Millennials Are Entering a Changed Workplace. Not.
What's Wrong with Millennial Employment, in Three Charts
Fortune
Sometimes the U.S. government's exhaustively and exhaustingly dry reports yield startling results, as Fortune discovered. A Department of Education study of college graduates shows, for example, that the wage gap starts early: Four years out of college, male graduates were already making much more than their female counterparts, even if you control for field of study and other factors. A male engineer, for instance, earned $68,000, on average, while his female peer earned $65,817.
Another finding: The 65.2% of for-profit college graduates who were employed and not in school earned a full-time median salary of $54,000, compared with $47,500 and $45,000, respectively, for graduates of private nonprofit and public universities. Another: Even though Asian-Americans are the best-educated and highest-income racial group in the U.S., ethnically Asian college graduates' unemployment rate in 2012 was 11.9%, higher than blacks', whites', or Hispanics'.
Seeker, Doer, Giver, Ponderer
The New York Times
I'm sure there have been past profiles of the intriguing billionaire mathematician James H. Simons—after all, he's been around for decades, earning and donating vast amounts of money, generally enjoying life (despite the accidental deaths of two of his five adult children), and giving Dos Equis's "most interesting man in the world" a serious run for his money. But if so, I somehow missed out, because the name and story were new to me when I saw this piece in The New York Times about the smiling, ever-generous cigarette fiend with the "ferocious curiosity."
"Jim," as he is known to all, not only did pioneering work in mathematics; he also founded Renaissance Technologies, a hedge fund that relied on scientists to make predictions and trade in global markets. A few words to live by: "I like to ponder…pondering things, just sort of thinking about it and thinking about it, turns out to be a pretty good approach."
The Value of Luxury Poseurs
The New Yorker
How might a luxury brand like Prada expand its horizons without alienating its customer base? New research from HBS professor Anat Keinan and doctoral candidate Silvia Bellezza sheds some light. In an expansion on Bellezza and Keinan's article "How Brand Tourists Can Grow Sales" in the current HBR, the New Yorker describes their clever experiments aimed at figuring out how core customers of Prada and Marc Jacobs felt about the idea of stores handing out logo-emblazoned shopping bags, meant as limited-edition collectors' items, to anyone (gasp!) who walked in. Turns out core customers are fine with this as long as the noncore customers are presented as brand "tourists" who use the bags to demonstrate their affection for the brands. –Andrea Ovans
Lessons from a Drowning Nation
Washington Post On Leadership
Executives in struggling industries sometimes find themselves in the unenviable position of having to plan for the end of a company. But imagine if you had to plan the demise of a whole country. "It's scary," Anote Tong, president of the Pacific Ocean nation of Kiribati, says in this Washington Post video interview. His country is being swallowed by the rising sea. Some people don't want to leave, so part of the solution involves planning to build up some of the land so that it can serve as a refuge. For those who choose to go, "our responsibility as leaders is to prepare them," he says. "We have to provide them with the kind of education that would ensure that if and when they relocate, they would move as citizens who are skilled and would find jobs and who would move with dignity. Dignity is absolutely vital, because people who have lost everything else must not lose their dignity."
175 Years Later, The Mellons Have Never Been Richer. How'd They Do It?
Forbes
My family is obsessed with books and puzzles. Yours might be obsessed with fishing or hockey. The Mellons are obsessed with capital preservation, and that's the secret to the longevity of their wealth (of course, it helps to have capital to preserve in the first place). Thomas Mellon made it clear that each generation "must push forward a bigger pile than he or she was given," says Forbes. This worldview is handed down without many covenants or restrictions, and with "nary a family office or annual meeting." Compare that saga to Forbes's tale of the Strohs, which shows that as "hard as it is to build a family business designed to last in perpetuity, it's shockingly easy for any successor to tank it."
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