TIME Innovation

Five Best Ideas of the Day: March 25

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

1. ISIS can be beaten. But we need to think and plan now for what happens after that.

By Robert Joustra in the Globe and Mail

2. Facebook is still experimenting on you. It’s time to bring back informed consent.

By Ilka H. Gleibs in Psychology@LSE

3. What happens when we pay elected officials better? They start caring about voters more than special interests.

By Ian Chipman at Stanford Graduate School of Business

4. How can we spur innovation in U.S. advanced industries? Think beyond our borders.

By Kenan Fikri and Devashree Saha at the Brookings Institution

5. To cheaply reduce carbon in the atmosphere, we can reforest the planet — using data and drones.

By Emiko Jozuka in Wired.co.uk

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

MONEY salaries

This Easy Negotiation Trick Could Boost Your Salary

150320_CAR_Negotiation

New research shows that framing your desired pay for a new job in a particular way can help you hit your target.

A new study finds that asking for a dollar amount during a negotiation is more successful if you put it at the bottom of a range instead of just asking for it outright.

So for example, if you’re targeting a salary of $52,000, you’re best off asking a prospective employer for something between, say, $52,000 and $56,000.

The finding, by Daniel Ames and Malia Mason of Columbia University, might seem obvious at first glance—but it actually contradicts existing schools of thought. Some experts have theorized that you should not open salary negotiations with a range because doing so could make you seem either uninformed or manipulative and might cause the person you’re negotiating with to consider only the lowest number in your offer.

Instead, the new research found, couching your request in a range can actually make you seem more cooperative and flexible—and make it harder for a prospective boss to counter with a much lower salary number without seeming impolite. The key is choosing the right high and low anchor numbers so you don’t accidentally low-ball yourself.

“The lowest number is the point offer you are aiming for, and the high number is more ambitious,” says Mason. “People who want $100,000 will often ask for $90,000 to $110,000, but it is going to be most effective to ask for $100,000 to $120,000.”

Of course, there are exceptions to every rule, and sometimes a different tactic might be more effective to gain the upper hand during a salary negotiation. Another study Mason conducted showed that that asking for specific, unrounded figures in negotiations can be better than asking for rounded ones, because it makes you seem more informed. So to use the same example from above, if you want about $52,000, you might want to ask for $52,500.

Those findings aren’t necessarily inconsistent, Mason points out.

“Context is important,” she says. You might be better off using a precise number if you want to send the message that “you have done your homework. But if it seems important for you to appear flexible, then you could signal that by offering a range.”

That’s one reason to pay close attention to the cues your interviewer is sending out. If he or she drops a lot of language about adaptability and cooperation, naming a range might cast you in a more positive light. Alternatively, a specific number might be appropriate if the job description seems to emphasize preparedness, knowledge, and thorough experience in the field.

But none of this is to say you should suggest a salary without being asked about it directly, says Mason. Top recruiters agree that—when you can help it—it’s best to let a potential boss be the one to bring up a number first.

Read next: The Secret Formula That Will Set you Apart in a Salary Negotiation

MONEY salary

Your ER Doctor Might Get Paid As Little As a Wal-Mart Employee

Bentonville, Arkansas Walmart
Gunnar Rathbun—Invision for Walmart

Wages of about $13 an hour are one thing medical residents face in their first few years out of school.

Fourth-year medical students around the country celebrate Match Day on March 20, the day acceptances to medical residency programs roll in, and soon-to-be doctors learn of the hospitals, clinics, and cities where they will be spending the next few years of their lives.

One topic of conversation that’s less celebratory? How much they will get paid.

The average salary for a medical resident is about $51,000, according to Payscale.com. While that is close to the median household income in the United States, residents are known for working very long hours—a practice that has caused controversy, in part because of safety concerns. Rules set by the Accreditation Council for Graduate Medical Education officially limit residents’ working hours to 80 per week—though exceptions allow hours as high as 88 per week.

What this means is that in hourly terms, pay for residents can be as low as $13 an hour. That happens to be the level to which Wal-Mart announced it would increase full-time wages this year.

The good news, of course, is that doctors can expect their salaries to rise significantly once they finish training: The average pay for general practice physicians is $131,000 a year, according to Payscale—with medical specialists like orthopedic surgeons pulling in starting salaries as high as $450,000.

TIME real estate

This Is The Salary You Must Earn to Afford a Home in America

Home
David Papazian—Getty Images

A homebuyer needs to earn $48,603 to afford a median-priced property, report says

To afford a typical house in the U.S., a homebuyer needs a minimum salary of $48,603 as well as a 20% downpayment, according to new research from mortgage publisher HSH.com.

