MONEY Workplace

Meet The People Who Work On Thanksgiving (So You Don’t Have To)

policeman watching the Macy's Thanksgiving day parade
John Minchillo—AP

Here's what the people forced to work on Thanksgiving have to say.

On Thanksgiving morning, Claire Graves will not be sleeping in, nor will she be getting a turkey into the oven. Instead, at 7 a.m. Graves will be at Columbia University Medical Center starting the first hour of a 24-hour shift as a general surgery resident. While her family is in Atlanta digging into a turkey dinner, she will be over 700 miles away in New York City, working the hospital’s trauma beat.

“I’ll probably leave the hospital around 9 or 9:30 a.m. the day after,” she guesses. “My mom is not happy, but she’s known it’s been coming.”

Graves is one of roughly 1 in 4 Americans, according to an Allstate/National Journal poll, who will be working on either Thanksgiving, Christmas, or New Year’s Day. Society still has to function, holiday or not, and it’s this 25% of the workforce that helps make it possible for the rest of us to enjoy our time off.

What’s it like being part of the Thanksgiving labor force? We reached out to a variety of different professions to find out.

The Doctor
Graves isn’t exactly happy she’s working on Thanksgiving, but for her, it’s part of the job:

“I expected it to happen. I’m grateful I’ve gotten to spend the past two Thanksgivings with the family. One of us has to be here… I’m expecting it to be fairly quiet”

Any Turkey?

“The nurses always have potlucks so the food is fantastic. They always feed the residents.”

The Retail Worker
Marie Baldwin, a 20-year old Minnesota resident, has worked three Thanksgivings at various clothing stores, and she’ll be on the job again this Thursday. Understandably, she’s not look forward to it:

“[In the past] I’ve been at the store at 7 p.m. on Thanksgiving, so it cut everything short. Thanksgiving isn’t really a holiday for me. I get to see family, but it’s really short, whereas Christmas I have the time to relax. There’s no impending doom of Black Friday so it’s a lot less stressful.”

Could it be worse?

“I worked for Ralph Lauren for two years. One time, I had a 7 p.m. shift on Thanksgiving Day, and the next day a shift at 1 a.m., something just really awful.”

Are the customers insane?

“Uhh Yeahhh, there’s definitely a type. If you’re going Black Friday shopping, you’re really there to get a good price. The people who go out, they’re just not afraid to really get angry.”

“There have been a few customers just not having it at 4 a.m… I’ve had a lot of merchandise thrown at me.”

“People always expect more on sale than what retailers are offering so they’ll try to barter with you—which is ridiculous because there’s nothing I can do—and they’ll get really mad if you don’t give that ‘yes’ answer.”

The Police Officer
Chris James has worked for the Riverhead, Long Island police department for 20 years. During that time, he’s worked roughly 15 Thanksgivings.

What are your holidays like?

“On Thanksgiving, we do the quiches for breakfast and then the family does Thanksgiving afterwards and I get the leftovers. After 20 years, I can honestly say that feels like my norm, as difficult as it sounds.”

How does your family feel about it?

“You know, my kids have dealt with it since they were born. As they get older it wears a little thin on them. It takes away from the holiday spirit, but they accept it.”

“When the kids were young I would try to switch with other guys, the older guys, so at least I was around at Christmas morning for the kids. Not so much for Thanksgiving. That’s something they learned to live with.”

On the workload:

“With holidays like [Thanksgiving] you tend to be a little on the busy side. The alcohol and everything else kicks in… It tends to be a little busy as the evening goes on… There have been disputes where things got very ugly, but that’s mostly on Christmas.”

The Firefighter
Jim Long, director of public information for the Fire Department of New York, gave us some insight into as to how city firefighters celebrate the holiday.

On the big meal:

“Most firehouses will probably take time out to cook a traditional seasonal meal, in this case turkey and all of the other items that come along with it. All the fixins, whatever they choose. But they are working, and there’s a day crew and a night crew.”

On work/life balance:

“I’m sure they take some time to spend with the family and acknowledge the holiday. Some might do a brunch, some might do an early dinner. You understand when you come on the FDNY that you will sacrifice a lot to family time, especially in the holiday season.”

