Dominion Enterprises Expands Social Media Offerings

Dominion Enterprises Expands Social Media Offerings

I am very excited about the addition of VoxBloc to the Dominion Enterprises - Business Solutions team. Details are included on the press release accessible via the above link.

Mobile and Touch are the Future

I woke up this morning this morning to the realization that the world has once again permanently changed. Not that I have had my head buried in the sand, but it now appears that the fundamental shift that needed to happen in user behavior to cement the transition from desktop to mobile and touch has arrived. What does this mean to Internet businesses? It means that the winds of change are upon us and that if you have yet to shift your focus from developing for desktop to mobile touch devices you could find yourself threatened in the near future by nimble mobile only startups. This is not as conspicuous as you would imagine. Facts such as 50% of all mobile searches result in a purchase will certainly continue to shed light on the importance of mobile. As I recently tweeted that I spotted my 20 month old daughter trying to manipulate the screen on our iMac with her finger. This will be her world. She will more than likely never need to know how to operate a mouse. Her world will be one radically different that the one we can imagine today. As an Internet-based business, today's world and the technology in it has to be the focal point of our development efforts.

So here is a question for you...

What will have the greatest impact on your technology strategy over the next 24 months? Will it be mobile, social, touch or something else?

Profession+Purpose=Passion

In my opinion being passionate about what you do for a living is critical to achieving professional happiness. Esotericism? Not hardly. The old saying "Work to live..." not the reverse rings true and is becoming an even more prominent mantra for emerging generations. But let's face it, sometimes work is work and you do what you have to do to continue to put food on the table. There is certainly nothing wrong with that. In fact, it can be quite a noble cause if you are taking care of your family, etc. Sometimes though everything lines up perfectly so that work and passion coexist. This could happen on multiple occasions since people typically are passionate about multiple causes. When this does happen you should dive in deep and nurture the opportunity to truly love what you are doing. Live in the moment. I have recently had multiple opportunities to engage in activities that are in line with my passions. What fun! To be able to do exactly what it is that you love to do. It doesn't get any better. Now keep trying to do that same stuff more often...

What are you passionate about and how can you conjoin that with what you do for a living? You might be amazed at just how simple a process this can be and what a positive impact it can have on your productivity not to mention your life. Esotericism? Maybe...

Emergence of the Daily Deal

The emergence of the online daily deal space has been rapid and fun to watch. I remember looking up Groupon on Compete.com last year and was amazed month after month at how quickly their traffic, as well as Living Social's traffic, seems to have no ceiling. Personally I enjoy the art of saving a dollar here and there, so I jumped at the chance to register with both services in my home market and those to which I frequently travel. From getting the chance to ride in a race car at close to 200 miles per hour, saving at local restaurants or jumping in on the nation-wide Gap deal, I have really enjoyed the opportunity to save while having fun.

There have been many "deal" sites jumping into the space. The emergence of competitors will lead to a healthier market for both the merchants offering their services and the consumers looking to save. While the larger "deal" sites have gained a trusted position, it has yet to be seen if other emerging competitors can reach similar status on either a national, regional or local level. In my opinion, local newspapers are in a great position to capture this market giving their long-standing relationships with local merchants. Given the number of software companies offering "deal" software, I would think that local newspapers could enter this space fairly easily and be competitive.

I believe that there is still a significant upside to this emerging industry. We at Dominion Enterprises will soon be launching a new business in the "deal" space called Sold.com. We hope that you will afford us the chance to earn your business and provide you with another fun opportunity to save. We are having a blast putting this business together and promise to do our best to improve upon what we have learned via our own experiences thus far by being on both the consumer and merchant side of this industry. A special thanks to the talented folks on the Sold.com team who are working diligently on constructing this exciting new venture!

Obviously the aforementioned race car experience was my "outside of the box" daily deal experience. What has been yours? Also, I am curious about what kind of "deals" you are most likely to buy?

You Win, I'll Buy Again...

I was personally reminded yesterday of just how important providing award-winning levels of customer service can be in keeping existing customers. I am sharing this experience because I feel that the way I was dealt with is a shining example of a company getting it right. All too often I read or hear about how a customer is lost due to poor levels of service. I am happy to say that this is not one of those stories. Read the following, give some thought on how your organizatin is dealing with customers, and then see if your service organization would live up to this real example.