HSH.com calculated the minimum salary a buyer must earn to pay the principal, interest, insurance and taxes associated with home purchases across 27 metropolitan areas, using fourth-quarter data from the National Association of Realtors (NAR) and average interest rates for fixed-rate, 30-year mortgages.

“Home prices in metro areas throughout the country continue to show solid price growth, up 25% over the past three years on average,” NAR chief economist Lawrence Yun told HSH.

San Francisco continues to top the list of most unaffordable cities, requiring a buyer to be paid $142,448, while New York City only requires $87,535; Boston, $80,049; Washington, D.C., $77,394 and Chicago $54,346.

If you want the most bang for your buck, head to Pittsburgh, where you’ll be fine with $31,716; Cleveland, $32,010; St. Louis, $33,323; or Cincinnati, $33,485.

Take a look at the complete list here.

Read next: These Are the Best (and Worst) States for Business

Listen to the most important stories of the day.

MONEY Earnings

The 3 Best Ways to Boost Your Earnings This Year

hand holding dumbbell with coin at the end
Sarina Finkelstein (photo illustration)—Getty Images(2)

To pump up your salary, switch up your career routine.

Welcome to Day 8 of MONEY’s 10-day Financial Fitness program. By now you’ve seen what shape you’re in, bulked up your savings, and cut the fat from your budget. Today, add some muscle to your paycheck.

When you hit a fitness plateau, taking a new class or picking up a sport can be the key to breaking through to the next level. The same concept applies to your career. Landing a new job will likely result in a salary 18% to 20% higher than what you’d get via an internal promotion, according to a study by Wharton professor Matthew Bidwell.

Thanks to a rapidly rebounding job market, this is the best year since the recession to get a new gig. More than one-third of employers expect to add full-time employees in 2015, according to CareerBuilder’s annual job forecast, up from one in four last year. Here’s how to stand out.

1. Get the Inside Scoop

Employee referrals generate a full 40% of new hires, according to the JobVite 2014 Recruiting Survey. So rather than scouring the job boards, talk to people you know and ask about openings at their firms. Love a certain company but don’t know anyone there? Reach out to your personal network or tap your LinkedIn contacts to see if anyone can connect you to an employee.

2. Make Yourself Poachable

Employers are increasingly courting passive job seekers, says John Hollon, editor of TLNT.com, which covers HR trends: “These are employed workers who may be willing to switch jobs but aren’t actively searching.” Recruiters like these candidates because they’re successful and valued at their current jobs. Interested? Get on hiring managers’ radar by peppering your LinkedIn profile with keywords related to the type of job you want. You can also sign up with the website Poachable, and get the Poacht app. List your dream job and resume for recruiters to browse.

3. Be Bold

That said, maybe you love your job or just can’t move right now. That doesn’t mean settling for a middling raise. While the biggest bumps do go to top performers, simply asking goes a long way. A new study from Payscale found that 75% of employees who requested an increase got one, with 44% landing the exact figure they asked for. The odds of receiving your requested amount are even better if you’re already a high earner: Those with a salary of $150,000 or more had a success rate of 70%. Before you ask, get a sense of the budget. You have more influence when you show you see the boss’s side, says career coach Lee Miller.

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MONEY job search

How to Catch the Eye of a Recruiter in Just 7 Minutes

LinkedIn on a mobile phone
Felix Choo—Alamy

An optimized LinkedIn profile can help you stand out from the crowd.

As part of our 10-day series on Total Financial Fitness, we’ve developed six quick workouts, inspired by the popular exercise plan that takes just seven minutes a day. Each will help kick your finances into shape in no time at all. Today: The 7-Minute LinkedIn Makeover

Nine out of ten recruiters use social media to find or check out candidates, especially LinkedIn. Your profile is 14 times as likely to be viewed if it has a picture. So find a professional-looking photo and upload it to your computer before you start the clock.

0:00 Log in to your LinkedIn account and select “Edit Profile.” Click on “Add Photo” to upload the pic you’ve selected. You’ll see a yellow square that you can drag to change the position and size of the picture. Make sure you’re centered and hit save.

1:05 By default, LinkedIn uses your job title as your profile headline. Instead, write your own bold wording. Stumped? When you highlight the field to change it, LinkedIn lets you peek at what others in your industry are using.

2:34 Check out your profile summary. Are you hitting all the keywords you’ll need to show up in recruiter searches? Take a minute to scan some job descriptions in your profession to make sure you’re using the right language.

5:00 Nothing says LinkedIn novice like an alphabetsoup URL.

