Job-onomics How to Think About Your Career Like an Economist

Job-onomics How to Think About Your Career Like an EconomistJob-onomics How to Think About Your Career Like an EconomistOne of my favorite classes in graduate school was economics- the study of how people maximize outcomes with scarce resources. I liked learning about how the slightest push or pull of connected levers led to significantly different results.The economic concepts I learned about in grad school can be applied to your career. You have a limited amount of time and limited resources with which to maximize outcomes such as earning a paycheck, establishing work-life balanceor experiencing increased work satisfaction. As with a business, career choices require that you consider risks, benefits and costs.Most people automatically account for risks and benefits when considering career transitions. However, there is good reason to also consider costs, specifically sunk and opportunity costs, of staying in your current job. Thinking about sunk costs and opportunity costs may pres ent your career options in a new light.Sunk CostsA sunk costis money that you have already spent that you canbedrngnis recover. For example, if a failing company decides to continue to sell an unpopular product solely to justify the cost of the machinery it purchased to make that product, it will continue to lose money, assuming that no radical changes are made.In some cases, it makes more sense to cut losses and do something different. By focusing on a sunk cost, the company is letting a bad investment from the past affect the success it can have now and in the future.Making career decisions based on sunk costs is similarly problematic. Perhaps youre only working in a job because its related to the degree that you earned or because youve worked a number of years in that field. If you dont enjoy doing the work, or if you find that its largely unsatisfying, then youre letting a sunk cost dictate your success and happiness.Instead of looking back, consider how you feel about your curr ent situation andbrainstorm opportunities that could allow you to accomplish your personal and professional goals. In business, you dont have to abandon what you are currently doing if it isnt successful you merely have to halt production to identify and fix the problem. Similarly, you dont have to completely change your career path if you are notlage currently satisfied. Take some time to identify the things that make you happy, determine transferable skillsand seek out options that match these conditions.Opportunity CostsAnother cost to consider is opportunity cost,which is the value of an alternative that you could have selected but that you didnt. If you have the choice between chocolate and vanilla ice cream, and you choose chocolate, then the enjoyment that you could have experienced by eating the vanilla ice cream is the opportunity cost.With every professional decision you make, theres an opportunity cost- something that you could spend your time doing that you did not selec t. As you assess satisfaction in your current role, you should also think about the trade-offs and consider how making the choice to do something differentmay impact your life.Its worth noting that opportunity costs are not necessarily as equal as the ice cream example. The opportunity cost of your current career path may not be a parallel career option its anything that youre giving up by staying in your current job. If you are in a high-stress occupationbut earn a high income, your opportunity cost could be a more easy-going lifestyle and a lower salary. Each option has good and bad aspects, so there isnt necessarily a best choice. The challenge is not to choose the best option, but rather the best option for you.In SummaryA world with limited resources and many options means that hard decisions must be made. With every choice, consider the things you can lose (risks) and the things you can gain. You should also take inventory of your current situation to see if it is actually cos ting youto stay in your job. With clarity and a focus on what you want, youre better able to make the right decisions for a satisfying outcome.

ASME Congressional Briefing Explores Advanced Biosciences for Manufacturing

ASME Congressional Briefing Explores Advanced Biosciences for Manufacturing ASME Congressional Briefing Explores Advanced Biosciences for Manufacturing ASME Congressional Briefing Explores Advanced Biosciences for ManufacturingSept. 9, 2016 (Left to right) ASME Past President Bob Sims, Mary Maxon from Lawrence Berkeley National Laboratory, Steve Evans from Dow AgroSciences, Malin Young of Pacific Northwest National Laboratory, Anup Singh from Sandia National Laboratories, and Rina Singh from Biotechnology Innovation Organization (BIO) at the Advanced Biosciences for Manufacturing Congressional briefing.ASME recently sponsored a Congressional briefing, Advanced Biosciences for Manufacturing Driving Solution in Energy, Health, and the Environment, in Washington, D.C. The briefing, which was attended by more than 100 members of Congress, Congressional staff, agency officials and thought leaders, focused on how advances in biosciences can improve the nations biomanufacturing compe titiveness and address grand scientific challenges for energy, the environment, human health and agriculture.The event was convened on July 28 in conjunction with the House Manufacturing Caucus as part of a series of manufacturing briefings being held throughout the year. J. Robert Sims, past president of ASME, welcomed the audience and acknowledged the co-chairs of the Manufacturing Caucus, Congressmen Tim Ryan (D-OH) and Tom Reed (R-NY), and introduced a distinguished panel of speakers from the bioscience and biotechnology industry. The speakers at the briefing included Mary Maxon, principal deputy of the biosciences area at Lawrence Berkeley National Laboratory Steve Evans, Fellow at Dow AgroSciences Rina Singh, policy director, Industrial Biotechnology, Biotechnology Innovation Organization (BIO) Malin Young, chief research officer at Pacific Northwest National Laboratory and Anup Singh, senior manager of biological science and technology at Sandia National Laborato ries.The panelists discussed how federal investments in the biosciences and manufacturing, particularly at Department of Energy National Labs, support the development of cross-cutting technologies and platform scientific tools that broaden and deepen the United States biosciences and bioengineering capabilities. They also spoke about the potential for shared resources and new technologies to drive progress across a wide range of industrial sectors that depend biosciences products like chemical manufactures and derivatives, agricultural products, and other sectors that feed into the manufacturing sector and supply chain.Video recordings of the Congressional briefing can now be viewed online. To watch part one of the briefing, visit www.youtube.com/watch?v=RQx0Vshvb0k. To view the second part of the session, visit www.youtube.com/watch?v=SYlhTrXhDuM.