I recently ordered clothing off of an online retail site that promotes itself as a high-end distressed inventory clearing house. When my order arrived, I had received the incorrect merchandise. I had originally ordered two dresses for my daughters and received two t-shirts. Nice t-shirts, but clearly not the merchandise that I had originally ordered. This was the first time I had ordered anything from this portal. This was a fatal error on the part of this business. As far as I was concerned I was done and would never order anything form this business again.

The next day I called their customer service department. I shared my story with their representative. As we spoke a credit was issued for the charges. I had yet to request any action to be taken. It was though the customer service rep anticipated what could be the best possible outcome for me (the customer) and proceeded to take care of my needs proactively without me having to exhaust the energy to rectify the issue.

Moments after taking my call my credit card had been credited for the original charges, the correct merchandise was placed in my shopping cart for me, and a credit for shipping was added to my order. As a bonus they even let me keep the t-shirts for my daughters. This was due to the return shipping/restocking costing the business more than simply allowing us to keep the merchandise, but even that was impressive. What I mean by that is here I was dealing with a customer service representative who knows that the cost of returning merchandise under a certain dollar threshold would actually cost the business more than the value of the merchandise itself and was empowered to make that decision. Very compelling.

I was transformed from a disenchanted customer who was now hanging up the phone just blown away with what had just transpired. Not only did they take care of my situation in an award-winning fashion, but they have earned my future business and will now have me advocating their business to my friends and family. Yes, they messed up my order, but in a way I am glad that it happened. I now have a great customer service story to tell and have been reminded at how fast you can lose a customer if you do not empower the right people to make critical customer-facing decisions.

Who do you have on the front lines of customer interaction in your business? Are they empowered to make decisions on how your business will react to certain types of customer-facing situations? Even if this is predetermined based on situational information, it could prove to earn, keep or retain your business customers and even turn frustrated customers into advocates, which is what happened in my case.

Playing Hurt

Whatever happened to the days when team members could be counted on by other team members no matter what? I know they do not grow warriors like Cal Ripken, Jr. or Brett Favre on trees, but has the expectation to "play hurt" for the overall benefit of the team dwindled in recent years.

Okay, let's step out of the realm of pro athletes for a second. What is the expectation among your team? Do your team members pick up the slack for one another when one member is unable to perform? Do folks in your office or on your team readily volunteer to cover vacations for one another? A deeper question to ask yourself is just how much of a role does the quality of leadership play when it comes to the willingness to "play hurt?"

The culture of team-building is a tricky science. A mentor of mine used to refer to the "team" as an ongoing science or chemistry project. That analogy always kept the dynamic of team-building fun. Proper planning, goal-setting, levels of accountability and a low-tolerance for poor performance are all critical in formulating the winning team. Do you want your team-members to "play hurt?" If so, they need to know exactly why they should be laying it all on the line at all times. What is the mission, the vision, the end goal? In professional sports this can be obvious in the form of a championship, a legacy or a Hall of Fame induction. In the business world, this is often up to the team leader to define, plan and execute. Does your team clearly understand and support the goal? Are they zealots? When people are passionate about their work, they execute at higher levels of performance. Part of a leader's responsibility is to be constantly stoking this fire. A unified goal, cause or mission will go a long way to creating a "playing hurt" performance culture. Which will in-turn go a long way in helping the team exceed performance expectations.

"As long as I can compete, I won't quit. Reaching three-thousand is not the finish line as long as I can contribute." – Cal Ripken, Jr.

You: Defined

How would you define yourself in terms of your most special set of skills? Better yet, how would others describe your professional expertise in one word or phrase? Want to better differentiate yourself from others? Find your one special skill and begin to build a professional brand around your expertise. Are you the "Sales Guru," the "Tech Expert" or the "Get Things Done Person" in your office? If so, build upon this image. If you have yet to define yourself or carve out your special skill within your organization, it is time to give this simple process some thought. In today's employment environment, it is important to increase the value you bring to your organization. Build your own personal brand within your organization. Put forth some effort on this simple yet effective project and you will see positive results. Go ahead; carve out your special niche. The extra effort will also help you in terms of working on your own professional development. Never, never stop investing in your own development. Make sure you learn and work to develop yourself each and every day.

What is your one special skill? How would your boss, peers or direct reports communicate this to you? Are your own thoughts similar to the feedback you receive? If you answered no, why not?