The Retail Techie
Sharon Khander, a recent college grad working for a large national clothing department store’s website, is responsible for making sure your online shopping experience goes smoothly during the holidays.

What’s your job right now?

“Before Thanksgiving we move all the content from the staging environment we use for testing. Going from that staging environment to the live site, there can be a lot of differences.”

“On Thursday morning at 4 a.m., before shoppers are awake, we test all the features, like doing a fake checkout with a fake card to make sure everything goes okay… We have to constantly monitor all the popular products and put a sold out message up right as we’re about to run through all the stock.”

“I should be out of the office by noon and off to Thanksgiving, but it’s still difficult to wake up that early on a holiday.”

MONEY workplace etiquette

When It Is—and Isn’t—Okay to Text Your Boss

Robert A. Di Ieso, Jr.

Q: Is it okay to text my boss?

A: The answer depends the signals you’ve received in the past from your supervisor and on the information you’re trying to convey.

With the rapid rise in smartphone usage and the huge number of millennials now in the workforce, texting is indeed becoming more acceptable as a professional way to communicate, says Praful Shah, senior vice president of strategy at Ring Central, which makes business communication products.

“There’s been a huge shift toward businesses using texting for communicating with customers, partners and employees,” he notes. “For the younger generation of workers, it’s a natural part of their life and they are bringing behavior from their personal life into business.”

Still, it’s not right for every situation.

How to Tell if Your Boss Is Open to Receiving Texts

While surveys show that Gen Y is more attached to their mobile devices than older folks, across all generations more than 90% of people who own a smartphone text regularly. So age shouldn’t be a factor in deciding whether to contact your boss in this manner.

Rather, look out for one of these two clues that your boss would be okay with hearing from you by text:

1) He or she has texted you in the past.

OR

2) He or she has provided his or her cell number on the staff directory or in an email signature.

How to Tell if a Text is the Right Way to Communicate

A text is best reserved for situations in which you need an immediate response or want to provide a quick important piece of information, says Shah. But if you need more than a few brief sentences, an email is more appropriate.

Also, when the information is sensitive—such as a project being cancelled—it’s usually better to talk in person or by phone (though you could request the person’s time by text).

Timing is important, too. If it’s late at night or you know your boss in is in a meeting, a text can be intrusive and disruptive, says Shah. “For information that can wait, use email so your boss can decide when to respond.”

Accurate, real-time salaries for thousands of careers.

You should also limit frequency. You may text back and forth a lot with friends. But you don’t want to annoy the person who decides your raises.

Finally, your texts shouldn’t be as casual as the ones you send in your personal life. Use emoticons and abbreviations sparingly. “An occasional thumbs up symbol is fine,” says Shah.

You’re probably not writing full sentences, so grammar isn’t that important. But spelling is. “No matter what form of communication you’re using is at work, you look sloppy if you have misspellings,” says Shah. Read a text before you send it so that you won’t have to blame autocorrect.

Do you have a question about workplace etiquette for our experts? Write to Career@moneymail.com.

 

MONEY first jobs

Millennials, the Best Time to Quit Your Terrible Job is Now

141104_FF_WhyToQuit
If you're not on the right career path, act quickly. Oscar Wong—Getty Images/Flickr Select

Hating a first job out of college can make anyone feel like a failure. But your early twenties are the best time to take a mulligan.

An irony in my career, given that I write about money, is that my first job at age 22 paid more than my current job, at 29.

Yet I love my job today, just as I am certain that quitting that first job—a financial management consultant position I grew to hate after only a couple of months—was one of the best decisions I’ve ever made.

I was lucky: The reason I disliked my job wasn’t an unsafe workplace, unkind boss, or unfair pay. I was simply bored by a position that turned out to be less interesting and meaningful than advertised.

But the thing about boredom is it can really eat away at you—at your sense of worth and your enthusiasm to get up in the morning. When I found myself constantly looking at the clock, daydreaming about the weekend, and, eventually, crying in the bathroom at the very thought of coming in the next day, I knew I needed a change. So I lined up a teaching job in China and gave my notice, after only two months at the consultancy.

