Tuesday, March 21, 2017

Teamwork according to Google

Google has five tips for effective teamwork as discovered by their People Operation's Group. They asked 200 people in their Project Aristotle a series of questions hoping to figure out the proper mix of tech nerds to physicists to scholars to come up the proper ingredients for the perfect team.

But what they found was not what they expected. It wasn't the mix of PhDs that made a good team, but how they worked together. Is it just me but doesn't that seem obvious?

So what are Google's five keys to a successful group:

1. Psychological Safety. Are you free to safely take risks in your group or will you be ostracized or punished. Hopefully, your teammates are supportive and don't see risk takers as ignorant or disruptive.

2. Dependability. Anybody who has done a school project knows exactly what this means.

3. Structure and clarity. Does the group get the assignment (task), have a plan to accomplish the assignment, and will it be successful? If you can answer "yes" to these questions, you are on your way to success.

4. Meaning. This can really only be defined by an individual, but it basically boils down to "Do you like what you are doing?" In the case of Google (or any other employer), this can be a lifetime of drudgery or delight. In the case of student groups, it can amount to how valuable the project may be to your landing a job. Did it help you make a decision (do you really want to do this for the rest of your life?).

5. Impact. For Google employees what "impact" amounts to is does your work make a difference? For student groups you might think it applies to the grade you received, especially in those groups where you get to grade each other. There is ALWAYS that one person that didn't do anything (or very little).

Do you like working in groups? You will be working in groups when you get into the working world, how do you think you will handle that? What do you think makes a successful team?

Thursday, March 9, 2017

Student Loan Forgiveness

There is a lot of confusion about student loan forgiveness, so let's try to clear things up a bit.

In 2014, 37 million Americans had student loan debt that averaged $23,200. Depending on where you live and where you go to school your student loan debt may be larger - a lot larger.

I bet most college students are aware of student loan forgiveness programs, but they probably have no idea how they work.

Over at Student Loan Hero, Eric Roseberg has outlined the basics of student loan forgiveness - and it's something to think about.

Here's some of the basics (disclaimer: this stuff changes all the time, so stay caught up with new or revised forgiveness plans):

Student forgiveness plans apply mainly to federal student loans (Perkins loans are another matter), so all those loans you took out with Wells Fargo will NEVER qualify for forgiveness. Most banks are private institutions out to make money, so avoid taking a loan with them at all costs.

Federal loans for certain kinds of degrees, mainly public service (social workers, etc.), qualify for some type of forgiveness after ten years. You have to work in the field to qualify for forgiveness.

Some teachers with federal student loans qualify for forgiveness after as little as five years depending on where you teach. For the rest, they have to wait for ten years.

Loan holders with income-driven payment plans will qualify for forgiveness after twenty to twenty-five years.

Something to keep in mind, most forgiveness programs only apply to loan holders who have maintained good standing, meaning you have made all your payments on time and are not in default.

Sounds good? Well, think about this. Yes, you can get a big chunk of your federal loans forgiven, but the government treats that like regular income, with an exception for public service and teachers who will not receive a tax bill. What does this mean? If you have $100,000 of your student loan debt forgiven, you can expect to pay taxes on $100,000 worth of income. That's right forgiven loans are treated just like regular income and are taxed at whatever rate you fall into. On $100,000 for some that could mean a tax bill of $25,000.

As Rosenberg points out student loan forgiveness is not "all rainbows and unicorns." Do you have any student loans? Do you plan on having any student loans? How can you avoid borrowing as a student?