Always be a first-rate version of yourself, instead of a second-rate version of somebody else. ~Judy Garland

Never mind searching for who you are. Search for the person you aspire to be. ~Robert Brault, http://www.robertbrault.com/

While in attendance at the Asian American Hotel Owners Association (AAHOA) conference in DC last week, I attended a keynote in which Jack Welch (former CEO of GE and best-selling author) shared his insights as to what business leaders need to be focused on given the current business climate. The following is a bullet point list of Jack Welch’s thoughts that made it into my notebook while listening.

On positive indicators that we are nearing reaching a bottom to the recession…
Consumer confidence index is up.
Affordability index is up.
There are low mortgage rates and lower housing prices.
We still do not know the health of the financial markets.
If there is a recovery, it will be consumer lead.
With regards to the economy, “Uncertainty is the word I think you have to live with.”

The recession offers as many opportunities as it does troubles…
The ensuing playing field will be less crowded.
People – “Take care of your best.”
Competition – “Buy them or bury them.”
Go after your competitor’s best people.
Go on the offense.
Make sure you are doing the things to be prepared for tomorrow.
Multi-tasking is not for leaders, your job is to get your people focused on what is important.

You have to manage for the long and the short. You must eat while you dream. Managing is doing both. - Jack Welch

On managing the people process…
Fire the bottom 10% of your poorest performers every year to raise the bar of excellence in your company.
“Good people can always get a job.”
“Reward people in the soul and in the wallet.”
Match up your value system and your reward system.
Compensate on your values and you will get what you want.
As a leader you want people in your organization that do not need you.

On decision making…
On most decisions, leaders take way too much time.
Leaders usually do not act fast enough.
“I wish I would have waited six months before I did that,” is a comment you never hear leaders make.

In today’s climate leaders need to…
Have generosity of spirit.
Invest in the growth of your people.
Make ordinary people think they can do anything.
Make HR your partner in building a great organization.
Get out and engage your people. You are worthless when you are in your office.

On hiring decisions…
Look for hunger and a burning desire to be successful.
You need people that will excite others.
Hire for the “runway” or long-term future/potential.
Jack mentions that he looks specifically for the “4 E’s and a P.” Get this right and you “bat” pretty well.

>Energy (candidates)
>Energize (ability to energize others)
>Edge (ability to say yes or no)
>Execute (someone that gets things done)
>Passion

On how to position a company to emerge successfully from the recession…
Take care of your best people.
Over communicate.
Tell everyone what you are doing and why to overcome fear.
Energize your workforce.
Do not get caught up in defense.
Make the bold moves; there will be a tomorrow.
For the second time, take care of your best people.

What a great keynote/general session! Many thanks to the folks at AAHOA for bringing Jack Welch in to share his insights and thoughts on what leaders should be focused on to effectively navigate the recession.

In my opinion there is a reoccurring theme in the notes I took. Do you see it?

Investment of Time

When you are in a leadership position you are subject to getting things done through others. It can be easier, less aggravating and ultimately quicker to follow the old saying, "If you want something done right you do it yourself." While a do-it-yourself mentality certainly works well for some, in my opinion it is not a practice to which effective leaders can subscribe. Leaders have to have patience to allow for those that they are leading to learn to execute. This also means that at the beginning stages of leading or teaching new projects or skills there will be a greater investment of time in getting the job done correctly and up to the leader's standards. Leaders have to allow for failing-forward and the potential for errors or less than perfection based on their own standards. A mistake creates a learning opportunity. Effective leaders use these instances to teach, coach and counsel. Of course, the leader's ultimate goal is that, in making this investment, he or she will be able to completely hand-off the responsibility for accomplishing said tasks and be confident that they will be executed properly.

The next time you catch yourself wanting to take the reigns, be prepared to permanently hold on or start looking for the person who is willing to learn and who will show continuous improvement and profit from his or her mistakes.

"No man will make a great leader who wants to do it all himself or get all the credit for doing it." -Andrew Carnegie

"The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it." -Theodore Roosevelt

Perception Versus Rejection

In our professional careers, we come across many different types of individuals with a wide ranging number of personalities. Most of us will find that we gravitate towards some and away from others. It is only natural and human that you will ultimately want to spend more time with certain individuals. Unfortunately this is not always the best mix for success in business. Even the individuals with whom you may not get along (at any level) have the opportunity to contribute value in the form of good ideas if you keep an open mind. Make sure you do not automatically discount the ideas of individuals for whom you may not be fond just because of your own personal perception of that individual. Even though they are not someone that you would enjoy spending time with away from the office does not mean that their ideas and ability to contribute are any less. In fact, this interaction can sometimes provide good balance for you when making key decisions.

