The Inside Job
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How Bobby Jindal (or You) Can Recover
Continue reading… 14 CommentsBobby Jindal has a lot of things going for him. Except for that one thing that nobody can stop talking about. Jindal's Republican response speech on Tuesday night has been panned by pretty much everyone except Rush Limbaugh (who has, incidentally, told JIndal's conservative criticizers that he doesn't want to "hear from you ever again.")
Many are wondering how Jindal will get his otherwise promising career back on track. As Eve Tahmincioglu of the excellent CareerDiva blog asks: "how can you come back from a major reputation pummeling?"
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What Leonard Abess Jr. Said in 1987
Continue reading… 25 CommentsLeonard Abess Jr. was hailed by President Obama last night as a national inspiration, a bank president from Miami "who reportedly cashed out of his company, took a $60 million bonus, and gave it out to all 399 people who worked for him, plus another 72 who used to work for him,'' Obama said.
Back in the 1980s, Abess was a hero when he regained control of the bank his family had founded in the 1940s after it had been come under the ownership of a scam artist (eventually convicted).
Abess had these things to say to Florida Trend magazine back in 1987:
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Topless Coffee Shop Drew 150 Applicants For 10 Positions
Continue reading… 167 CommentsVassalboro, Maine's newest coffee shop is garnering national attention for something other than its $3 a cup coffee. At the Grand View Topless Coffee Shop, the waitresses are, well, topless.
You can read the local paper's report here. The most interesting piece of news is not near the top of the story--it's not the news that many local residents are unhappy, or that other locals are already stopping by (as many as 60 customers on Monday).
You'll have to scroll to the bottom for the most stunning detail. The Kennebec Journal reports that the shop's owner Donald Crabtree said that he interviewed 150 people for the positions, "and narrowed the field to 10."
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Liz Smith: Internet Maven at 86
Continue reading… 12 CommentsLiz Smith, the legendary gossip columnist, will soon be writing her juicy news bites for the web only. Joni Evans of the website wowOwow.com (The Women on the Web) reported today:
Beginning next week Liz Smith will be posting more news, hot gossip and opinions all the time on wowOwow — free from the constraints of newspaper deadlines. Thursday will be the last Liz Smith column for The New York Post — the first time in 33 years that Liz Smith’s column will not be in a New York newspaper.
The New York Post did not renew Smith's column, Evans reports. She says the paper's editor Col Allan told Smith the Post had been "buffeted by unprecedented economic gales." Smith will also be a contributing editor for Parade magazine.
Oh that we would all be willing to chart new career frontiers at age 86.
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Aisle Seats Best For Business Trips
Continue reading… 0 CommentsIf you're a frequent business traveler--and not as young as you used to be--clots may be a worry on your longer trips. Fortunately for you, researchers have discovered a rather simple factor in effective prevention: Choosing the right seat. In this case, the right seat is the aisle.
The researchers, from Lahey Clinic Medical Center, found that flying boosts your risk of developing a clot four-fold (a flight of 8 hours or longer is especially risky), but an aisle seat can make a major difference.
From Reuters:
They found that 75 percent of cases of deep-vein thrombosis were due to people not moving enough and most sufferers were in non-aisle seats where passengers tended to move less.
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The Stimulus-Era Job Market: A Look at the Next 2 Years
Continue reading… 1 CommentOver the weekend, I spoke with Washington, D.C.'s WTOP radio about the nearly $800 billion effort (known as the stimulus) now underway to steady our job market over the next two years. We chatted about the ultimate goals of the package, and how they could affect employees in all sectors of the economy--not just, say, construction.
The Stimulus Era Job Market
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How to Get Hired By "Double-Hitting"
Continue reading… 4 CommentsI've never heard the phrase "double-hitting" before, but I know it gets people hired. Fire off your resume and cover letter via E-mail, and it's easy to be skipped over. Following up with a paper copy of your resume and cover letter is a way of showing a healthy interest in the job.
From the NYTimes:
Attach a handwritten note that says, “Second submission; I’m very interested,” Ms. Piotrowski said. “I’ve had clients double their rate of interviews simply from doing that,” she said.
Ms. Enelow calls this “double-hitting,” and says she has seen it work remarkably well.
