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Bonus or bust?

Tuesday, December 18th, 2007

We hear plenty about the obscene bonuses doled out on Wall Street. But what about on Nicollet Ave?

According to human resources firm Hewitt Associates 63 percent of companies will not award holiday bonuses this year, although many have performance-based bonuses that can be earned.

Insurance, health care, manufacturing and retail, in that order, give out the bulk of holiday-time bonuses.

I’ve never worked at a place that presented a holiday bonus to employees. A party, maybe. A free lunch perhaps. But never a cash gift.

How about you? If you get a bonus, share your company’s name or the industry that you work in. Also, how much do you receive and has that amount become more or less generous in recent years?

A job a week

Friday, November 30th, 2007

As a curious person with a tendency to lose interest in stuff (ask my husband about the belly dancing lessons and the rock climbing), I thought my job as a reporter and columnist is one of the best.

But this guy actually has a better one as I learned in this NYT story, which I found on Yahoo. Of course it’s getting a lot of interest. Here’s why:

The dude, Sean Aiken,

Buried in techno trash and the four hour workweek

Tuesday, November 20th, 2007

Last week, a technology recycling event was held outside the Mall of America. There was so much demand for everyone’s cast-offs that the organizers closed it early.

I often feel like I’m buried in the product of technology– pages of emails that I should read and at least acknowledge with a thank you. Invitations to Facebook and Linked In– two social networks that I have no time to maintain (I can barely find time to call my sister).

If much of the working world feels the way I do, no wonder author Timothy Ferriss is scoring the top spot on bestselling lists for his book “The Four-Hour Workweek.”

The New York Times wrote a good story about Ferriss this weekend. He runs a sports nutrition supplement company yet manages to check email just once per day and do little work. Much of his life is outsourced and he spends most of his time espousing his philosophy.

Hopefully many of you like your jobs. But my guess is most of you wouldn’t mind having a bit more time to do something else– even if that something is doing nothing at all.

But most of us need to earn money. And I can’t imagine most bosses responding fondly to the idea of working 30 hours a week, let alone four.

Ferriss insists that money should not hold us back. Instead of thinking about our annual incomes, we should be calculating our Target Daily Income and has a calculator to show us how we can live our dreams. I’m doubtful about his assertion that I could afford a fancy car if I wanted one. But could I do my work in less time? Probably.

Do you think you could be just as productive in less time on the clock? Do you have strategies for managing email more effectively? What about your finances?

Advice from grads who have been there

Friday, November 2nd, 2007

I received a few great tips from readers of my column today about how to land a job out of school, which can be difficult– especially for folks with liberal arts degrees or little help from college career offices.

Here they are:

Todd O. wrote: Good topic! Another aspect I would add to your column is the need for graduates to take a job even if it wasn’t exactly what they’re looking for.

Early 90’s was a recesion-esque economy (pre-internet) and the only offer I received was from a large company who wanted me to move 2,000 mi from home and learn to buy ingredients for animal feed! Needless to say this wasn’t my dream job but accepting their offer ended up being a great move because my subsequent future employers recognized the quality of that company which helped my interviewing tremendously.

It wasn’t easy or pretty but after 3 yrs of animal feed I eventually moved on and used that experience to my benefit and I now have a great position in a job sector I love.

To college grads, don’t look at just the job you’re interviewing for now but look down the road to see how the experience of a “less desirable” job may make you an competitive candidate down the road.

Gordon C. wrote:

One area I have found useful in the job search process is the courses offered by the State of Minnesota, Minnesota Department of Employment and Economic Development. With an emphasis on what works (what’s effective) and with a variety of resources to choose from, this organization tailors its approach to the various needs of the job candidates.

Ryan G. wrote:

I graduated in the Fall of 2005. A semester before I graduated, I realized our college was doing very little to prepare us for the inevitable career search, so I took it upon myself to start searching for jobs three months before graduation.

By the time I had graduated, I already had a number of call- backs and offers. My advice is to not wait until you’re graduated to start looking! What’s the worst that can happen-someone offers you a job before you’re graduated and you have to turn it down?

What job-hunting advice do you have for newly-minted grads?Any job-hunting no-nos that got you in trouble or caused you to turn down a qualified prospect?

A closetful of bandaids– flexible spending gone awry

Thursday, October 18th, 2007

bandaidpig.jpg
Many companies hold open enrollment for benefits around this time of year. In addition to evaluating health care plans and other perks, it’s the time that employers with flexible spending accounts offer the program.

For those who don’t use flexible spending accounts, they are a benefit offered by some employers that allows you to set aside some money each year pre-tax to pay for qualified medical expenses, including some over the counter items.

I always set aside a small sum for co-pays, prescriptions, you name it. And I reduced that amount this year because in the past I overestimated our expenses. Aren’t kids supposed to increase your medical visits?

One year, I bought a lot of band aids, aspirin and that cold medicine that was recently recalled for infants. Need a band aid? A first aid kit? I have several for you.

This year, we’ve fortunately spent even less on health care than the year before. That’s good because it means we’re healthy (knock on wood for me, there’s none in my cubicle). But that means we have more money in our flexible spending account than I figured. It makes me wonder if next year I’ll put any money aside, although if I don’t you know I’ll wish I did.

The IRS recently revised rules so that money you don’t spend can be used during a 2.5 month grace period. But last time I checked, this was not required, meaning your company could, but doesn’t have to offer the extension. The idea of the grace period was to alleviate people’s fears that they might end up with too much money and have to buy tons of band aids or forfeit their cash. Guess my experience won’t help those of you on the fence.

But they can be great accounts. I’m certainly never in danger of failing to bleed the dependent care flex spending account dry. The total a married couple can set aside pre-tax for daycare is $5,000. I could use four times as much, Uncle Sam.

Perhaps the most frustrating part of flex spending is the lack of comprehensive info out there. HR can give you handouts from the company they work with to administer the plans. The IRS has some information, mainly about dependent care.

I’ve found FSAFeds.com to be extremely helpful.

Any tips on open enrollment?