I am not saying that there is great value in always being a contrarian or to seek out those who always tend to disagree with you. There does after all need to be some form of "team fit" for an individual to be a successful part of the team. Just be careful not to discount a good idea because of the individual who came up with it in the first place.

Smoke, Spark or Fire

What is it that distinguishes a great leader from an ordinary one or a visionary leader from one that struggles to gain followship? While sound business skills, proper planning and execution will take a leader far, it is the level of passion a leader possesses that is the ultimate identifier.

One of my earliest professional mentors liked to talk about "the fire in the belly." How would you define your level of passion? Is there smoke, a spark or fire in your "belly?" If your answer is "smoke" or "a spark," it might be time to stoke the embers by placing additional focus on your strengths as to add a higher level of satisfaction to what it is you are doing professionally. Where can you contribute the most to add value to your organization? Find it, embrace it and invite others to contribute to it while allowing these same individuals to add value to the cause based on their strengths. This will ensure that your key folks do not lose their passion. People feel productive and part of a greater cause by being able to see the vision of a leader they will follow. What is a leader without followers? Ironically, followship can feed a leader's passion, but it is a leader's passion that will allow for followship.

In his book The 21 Indispensable Qualities of a Leader, John C. Maxwell identifies passion as a leaders first step to achievement, a way to increase willpower and ultimately a way to make the impossible possible.

Understand and follow your passion. Use your "fire quest" as a way to guide your vision and construct your strategy. This will allow for the smoke to spark into a fire of passion that will create energy to lead your organization to new, higher levels of success.

Time for a gut check: Smoke, Spark or Fire? Go ahead, make the "impossible possible!"

How Can Companies take Advantage of an Economic Downturn

Could there possibly be any bright spots to the current economic downturn? In my opinion companies that have been fiscally responsible and have positioned their businesses to be in a solid cash position and to continue to post good results will emerge as next generation power houses within their industry. Of course, this will greatly depend on their ability to successfully navigate the the remainder of the recession while providing excellent customer service to their customers. Industries that have had multiple competitors prior to the "great" recession could eventually have just a handful or in some cases be the lone survivor and be well positioned to become an industry leader. Much will depend on businesses having a clear understanding of how their industries are changing specifically to accommodate the ever rapidly changing needs of their customers.

Companies define their industries very differently. While our business operates within the employment sector of the economy, we do not see all employment-related businesses as competitors. Even with our job board businesses, we do not view all job boards as our direct competition. In many cases job boards work collaboratively and can help each other by working together to provide a better experience for the end user. I am of the opinion that the more niche a business becomes the better positioned that business will be to enjoy long-term success. This is especially true due to the fact that the more targeted the business, the closer the business will be to their customer. We have learned this lesson well with the expansion of our business into both the healthcare and trucking industries with our portals HealthCareerWeb.com and CareersinGear.com.

Many facets of our business have changed over the last twelve months. One such change has been the fast-growing number of online users that are building a large audience when combined with our national print recruitment magazines. Not all job seekers are online. Many job seekers, especially in the hourly sector, still rely on print products to find their next job. While there is no doubting that the online audience is growing quickly, the same could be said of print. Just as online audiences are growing, so are pick-up rates. If employers want to reach the entire job seeker market, they still need to use the total recruitment solution of print and online.

Post-recession recruitment is going to look much different than it does today. Smart businesses will take advantage of the surplus talent on the market today to position their business well for continued innovation and growth in the future. If you could replace the 25% poorest performing employees on your staff with employees that possess the same skill set as your top performing 25%, would you do it? Of course you would. In the past could you do it? Highly unlikely. This is not necessarily true today. There are very talented individuals in the market for a new opportunity today. Businesses/employers would be wise to take advantage of the opportunity to make this a reality. My advice is to not simply go into an across-the-board cost-cutting mode. My advice is to cut the excess where possible, add increased talent, position your best people against your biggest opportunities, and invest in growing your market share and number of customers as your competition is either hanging on for their life or is only focused on self-preservation.

What kind of moves are you making to position your business or yourself to emerge from the recession in a more successful market position or capacity?

Time to Work on Plan B

Weekly initial jobless claims continue their rise, overall unemployment stays flat to last month, Congress just passed the "bailout" which the President has signed, so now what?

