Being friends with the boss comes at a cost, how to respond to rejection, and more top insights

What’s happening in the world of work: The Saturday edition of the Daily Rundown highlights the business trends, perspectives, and hot topics you need to know to work smarter. Read on and join the conversation.

Being friends with the boss can cost you: To avoid the perception of favoritism, managers are more likely to deny their coworker-friends bonuses and other perks, even if they deserve such rewards, according to research recently published in the Journal of Experimental Social Psychology. The researchers found that bosses are even more likely to exhibit bias against their friends if such decisions are made public. What might help? Companies can keep these calls private, or managers can ask a third party to handle their friends’ compensation. ? Here’s what people are saying.

A global celebration of screwing up: In 304 cities across 80 countries, entrepreneurs gather to share and discuss their botched deals, regrettable job moves and other failures with others. The events help reduce the stigma associated with failure, and it gives people a chance to achieve catharsis. Not only that, such meetings offer people a chance to engage in a rare kind of networking; one that’s less about making yourself sound flawless and more about being honest with others. ? Here’s what people are saying.

You Asked: “I was passed up for a promotion for an external candidate with less experience. I’ve basically been doing that job for the past year and am disheartened that I was not picked. Is it time for me to move on?” — Orange County, Calif.-based administrative manager

• “Orange County, you have a problem. For whatever reason, your boss didn’t recognize your value. Whether you stay or go, it’s time take a good look in the mirror. Are you really engaged in your job? Is this a good culture fit for you? Are you indispensable, especially to your boss? When was the last time you learned something that stretched you? Are you happy and motivated? These are the questions only you can answer. Take control of your career – whether at your existing employer or a new company.” —Gary Burnison, CEO of Korn Ferry
• Author and executive advisor Lisa Earle McLeod on how to recover after being passed over for a promotion:

Looking for career advice from the pros? Submit your questions in the comments with #YouAsked and we’ll take care of the rest.

How to keep competition from leading us astray: Employees are more likely to resort to unethical behavior when they’re rewarded based on how their performance compares to their coworkers, according to research published in the journal Human Resource Management. But we can avoid making regrettable moves by simply stopping and reflecting on the consequences of our actions, according to research from IE Business School’s Kriti Jain. Such “consequential reflection” takes us out of autopilot and help us steer away from unethical behavior. ? Here’s what people are saying.

We have a job description problem: When job postings call for candidates with superior intellectual ability, women are less likely to apply and are less likely to be referred by others, according to research from Cornell’s Lin Bian. Such rooted biases — which can set in as early as age five — result in losses for both women and businesses. What can companies do? For starters, cut out mentions of intellect from job descriptions, and use the interview process to gauge an applicant’s smarts. ? Here’s what people are saying.

One last idea:  We tend to lavish much of our attention and praise on the youthful prodigies and rising stars among us. But physicist and author Albert-László Barabási reminds us that great success can come at any time in life.

“Your chance of success has little to do with your age. It’s shaped by your willingness to try repeatedly for a breakthrough. Success ebbs and flows over a lifetime, building sudden momentum and crashing over us, only to start all over again.”

What's your take? Join the conversations on today's stories in the comments.

— Scott Olster