TIME

This Company Is the Best Place to Work For Millennials

Courtesy: Power Home Remodeling Group Corey Schiller (left) and Asher Raphael, co-CEOs of Power.

Believe it or not, it's a home remodeling company

If you’re under 35 and looking for a job, you might want to check out this new Fortune ranking of the Best Workplaces for Millennials.

The list, in partnership with researcher Great Place to Work, examines the 100 companies that earned the highest marks in a survey of employees under the age of 35. Many of the companies that earned a spot are the ones you’d expect: tech giants like Google, Salesforce, and SAS; smaller, hot tech companies like Yelp and Squarespace; and hotel chains like Kimpton and Hyatt. But the overall No. 1 might surprise you: Power Home Remodeling Group.

The small contractor started with three small regional offices on the east coast—then two ambitious millennials who joined the company right out of college encouraged expansion. They consolidated the three offices into one headquarters in 2007, then began rapidly opening new offices across the country.

Now those two men, Asher Raphael and Corey Schiller, are the CEOs of the company. And they’ve turned it into a haven for young go-getters that appreciate a performance-driven culture, team spirit and mentoring. The construction business may not be the most sexy industry, but Raphael and Schiller have made it their mission to get top young talent on board.

Read Fortune‘s profile of the company for more.

MONEY Workplace

Goldman Sachs Bans Interns from Pulling All-Nighters at the Office

Bernard Van Berg / EyeEm / Getty Images

The investment bank is putting an end to overnight work in an effort to improve interns' well-being.

Goldman Sachs has a message for its most junior employees: You don’t have to go home, but you can’t stay here all night.

The investment bank is demanding its new summer interns be out of the office between midnight and 7am, Reuters reports. The new policy comes as financial industry, notorious for its grueling hours, tries to make banking a less stressful endeavor.

The 2013 death of a Bank of America intern in London, which may have been partially induced by fatigue, raised awareness of the finance world’s difficult working conditions and sparked reform efforts. Following the incident, Bank of America modified its policies to be more work-life friendly, and recommended analysts and associates “take a minimum of four weekend days off per month.”

Goldman, Credit Suisse, Citi Group, and other banks have made similar reforms, telling its junior bankers to take off Saturdays or weekends, and in Goldman’s case, forming a task force for quality of life issues.

Part of this reduction in hours is due to health concerns, but as the New York Times noted last year, it’s also driven by new competition from other industries, particularly technology firms, that offer the chance of riches and a personal life. This has lead more potential bankers to demand a (slightly) more livable schedule.

“My students, men and women, talk much more openly about an expectation of work-life balance,” Sonia Marciano, a professor at NYU’s Stern School of Business, told the Times. “It’s a shift that seems pretty real and substantial.”

MONEY Benefits

Uber Driver Was an Employee, According to California

The fast-growing ridesharing service could be on the hook for plenty of new expenses.

A former Uber driver in a labor dispute with the company was not an independent contractor, the California Labor Commissioner has ruled. That means the fast-growing ridesharing service could be on the hook for minimum wage payments, unemployment insurance, and other job-related expenses.

The California Labor Commissioner’s ruling stated, in its analysis,

Defendants [Uber] hold themselves out as nothing more than a neutral technological platform, designed simply to enable drivers and passengers to transact the business of transportation. The reality, however, is that Defendants are involved in every aspect of the operation….

Defendants control the tools the drivers use….

The passengers pay Defendants a set price for the trip, and Defendants, in turn, pay their drivers a non-negotiable service fee….Defendants alone have the discretion to negotiate [a cancellation fee] with the passenger. Defendants discourage drivers from accepting tips because it would be counterproductive to Defendants’ advertising and marketing strategy.

…Aside from her car, Plaintiff [Barbara Ann Berwick, the driver in the case] had no investment in the business….But for Defendants’ intellectual property, Plaintiff would not have been able to perform the work.

In light of the above, Plaintiff was Defendants’ employee….

Correction: A previous version of this post, including a video, stated that the California ruling applied to “Uber drivers.” In fact, it applied to a single driver, Barbara Ann Berwick.

MONEY food and drink

Company Cooked Up in the Kitchen is a National Hit

This entrepreneur learned a love of cooking from her father in Singapore.