Create a custom version by clicking the LinkedIn URL listed right beneath your photo on the Edit Profile page. You’ll be transported to the Public Profile page, where you can create your own. Stick with something simple, like your name.

5:35 Bulk up your recommendations politely. Write a sincere post for one of your contacts, and then email asking if she’d mind doing the same.

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MONEY Workplace

Wage Equality Takes Center Stage at the Oscars

Patricia Arquette's acceptance speech at the Academy Awards put the gender wage gap at the forefront of discussion.

MONEY salary

The Real Reason Wal-Mart is Giving Workers a Raise

Walmart exterior
Joe Raedle—Getty Images

Wal-Mart is no altruist on pay.

Wal-Mart WAL-MART STORES INC. WMT 0.7% made big headlines when it announced pay boosts for its lowest-paid employees. Some investors may be appalled by this “altruistic” news, but don’t worry: it makes perfect business sense, and Wal-Mart’s smart to do it.

The Bentonville, Ark.-based megaretailer has made waves by announcing that it’s raising its minimum salary; soon, its lowest paid employees will make $9 per hour and by next year, the level will go up to $10, well above the federally mandated minimum wage of $7.25 per hour.

Some people aren’t jazzed about Wal-Mart’s decision. The stock dropped on the news Thursday, and some analysts have issued downgrades. Those are short-sighted responses, though. Wal-Mart’s doing the smart thing by working on the most controversial element of its business, and the one that makes many consumers believe its low-priced merchandise just isn’t worth the cost to many Americans’ personal bottom lines.

The move is going to cost Wal-Mart about a billion dollars, and Wal-Mart’s CEO Doug McMillon talked up the morale-boosting element of the strategy, as well as the idea of giving employees “opportunity” and a career path. People may feel cynical about his statements, but the spirit there is right on. Employees who are treated well are more engaged, and are more likely to provide a positive customer experience.

Wal-Mart gets a lot more attention for worker strikes than for its customer service, and that’s a problem that’s long overdue for a fix.

Take this job and shove it

As it stands now, Wal-Mart’s rating on job reviews site Glassdoor.com is a dismal 2.8, with only 44% of reviewers willing to recommend working there to a friend. Compare that to Costco (3.9, 80% would recommend to a friend), Whole Foods (3.6, 73% would recommend to a friend), and Starbucks (3.7, 76% would recommend to a friend). We can throw McDonald’s in for good measure, since it often shares the hot seat with Wal-Mart — its rating is 3.0, with just 50% willing to recommend a job there to a pal.

There’s been increasing attention to severe income equality and the fact that many people working for companies like Wal-Mart and McDonald’s MCDONALD'S CORP. MCD -0.51% are making poverty wages (and are reliant on public subsidization, which of course means we all lose). Those in the ivory towers may say the recession’s over, but there are still a lot of people out there who haven’t seen their wages rise much if at all as the economy supposedly “recovered.”

On the other hand, companies like Costco COSTCO WHOLESALE CORPORATION COST -0.68% , Whole Foods Market WHOLE FOODS MARKET INC. WFM 1.07% , and Starbucks STARBUCKS CORPORATION SBUX -0.72% , all treat their employees well — making them anomalies in the modern retail industry. (Starbucks, in fact, began rolling out a round of pay raises to baristas earlier this year.) They haven’t been subject to nearly the same amount of scathing scrutiny on the worker front as Wal-Mart has been.

Even more pointedly, they have managed to do so while being highly profitable, successful companies, and they have done what well-run capitalistic companies should do: they built employee care into their business missions without waiting for a law forcing them to.

Dollars and cents, not heart and soul

There are plenty of pins we can poke into the happy bubble of Wal-Mart’s announcement, not least of which is the fact that we’re still not talking about a heck of a lot of money even with the new wage floors. Wal-Mart’s wages would still leave some subsisting along the poverty line. Many activists have been rallying for what they peg as a more reasonable $15 per hour “living wage.”

Wal-Mart’s also not turning into a big softie. MarketWatch pointed out that the company’s press release not only included the news about the pay increase, but also a one-time $0.05 per share charge related to a “wage and litigation matter.” We all know that Wal-Mart’s been in the hot seat for years, but that is a good reminder that it’s facing dollars and cents risks on many fronts, including in court.

And of course, the specter of the possibility of a federal minimum wage hike hangs over it all as well. The truth is, should the minimum wage increase, companies like Wal-Mart that have already started dealing with it will be in a far better competitive and even financial position than those who haven’t. They — and you, if you’re a shareholder — will have a whole lot of peace of mind as the laggards struggle to adjust their businesses.

