employee satisfaction

People who are good at their jobs routinely get promoted into bigger jobs they’re bad at. We explain why firms keep producing incompetent managers — and why that’s unlikely to change.

• SOURCES:
  • Nick Bloom, professor of economics at Stanford University.
  • Katie Johnson, freelance data and analytics coach.
  • Kelly Shue, professor of finance at the Yale University School of Management.
  • Steve Tadelis, professor of economics at the University of California, Berkeley Haas School of Business.

• RESOURCES:
  • “People Management Skills, Employee Attrition, and Manager Rewards: An Empirical Analysis,” by Mitchell Hoffman and Steven Tadelis (Journal of Political Economy, 2021).
  • “Promotions and the Peter Principle,” by Alan Benson, Danielle Li, and Kelly Shue (The Quarterly Journal of Economics, 2019).
  • “Bosses Matter: The Effects of Managers on Workers’ Performance,” by Kathryn L. Shaw (IZA World of Labor, 2019).
  • “The Value of Bosses,” by Edward P. Lazear, Kathryn L. Shaw, and Christopher T. Stanton (Journal of Labor Economics, 2015).
  • The Peter Principle: Why Things Always Go Wrong, by Laurence J. Peter and Raymond Hull (1969).

• EXTRAS:
  • “The Secret Life of C.E.O.s” series by Freakonomics Radio.
  • “What Does a C.E.O. Actually Do?” by Freakonomics Radio (2018).

The union that represents N.F.L. players conducted their first-ever survey of workplace conditions, and issued a report card to all 32 teams. What did the survey reveal? Clogged showers, rats in the locker room — and some helpful insights for those of us who don’t play pro football.

For show notes, visit freakonomics.com/podcast/when-is-a-superstar-just-another-employee/

Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies.

Sponsors:

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• Scalable, clean and low-cost cloud AI compute from Crusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller)

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• Get email updates with hints on next episode and follow-ups from recent episodes
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Links:

• The Science of Hitting
• Warren Buffett’s Costco joke
• Episode sources

Carve Outs:

• Tifosi sunglasses
• Dwells “take off everything”
• Jeremy Giffon on Invest Like the Best
• Dogpatch
• David Lidsky’s great piece on Acquired in Fast Company

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Listen and subscribe to Tech Tonic here.

Even after the crypto markets crashed this year, there are still a number of people who believe there’s a future for digital assets and blockchain technology. FT columnist and avowed crypto sceptic, Jemima Kelly, isn’t so sure. On this season’s Tech Tonic, she takes a trip deep into cryptoland to hear from critics, converts and hardcore believers to find out whether crypto technology has a future.

Check out stories and up-to-the-minute news from the Technology team at ft.com/technology

Presented by Jemima Kelly. Edwin Lane is senior producer. Produced by Josh Gabert-Doyon. Executive producer is Manuela Saragosa. Sound design by Breen Turner, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley.

Hosted on Acast. See acast.com/privacy for more information.

Dan Ariely is one of the most famous behavioral economists in the world. And in his latest act, he's attempted to apply his research to investing. His five-year-old firm Irrational Capital searches out companies that foster human capital: that companies which do a better job of nurturing their employees see stock market outperformance. In this episode, we talk about why human capital matters, how to measure it, and what kind of investment returns he's seen by betting on it.

See omnystudio.com/listener for privacy information.

Every single person that works within a human resources or CFO role NEEDS to give this keynote a listen. There's content in here that will not only improve your company culture, but give you a better understanding of your employee landscape. One big thing that you need to understand is that happiness isn't solely linked to title and money, but much much more. Once you start taking a look at what your employees are saying about the company on social media, you'll be armed with info to be able to make a massive positive change. Please please please listen closely to his one, I know you'll love it !!

Young bucks: you can have an entrepreneur mentality and kill it within an established business. But you have to ask yourself a question: if you are in an entry-level position, how do you know if it’s a dead end job or a real career opportunity that just requires hard work, passion, and patience?  In this episode,  Andy Frisella shares the key signs that a company is committed to excellence—theirs and yours.