Bloggy Business Today

Whether the economy is in recession or business is booming, the market for executives is closely competitive.  The sourcing and recruiting for upper-level managers cannot be attributed to growth in the industry and expansion of business.

The search for executives is the result of resignation or turnover.  A good manager may leave for better income package, but oddly enough, on a scale of one to ten, executives who are enticed to resign and transfer to another employer by an increase in income package would rate no more than a four.

What are the reasons why executives leave?  One personnel organization that recently completed a study on the reasons why managers leave offers some answers.

Apart from the income package, the primary reasons for leaving a managerial position were ranked as follows:

1. Insufficient responsibility or freedom.  This situation is common among small and medium size corporations wherein a manager have limited freedom in decision making, every decision to be made must get the approval of the owner.
2. Employee is caught behind a slow-moving superior.
3. Personality clash with supervisor.  There are supervisors who feel prejudice with subordinate resulting conflict.
4. Policy or philosophy disagreement with supervisor or company.
5. Employer is growing slowly or retrenching.
6. Employee was passed over for a promotion.
7. Employee does not want to relocate.  There are employers who are not mindful about the welfare of their employees like if the employee to be relocated is married or with dependent aged parents.
8. Employee believes that his or her contribution cannot be seen by upper management.
9. Employee believes management isn’t giving enough support.
10. Employee feels out of favor with superiors.

Thousands of business students graduate every year. There are some whose parents are financially gifted and supported their decision to start their own business. The majority of the graduates look forward to landing the job they wish to have which is either is banking, sales and other business related jobs.

What will be the next move when one is settled to its chosen field? How about career advancements? Career advancements continue to be the major concern among employees and executives as well. There are possible processes in achieving goal or fulfillment of ambitions.

1. First step: Perform well. Don’t settle for “average” performance but instead, aim for being an outstanding or excellent performer. No promotion can be expected unless one has shown mastery of current position.
2. Second step: Decide in which direction one wants to advance. A promotion is not worthwhile unless it ties up with one’s goal.
3. Third step: Determine how the advancement system works in the company. There are big companies that provide “personnel advancement examination” to candidates for possible promotion. The test usually covers technical, logical, psychological and other tests to determine who among the candidates will be prioritized for promotion. Another option is to change companies in order to meet aspirations.
4. Fourth step: Identify weaknesses. A lot of strong people lack one or two important business skills and these difficulties hold them back. Most shortcomings, such as inability to cope with details or difficulty asserting oneself, can be eliminated with practice or training.
5. Fifth step: Build a network. Be surrounded with family, friends and colleagues who support the plan. No one can sustain the long term effort needed for real career advancement alone.
6. Lastly: Hang onto a written game plan. When the plan is precise, stick to it to succeed.

This is basically a post aimed at the younger generations to start wising up with the financial management in their everyday chores. The current situation we are in right now is perfect to show them how hard life is and if they are not wise in managing their finances, they may as well find themselves scampering for financial aids and burdened with debt in the process.

“Youngsters have no real concept of where money comes from and many college-age children can’t even balance a checkbook. While students continually learn and relearn American history, few are educated about its financial systems. With these severe limitations, it is important that parents start early in teaching their children the basics of financial literacy”

Here are some financial tips for parents:

1. Lean to say “no.” There is no need for you to buy your children everything they want. If you do, they will never learn the value of a dollar. If you need an excuse, tell them that your financial advisor advised against the expenditure. It’s hard to argue with an outside advisor.
2. Cash, not credit. According to the 2007 Charles Schwab Teens & Money survey, one teen in three (33%) would prefer buying things with a credit card than cash. This represents a 61% increase over last year (18%). In a world that hypes credit cards on TV and makes getting credit sound easy, it is often difficult for parents to teach their children that “cash is king.” Teach your children that if they don’t have the money for it right now, then they can’t really afford it. Teach them the value of paying off the full credit card balance each month so as not to accrue high monthly fees.
3. Make them work for it. If your children get an allowance it shouldn’t be just because they exist, it should be for their contribution to the household. Explain the differences between household chores that are routinely expected of them, like clearing the table and making their beds, and services for which they can expect to be paid, such as bathing the dog or helping their sibling with homework.
4. Refrigerator finance. In her book, It’s All About The $Money, Honey!, Ms. Woods advises to let your children know what paid-for chores they have been assigned for that week and what the monetary value is for each one. Then, post the list of chores on the refrigerator and let your child check off each chore as it is accomplished.
5. Cash, please. Pay your children immediately for their work in one dollar bills placed in their “pay envelope.” They will value the lesson of actually counting out the dollars they earned.
6. Open a savings account. Try to make savings fun for your children. Each time they deposit either birthday money or allowance, show them their statement and explain how they are accruing monthly interest. By making the process interactive your children will feel like they have more responsibility, which will make savings more fun and appealing.
7. The rule of 3. Once your children are paid, now it is your responsibility to educate them on how to divvy up the proceeds. It is important to teach them the “rule of 3″ — first they give 10% to charity, then they should save 10% in a savings account and what’s left over, they spend. It’s a powerful life lesson.
8. Enter the stock market. It’s never too early to learn about the stock market. What’s their favorite company? By virtue of their lifestyle children are already familiar with some of the biggest and most successful companies on Wall Street. How about McDonald’s, Apple or Nike? On each birthday, buy your children one share of their favorite stock and check the prices monthly so they will see how their investments are doing.
9. Encourage part-time summer jobs. Taking that first step into the job market can be scary, but with a little parental guidance, it could be the first step towards financial freedom for your children. A part-time job will not only help your children learn the value of money, it prepares them for understanding the real financial world. They will learn that Uncle Sam is their partner and that FICA is more than just a silly acronym.
10. Learn the basics. Since most of our school systems do not teach financial literacy, it is up to us to go elsewhere to learn the basics. The www.themint.org is packed with fun financial literacy activities, games, challenges, quizzes and tests for students and teens, tips for parents, and entertaining programs and lesson plans for teachers. The Internet and library provide great teaching tools; you can find helpful information on financial web sites such as www.finance.yahoo.com and www.money.cnn.com/pf as well as books such as It’s All About The $Money, Honey!, available at www.Amazon.com .

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There are a lot of successful businessmen today who toil and work hard to build stable empires thanks to hard work. The lucky patrons for such efforts would be the children and offspring who would usually be groomed to carry on the business. Sad to say, a change in business approach can be devastating even for millionaire businessmen. The difference lies on origin.

Businessmen who make a name for themselves start out with practically nothing. They chip in their saved earnings, hoping to make it big someday. Never will you see any down-line offspring of these successful men have a hard time. They have all the money to burn and will not live the hard times that their elders experienced. In short, rarely would you see a descendant become as successful as their father or mother mainly because they are too busy dreaming of lifestyles fit for a king.

You can call them lucky to have parents who are wise and witty. But put them on equal footing with aspiring tycoons today. You will note that they don’t even know how to come up with a simple business plan, market a product or plainly do a cost-benefit analysis. All they care about is profit.

Such a funny scenario. It really makes you think if these people did graduate because of wisdom or just because they had the money to pay for their grades. What a shameful act and you can just imagine the embarrassment they could get if it would be opened like a can of worms to the public.