Small business owner Nona Lim learned to love cooking from her father as a child growing up in Singapore. When she wanted to create her own company, it was important to her to bring healthy food with Asian-inspired flavors to her busy customers short on time but searching for a wholesome meal. At Nona Lim, what they don’t put into their products, such as preservatives, is just as important as the fresh vegetables and ingredients that are included. Lim’s company has grown from a one-woman shop selling locally in the San Francisco area to a national brand carried by grocers throughout the country.

MONEY Careers

Is Work-Life Balance Even Possible?

We asked people on the streets of New York City how they manage to keep their home lives and work lives separate, if at all.

Balancing your time and energy between work and home is difficult; you’ve got that report due on Wednesday and your kids need help with their homework. We went to Times Square to ask people how they prioritize between their careers and their family. Some people said they clock out right at 5p.m. every day while some said they take work home with them every night. How do you manage your work-life balance?

MONEY Workplace

The 3 People It Pays to Befriend at Work

You'll obviously make friends at your new job, but these are three people you should absolutely befriend.

At the very least try to make these folks friendly acquaintances.

Someone in human resources will likely already have an ear to the ground when it comes to layoffs or new job opportunities within the company. This person can also be a good sounding board for salary and personnel issues.

You should also try to befriend your boss’s assistant, the gatekeeper to your boss. He or she can get you on the boss’s schedule and alert you to the boss’s mood.

Finally, reach out to the office rockstar. You know who that one is: the person who just kills it day in and day out.

TIME Economy

How TIME Once Mansplained Why Equal Pay for Women Wouldn’t Work

Esther Peterson
Lowell Georgia—Post Archive / Getty Images Esther Peterson, center, on Oct. 20, 1966

'Many women prove reluctant to take on heavy responsibility'

When President Kennedy signed the Equal Pay Act into law on this day, June 10, in 1963, it seemed like workplace equality was on its way. “It is a first step,” the President said during the signing. “It affirms our determination that when women enter the labor force they will find equality in their pay envelopes.”

The act had been drafted by Esther Peterson, head of the Women’s Bureau of the Department of Labor. It prohibited employers who were subject to the Fair Labor Standards Act of 1938 (under which the new law fell) from paying employees differently, on the basis of gender, for work that required “equal skill, effort, and responsibility.”

In a sadly-prescient feat of mansplaining in 1964, TIME predicted why the law was unlikely to have the desired effect:

In fact, the new U.S. equalpay law may cost women some of their jobs because—other things being equal—many companies prefer to hire men. Many women prove reluctant to take on heavy responsibility or to boss men on the job. Supervisors complain that they have a higher absenteeism rate than men—6.5 days a year v. five days—partly because men do not have babies. Some labor leaders are also cool to women workers; only 14% of them join unions, and those who do tend to vote down proposed pension plans. Predictably, they do not want the security of pensions, but the joy of more cash to spend immediately.

TIME was right about the law’s impact, if not the cause. When the magazine took stock of the act’s legacy in 1974, the wage gap at the time—women earned 60 cents on the dollar—was exactly the same as it was when Kennedy signed the law. “Equal pay for equal work is a familiar slogan of the women’s lib movement,” the story began. “It has also been the law of the land for large companies for a decade, but a law that was little noted nor long remembered.”

The fact was, the law—along with other anti-discrimination laws passed in the intervening years—had not really been put to the test.

In 1974, the Supreme Court decided in Corning Glass Works v. Brennan that the factory in question had broken the law by hiring only men for the higher-paid night shifts, and then women were owed back pay for the money they might have earned in that role. The TIME story cited several other examples of the 1963 law finally creating change: two cases in which AT&T had settled with employees, a steel plant facing a lawsuit, an instance in which Rutgers University was providing back pay to the tune of $375,000.

The pay gap has narrowed since then–women made 78 cents on the dollar as of 2013, according to the White House—but the law’s aim, clearly, remains unreached.

MONEY

Why You Shouldn’t Get a College Degree In a “Hot” Job Field

Advertisement for Baruch College of CUNY on the side of a NYC transit bus
Frances Roberts—Alamy Advertisement for Baruch College of CUNY on the side of a NYC transit bus

Do you really want that degree in international tourism? Probably not, says Wharton professor Peter Cappelli.

A big move on many college campuses has been the proliferation of degrees and majors that sound just like job titles: Golf course operations, screenwriting, pharmaceutical marketing, you name it. There is no official count of these majors, but websites like mymajors.com list more than 1,800, along with the colleges that offer them. Ads on the street in any major city make the pitch that you can get a job in healthcare records administration, construction management, or something equally specialized with a degree from the advertised school.