As short a stint as that was, recent research suggests that an increasing number of millennials are in the same boat. That is, they are spending less time at their first jobs after graduation than young people have in the past. That trend has accelerated even within the last year, with fewer graduates staying at jobs past the one-year mark—and a growing number leaving after three months (or less):

image-1
Source: Express Employment Professionals survey of employer estimates.

Why might that be? Well, for one, research shows that only 38% of young adults under age 30 express deep satisfaction with their jobs—compared with 63% for people age 65 and up. This might seem unsurprising at first glance, since older people have had more time to build confidence and get established in their careers.

But millennials aren’t just feeling unfulfilled because they are low on the totem pole; the current job market is also to blame. More than 40% of recent college graduates say they weren’t able to find a job in their desired field, according to a recent McKinsey study. The survey also found that almost half of graduates from four-year colleges report being in jobs that don’t require a four-year degree.

“Many in the millennial generation are taking jobs that they are over-qualified for and thus are eager to move on when something better appears,” says Bob Funk, CEO of Express, the firm that conducted the job duration survey. Plus, he adds, “we’ve seen a decrease in employees’ commitment to employers as a higher value is placed on personal advancement.”

All of this is to say that if you’re unhappy at your first job and are contemplating quitting, you’re not alone.

Still, figuring out when and how to make a move is tricky. Here are three tips on making a smooth switch, from former hiring manager Alison Green, author of askamanager.org.

1. Be honest with yourself. Green has spoken with workers who have stuck around in bad jobs, despite serious problems at work like sexual harassment, because of fears about money, security, and student loans. “If you are truly miserable, you should trust your gut and not be too afraid to lean on savings, a spouse, family, or part-time work instead,” says Green. “For those who don’t have that luxury, keep your eye on the light at the end of the tunnel and direct your energy into finding a better job in the meantime.”

It’s also worth doing a little soul searching as soon as you start to feel unhappy, to see whether the problem truly lies with your boss or the position—or if the real culprit is your attitude. One litmus test is to try to behave differently for a week and figure out if that makes you happier. For example, if you normally sit back and wait for assignments, speak up and volunteer. Conversely, if you’re typically too willing to please, try to dial back on how much responsibility you’re taking on at once.

2. Line up another job before you quit—but not just any job. When you quit a first job out of college, says Green, very few future employers are going to hold that against you, especially if you’re able to articulate what you learned from the experience. The danger, however, is that when you’re desperate to leave a job, you might be tempted to take the first new offer you get, even if it’s wrong for you, too.

“It’s okay to quit once, ” Green says. “You kind of get one freebie. But you can’t let it become a pattern.”

3. Leave gracefully. It’s important to be upfront with your employer and give the company time to prepare for your departure. If you are respectful and help out with the transition, you should be fine. “A good employer shouldn’t want you to stay if you’re unhappy with the fit,” says Green.

As for questions from future prospective bosses, post-college jobs of six months or less need not to be added to your resume, says Green. More than that and employers might wonder about the gap.

Watch real people talk about their best and worst bosses in the video below:

 

MONEY

If Women Want to Get Paid Fairly, Here’s What They Should Do

Woman CEO reviewing paper by female employee
Cultura Creative—Alamy

New research shows that high-achieving women who want to get paid fairly should work for high-achieving women.

“The higher a woman rises in Corporate America the more likely she is to be paid as much as her male peers,” said absolutely no one ever who knows anything about men, corporations, or America.

Now comes new research to suggest that no one with even the slimmest connection to reality will be tempted to say such a thing in the near future, either. Two Canadian researchers, whose findings were just published in the journal Management Science, reveal fairly conclusively “that CEOs pay officers of the opposing gender less than officers of their own gender, even when controlling for job characteristics.”

And while such a revelation might give slight pause to gender warriors—perhaps it’s familiarity bias, not sexism, behind the male-female pay disparity in American workplaces at all levels—researchers David Newton and Mikhail Simutin found only “limited evidence that male officers of female-lead firms are paid less, or that they receive smaller in increases in compensation relative to female officers.”

In other words, male-led organizations discriminate against executive-level women via paychecks to a much greater extent than female-led companies discriminate against male officers. (It’s old news that female CEOS themselves are underpaid relative to male CEOs, although progress has been made in recent years.)

