Found 11 article(s) for author 'Ashley Whillans'

Are New Graduates Happier Making More Money or Having More Time?

Are New Graduates Happier Making More Money or Having More Time? Ashley Whillans, July 25, 2019, Paper, “Each year across North America, millions of graduates have to make tradeoffs between time and money as they plan their next steps. Despite the importance of these choices, we know surprisingly little about how people navigate major life decisions that involve making more money at the expense of having less time, and vice versa. Researchers asked more than 1,000 graduating college students in Canada whether they generally prioritized time or money. They found that students who prioritized time at graduation were happier and more satisfied with their careers 1 to 2 years later than those who prioritized money. They explored why that might be and how factors like financial security and student debt play a role in people’s decision-making and happiness.Link

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The Power of Workplace Rewards: Using Self-Determination Theory to Understand Why Reward Satisfaction Matters for Workers Around the World

The Power of Workplace Rewards: Using Self-Determination Theory to Understand Why Reward Satisfaction Matters for Workers Around the World. Ashley Whillans, April 17, 2019, Paper, “How can workplace rewards promote employee well-being and engagement? To answer these questions, we utilized self-determination theory to examine whether reward satisfaction predicted employee well-being, job satisfaction, intrinsic motivation and affective commitment, as well as valuable organizational outcomes, such as workplace contribution and loyalty. Specifically, we investigated the role of three universal psychological needs—autonomy, competence and relatedness—in explaining whether and why reward satisfaction matters for employees’ well-being. We tested our model in a large, cross-sectional study with full-time employees working for multinational corporations in six main world regions: Asia, Europe, India, Latin America, North America and Oceania (N = 5,852). Consistent with our theorizing, we found cross-cultural evidence that reward satisfaction promoted greater employee functioning through psychological need satisfaction, contributing to better organizational outcomes. Critically, our results were consistent regardless of geographic location. As such, this study provides some of the strongest evidence to date for the power of understanding psychological mechanisms in the workplace: Regardless of the actual rewards that employees received, how workplace rewards made employees feel significantly predicted their optimal functioning.Link

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Communicating Resource Scarcity

Communicating Resource Scarcity. Ashley Whillans, Michael Norton, 2019, Paper, “The development and maintenance of interpersonal relationships require investments of both money and time—resources that are often limited in supply, but in great demand. Indeed, consumers are regularly asked to dedicate their money and time to social engagements, and need to manage these resources efficiently. Therefore, consumers often choose to cite insufficient time or money as an excuse for rejecting social invitations. But how does using the excuse of financial versus time scarcity influence interpersonal relationships? Across eight experiments, we demonstrate that using financial scarcity as an excuse (e.g., “I don’t have money”) increases perceptions of interpersonal closeness and helping behavior compared to using time scarcity as an excuse (e.g., “I don’t have time”). This effect is explained by the fact that time is perceived as a more personally controllable resource than money, resulting in consumers who cite financial (vs. temporal) constraints as being perceived as more trustworthy.Link

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From Dollars to Sense: Placing a Monetary Value on Non-Cash Compensation Encourages Employees to Value Time over Money

From Dollars to Sense: Placing a Monetary Value on Non-Cash Compensation Encourages Employees to Value Time over Money.  Ashley Whillans, 2019, Paper, “When deciding where to work, employees may focus too much on salary and not enough on non cash benefits such as paid time-off, potentially undermining their long-term happiness. We propose a simple solution to encourage employees to recognize the value of non-cash benefits: list the financial value of non-cash compensation. Results from one archival data set (n = 42,271) and eight studies (n = 3,190) provide evidence for these ideas. First, as expected, employees who receive non-cash compensation are happier than employees who do not. Yet, prospective employees underestimate the happiness benefit of non-cash benefits. Second, and most critically, prospective employees are more likely to choose jobs with greater non-cash benefits and lower salaries when the cash value of these non-cash benefits are listed.Link

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Use Your Money to Buy Happier Time

Use Your Money to Buy Happier Time. Ashley Whillans, January 29, 2019, Audio, “Ashley Whillans, professor at Harvard Business School, researches time-money trade-offs. She argues more people would be happier if they spent more of their hard-earned money to buy themselves out of negative experiences. Her research shows that paying to outsource housework or to enjoy a shorter commute can have an outsized impact on happiness and relationships. Whillans is the author of the HBR article “Time for Happiness.”Link

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Winning the War for Talent: Modern Motivational Methods for Attracting and Retaining Employees

Winning the War for Talent: Modern Motivational Methods for Attracting and Retaining Employees. Ashley Whillans, October 31, 2018, Paper, “Given the struggle that many organizations face hiring and retaining talent in today’s tight labor market, it is critical to understand how to effectively reward employees. To address this question, we review relevant evidence that explains the importance of workplace rewards and recognition. Based on a review and synthesis of the current literature, we make the case that organizations should move beyond salary and traditional cash rewards to place greater emphasis on nonpecuniary, tangible and intangible rewards and recognition initiatives.Link

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Identifiable Service Provider Effect: When Guilt Undermines Consumer Willingness To Buy Time

Identifiable Service Provider Effect: When Guilt Undermines Consumer Willingness To Buy Time. Ashley Whillans, 2018, Paper, “In 2011, Time Magazine rated the sharing economy as one of the top 10 ideas that would change the world. Today, the possibility of outsourcing just about anything from grocery shopping, to dog walking, to standing in line for the latest iPhone is only a few clicks away. Companies such as TaskRabbit and Hello Alfred enable customers to outsource nearly any household chore by connecting people who need tasks done with people who have time to do them. With the growing popularity of the sharing economy, it has never been easier for consumers to outsource their most dreaded tasks to others. Yet, despite the rise of the sharing economy, very little is known about when individuals decide to ‘buy time.’Link

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Valuing time over money is associated with greater social connection

Valuing time over money is associated with greater social connection. Ashley Whillans, August 2, 2018, Paper, “Can the trade-offs that people make between time and money shape our social relationships? Across three studies, utilizing self-report (N = 127; N = 249) and behavioral outcomes (N = 358), we provide the first evidence that the chronic orientation to prioritize time over money encourages greater investment in daily social interactions. For example, in Study 2, respondents who valued time spent 18% longer socializing with a new peer than respondents who valued money. These findings could not be explained by extraversion (Study 1) or by demographic characteristics such as age, gender, or socioeconomic status (Studies 1 to 3). Together, these studies suggest that valuing time over money facilitates social connection.Link

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Good Credit and the Good Life: Credit Scores Predict Subjective Well-Being

Good Credit and the Good Life: Credit Scores Predict Subjective Well-Being. Ashley Whillans, 2018, Paper, “Can money buy happiness? To examine this question, research in economics, psychology, and sociology has focused almost exclusively on examining the associations between income,
spending or wealth and subjective well-being. Moving beyond this research, we provide the first empirical evidence that credit scores uniquely predict happiness. Across two samples, from the United Kingdom (N=615) and the United States (N=768), credit scores predicted life satisfaction even after controlling for a range of financial covariates, including income, spending, savings, debt, and home-ownership. Respondents with higher credit scores felt more optimistic about their future, promoting happiness.Link

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