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''SUCH MISERABLE GLOBAL PROSPECTS!''
Not so long ago, this great institution -The University of Chicago- undertook a unique experiment. Students were invited to take part in a game to pursue an incentive.
One group was rewarded with cash. The second group received a massage.And the third group received nothing at all. After the experiment, the massage group was asked whether they would have preferred the cash to the massage. 78% said they would.
However, although the cash group performed 15 per cent better than the non-incentive control group, the massage group performed 40% better than the cash group.
It turned out that the participants found it difficult to justify spending the cash on a massage. But would be perfectly happy to receive one as a reward.
The experiment demonstrated that while people will often say they would work hardest for money, they actually perform better when offered alternative, tangible rewards.
Lest you think such touchy-feely traits are restricted to students, a similar result was found in other experiments.
For those of you, who have begun looking for jobs, time enough to manage your expectations. In such a miserable economic climate, non-monetary perks may be the best you can hope for.
Despite the nonsense you get to hear,the recession has tightened its grip on the economy, no arguments or glowing CVs is going to persuade employers -who are going to remain preoccupied in cutting costs than taking risks. Requests to ''show me the money'' are likely to be met with blank stares, or even the door, as all the delight and good of hard cash becomes a hazy memory of a bygone boom.
The forecasts by professional organisations like Chartered Institute Of Personnel And Development, the Employment organisation are far from rosy. Most of these organisations are predicting tough and rough times ahead. In such a gloomy climate, non-monetary perks, such as new title, extra holidays, a parking space or career coaching, maybe the best you van hope for. The good news is that the employers are likely to be receptive to your pitch for such perks. As Rick Beal, then a senior consultant at Watson Wyatt, the Worldwide consultancy Firm pointed out, ''Employers understand that they need to put in extra effort to motivate prospects and keep them engaged and excited to stay on or join up.''
Humans are prone to linking their self-worth to salary. Men place themselves under huge pressure to earn more money. They become blind to the alternatives, even though they may in fact be better off in cash terms.
Economists such as Lord Richard Layard, who has researched what makes us happy, have found that ''unhappiness'' comes from the perception ''that others are financially better off.'' This holds good for every society. To achieve a comparable status, we pace the hedonic treadmill, constantly seeking higher incomes and feeling ill-rewarded for our work compared with others.
So there may be an upside to the downturn says Professor of Economics Andrew Oswald of Warwick University. People may, ironically, feel happier, he says. ''Because everybody else is on the same boat.''
Good Night & God Bless.
Not so long ago, this great institution -The University of Chicago- undertook a unique experiment. Students were invited to take part in a game to pursue an incentive.
One group was rewarded with cash. The second group received a massage.And the third group received nothing at all. After the experiment, the massage group was asked whether they would have preferred the cash to the massage. 78% said they would.
However, although the cash group performed 15 per cent better than the non-incentive control group, the massage group performed 40% better than the cash group.
It turned out that the participants found it difficult to justify spending the cash on a massage. But would be perfectly happy to receive one as a reward.
The experiment demonstrated that while people will often say they would work hardest for money, they actually perform better when offered alternative, tangible rewards.
Lest you think such touchy-feely traits are restricted to students, a similar result was found in other experiments.
For those of you, who have begun looking for jobs, time enough to manage your expectations. In such a miserable economic climate, non-monetary perks may be the best you can hope for.
Despite the nonsense you get to hear,the recession has tightened its grip on the economy, no arguments or glowing CVs is going to persuade employers -who are going to remain preoccupied in cutting costs than taking risks. Requests to ''show me the money'' are likely to be met with blank stares, or even the door, as all the delight and good of hard cash becomes a hazy memory of a bygone boom.
The forecasts by professional organisations like Chartered Institute Of Personnel And Development, the Employment organisation are far from rosy. Most of these organisations are predicting tough and rough times ahead. In such a gloomy climate, non-monetary perks, such as new title, extra holidays, a parking space or career coaching, maybe the best you van hope for. The good news is that the employers are likely to be receptive to your pitch for such perks. As Rick Beal, then a senior consultant at Watson Wyatt, the Worldwide consultancy Firm pointed out, ''Employers understand that they need to put in extra effort to motivate prospects and keep them engaged and excited to stay on or join up.''
Humans are prone to linking their self-worth to salary. Men place themselves under huge pressure to earn more money. They become blind to the alternatives, even though they may in fact be better off in cash terms.
Economists such as Lord Richard Layard, who has researched what makes us happy, have found that ''unhappiness'' comes from the perception ''that others are financially better off.'' This holds good for every society. To achieve a comparable status, we pace the hedonic treadmill, constantly seeking higher incomes and feeling ill-rewarded for our work compared with others.
So there may be an upside to the downturn says Professor of Economics Andrew Oswald of Warwick University. People may, ironically, feel happier, he says. ''Because everybody else is on the same boat.''
Good Night & God Bless.
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