Recession

/Tag:Recession

3 Ways To Update Your Career GPS.

It's about time. The recession is over, things are looking up, companies are hiring, executives are coming out from hiding in their offices and cubicles. For all intents and purposes, many of us have held our collective breaths for the past 2 years for this moment. It's now time to take stock of who we currently are, where we are in our career, and where we want to go.

The Most Important (financial) Book You’ll Buy This Year.

I read LOTS of books. And it's funny - a lot of people are amazed at the number of books I read. I don't think I read a lot - but many people I meet think I'm crazy about spending time reading books. Candidly, I feel that it's a clear sign of the 'dumbing down' of America. People are 'shamed' into not reading - you should see the faces of people when I mention I read 3-5 books at a time and finish 100-150 books a year. "Don't you have better things to do with your time?"

What’s Killing Your Career? The Laws of Nature.

Newton's First Law of Motion: An object at rest tends to stay at rest unless acted upon by a sum of physical forces. This is the typical employee at work today. As long as they have a job, they won't take any risks, butt any heads, or raise their hand at a meeting. In essence, they are an "object at rest". And this employee/object will remain at rest (meaning - no movement - no raises, no promotions, no new projects, no GROWTH) until "a sum of physical forces" are acted upon it.

Wall Street’s Gambling Soul.

Of all the insulting labels lobbed at Wall Street over the past two years, you wouldn't expect "overconfident" to be the one that hurt. But it has. This week's New Yorker article by Malcolm Gladwell on Wall Street's "psychology of overconfidence" struck a nerve.

The New Joblessness.

The U.S. economy is not only shedding jobs at a record rate; it is shedding more jobs than it is supposed to. It’s bad enough that the unemployment rate has doubled in only a year and a half and one out of six construction workers is out of work.

CEO’s Must Trash Short-Term Thinking & Embrace Long-Term Strategy. Now.

I'm tired. And angry. And I'm not alone. For too long, the stewards of our most cherished institutions have been acting less than ethical. I call it "short term thinking for short term gain" — get in, make a quick buck, and move on to the next sucker. Not the best behavior for supposedly the best executives in this nation.

The Future of Work: Yes, We’ll Still Make Stuff.

Presenting Part Nine of a Ten-Part Series on The Future of Work from Time Magazine.

By David Von Drehle at Time.

The death of American manufacturing has been greatly exaggerated. According to U.N. statistics, the U.S. remains by far the world’s largest manufacturer, producing nearly twice as much value as No. 2 China. Since 1990, U.S. manufacturing output has grown by nearly $800 billion — an amount larger than the entire manufacturing economy of Germany, a global powerhouse.

But growth does not mean jobs. While sales soared (at least until the recession), manufacturing employment sank. Using constantly improving technology to make more-valuable goods, American workers doubled their productivity in less than a generation — which, paradoxically, rendered millions of them obsolete. (See pictures of retailers which have gone out of business.)

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Losing Your Job & Breaking Shovels.

It's a lot like losing your job. The first time it happens, people are pretty shell-shocked. They do a lot of soul searching (why me?), denial, hatred of their company, boss, etc. — you know the drill. Ultimately, when the adrenaline dissipates, they get down to business and look for a new job. The second time someone loses a job (and this happens more often that you realize in this economy), they tend to almost laugh about it, pick themselves up quickly, and go after that next job.

Want to keep your job? Be happy.

Does the recession with its rampant layoffs and cutbacks make your job look better all the time? Believe it or not, donning a pair of "recession goggles" can be good for your career and your mental health. Research shows that an attitude of gratitude in trying times can not only help you keep your job, but get you the job you want.

How CMOs Should Function in a Recession

Some good news for marketing heads: Chief Marketing Officers (CMOs) are holding on to their jobs longer. Spencer Stuart’s annual survey of CMO tenure at the 100 most advertised brands in the USA reveals average time on the job has risen to 28.4 months from 26.8 months in 2007 and 23.2 months in 2006.

The popular interpretation of this data is that CMOs are aligning better with CEOs. The latter are no longer expecting instant rainmaking and the former have learnt to be humble. CMOs have learned not to pontificate about brand values before researching the issue, and they no longer fire the incumbent advertising agency the day after being appointed. The best CMOs stay low-key and aim to make the CEO, who is often from a non-marketing background, comfortable becoming the chief cheerleader for the brand.

The economic recession has, perhaps surprisingly, elevated the standing of the CMO. It hasn’t always been this way, to be sure. So how can CMO’s solidify this standing with the chief? Here are the four top marketing issues on which today’s CEOs are looking to their CMOs for guidance:

Shifting consumer behavior. The recession has induced dramatic changes in consumer attitudes and behaviors in many categories. Companies need updated consumer research and revised approaches to customer segmentation. The CEO needs a CMO who understands the company’s brands and consumers (and their comparative profitability) to recommend needed changes in customer targeting and brand messaging.

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