I have heard the statement "From Wall Street to Main Street" many times recently on the local and national news when reporters or "experts" are referring to the current economic crises. Just because we have an economic rescue package does not mean that the economy is going to quickly turn around. It is going to take a while for the impact of this economic "bailout" to help aid the economy. The main purpose is that it will remove the "toxic" assets from banks' balance sheets so they can start to lend money to other banks (at lower rates than the recent record high rates), small businesses (many that use short-term loans to make payroll) and ultimately to consumers. These economic crises took a while to develop. I was emailed an article this week by a senior manager in our organization that was from the New York Times in September of 1999 that reads as though the author of the article has channeled Nostradamus' predictive powers. In the article reporter Steven A. Holmes wrote, "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits." Later in the article he declares, "In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's." Maybe I could call Mr. Holmes to find out when my beloved St. Louis Rams will win their first game!

Congress has taken a positive step in aiding the prospect of financial recovery, although it will be a while before we start to see the effects of the bailout make its way down to "Main Street." Congress should continue to work to find additional ways to help those on "Main Street." I read an advertisement in the Wall Street Journal today that was a letter from the CEO of Interactive Brokers Group, Thomas Peterffy, in which Mr. Peterffy recommended that the "bailout" be "fixed" so it would simply pay the first $250 of every home owner's mortgage in the US for the next five years (at a cost of about $10 billion monthly). I find this idea very intriguing. You would think that it should have at least hit the radar screen of CNN or Fox News? In the advertisement Mr. Peterffy points out that his idea is "progressive" and would cover a larger portion of the mortgages for those with "modest homes" verses high-dollar estates. Maybe Congress will be wise enough to continue to work on this issue and develop contingency plans in case our economy continues to slip, even in the face of passage of the "bailout." Let's hope we do not have to go there, but it would be refreshing, reassuring, if we knew that Congress was hoping for the best but planning for the worst. Plans such as that put forward by Mr. Peterffy need to be examined and considered when it comes to putting together the proverbial Plan B.

How do you feel about the "bailout" package, and do you see it as a positive or negative move by our leaders in Washington?

Come on Congress...

Let's all keep our fingers crossed that our congressional leaders can come together and get a bill passed that will provide the support our economy needs to be able to work its way out of the current pattern of poor performance. In fact, the deal that the President has put on the table presents a great opportunity for our government to potentially make money on the initial $700 billion dollars of taxpayer money it will invest in our economy. Profits could be used to pay down the deficit, help salvage social security for future generations (even my Gen-X generation), or reduce taxes for all Americans. If the investment does what it is supposed to do, the government should at a minimum make back the initial investment. What has to transpire to make a profit on the deal is that the anticipated number of Americans defaulting on their mortgages would need to decrease. This will come to pass with companies working with (or even being forced by the government to work with) homeowners on the brink of losing their homes in restructuring their loans. Americans are hard working and innovative folks. Nobody buys a home with the hope of losing it, although when it comes to purchasing more home than you can afford, I do not place all of the blame on the banker or mortgage industry folks. Shouldn't some of this responsibility fall at the feet of the people who signed the loans in the first place? Maybe it is my conservative Midwest upbringing, but isn't it prudent to always try to live a little bit below your means? I understand that circumstances change, and I am deeply empathetic to anyone losing their home (especially the home that they live in), but I do believe that people who extended their finances and bought second and third homes with hope of flipping these properties for profits should have to deal with the consequences of their investment strategy. Okay, I'll get off of my soap box.

What I find interesting about the $700 billion economic rescue plan is that (according to President Bush) it will lower the threshold at which people can borrow money. This should immediately help families to be able to refinance at lower rates, spread their mortgage out over a longer period of time, lower their payments, reduce the number of foreclosures, allow for small business growth, etc. But, a lot of this is going to be dependent on the lending institutions’ willingness to lower or eliminate the refinancing charges (that can quickly add up to be more than $10,000) or the confidence the institution has in a small operation’s business plan. Let's hope this becomes reality once the final bill gets passed by Congress. Another "but" is that lower thresholds on borrowing is one of the major contributing factors to getting the economy in the mess it is in today. I am not sure that recreating the environment that led to this current economic state of "crises" is the right way to fix our economy long term. Hopefully, lending rates will drop and lending institutions will learn from the past and not make risky loans. What I do know is that Warren Buffet has (according to his recent appearance and interview on Squak Box) the utmost confidence in Treasury Secretary Henry Paulson to make the right decisions to get our economy back on track. He even put his company's money on the line with a huge investment (around $5 billion) in Goldman Sachs due to his confidence not only in Goldman, but Paulson and Congress's ability to get a deal done on the so-called "rescue package."