There have always been degrees that seemed aimed primarily at getting the graduate a job. “Business” has been the most popular major in the U.S. since the 1981 recession. As I discuss in my new book, Will College Pay Off?: A Guide to the Most Important Financial Decision You’ll Ever Make, what’s different now is that these degrees and majors target specific job titles rather than occupations or broad fields. A number of studies find that students do chose majors based on their guess of where the jobs are. Currently students are following the advice to get so-called STEM (for Science, Technology, Engineering, and Mathematics) degrees.

There are many good reasons why attending college to prepare you for specific jobs is a bad idea. The first one, which is pretty basic, is that it’s almost impossible when picking a college to predict what the job market will look like years later at graduation, especially recognizing that only 40% of full-time students graduate in four years. What will you do with that casino management degree if gambling is down the year you graduate and casinos aren’t hiring? You might well be better off with a broad, liberal arts degree.

The unpredictability of the job market even applies to STEM fields. Contrary to conventional wisdom, it turns out math and science degrees per se are not and have never been particularly hot. A recent Texas study found, for example, that sociology grads made more money than biology grads. Instead, it has generally been applied science degrees like engineering that have been gone through periods of huge demand—but even within those broad fields, what’s hot at any given moment varies sharply over time.

In the past few years, for instance, the hottest job by far for new grads has been petroleum engineering, which had a dead job market until fracking unexpectedly revived it a few years earlier. Unfortunately, as new students follow advice to pursue hot jobs, graduates have been pouring out of petroleum engineering programs just as declining oil prices are smothering new exploration. Of course, freshly minted petroleum engineers can’t necessarily transform themselves into the next hot kind of engineer, so they very well may be stuck.

The general point about these engineering and tech jobs, as economist Richard Freeman observed decades ago, is that they are highly cyclical. As new technologies develop, they boom; and later they bust, partly because students pouring into hot job markets helps cool them off.

Nor do people stay in these technical fields for long, in part because possibilities for advancement are limited. In the peak of the dot.com era, for example, only 29% of grads with science and engineering degrees were in those fields two years later.

Most tellingly, employers don’t seem all that interested in vocational degrees. When asked about new grads, employers report that they are probably overqualified with respect to the job skills the employers expected them to have and underqualified in the areas we thought college was supposed to address: communication skills, interpersonal abilities, and self-management.

When asked what they look for in new college grads, a recent survey shows that employers are overwhelming interested in experiences outside the classroom, such as any kind of work experience students have had. (Of their top five criterion, “college major” is the only academic attribute.) This isn’t very surprising given that only 25% of new grads report getting a job in their major—not unexpected if your major was philosophy, but a disaster if it was fire prevention management.

The truth is, it isn’t necessary to have a degree in a field to get a job in that field. Most computer programmers, for example, have no IT-related degree. A few specific classes and some real-world experience, even if as a volunteer, may be enough to get a job in most fields, and those actions can be taken much closer to graduation when it is possible to tell where the jobs are.

How about the long-term, after that first job? Taking all the practical courses for a vocational major means there are other courses one cannot take that might be better preparation for the long run. Economist Ofer Malamud did an interesting study comparing English college grads, who typically study only one subject in college, to Scottish grads, who take a broader mix of courses before focusing on a specialization. He found that the English grads changed careers more often (possibly because they knew less about alternatives) and had more difficulty making those changes (possibly because of narrower preparation) than did their Scottish peers.

So is it worth getting that degree in international tourism? The college course in probability (that you wouldn’t have time to take) says “no.”

Peter Cappelli is the George W. Taylor Professor of Management at the Wharton School of the University of Pennsylvania and director of Wharton’s Center for Human Resources. He is also the author of numerous books, including his most recent, Will College Pay Off?: A Guide to the Most Important Financial Decision You’ll Ever Make.

MONEY The Economy

What Do the Jobs Numbers Actually Mean?

A look at the monthly employment reports and what they mean.

The unemployment rate can often be used as a measure of how tough or easy it may be to get a job at a certain time. That one number, however, paints a picture that’s a little too simplistic. The unemployment rate fails to include people who have given up looking for work and those who consider themselves underemployed. To get a clearer picture, look at the employment growth number and the unemployment rate together.

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