBA (@NBA) March 28, 2015

    Today we support the @HRC’s statement against laws undermining #Equality. We seek a society of tolerance, peace & prosperity for all. #RFRA

    — American Airlines (@AmericanAir) April 1, 2015

    We Need To Talk: Mastering the Conversations You Don't Want To Have Apr 02, 2015
    Show notes

    Would you rather scratch out your eyes than deliver bad news at work? Most people would. Navigating a difficult conversation is tough but it's a key skill for leaders. Karen Dillon, former editor of the Harvard Business Review, explains how to handle those tough talks you've been putting off.


    Trading Pantsuits for Hoodies Mar 27, 2015
    Show notes

    A move by Wall Street's top female executive for a job at Google could mean finance isn't the biggest game in town anymore. And Senator Ted Cruz is the first out of the gate to announce he's running for president. Does his entry into the race hint at the economic debates in the months ahead?


    Look Who's Talking! Wall Street Reflects on the Financial Crisis Mar 20, 2015
    Show notes

    More than six years after the financial crisis, CEOs at Wall Street firms are reflecting on what happened. But only some of them. Money Talking learns who’s talking, and who’s not. Plus, how to get into the right state of mind when it comes to doing your best work.


    Stop Stressing, Get Happy, and Watch Your Work Performance Turn Around Mar 19, 2015
    Show notes

    Head to the self-help section in any bookstore and you’ll find no shortage of titles on the value of positive thinking. An entire industry exists to remind us that if we can just reorient our mindset, the possibilities are endless.

    Nowhere is this more obvious than in the workplace, says Alexander Caillet, an organizational psychologist on the faculty of Georgetown University’s Institute of Transformational Leadership and co-author of the Harvard Business Review article, “How Your State of Mind Affects Your Work Performance.”

    “Ninety-four percent of the leaders surveyed report that the top three states of mind for effective performance and relationships are calm, happy and energized,” said Caillet to WNYC’s Charlie Herman, host of Money Talking.

    He’s referring to research he conducted with Jeremy Hirshberg and Stefano Petti on how the state of mind of those in leadership roles impacts the entire organization. Leaders admit that stress and anxiety can sometimes help in the short-term to motivate people into action. Over the long-term, however, it’s simply not a workable approach to achieving an organization’s objectives. And it’s especially bad for relationship building.

    Leaders with lower states of mind, defined as frustrated, disappointed and tired, are aware of these limitations, but get trapped into repeating patterns. Caillet recommends three practices leaders can adopt to shift to a higher state of mind, which he defines as happy, content and optimistic.

      Biology. When we workout, eat well and feel good physically, we can take on more stress without being pushed to our limits. Physiology. “The ability to stop, the ability to take a pause or to take a break, or to engage in breathing are actually ways that we can immediately shift into a quieter and clearer state of mind,” said Caillet. Acknowledge / Reframe / Refocus. “Calling out an emotion has the effect of reducing its intensity,” explained Caillet. Refocus your attention to another project. Reframe the situation by breaking it down into smaller parts that can be addressed independently.

    “Leadership is a public act,” says Caillet. If leaders are anxious and stressed, so is everyone else at work. States of mind are contagious.

    Caillet says that leaders report that under higher states of mind, “they get better results, decisions get made, the meetings are quicker and people tend to collaborate more and be less defensive and reactive.”

    We’re all going to be in a lower state from time to time, but acknowledging it and using these tools to break out of it are critical for organizational success.


    Death, Taxes and Cyberattacks: They're Here to Stay Mar 13, 2015
    Show notes

    As cyber attacks become ubiquitous, "cyber insurance" is becoming increasingly popular for companies big and small.


    More Valuable Than The New York Times Mar 06, 2015
    Show notes

    New Media experiments like Vox Media, BuzzFeed and Vice Media have investors all aflutter. Is this the future of media, or a bubble that might burst?


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