What’s worse, this pay disparity often means that high-level women are paid less than men beneath them in the org chart. Looking at data from 1996-2011, the researchers found that “male CEOs pay female officers on average $46,500, or over 12% of median compensation, less than they do their male subordinates who work at the same firm. Moreover, female officers receive significantly lower increases in compensation than do male officers when the firm is headed by a male CEO.”

Not surprisingly, this gender bias is more pronounced the older the top dog in the corner office, especially if said canine is a human person of masculine gender. “Older and male CEOs exhibit the greatest propensity to differentiate on the basis of sex.”

Put another way, given that roughly 95% of the largest American companies are run by men, there is slim to no chance (and slim is on vacation) that a female officer in Corporate America is being paid fairly relative to her male peers, either at her company or in her industry or pretty much anywhere.

The study—clunkily titled Of Age, Sex, and Money: Insights from Corporate Officer Compensation on the Wage Inequality Between Genders—is interesting for other reasons. There is a growing notion that corporations in general might be better off if led by a female CEO, not least because their share prices seem to outperform those of companies helmed by men. Many reasons have been put forward to explain this, including the idea that women are more cooperative decision-makers and possess a more rational approach to risk. There’s also a theory that women are better corporate shoppers than men, e.g., they tend to pay less when acquiring companies.

That last hypothesis is supported indirectly by the Canadian study, which suggests that when shopping for talent, male CEOs—particularly older ones—pay far too much across the board. “We find evidence that male CEOs compensate their officers more richly than female CEOs do,” the authors write. “The difference in compensation by male and female chief executives amounts to $15,210 per year on average, or 4% of the median officer total compensation.”

So, to sum up: Male CEOs likely pay more to executives who manage their companies less well than suits hired at lower salaries by female CEOs (who are also paid less). Not exactly what investors think of as enhancing shareholder value.

It’s a wonder there isn’t a raft of class action suits against American corporate boards for gross negligence—for letting men run their companies at all.

MONEY Workplace

Why Coworking Is Hot

shared workspace
Hero Images—Getty Images

These shared workspaces for freelancers, entrepreneurs, and other independent workers tend to feel hip, fun, and casual -- but their success is about much more than cool design.

Coworking spaces – where freelancers, entrepreneurs, and other independent workers pay a fee to share a workspace and benefit from working in the presence of one another – are hot. More than 160,000 people worldwide are members of over 3,000 coworking spaces, according to a recent report by DeskMag.com and Emergent Research, up from just 20,000 workers in 500 spaces in 2010.

My colleagues Gretchen Spreitzer and Lyndon Garrett and I set out to understand what draws people to coworking and what accounts for its success. We surveyed members from over 40 coworking spaces around the United States, analyzed the websites of over 100 U.S. coworking spaces, visited a handful of spaces in major U.S. cities, and spent several months as participant observers in one local coworking community in Ann Arbor, Michigan.

Given the coolness factor of coworking spaces – especially those that attract members with hip design and high levels of service – we figured that their design had something to do with the success of the phenomenon. But we wondered what other factors drove the success of the coworking model. Several interesting insights emerged.

Coworking fosters personal growth and community building

In his recent book, The Purpose Economy, social entrepreneur Aaron Hurst writes how coworking spaces are a powerful tool for cultivating community among a new class of workers who are driven to organize their professional lives around continuous personal growth, meaningful relationships, and the service of something greater than themselves.

One of the aims of the coworking movement is to provide people with a safe space where they can be themselves at work. But it also encourages members to explore shared interests with one another and collaborative opportunities that go beyond daily work routines. Grind, for example, a New York-based coworking space that participated in our study, offers tips to its members on how to move beyond their natural comfort zone and meet fellow members.

We also found learning to be a necessary component of what makes coworking a successful model. Member education is an explicit part of the mission of many coworking spaces. We saw spaces supporting member education, member support networks, and access to professional development opportunities and mentorship. Many spaces also host social events like happy hours, networking events, and guest lectures in order to reinforce learning and community building.

The most successful build “just right” communities

That is, just right in that they involve newcomers as much or as little as they want, without any pressure.

