Wednesday, April 21, 2010

Work- life Balance( WLB)

WLB is concept which tells about the proper prioritizing "work"( ambition and career) and "life" (leisure, family, friends and spiritual development). WLB is different for each of us as we all have different priorities and different lives.

What do you think WLB is employee's issue or the organizations?
The WLB is the issue of both, the employee and the organization, as employee is a part of organization. Whatever problems the employee is facing will effect his/her productivity and creativity hence will effect organization's growth.In todays era many people are suffering from this illness and the organizations too have begun to realize the importance of work- life balance. Employers can offer a range of different programs and initiatives such as flexible timings, job sharing, telecommuting work and part time jobs to enhance employee's performance. "Well managed" firms typically have better WLB.

As the company provides the employee with all these facilities, the employee seems to be more dedicated to his/her work and is more loyal to the organization and feels good to get associated with that organization. An employee too has to make some efforts to show the outcomes or results to the initiatives taken by an organization in their favor. He/she should organize the household tasks efficiently and should set aside time for the activity that you enjoy everyday like walking, working out, listening to music or playing games. Its not necessary to give equal time to all or to divide time equally for each task, it depends on the priority of yours without sacrificing any of it.

One way of balancing would be defining the problem, measuring it ,i.e. how big is it, then going to the root cause of it and searching for the best solution of the problem and finally making sure that the improvement is sustainable. These were the 5 steps to improve work- life balance through the Six Sigma- Define, Measure, Analyse, Improve and Control.

So this way a person can balance his/her work and life in order to have growth in his/her career.

Thursday, April 8, 2010


Life is a lot of work.

What is it that gives us the strength to continue when we are tired and burned out?

Sometimes an inspirational idea can help us renew ourselves and be filled with strength to fulfill our life's purpose. However, the root of all inspiration is the idea that our lives are meaningful. When you have the feeling that your actions are meaningful, you will become filled with strength and vigor to fulfill your life's purpose.

Monday, March 22, 2010

“The market for Lemons”

"The Market for Lemons: Quality Uncertainty and the Market Mechanism" is a 1970 paper by the economist George Akerlof. It discusses information asymmetry, which occurs when the seller knows more about a product than the buyer. Akerlof, Micheal Spence, and Joseph Stiglitz jointly received the Nobel Memorial Prize in Economic Sciences in 2001 for their research related to asymmetric information. Akerlof's paper uses the market for used cars as an example of the problem of quality uncertainty. There are good used cars and defective used cars ("lemons"), but because of asymmetric information about the car (the seller knows much more about the problems of the car than the buyer), the buyer of a car does not know beforehand whether it is a good car or a lemon. So the buyer's best guess for a given car is that the car is of average quality; accordingly, he/she will be willing to pay for it only the price of a car of known average quality. This means that the owner of a good used car will be unable to get a high enough price to make selling that car worthwhile.

Therefore, owners of good cars will not place their cars on the used car market. This is sometimes summarized as "the bad driving out the good" in the market. "Lemon market" effects have also been noted in other markets, such as used computers and the online dating "market". There are also parallels in the insurance market, where, unless a mandate for insurance is in place, it is those most likely to need insurance compensation (i.e., those most likely to get in accidents) who tend most to buy insurance, eliminating the advantage of diffusing risk that insurance is supposed to provide adverse selection.