Pension plans take biggest hit in decades, by James Daw

Another merciless plunge in the stock market yesterday only adds to Canadians' worries about the health of their pension plans.

Canadian pension plans suffered their worst quarterly loss in a decade in the third quarter, according to benefits consulting firm Mercer, and the continuing stock-market plunge in October has only made things worse. The firm estimates a pension fund that was fully funded in 1998 would now only have 72 per cent of the assets required to pay all pension promises.

The calculation is a hypothetical read on public and private pension plans and ignores the possibility of superior returns and the extra contributions employers have made.

Still, it shows many employers will have to either put more funds into their plans to make them whole or seek ways to lower their pension commitments to employees.

A typical plan will have lost money on stocks and bonds between June and the end of September and left assets down 7.9 per cent, Mercer estimates.

The continuing international credit crisis will have corporate executives worrying about future profits, the cost of credit and the heavy cost of topping up their defined-benefit pension plans.

"It's like piling on," says Paul Forestell, Mercer's retirement professional leader in Toronto.

Mercer's pension health index "is down another 2 per cent" since September, Forestell estimated shortly before North American markets closed yesterday with the S&P/TSX composite index off 4.54 per cent on the day.

"Nobody's sure where it stops," says Forestell. "It's making plan sponsors and managers nervous about their pension promises, and how much it will cost them to pay for them going forward.

"Mercer calculates the cost of paying all benefits earned to date with no further contributions. Ontario pension laws would require plan sponsors to make up a pension solvency deficit within five years.

"If they sell (stocks) now, they are potentially locking in losses that they've already incurred," says Forestell. "It's difficult to rush into major decisions about changing their asset mix, or changing the pension they have promised to people."The recent investment losses are likely forcing many people to rethink their retirement plans.

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So one of the very exciting things that SPN is implementing is The Big Omaha Conference. I don't want to spill the beans, but Jeff is working on getting some pretty inspiring folks here.

Also of note, webdevgeek is asking @caliandjody for Omaha or Midwest employers that are successfully using ROWE. I have some answers for that!

Speaking of conferences, HIghlight Midwest is coming up and I will be in Florida! I cannot believe I am going to miss it but I know it's going to be jam packed with great speakers and tons of smart people.

Whew!

Ahhh, one last thing. I wanted to let you see my take on being corporate now. Scoot on over to Fistful, won't you?

Randy, a co-worker of mine, is a total fucking dunce.

I feel better now.

Scene: Small conference room.  A dozen cushy swivel chairs surround a long wooden table.  Four employees occupy seats at one end.  Two employees, Randy among them, face a large window.

Worker 1:   Randy would you like to look at my son's fundraiser magazine?  *slides a Christmas catalogue across the table*

Randy:   *flipping through the pages*     OHHH, I wonder if they have those chocolate cookie.  The mint one that I have hard time finding at store.  I forget what magazine they come from.  But they're SO GOOOOOOOD. OH MY GOSH THEY'RE SOOOO GOOOOOOOOOOOD.

Worker 1:    Do you mean the Girl Scouts?

Randy:  *couldn't be more confused*   No....cookies.

*End Scene*

So the next time Randy calls me with a question so stupid it's not even a question - more like an affirmation of his own ineptitude - I think about the boxes of Thin Mints in my freezer, and how Randy might never figure out the mysterious source of "those mint cookie."

Will I bring him a box someday?  Maybe.  But only after concealing the Girl Scouts logo on the packaging to make him think I'm his only hope of supply.

MUAHAHAHAHAHA!

You now have 5 names on your hand for the interview. But how accurate are the qualifications mentioned on their resumes? Now you have to do your background checks. This is to ensure that mentioned qualifications are factual to the detail. Besides, these qualifications are your basis for selecting this top 5 for the interview. You wouldn't want to make the mistake of hiring the wrong employee from the start.