Unlike a traditional shared rental office where people largely want a quiet professional space to work without being bothered by others, many coworking spaces curate an experience that allows potential members to try the space and meet other members to see if there is a fit.

But unlike a traditional work organization that does this through the hiring process, coworking has low switching costs for members and doesn’t actually commit them to any aspect of the work experience that is meaningless to them. The result is that coworking gives a non-overbearing sense of belonging to those who want to be part of the community.

Coworking isn’t just for start-ups and freelancers

Although the earliest coworking communities were organized to provide an alternative to coffee shops or working at home to freelancers and entrepreneurs, we learned that coworking spaces are reaching diverse segments of the workforce. We found some spaces catering to writers and artists by emphasizing affordability and an atmosphere of creativity, for example. Others, including some of the most welcoming communities in our sample, attract women entrepreneurs.

But coworking also helps people keep good jobs with conventional employers in cases when, for example, they are forced to move for a spouse’s job change. In fact, 21% of U.S. sites explicitly market to remote workers, and one-third of our survey respondents were employed full-time by some other company. On average, these individuals are spending 65% of their time working from a coworking space.

“We have seen individuals who come in to avoid the commute to their traditional office space,” says Michael Kenny, managing partner of San Diego-based Co-Merge, a space that participated in our study. At Co-Merge, users from Accenture, Groupon, and Citrix are using the space on a regular basis. Co-Merge also has members who remotely work full-time for companies in other major cities such as Baltimore, Chicago, and Washington.

It’s the authentic sense of community where intrinsically motivated people who experience a sense of purpose in their work and thrive together that substantiates the coworking movement. Given these qualities, we expect to see a growing number of flexible workers try coworking — and a growing number of employers embracing coworking as a tool to help their increasingly mobile and flexible workforce to do their best work.

Peter A. Bacevice (@Bacevice) is a researcher with the Center for Positive Organizations (@PositiveOrg) at the University of Michigan’s Ross School of Business (@MichiganRoss) and senior design strategist with the New York office of HLW International (@HLWIntl). Gretchen Spreitzer is the Keith E. and Valerie J. Alessi Professor of Business Administration and Professor of Management and Organizations at the University of Michigan’s Ross School of Business. Lyndon Garrett is a doctoral candidate at the University of Michigan Ross School of Business.

 

TIME Mental Health/Psychology

Your Emotional IQ Predicts How Much You’ll Make

Colleagues at work
Getty Images

Social skills at work lead to a bigger paycheck

How good are you at reading another person’s emotions? $50,000-a-year good? Or $150,000? Your level of emotional intelligence may predict how much you earn, finds a new study published in the Journal of Organizational Behavior.

The researchers looked at a trait called “emotion recognition ability,” responsible for how well you can sense (and make sense of) another person’s emotions from their face and voice. Researchers tested and measured it along with other interpersonal skills—such as how socially astute they were, their networking savvy and how seemingly trustworthy they were—in 142 German workers.

High emotional recognition was linked to a higher salary, even after controlling for salary-bumping factors like age, gender, education, work experience and work hours.

“This very basic ability has effects on the interpersonal facilitation facet of job performance and, most notably, even on annual income, an objective indicator of career success,” the study authors wrote. “The better people are at recognizing emotions, the better they handle the politics in organizations and the interpersonal aspects of work life, and thus the more they earn in their jobs.”

That could give women, who may recognize emotions better than men, an edge—in theory, at least. One study found that female managers who could more accurately assess nonverbal cues got better satisfaction ratings from their subordinates—an advantage that wasn’t detected in men.

TIME Education

What California’s College Tuition Hike Says About the Future of Higher Education

CA: UC Berkeley Students Rally Against Tuition Fee Hikes
Students rallied to demonstrate against the university's plan to increase tuition fees over the next five years at the University of California, Berkeley campus on Nov. 18, 2014, in Berkeley, Calif. Alex Milan Tracy—Sipa USA

As state funding dwindles, students at public universities are being asked to pick up more of the tab

When does a public university system become one in name only? That’s the question facing California as officials in charge of the state’s prestigious, but financially-struggling university system clash over how to keep it afloat.