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How to Be Happy at Work Today
Continue reading… 0 CommentsHappiness research was in its heyday a couple of years ago, but I think it's about time for a resurgence. Fifteen months into this recession, anxiety and pessimism are the norm. Money's tight for the unemployed and retired, and layoff fears really have a hold on those who have jobs.
So what's the trick to feeling sunny? Yes Magazine recently covered "10 Things Science Says Will Make You Happy," and I think several ought to be incorporated into work.
- One key is to "avoid comparisons," and at work, the opportunity for comparison is endless--you can compare your achievements, pay and recognition to that of coworkers; you can compare your seemingly sluggish career path with your boss's fierce trajectory; you can compare your bland apparel with that of the sartorially brilliant intern. Stop. "Instead of comparing ourselves to others, focusing on our own personal achievement leads to greater satisfaction," psychologist Sonja Lyubomirsky tells Yes.
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Rick Santelli Gives Washington a Taste of Chicago
Continue reading… 132 CommentsWhat's the most interesting thing about Rick Santelli's televised rebuke of the government's plan to bailout homeowners who are behind on mortgage payments?
Probably the fact that Santelli feels like he'd have to take a shower every hour in Washington. Santelli is in Chicago--town of Blagojevich and big shoulders.
Here's the clip:
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GE's Jeffrey Immelt Says "No Thanks" to $12 Million and Bonus
Continue reading… 9 CommentsGeneral Electric CEO Jeffrey Immelt has turned down a nearly $12 million long-term performance award, along with his 2008 bonus, because the performance for which Immelt was being rewarded was not reflected in the company's stock price--now nearly a quarter its value in the fall of 2007.
It's a refreshing piece of news after Wall Street's bonus bonanza for a year in which the concept of pay for performance should have meant bonuses for few more than the office cleaning crews.
Immelt is not, however, in favor of salary caps for executives at companies taking large chunks of TARP funds. Businessweek reported on his comments at a breakfast held earlier this month:
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Goodyear Slashing 5,000 Jobs and Freezing Salaries
Continue reading… 0 CommentsIn this recession, people aren't spending on tires either. Goodyear this reported a loss of $330 million, or $1.37 a share--$1.18 a share excluding one-time items. Analysts were expecting a loss of $1.03 a share.
That means Goodyear is cutting costs. The company says it is cutting 5,000 jobs (7 percent of its workforce, roughly) in addition to the 4,000 it cut in the second half of last year. Goodyear is also freezing salaries in its effort to slash expenses by another $700 million in 2009--boosting its total cost savings plan target to $2.5 billion.
From the earnings release:
“Given lower industry demand, we are taking aggressive action, reducing tire production, cutting costs and adjusting investments to better match market conditions,” said Robert J. Keegan, chairman and chief executive officer.
“The many positive actions we took and the results we achieved in 2008 provide a base from which we will address the market challenges we will inevitably face in 2009,” he said.
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Help Wanted: The Job You Didn't Want Before
Continue reading… 2 CommentsThe recession means a lot of folks trading down, in a sense, as they take on work they would have previously scorned. The most extreme trading could happen with new grads and young workers, as they choose their careers in "the new reality." It could actually be good for the nation's leadership.
From a look at the consequences of the recession in Foreign Policy:
Your government will get smarter... In a global recession, governments around the globe will be able to recruit a better class of bureaucrats. Just a few years ago, the U.S. government had serious recruitment problems in the Foreign Service because no world-savvy 25-year-olds wanted to work for the civil service when they could make serious cash on Wall Street. In a severe downturn, however, the stability and security of a government job look far more appealing.
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Anna Wintour Gives Career Advice
Continue reading… 0 CommentsAnna Wintour, the famous First Lady of fashion (well, editor of Vogue), has some career wisdom for young designers facing the gray days of recession: temper your egos, kids.
From her interview with the WSJ:
If many of the most successful emerging designers are still struggling, what do you tell all the fashion students who want to be just like them?
It's important for young women and men coming out of the fashion schools to think seriously before starting their own collections. Anyone who wants to be a designer and thinks they're going to be the next Calvin [Klein], Ralph [Lauren], or Michael [Kors] is not realistic. It is much more helpful for them to go and study with an Oscar [de la Renta] or a Carolina [Herrera] -- someone who can teach them.
