If you’re a bargain hunter, it’s common to spend time researching prices before making purchases. After all, you wouldn’t want to buy a washing machine at your local Lowes store only to find a lower price offered on Lowes.com. However, I found in a recent study that retailers’ offline and online prices are the same more than 70% of the time.
That’s good news for consumers, who don’t need to worry about price comparisons when deciding whether to use a retailer’s website or visit a local store. They can choose instead based on other factors like convenience and product availability.
This finding is important for economists too. Online prices are increasingly being used in measurement and research applications, including studies of pricing behaviors, price stickiness, international relative prices, and exchange-rate dynamics. Many national statistical offices are even considering the use of online data in official consumer price Indexes.
Many people find asking to be paid more money awkward. How will your request be perceived? Will you look greedy or demanding? Are you sure you’re really worth what you’re asking for? The key to answering these questions and reaching a successful outcome is preparation. Fortunately, it’s not difficult to prepare for a salary negotiation. It just takes a few simple steps.
1. Think about timing.
The first step in preparing for a salary discussion is to consider timing. In general, it’s better to discuss salary after you receive a job offer rather than once you start a position. Companies generally expect there will be some negotiations before a person formally accepts a position, and assuming you have done your market research, you should be comfortable knowing the salary range and typical benefits for your position and in your location.
However, many people decide to have this conversation when they have been in a job for a time and desire a raise. If this is the case, look at whether you’ve had changes in job responsibilities. Have you taken on new roles or tasks? Or have you recently completed a successful project? If so, this would be an appropriate time to ask for an increase.
Another rule of thumb is that it’s better to ask for a raise when you’re happy in your job, versus feeling dissatisfied. You want to bring a positive attitude to the negotiating table, because that suggests you are committed to the company and are in for the long haul. After all, who wants to reward a disgruntled employee?
It’s also helpful to look at how the company is doing. If it just announced layoffs, don’t ask for a raise. On the other hand, it reported a 15% increase in profits over the last quarter, that is probably a better time.
Kristina McElheran, MIT Initiative on the Digital Economy Visiting Scholar
Professor of Information Technology, Director, The MIT Initiative on the Digital Economy
From Harvard Business Review
Growing opportunities to collect and leverage digital information have led many managers to change how they make decisions – relying less on intuition and more on data. As Jim Barksdale, the former CEO of Netscape quipped, “If we have data, let’s look at data. If all we have are opinions, let’s go with mine.” Following pathbreakers such as Caesar’s CEO Gary Loveman – who attributes his firm’s success to the use of databases and cutting-edge analytical tools – managers at many levels are now consuming data and analytical output in unprecedented ways.
This should come as no surprise. At their most fundamental level, all organizations can be thought of as “information processors” that rely on the technologies of hierarchy, specialization, and human perception to collect, disseminate, and act on insights. Therefore, it’s only natural that technologies delivering faster, cheaper, more accurate information create opportunities to re-invent the managerial machinery.
At the same time, large corporations are not always nimble creatures. How quickly are managers actually making the investments and process changes required to embrace decision-making practices rooted in objective data? And should all firms jump on this latest managerial bandwagon?
New York sports fans may not care to admit it, but Brady Nation is getting it right with their approach to regulating the daily fantasy sports industry.
Last month, Massachusetts Attorney General Maura Healey announced a draft of regulations for fast-growing but now embattled daily fantasy sports services like DraftKings, FanDuel and Yahoo. Among the proposed measures, the state would institute a 21-year-old age limit, prohibit employees, professional athletes and other insiders from playing the game, and require those ubiquitous advertisements to better inform and safeguard consumers.
These proposed regulations are appropriate and necessary for two reasons. First, they embrace a mainstream cultural and business phenomenon without trying to outlaw it. Second, they do so while protecting the integrity of fantasy games at a critical juncture in the nascent industry’s history.
For starters, the regulations recognize and accept the remarkable influence of fantasy sports, in both the daily and “traditional,” season-long formats, on the modern sports fan’s experience. Much has changed since the first known fantasy football league, the Greater Oakland Professional Pigskin Prognosticators League, launched in 1963.
This year, all kinds of holiday shopping traditions are being upended as desperate retailers do everything they can think of to increase sales. On what’s being called “Gray Thursday,” retailers like Walmart WMT0.85%, Toys“R”Us, Target TGT0.37%, and Kmart are giving shoppers the jump on Black Friday by opening on the evening of Thanksgiving, presumably after you’ve had enough turkey and cranberry sauce. JC Penney JCP1.57% is opening even earlier — at 3 p.m.
This is a rotten break for employees forced to work while the rest of the family gathers together, as I point out here. REI, the outdoor sports and gear retailer, seems to be taking another approach, closing its 143 outlets on bothThanksgiving AND Black Friday. This move may earn REI a lot of publicity and goodwill. It is also consistent with the company’s brand as an environmentally concerned business and its “get out there” message: In this busy world, you don’t get enough time with your family or with nature. Why not use the holiday to enjoy the very things that REI promotes? You can always shop for our products later.