On Nov. 20, the regents that control the University of California system will vote on a proposal to increase tuition at its 10 campuses by as much as 5% a year for the next five years. This year’s tuition and fees for in-state students is $12,192, which could rise to $15,564 by the 2019-20 school year under the proposal. The plan was conceived and put forward by Janet Napolitano, who took over the UC system in 2013.

The fight over the tuition increase pits Napolitano, the former governor of Arizona and federal homeland security chief, against Governor Jerry Brown, a popular figure in the state who was just re-elected with a sizable mandate. Brown has said he opposes increasing tuition, and would restore some state funding cut during the recession only if it stays flat. Brown is a regent and is among a handful of those on the board who have already indicated they will reject Napolitano’s proposal.

“There is a game of chicken,” says Hans Johnson, a higher education expert at the non-partisan Public Policy Institute of California. “It’s not clear to me at all how it’s going to turn out.”

Underlying the clash of big personalities is a philosophical debate about the changing funding models for public universities. In 1960, California created a lofty master plan that said higher education should be free or very low-cost for residents. “We’ve moved away from that pretty dramatically,” says Johnson. “It’s almost traumatic for California to think about it.” In recent decades, the state has decreased the share of overall public higher education costs it pays for and the system has become increasingly dependent on student contributions, among other sources, for the difference. In the 2001-02 academic year, in-state tuition and fees for UC campuses was $3,429, about one-third of the cost today. Similar trends have played out in state university systems elsewhere as well.

The recession accelerated public schools’ reliance on private money. At UC, the system receives some $460 million less per year in state funds than it did in the 2007-08 school year.

“As a political matter, state officials have made the judgment they don’t want to pay for higher education for our citizens,” says David Plank, an economist at Policy Analysis for California Education, a non-partisan research center. “What were once public universities are now private universities that receive some subsidy from the states.”

Napolitano says that if UC is to remain a world-class educational and research institution, it needs more money, no matter the source. And she says students and families will need to fill the gap left by the state. The proposed tuition increase would affect only around half of the student body. Thanks to income-based federal and state grants, about 55% of UC students pay no tuition.

Gavin Newsom, California’s lieutenant governor, has said he and Brown were blind-sided by the tuition increase proposal. The governor’s office has said Napolitano’s plan could void a plan Brown has endorsed to increase state funding 4 percent per year if tuition stays flat. Napolitano has said she never made a deal and if was one was struck before she took charge, she hasn’t found any record of it. “It was unilateral. It wasn’t anything we agreed to,” says Steve Montiel, a spokesman for Napolitano.

On the eve of today’s meeting of the regents planning board, the speaker of the California state assembly reportedly proposed directing $50 million in additional state general funds to UC to stave off increased costs for students. The proposal followed student protests at at least two UC campuses this week.

MONEY managing

4 Ways to Make Millennials Happier at Work

Workplace Birthday
Colleagues celebrating birthday in office Ronnie Kaufman/Larry Hirshowitz—Getty Images

A new survey from Payscale and branding expert Dan Schawbel offers insights into what managers can do to retain Gen Y employees.

Managers, get ready: By 2030, Millennials will make up 75% of the workforce, according to the Bureau of Labor Statistics.

And a new survey from Payscale, led by Dan Schawbel of Millennial Branding, finds this generation to be more ambitious than those who came before them. Nearly three quarters of Millennials say that an ideal job would offer some career advancement, more than Gen X and boomers. The report also pinpoints the specific types of conditions and leadership Gen Y’ers crave at work.

Play to those needs and your business may also be able to boost retention, Schawbel says.

His report finds that 26% of Gen Y workers believe employees should only be expected to stay in a job for a year or less before seeking a new role elsewhere. As an employer, that kind of turnover can be pricey. “It costs about $20,000 to replace each Millennial,” says Schawbel.

And considering the time it takes to fill that position and the stress workers take on to cover for the job in that time, it’s worth keeping a talented Millennial happy at work, he says.

As managers, here are four ways to give in to this demographic—while still getting what you need out of them.

1. Lead with the Positive

Remember, this is the generation that still got trophies when they lost a little league game. Their parents flashed bumper stickers stating that “Junior Made the Honor Roll.”