Let's keep our fingers crossed that this is the shot of adrenaline that our economy needs and we can get back on track for growth across all sectors and industries. It should be increasingly apparent to our elected officials in Washington that they need to get a deal done upon the release of the current week's jobless claims, the highest in seven years. If I could make a recommendation to Congress, it would be that while they are finalizing and passing into law the current bill, they should have a committee working with the best financial minds in the US working on a contingency should we need one.

What is your opinion on the $700 billion economic "rescue plan?"

Two Steps Back

I am sure you have heard the old saying, "One step forward and two steps back." That is, in my opinion, what the United States economy has been doing over the last several months. It seems as though we start to witness improvements that create enthusiasm that our economy is showing signs of beginning to pull out of the downturn, and then... Wham!, more poor economic news such as last week’s release of the “Employment Situation,” which reported the national unemployment rate at a new high of 6.1%, on the heels of the most recent initial jobless claims report, which spiked back up to 444,000 (although all of the labor news wasn't bad given that in healthcare we have added 367,000 jobs year-to-date). Another good indication of how fast economic sentiment is changing is the fact that all last month experts focused on inflation, and now their concern has changed to deflation. So what are today's headlines, and how will today's changes impact on our economy, good or bad?

Today's headlines are all about the Fed bailing out mortgage giants Freddie Mac and Fannie Mae. Is this good or bad? Wall Street liked the news early as stocks rallied. Most of the articles I have read indicate that this will lead to lower interest rates for would-be homeowners. It would be even better news if it means that folks who are in a tough position given that their short-term rates have adjusted higher could refinance and stay in their homes. Unfortunately for these individuals, the lower rates are going to come with a much higher scrutiny over credit ratings, etc. There is also good news in the fact that folks who are currently living with an adjustable rate, interest only, etc., kind of mortgage who have maintained good standing and have not missed any payments will be able to capitalize on this move by the Fed to lock in a low, fixed rate. If you are in this position be ready to strike once the impact makes its way through your financial institution.

Could this move be the first step in solving the housing crisis after last week's report of foreclosures being at an all-time high? Not yet. It is going to take much, much more to recover, but as I mentioned earlier in this article, it was once again time for the "one step forward" after taking "two steps back" last week.

I personally think that lower interest rates will spur the purchasing of both new and existing homes. Yes, I said it, and, yes, I am an optimist at heart. Even with the high unemployment rate, there is still a group of would-be first-time home buyers that have been waiting for the perfect time to step into the wonderful world of home ownership. I also believe that there is another group, one that is focused on investing, who will also take advantage of the lower rates to scoop a deal on a second home or vacation rental to pad their portfolio with good tax advantages in planning for their future. If both of these scenarios come to fruition, it will be a nice "step forward" again for the economy which could even extend into the labor economy.

Keep a close eye on mortgage rates if you are a potential first-timer, or if you are in the market to refinance. All of the articles I have been reading foresee the 30-year fixed dropping below 5.5%. Let's keep our fingers crossed!

What kind of impact do you foresee the Fed's move to take over the mortgage giants having on your local economy and local labor situation?

Stabilization

Has the U.S. economy started to enter a phase of stabilization? The following are indicators that point to this being the case.

• According to the Commerce Department/U.S. Census Bureau orders for durable goods or big-ticket manufactured goods rose for a second month increasing in July by 1.3% over June, which posted an equal level of increase. The July increase included jumps in orders for commercial aircraft, motor vehicles and transportation equipment. (Read more.)
• Consumer confidence is recovering. The Conference Board's index that measures consumers' moods rose to 56.9, which is the highest reading since May. The Conference Board's inflation expectation also dropped to 6.7%, the lowest level since March.
• The US dollar is on the rise against foreign currencies.
• Oil and gas prices are lower, and overall demand for oil in the US is down more than 5%.

When combined, these positive economic happenings indicate that we are starting to see signs of stabilization in the economy. Even with oil prices rising on fears that current weather issues could halt production in the Gulf of Mexico (where 25% of the US oil is produced), gasoline prices remain stable due to the aforementioned drop in consumption. This trend will give consumers disposable income that could be used for going out to eat, shopping for back to school, etc. This potential boost in consumer activity could lead to businesses needing to add staff, which in-turn would start to aid the labor economy. Given that current productivity levels are as high as they are, companies are likely going to have to add staff to meet the need of any increased demand for their products and services.

