Archive for December, 2008
December 10, 2008 at 2:00 pm · Filed under Leadership, Issues Management
Heard over breakfast that a friend’s husband was retrenched last month along with 60 other workers in a Sydney finance company. Seems on his daytime walks along Bondi Beach he sees quite a few people he knows - most fellow finance professionals, now out of work.
The global economic crisis is biting hard.
According to The Sydney Morning Herald the finance sector has been hit hardest:
All up, the FSU [Finance Sector Union] estimates there have been almost 5000 jobs lost in the finance industry since the start of the year, most of them in Sydney. Surprisingly, it appears even this may be an understatement. The chief economist at JPMorgan, Stephen Walters, puts the losses at closer to 19,000, based on company briefings to analysts and media reports.
Unemployment hits hard especially when you’re the primary breadwinner. There’s a shame that comes from losing an important element of your identity. I remember the first time someone asked me what I did after being retrenched a few years ago. I replied, “Nothing.” It was more of a surprise to actually say that!
So the advice? Seek out others and talk. Raise your fears, concerns, anger - and strategies for re-employment. Bottling up rage and shame is a mistake. If you don’t become a miserable SOB immediately within months you’ll be clinically depressed.
And enjoy yourself when you walk the beach. Because you will be employed again and you’ll not have the daytime to enjoy the sand between your toes.
December 3, 2008 at 10:08 am · Filed under Leadership, America
CEOs of General Motors and Ford Motor Company drive to Washington DC today, cap in hand, asking for billions of taxpayers dollars. (After their embarrassing trip last month in private jets, this time Wagoner and Mullaly will be in hybrid vehicle convoys driving 15 hours each way.)
As part of their rescue plans both CEOs offer to forgo salaries and will be paid $1 each for their work.
Back in 2001 Ford announced a five year revitalisation plan. William Clay Ford took over as CEO from Jac Nasser and boldly agreed to forego salary. He took $1 per year long with options - vowing to do well as a rebound in stock would reward him amply.
Flash forward seven years and today’s CEO is proposing the same pay package. Only now the equity prices for General Motors and Ford have cratered.
CEO compensation is a hot topic - and shareholders will gladly reward pay for performance. Yet taking no pay and not performing isn’t a solution either. Slashing pay to a symbolic $1 is a public relations stunt - it grabs headlines but has no merit.
Instead I propose Wagoner and Mullaly quadruple their present salaries and challenge themselves to achieving greater results. If not then they can take their walking papers - and their money- and fly a private jet elsewhere.
December 2, 2008 at 10:02 am · Filed under Business Start-Up
In Hong Kong a bar announced a special on beer - “Buy One, Get One”. That’s a direct translation of the Cantonese phrase meaning buy one, get one free. It did cause reason to pause.
Once airlines introduced frequent flyer programs, all sorts of businesses have jumped on board. Buy a dozen coffees get one free. Purchase lots of burritos and eventually one is on the house.
I’ve emptied my wallet of these cards. I never remember to bring it when I buy so I fail to record all those purchases. But this morning at my local coffee shop the barista refused my money. I buy one or two cups a day there and he shouted me a coffee. No loyalty card - just loyalty.
Businesses that reward their existing customers will be better protected in the downturn. Too much is spent chasing new business and not enough spent to retain loyal clients. If you have an agency, try to add valuable counsel outside the remit. If in-house make sure your executives are given updates on the industry.
Make sure every client is rewarded - if they buy one, give them two or three…
December 1, 2008 at 2:20 pm · Filed under Social Media
Joan Baez was a master of poignant storytelling in song:
DIAMONDS AND RUST
(Words and Music by Joan Baez)
Well I’ll be damned
Here comes your ghost again
But that’s not unusual
It’s just that the moon is full
And you happened to call
That odd, goose-bump feeling just crossed me. A high school friend found me on Facebook and reconnected. At first I ha no recollection - the name was vaguely familiar but the photo was not. A half hour after an old high school graduation photo was on-line. That was 28 years ago!
I realise this is old hat to you long-time Facebook junkies. But I’ve relocated 12,500 miles from my hometown and haven’t been back in a decade. To be drawn back in a shot space is a wild ride. Beam me up, Scottie?