For this cohort, it’s more effective to give constructive feedback that points out what they’re doing right ahead of what they’re doing wrong. “Millennials want feedback, but they don’t want criticism,” says Schawbel.

An effective manager sets up expectations from the beginning, and offers compliments before giving negative feedback. “The tone is really important,” he says.

2. Treat them like Family

Gen Y thinks of their boss as their “work parent” and coworkers as “work relatives,” notes Schawbel.

In fact 72% want a manager who’s friendly and inviting. That compares to 63% of Gen Xers and 61% of Baby Boomers.

Reciprocate and play to those needs via team-building exercises, office happy-hour outings, volunteering opportunities and mentorship programs. The goal is to make it so there’s a real cost to them for quitting, says Schawbel. “They lose that family and they lose that culture for leaving.”

3. Promote from Within

Millennials want to lead. Therefore, demonstrating to your staff—particularly the 20-something set—that there’s a strong chance for upward mobility is imperative. If you constantly hire externally for advanced positions, how can you expect them to want to stay?

Besides engendering loyalty, raising up someone internally is a lot cheaper. Bringing in an outsider is “1.7 times the cost of internal hiring,” says Schawbel.

4. Give Them Ownership

This is not to say that you should give them a fat equity stake or a seat on the board.

The majority of Millennials say they want the opportunity to learn new skills and freedom from their managers. They want to own their projects from start to finish. To that end, an “intapreneurship” program—where you encourage workers to develop ideas for new products and services in an in-house incubator—can go a long way in keeping Millennials happy.

LinkedIn, Google and Lockheed Martin have their own versions of this kind of program.

How it works: Employees to come up with a business plan and pitch it to executives. For Millennials such projects offer the best of both worlds—they get to experiment freely like entrepreneurs but within the comforting structure of a 9 to 5 (dental included).

Farnoosh Torabi is a contributing editor at MONEY and the author of the book When She Makes More: 10 Rules for Breadwinning Women. More of her columns and videos for MONEY.com:

MONEY Workplace

3 Ways to Keep Your Workload From Crushing You

For salaried employees, the typical workweek now totals 49 hours. lucas zarebinski

Feeling overwhelmed and overloaded at work? Here's how to take back your time.

So much for 9 to 5. The average full-time salaried employee is now putting in nearly 10 hours a day, according to a recent Gallup poll (up slightly from a weekly average of 47 hours in 2007). Even grimmer: 25% say they’re regularly working a 60-hour week.

Feeling overwhelmed and overloaded? There are some simple tactics that will help you keep your workday in check.

Get your priorities straight. “Do the most important or most difficult task first,” says Mitzi Weinman of professional development firm TimeFinder. Starting with the quick, easy jobs is tempting, but delaying the thornier tasks just increases the odds that you’ll need to stay late to finish.

Plug productivity leaks. Try tracking your activities: Write down everything you do in half-hour increments. You may discover that you’re spending more time, say, browsing social media than you thought. Set a limit for how long you can spend on any time-sucking activity and stick to it.

Manage messages. Email, while necessary, can be a distraction, says Patricia Thompson, a psychologist and career coach. Decide how often you need to check messages, then shut down your email program between checks (mute smartphone alerts as well).

TIME Education

The Real Student Debt Problem No One is Talking About

College Student Graduation Debt Loans
Getty Images

Graduate students make up just 14% of university enrollment, but account for nearly 40% of student debt

An Army veteran, Anthony Manfre paid for his associate’s and bachelor’s degrees mostly with his GI Bill benefits, although he also took out $4,000 worth of student loans.

“At the time, I thought that was a lot,” he says. “And now I look back and wish I only owed that much.”

That’s because Manfre went on to graduate school, picking up a master’s degree before setting off on the long road to a doctorate in marriage and family therapy while borrowing to also pay his living expenses. And now he’s $200,000 in debt.

“In the back of my mind I was always thinking, this money is an investment — that later on, when I graduate and get a job, I’ll be able to pay it off,” says Manfre, who earns $61,500 a year working for the Veterans Administration. “But now I don’t think I’m going to get the return I thought I would.”