Employee Benefits Can Support Weight Loss

Employee Benefits Can Support Weight LossEmployee Benefits Can Support Weight LossObesity has reached frightening proportions in the U.S. According to the Centers for Disease Control, approximately 39.8% of all adults are considered to be obese. Obesity affects more than 93 million Americans. The costs of health care are typically higher for obese people who suffer from other health-related problems. This can affect plan premiums, so its not surprising that more employers are trying to find ways to help employees maintain good health and reduce the incidence of obesity by creating benefits programs that support weight loss and fitness goals. Fortunately, you have a good many options available to accomplish this, and some can actually be quite affordable. Preventable diseases can be caused by obesity, or obesity can be a factor or symptom, but this doesnt mean that every obese person is sick or out of shape. Many are very healthy and stay physically active throughout their lives. Bein g large can be caused by a number of issues, including genetics, hormonal challenges, injuries, and illnesses that can make it hard to shed weight. Provide Access to Affordable Weight Loss Services Its estimated that weight loss surgery can cost as much as $25,000. Millions of dollars are spent each year on weight loss products and services. It shouldnt be necessary for employees to go into debt to lose a few pounds. Make aya that your employee benefits are affordable so everyone can access weight loss services like nutritional counseling, fitness center memberships, and medical care. Employee benefits for wohlbefinden programs that are geared toward supporting fitness and weight loss must be communicated and promoted to all workers, regardless of their weight. Give Employees Ongoing Support Weight loss isnt a temporary fix. Its a complete lifestyle change. You should expect to be in it for the long haul if your organization is going to get involved with employees who are tr ying to lose weight. Make sure employees have access to on-site support like peer-to-peer groups and counseling. Set up fitness teams and encourage all employees to participate each week in at least one physical activity. Encourage Employees to Reduce Stress Stress is a huge problem in America as people are overworked and continually dealing with stressful situations that can cause cortisone levels to increase. Science has shown that cortisone can result in added belly fat and the tendency to overeat. Provide safe spaces for employees where they can de-stress and have quiet time when they need it. Set Up Fitness Options for All Levels If your company opts for an on-site fitness room or walking paths, make sure theyre accessible for all levels of employees. You might have employees who are experiencing mobility issues, so youll have to modify some aspects of your facility to make sure they can participate. Take the time to visit off-site fitness centers and find out about han dicap accessibility. These things can make a big difference for an employee whos struggling to lose weight. Offer Healthy Food and Beverage Options Motivate your employees with healthier food and beverage options. Stock your snack machines choices that wont tempt employees to indulge in sugary and salty snacks. Every department should also be provided with a water cooler to encourage more water intake. Set up a small kitchen area if your facility allows so employees can bring healthy lunches to work, or you can have a catering company provide a healthy meal at least once a week. Provide Fitness Wearables to Track Success A great benefit to offer employees is the opportunity to use a wearable fitness device. This can be very motivating because they can track things like the number of steps theyve taken, calories burned, the number of stairs climbed, and total miles theyve walked. Wearable fitness devices also can be connected to online communities of other folks who are tryin g to lose weight and get fit. Set up a team page for your company, and consider launching friendly competitions and incentive goals so all employees can jump on board. Provide incentives for reaching important milestones, and be sure to recognize employees who reach those goals. When Corporate Wellness Programs Go Wrong Targeting only your obese employees is actually discriminatory by its very nature, so youll want to steer well clear of this. A workplace thats hyper-focused on wohlbefinden can alienate employees who are considered obese. They might feel singled out, guilty, and threatened by corporate initiatives to reduce their weight. This is when benefits and wellness programs backfire. Its important that all employees be treated with respect and compassion regardless of their size or shape so theyre receiving positive reinforcement rather than negative looks and comments. Never pull an obese employee aside and grill him about participating in the program. Instead, continue to educate and inspire all employees to reach their healthgoals with positive reinforcement. Whats in It for Businesses? Most obese individuals are very aware that they have a problem, but theyre not sure how to go about fixing it. Maybe theyre just too intimidated to get started. Youll improve their energy levels, productivity, and even their moods if you provide them with options and if you encourage them to use them. This can increase workplace morale overall. Youll probably also find that it cuts down on sick time and absenteeism, both of which can negatively affect your organizations productivity and your bottom line. Its a win-win for your company and your employees.