Positive reinforcement for positive business

All in all, though, maybe even the most critical among us should probably give Wal-Mart some credit for being on the right track. Business can be a force for positive change, and Wal-Mart’s high-profile move might help catalyze a little more of a voluntary “race to the top” regarding many Americans’ wages instead of the race to the bottom behavior that has been all too common in too many pockets of our economy.

And even the investors who are appalled at Wal-Mart’s doling out raises should think twice. Anyone who cares about capitalism and free markets should have always considered the idea that companies like Wal-Mart and McDonald’s actually weren’t doing any of us any favors by squeezing profits out of people and hardly budging over what the government demanded by law — resulting in a state in which so many citizens’ pay was so pathetically low that they have had to rely on public assistance.

Wal-Mart’s no altruist — it’s doing what it has to do, and it certainly seems like it could do more. Given Wal-Mart’s massive scale, though, this move will hopefully nudge more corporate managements to see the risk of not moving on this front. Not to mention highlighting to corporate American the importance of investing in its own employees. That would be a win for all of us.

MONEY salary

500,000 Walmart Workers Are Getting a Raise. Here’s How You Can Get One, Too

Walmart raise minimum wage $1.75
Gunnar Rathbun—Invision for Walmart

These 5 moves can help you make sure you get what you deserve.

Two corporate giants have made headlines recently for perking up their workers’ paychecks.

Last month, health insurance provider Aetna announced it would be raising the lowest wage it pays to $16 an hour, effectively giving raises to 5,700 of the company’s workers. On Thursday, Walmart followed Aetna’s lead, revealing it would be giving 500,000 associates a salary bump of at least $1.75 above the federal minimum wage.

While across-the-board wage increases such as these are unusual, other corporations are also expected to be more generous with pay this year. Among mid- and large-sized employers, the average increase in base pay is expected to be 3.0% in 2015, up from 2.9% in 2014 and 2.8% in 2013, according to HR consulting firm Mercer.

You can help your chances of boosting your pay with these five tips:

1. Ask at the Right Time

Choosing the optimal time to approach your boss about a raise will significantly increase your chances of success. Stay on top of your own industry’s salary trends and consider whether your company and division are doing well enough to afford what you’re asking for. It’s also a good idea to ask for a raise a few months before performance reviews so that salaries aren’t already set.

Read more: How to Tell if Now Is a Good Time to Ask for a Raise

2. Know What Others are Getting

Before you ask for a raise, you’re going to need to know what kind of raise is reasonable. Check sites like PayScale.com and GlassDoor.com to get an idea of the industry standard for your position, then consult your colleagues to see what the story is internally. For women, that means making sure to check with your male mentors as well. As MONEY’s Margaret Magnarelli writes, female employees tend to be underpaid relative to their male counterparts, and often remain unfairly compensated because they compare salaries with female colleagues who are also underpaid. Gathering a broad cross section of salary data can help break through the ceiling.

Read more: The Foolproof Way to Make Sure You Land a Big Raise This Year

3. Be Able to Prove You’re Better than Average

The 3% average bump that Mercer projects isn’t bad, but being better than the norm can be very lucrative. In 2014, Mercer said the highest-performing employees received a 4.8% raise—more than 2 percentage points higher than the average for that year. How do you show you’re the best of the best? Gather a portfolio of past endorsements and ask satisfied clients to write testimonials. Then do your best to quantify your accomplishments so that your boss has the hard numbers as well.

Read more: 5 Ways to Get a Big Raise Now

4. Identify Your Added Value

Think about what you do that no one else at the office can do—either where you’ve particularly excelled or what highly marketable skill you bring to the table—and then frame your ask around this added value. Jim Hopkinson of SalaryTutor.com suggests framing your requests as follows: “Not only do I have [all the standard requirements that everyone else has] + but I also possess [the following unique traits that make me worth more money].”

Read more: The Secret Formula that Will Set You Apart in a Salary Negotiation

5. Just Ask!

As Wayne Gretzky said, you miss you 100% of the shots you don’t take. According to CareerBuilder, 56% of workers have never asked for a raise, which is a shame because 44% of those who did ask got the amount they asked for, and 31% still got some kind of salary boost. It might seem daunting to ask for more money with the economy still in recovery mode, but job openings are the highest they’ve been in a decade, almost three-quarters of employers say they’re worried about losing talented workers, and raises are gradually getting larger. Being assertive can be scary, but don’t let fear stand in the way of a bigger salary.

Read more: New Study Reveals the Odds You’ll Actually Get the Raise You Ask For

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