Bloomberg's Plan to Transform Investment Bankers into Entrepreneurs
Always looking out for the best interest of investment bankers—and the city of New York—Mayor Michael Bloomberg yesterday announced a new program that would spend $45 million in federal and city money to seed new businesses—created by laid-off bankers and traders—and even provide office space for them, according to the New York Times.
The problem, of course, is that the Wall Street mess is weakening the New York City economy and so the mayor wants to stem the tide by turning the city into a mecca for entrepreneurs and foreign financial firms.
“When it does, cities around the world will compete to capture the jobs it brings,” he said. “In New York City, we’re not waiting for that day to come. Instead, we are taking aggressive steps to put the city in the best position to capture growth, and we’re doing it by promoting one thing more than any other: innovation.”
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Blackstone's Byron Wien, Vice Chairman of Private Wealth Solutions Group, gave a speech laying out the wisdom he learned during his 80 years. Here are 15 of Wien's best life lessons, which teach us about improving our productivity, sleep, burnout avoidance, and everything in between.
According to TwoFold CEO Alison McMahon, a leader who doesn't care (or can't pretend to care) about his or her employees isn't much of a leader at all.
Why do people quit their jobs? Surely, there are a ton of factors: money, hours, location, lack of interest, etc. For Alison McMahon, an HR specialist and the CEO of TwoFold, the biggest reason employees jump ship is that they're tired of working for lousy bosses.
By and large, she says, people are willing to put up with certain negatives as long as they enjoy who they're working for. When that's just not the case, there's no reason to stick around:
Nine times out of ten, when an employee says they're leaving for more money, it's simply not true. It's just too uncomfortable to tell the truth.
Whether that's true is certainly debatable, though it's not a stretch to say that an inconsiderate and/or incompetent boss isn't much of a leader. If you run an organization or company, your values and actions need to guide and inspire your team. When you fail to do that, you set the table for poor productivity and turnover.
McMahon offers a few suggestions for those who want to hone their leadership abilities, though it seems that these things are more innate qualities than acquired skills. For example, actually caring about your workers or not depending wholly on HR thinking they can do your job for you.
It's the nature of promotions that, inevitably, a good employee without leadership skills will get thrust into a supervisory position. McMahon says this is a chronic problem that many organizations need to avoid, or at least make the time to properly evaluate and assist with the transition.
But since they often don't, they end up with uninspired workers. And uninspired workers who don't have a reason to stay won't stick around for long.
Read more at LinkedIn.
Cosmologists propose a groundbreaking model of the universe using string theory.
- A new paper uses string theory to propose a new model of the universe.
- The researchers think our universe may be riding a bubble expanded by dark energy.
- All matter in the universe may exist in strings that reach into another dimension.
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