I am by no means trying to say that I believe we are solidly on our way to economic recovery as yet. The overall economy has a long way to go before we can use the good "R" word. Based on the information that is available, I personally think we are witnessing the economy beginning to stabilize. Once we experience a multi-month decline in the unemployment rate and the weekly jobless claims consistently fall below the 400,000 level, we can be confident that recovery has begun. I personally believe that this will come to fruition in 2009.

What are the key economic indicators that you watch closely and are important to your business or industry?

Pay-For-Perfomance Job Fairs

Innovation is the fuel that propels organizational success. The exploration and execution of new ideas and ways of approaching business is what sets an organization apart from its peers and allows for expansion into new business ventures. This can be done through such means as vertical integration, acquisition or development. I would describe innovation as being successful when it puts an organization on track to expand the customer base while also putting it in a better position to get deeper into the customer value chain.

Recent innovation here at The Employment Guide has included the introduction of a pay-for-performance (PFP) job fair business model. Some would call this approach to a traditional, established business model as "risky." Is there risk? Of course, there is always risk in being the first to try something new. With rapidly changing marketing strategies, vendors with budgetary confinements who want to augment the job fair process, and attendees who are better informed, computer literate and eager to maximize their time at job fairs, this is not the time for job fair companies to “rest on their laurels.” Just because a business model was successful a year ago, does not mean it will succeed in today’s market. Wisdom dictates innovation, innovation means change, and change can be tough. It only comes through an educational process. For us to undertake such a bold new approach to one of our legacy products, we had to get a good understanding and come to an acceptance of just how great the risk could be. Once we balanced the perceived risk against the upside for our customers, we decided to move forward with testing this new model.

With this said, is the mainstream model of doing business in the job fair arena completely broken? I do not personally think so; in fact many businesses, including The Employment Guide, will continue to hold these types of events and be successful. The testing of a PFP model is a proactive way for our organization to gain valuable knowledge of how this important piece of our business can change. In my opinion (and from the outstanding results we received from our first venture), PFP is going to become an increasingly popular business model. I do not think it makes good business sense to not constantly explore new ways of doing business. Just because previous methods of doing business were successful that does not mean that an improved way of meeting your customers’ needs is not just right around the corner.

We do have plans for additional PFP job fairs. The third quarter will include multiple events of this kind spread out across the United States. This job fair business model put significant pressure on the business to deliver results. As a business leader, I like to take our customers’ well-being into consideration and walk a mile in their shoes before implementing any new way of conducting business. With regards to our PFP job fair that we tested in Houston and the results we delivered to our customers, these shoes fit nicely!

There is a great book on innovation that I recommend titled "A Technique for Producing Ideas", authored by James Webb Young that I like to read to spur new ways of approaching our business. It is a quick read and the kind of book you take to lunch three or four times a year to get the creative juices flowing.

Once again, congratulations and special thanks to our Houston Employment Guide team who did a tremendous job and who had responsibility for the toughest part of this plan, the execution. I would also like to thank all of the job seekers and employers who participated in the event and who all contributed to its success.

Posted by Jeff Littlejohn at Tuesday, July 29, 2008 0 comments
Labels: Employment Guide, Jeff Littlejohn, job fair, pay for performance, recruitment advertising, Recruiting and Hiring

The Will To Win

As a person who enjoys playing and watching tennis, I cannot pass up the opportunity to comment on the men's Wimbledon championship match that took place this past Sunday between Roger Federer and Rafael Nadal. Many have stated that this was not only the greatest Wimbledon championship match ever played, but quite possibly the greatest tennis match in the history of the game.

As a tennis fan, I was glued to the television with great anticipation of watching what was going to be a fantastic rematch of the last two years' championship match in which Federer kept true to form with what were great wins over Nadal. I could have never guessed the treat that we were all in store for with a five-set thriller ending in a 9-7 fifth set with Nadal knocking off the five-time reigning Wimbledon champ Federer. This was a clash of two incredible champions, both of whom possess an incredible will to win. Critical point after critical point, emotional highs and emotional lows, it was exhausting to watch, so I can only imagine the physical and emotional drain on the players!

So what place does this entry have on my blog? It provides a perfect metaphor for what it all comes down to in the business world when you are in a highly competitive atmosphere and have to find ways to continuously differentiate your business from the competition. You have to have the drive, desire and passion to reach a goal just like a Wimbledon champion. The drive, passion and determination demonstrated by both Federer and Nadal in the championship match of Wimbledon is representative of the level of performance a true difference maker or emerging industry leader will need to succeed in today's turbulent market.