So you have got them all lined up for the interview, you conduct the interview and get more details from them. And they leave good impressions after the interview. You'd probably be left with 2 or three names on your list for your final selection. Then you have to do your second background checks. This time is to find out more if they are what they say. This will give you an assurance if these people who have impressed you during the interview are able to convincingly lie to you.

Also, you have to know how they were with their previous employment. Did they really give the real reasons when they left their previous employment? Do they records of theft, fraud, misconducts, insubordinations, and moral issues?

As I would say, I'd rather have a slow typing secretary than one that steals office supplies. Typing skill can be learned; yet bad work attitude will be a nightmare difficult to end.

Doing your background checks is a safety measure that people who work for your company are people you can trust, depend on and can be trusted with bigger responsibilities when the time arises.

Written By: Maella Ayson for SherlockRecords

The Godmother to my child stepped forward and gave us the outstanding balance on our mortgage - no interest, and no need to pay it back. I was stunned - and wanted to say "NO way, we are fine!' so badly. But of course I could not, as I looked into the eyes of my children. I took the money - with about a million thanks yous in return - and promised her a percentage of all the business we get will be put into paying this back.

The business is also turning a corner - which is shocking given the economy. We retrenched, decided where the most lucrative place to focus was, and it is working - so far. I do not want to jinx us, but we landed one of the biggest deals we ever have last week - and were up against multi-billion dollar businesses. A little celebrating in the form of pizza took place (home made of course -  low cost!).

We are certainly not out of the woods. The work could dry up again and we could find ourselves in the same boat. Meeting payroll is getting increasingly difficult but if we can keep landing larger deals, we will survive as will our employees. We also were successful, finally, in selling a few items to make the mortgage for the next month too.

Credit cards and some other bills are taking a back seat - they simply have to. We are working with them as best we can to get the interest rate down and get better plans. So far 99% of them have been really good - CapitalOne is the worst. No budging with them - so we simply can't pay them. They asked for it in my opinion!

I'm also exploring our options as far as government aid for food and other items. Our lender for our home is Countrywide - at first they were great. But now that I am telling them we have little or no income - they told us "We make so little they have no options for us. " This from the man in India in their call center.

If we once again face the foreclosure guillotine I will be calling someone in the US, higher up, to make arrangements. According to comments and my own research they HAVE to work with us.

I'm normally not political but I pray we can get real change - I am not an avid fan of either candidate this year - but I do know I can't take anymore Bush years. That is ALL I know. I went from being successful to barely eeking out a living in the span of 2 years. I'm not alone in that either.

I also apply for jobs all the time. Typically I'm either over or under qualified - mostly over. I can't get them to understand that I will tow the line, not try to upset the apple cart, will be an unbelievable worker, if they would just let me do the job to pay my mortgage. I'm not picky - I don't need to be the CEO! I just want to pay bills and help my family feel secure. I guess there are other more qualified candidates that probably are in the same boat that don't have to do that convincing. Often times I'm doing it in a cover letter and I have yet to actually get an interview because of that. I never can just talk to the person and explain my situation - they assume in a few months I'll be on to bigger and better things.

I would not - I would treasure them taking the risk in putting me in a lower level position than my resume dictates (which does NOT matter to me of course) - and would not jeopardize their trust. I was born on that "work ethic" so few have today - it is ingrained in me! If your employer is good to you - you are good to your employer.

But alas, I'm not sure that is how it works anymore. There are too many 'perfect' candidates to choose from now that thousands have lost their jobs at these banks and financial institutions. The glutted market is killer.

I'm in better spirits - I'm not sure my life is actually better - but for now we saved the house at least until November. I'm not sure what will become of my employee - but first things first. I can't lose my life over an employee - I certainly would not expect anyone to do that for me.

THANK YOU everyone - your support, advice and simple "hey, I'm thinking of you" did the trick. I realized I'm worth a lot - and I am going to prove to my children every day how to get through tough times. Stand up, push ahead and the worse that can happen is we live in a state funded hotel. I'll still have my beautiful kids and husband right there will be me laughing at how we ever got there!!