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Caterpillar CEO Says More Layoffs Likely to Come
Continue reading… 4 CommentsThe current brouhaha over Caterpillar is probably a pretty good cautionary tale for stimulus cheerleaders. The fact is that effects of the stimulus package won't be as immediate an improvement for businesses and workers as most would wish. Earlier this week, the President said the stimulus would allow Caterpillar to bring back some of its recently laid off workers.
But Caterpillar CEO JIm Owens says that's not exactly the case. In fact, Owen says, Caterpillar will probably need to layoff additional workers before any rehiring takes place.
From ABC News:
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Joaquin Phoenix: How Not to Do a Job Interview
Continue reading… 19 CommentsSo, you've heard job interview tips like "Don't chew gum" and "Don't wear sunglasses." Or "Be articulate," and "Give answers that include more than one word."
But perhaps, for some reason, you don't quite understand why. On David Letterman last night, the great actor Joaquin Pheonix (hilariously and probably jokingly) shows you what it looks like.
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Citigroup's Vikram Pandit Gets "The New Reality"
Continue reading… 0 CommentsNo more private jets. That, for Wall Street executives, is "The New Reality." It's not unlike "The New Frugality."
In his testimony before Congress today, Citigroup CEO Vikram Pandit had to do some fancy footwork about that (now canceled) post-TARP private jet that ignited the tempers of millions.
From the WSJ's live blog:
11:00: Pandit addresses the $42 million airplane. He says that Citi did not understand the new reality of TARP, and cancelled the plane delivery once he did. “I get the new reality,” Pandit says. “My goal is to return Citi to profitability as soon as possible and I have told our board of directors that my salary should be $1 a year with no bonus until we return to profitability.”
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Comparing Job Losses to Past Recessions
Continue reading… 0 CommentsThe Internet has plenty of pickings if you're looking for a chart that compares the job losses of this recession (beginning in December 2007) with the losses of previous recessions.
Speaker of the House Nancy Pelosi's office put out this chart, comparing this recession to the previous two recessions. It's a startling image, but it's a slightly ridiculous comparison, given that no one is comparing this recession to the past two. The President himself calls this downturn "the most profound economic emergency since the Great Depression."
Justin Fox at Time has this chart, comparing this recession with the previous five. It's much more helpful, given that our unemployment rate is still well below the 1982 peak of 10.8 percent.
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More Jobs Created in House Stimulus Bill, Say Economists
Continue reading… 4 CommentsIn an effort to be cut some massivneess from the massive stimulus bill, the more fiscally conservative Senate trimmed some programs--and some jobs, according to some economists. From Bloomberg:
While providing more generous tax breaks than the House version, the Senate agreement pared $40 billion targeted at helping state and city governments avoid layoffs, $19.5 billion for school construction, $7 billion for health care and about $1 billion for early education programs.
Excising or reducing funds to those programs significantly blunts the stimulative effects of the Senate package, economists say.
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GM Slashing 10,000 Jobs
Continue reading… 0 CommentsEmbattled GM is taking an axe to its global payroll--cutting 10,000 salaried jobs worldwide, including 3,400 stateside, the company said this morning. Most of the job cuts will be done by May 1.
GM must present its plan for longterm viability to the government Feb 17, the AP reports. Starting in May, the automaker is also cutting 2009 pay for domestic executives by 10 percent and for other many salaried employees by 3 to 7 percent.
Late last year, the company said it might need to cut its U.S. workforce (salaried and hourly) by as much as 31,500 by 2012.
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A-Rod Took Steroids: Felt Under Pressure to Perform
Continue reading… 10 CommentsA-Rod admitted in an interview with ESPN today that he took performance enhancing drugs while playing for the Texas Rangers in 2001-2003.
The baseball player was signed to a 10-year $252 million contract with the Rangers at the end of 2000. MLB.com reports that "at the time, it was the largest contract given to a professional athlete, and it sent shock waves through the baseball industry."
The weight of the massive contract and heightened expectations seems to have prompted A-Rod's use of a banned substance: "When I arrived in Texas in 2001, I felt an enormous amount of pressure, felt all the weight of the world on top of me to perform, and perform at a high level every day," Rodriguez told ESPN.