Just imagine performing at extremely high levels of performance over an extended period of time. Then picture your entire organization performing at the highest levels of productivity. This mixture will put your organization in a great position to become a world-class organization, just like Federer and Nadal are world-class champions. The key is to make decisions and take actions that will put your company in a position to excel. Just like a great athlete who trains, selects equipment, hires a coach, practices, eats healthy, etc., you have to select the right mixtures of resources to create a champion caliber organization.

At the end of the championship match, Nadal prevailed becoming the only player to win both the French Open (which is played on clay courts) and Wimbledon (which is played on grass courts) since Bjorn Borg did it back in 1980. The grueling battle that lasted more than seven hours, two rain delays and ended just before play would be suspended due to lack of daylight left tennis fans exhausted and looking forward to the US Open in hopes of another rematch.

"Success is a journey, not a destination. The doing is often more important than the outcome." -Arthur Robert Ashe, Jr. (7/10/43 – 2/6/93) prominent tennis player and humanitarian and author of his memoir Days of Grace. Arthur Ashe won three Grand Slam titles and became the first African American ever selected to the US Davis Cup team, and he remains the only African American player ever to win the men's singles at Wimbledon, the U.S. Open, or Australian Open.

Get Them Talking

In sales it is important that you listen to your prospect or customers needs. All too often sales representatives will talk over their customers or prospective customers. 70% of all communication is listening. A good listener will always walk away from a conversation learning more from the exchange than the talker. The talker might walk away with a feeling of accomplishment because they dominated the conversation but will not have learned much from the interaction that just took place.

While this is of the utmost importance in sales this is also an important life skill. People like talking about themselves, their families, etc. Find out what is important to someone and you can turn them into a friend for life by making them feel special. Make people feel that they are special and they will line up to support you and what you do. With all of the focus of late that has been placed on the political scene, you do not have to look far to see a great example of this at work.

Ask people open ended questions. Let them speak, and listen intently (and by this I mean give the person you are engaging your complete attention). Do not answer the mobile phone, quit texting, do not check email, let your office phone go into voicemail, etc. Your undivided attention is necessary to make this person clearly understand that what they are saying to you is truly important to you. If you are in sales you will uncover needs. The more needs you uncover, the greater the opportunity you have to sell your products and services. Outside of sales you can use this simple guideline to build stronger relationships with people, to gain buy-in from those that you lead and to motivate others.

Have you ever been on the receiving end of this kind of treatment or lack thereof? How did it make you feel? Next time it happens to you, let us know about it.

What is your greatest distraction? Checking Email? Your text messages?

Review of the book "Lead Well and Prosper"

I was recently contacted by Nick McCormick, author of the book Lead Well and Prosper, and was asked to review his book on my blog. I love to read business related books, especially ones that are focused on the topic of leadership, so I was pleased to accept the request.

Lead Well and Prosper is a quick read. It is the kind of business book that you keep on your bookshelf and reference to remind yourself of the core basic fundamentals that leaders need to follow in order to be effective managers. The book also provides helpful tools in the back of the book as good suggestions in how to better maximize effectiveness.

The subjects that are covered in the book are coveted longstanding principals that Mr. McCormick points out as being critical if you are to achieve the status of a "good" manager. He also points out that being a "good" manager will separate you from your peers by virtue of "good" managers being few and far between.

There is a management practice or principal covered in the book that will speak to each individual. One such topic that I personally am completely on the same page as Mr. McCormick and feel that in today's business world more leaders need to follow is in Chapter 5, which is titled “Listen.” In today's business world, all too often the art of listening and paying attention has been pushed aside for the "art" of multitasking. Have we as leaders forgotten that as much as 70% of all communication is in fact listening? Mr. McCormick reminds us in his book that we should be giving our team members our undivided attention and that bringing a laptop to a meeting or answering your phone when you have a team member in your office are both leadership errors. In Mr. McCormick's words, these types of actions will lead to members of your team shutting down and not coming back to you when they have quality ideas that they would like to pitch to you, which include the ones to which you could add greater value. I could not agree more! Again, this is just one example of the "15 successful strategies for becoming a good manager" that Mr. McCormick covers in his book.

Pick this book up once a quarter and take it to lunch in order to get a good refresher and to ensure that you are executing the basics well. It is an investment of your time that will be well worth the effort.

Thanks again to Nick McCormick for the offer to read and write about my experience with his book titled Lead Well and Prosper. I wish him all the best in his future writing endeavors!