Much of the concern about ballooning student debt has focused on undergrads taking out steep loans to pay for the rising cost of college. Largely overlooked are a principal source of the problem: graduate students like Manfre, who are less likely to have support from parents or other sources, and who face almost no limits on how much they borrow.

Graduate students now collectively owe as much as 40 percent of the estimated $1.2 trillion in outstanding student debt, according to the New America Foundation, even though they make up only 14 percent of all university enrollment.

“People focus on the undergraduates, because there are more of them and they’re younger and more naïve,” says Joel Best, a professor at the University of Delaware and coauthor of The Student Loan Mess. “They aren’t really paying attention to graduate students, but graduate students are really stacking up substantial student-loan debt.”

This indifference helps graduate programs get away with continually increasing their prices, Best says. “They can charge whatever they want and say to themselves that they don’t need to worry about it, the students can get loans.”

It has also freed lawmakers to raise interest rates on graduate and professional students, who are being charged rates nearly 50% more than those paid by undergrads. In 2012, to save about $1.8 billion a year, Congress also stopped subsidizing the interest that accumulates on federal student loans taken out by graduate students while they’re in school and for six months after they finish. And a proposal to streamline existing federal tax credits would reduce the deductions they will be able to take for educational expenses.

Often past the point at which their parents help them pay for their tuition, room, and board, graduate students borrow an average of nearly three times more per year than undergraduates, according to the College Board. And while the average debt of undergraduates has more than doubled since 1989, according to the Brookings Institution, it has more than quadrupled during that time for graduate students.

This comes at a time when the Bureau of Labor Statistics projects that the fastest-growing careers through 2022 will require workers to have graduate degrees.

“We might have a philosophical discussion about, ‘Do you need a master’s degree for X, Y, and Z,’ but in a free and open marketplace employers are asking for them,” says Suzanne Ortega, president of the Council of Graduate Schools.

It’s also true that those workers will make more money than people without graduate educations. An employee with a master’s degree earns about 20% more than one with only a bachelor’s degree, while those with professional degrees can make around 55% more, according to BLS calculations.

But not all of them. Teachers, for example, can have a particularly hard time earning enough to pay back their debt. About 16% of U.S. master’s degrees are in education and the median debt for graduates is $50,879, according to the New America Foundation— up from $30,724 a decade ago. The yearly salary for the average public school teacher with a master’s degree is $57,830.

And while enrollment in graduate programs has increased 41 percent since 2000, according to the U.S. Department of Education, the Council of Graduate Schools reports that the pace of applications has stalled — in part because people are put off by the cost.

“We’re going to have graduate enrollment going down in our universities, because people can’t afford to take on that level of debt,” says Neleen Leslie, president of the National Association of Graduate-Professional Students and a doctoral student at Florida State University. “There’s a misperception that people who pursue advanced degrees are going to be able to make enough to pay back those loans. That’s not necessarily true.”

Now a new measure to help ease student debt could cause problems for everyone else.

In an executive order issued in June, President Obama expanded a little-known provision called income-based repayment that allows borrowers to limit their monthly federal loan repayments to 10% of their incomes, and forgives any remaining debt after 20 years. That’s down from 15% and 25 years, respectively.

Obama said the change was meant to help undergraduates. “If you got a professional degree like a law degree, you would probably be able to pay it off,” the Harvard Law School grad said when he signed the order. But federal loans account for the largest share of graduate student debt, and some education policy experts worry that it could encourage grad students to borrow even more than they already do.

“Why the hell should you worry about how much you’re borrowing? Borrow a million, you’ll still have to pay off the same amount,” says Best.

The potential benefit for higher-earning graduate students is “a policy accident,” says Jason Delisle, director of the Federal Education Budget Project at the New America Foundation. “And who’s going to figure this out? Probably people with graduate degrees.”

This story was produced by The Hechinger Report, a nonprofit, nonpartisan education-news outlet affiliated with Teachers College, Columbia University.

Read next: How A College Grad Paid Off $28,000 in 3 Years on a $30,000 Salary

Your browser, Internet Explorer 8 or below, is out of date. It has known security flaws and may not display all features of this and other websites.

Learn how to update your browser