Life is simply too short to cry all the time.

Here are some of the stories that made us scratch our heads. Are you able to make sense of it all?

B.C.'s outlook not that bad: Economist

Stock market woes raise insurance fears in BC

Value is the key to BC's tourism industry surviving the recession

RBC says momentum in British Columbia's economy starting to slip

160,000 jobs at British Columbia, British Columbia in need of 165,00 skilled workers, and Job openings in British Columbia tell residents of the Philippines that BC is a mecca for foreign workers to find a job.

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Careerbuilder.ca conducted a survey to determine the affect birth order has on job success.

Firstborn - Firstborns are ambitious, assertive, dominant and more disciplined than their younger siblings. They're determined to succeed yet fearful of losing position and rank, and are defensive about errors and mistakes.  First born children are more likely to earn $100,000 or more annually.

The oldest tend to pursue careers that require higher education, like medicine, engineering or law. Firstborns reported having careers in government, engineering, pharmacy and science.  Workers who are firstborn are also more likely to report holding a senior management position.

Middle Child - The middle child is often seen as the peace keeper.  They are easy-going, good at negotiation and compromise and are closer to family and friends. Middle children reported earnings of around $35,000 less than oldest and youngest children.

Since middle children generally have great people skills, they reported working in jobs such as nursing, law enforcement, fire fighting and machine operation.  Middle children also reported having the highest job satisfaction.

Youngest child - Charming, creative, have a great sense of humour, but are manipulative and used to getting their own way.  Youngest children are the least likely to report earning in the six figures.

The youngest child, being creative, usually gravitates towards artistic or outdoors jobs.  Careers such as advertising, sales, design, journalism are the most reported for the youngest born. The youngest child usually holds administrative or clerical positions, and has the lowest job satisfaction.

Only child - Only children are very similar to the oldest child.  They are often over achievers, do well in school and are more articulate and imaginative than other children.

Just remember, you're not getting paid to spend your day in the restroom and I don't appreciate you messing up my daily routine of finding anything else to do besides work. Unfortunately for me, I've learned that excessive urinaters and narcs go hand in hand so you're really effing up my work day.

To be a major instrument in the country's development, primarily in terms of advancement of steel-making and steel-using technology, utilization of domestic raw materials, training and employment of local labor, supply of steel materials to major industrial users and improvement of the overall trade balance.

To our Customers

To become the reliable source for the country's steel requirements. This supply relationship with the market shall be guided by the three norms of sufficient quantities, acceptable quality and competitive prices

To our Investors

To earn for our shareholders sufficient returns on their investment and to safeguard the interest of creditors in the Company.

Towards Management

To operate with a positive and dynamic philosophy of management. This will require the continuous and consistent upgrading of the sophistication and effectiveness of managers under a development program that will assure an adequate supply of competent executives for the long-range needs of the Company.

To our Employees

To recognize that the personal interests of employees are not alien to those of the company. To maintain high standards of performance and realistic and fair compensation for that competence.

To our Community

To act as a responsible and concerned corporate citizen in the communities where we have a presence and to encourage our officers, employees, and representatives to do the same. To create an environment characterized by high ethical tone, honest and forthright actions, and maintain external relationships on a long-term and mutually beneficial basis.

Source: NSC

Google

CIA

Cisco

Rogers

நன்றி: Comparing healthcare plans - Boston.com

மேலும் வாசிப்புக்கு:

1. CJR: Twelve Questions About Health Care for Tonight’s Debate: "There’s more to talk about than taxing benefits"

2. Worlds apart on healthcare - The Boston Globe: "Obama's plan is like the new Massachusetts universal coverage law with one exception"

3. McCain plan may cost Northeast - The Boston Globe: "John McCain's healthcare plan would bring a dramatic change to the existing system: People would get a flat tax credit worth as much as $5,000 instead of the tax break on the insurance they now get at work, allowing them more flexibility to buy insurance on their own."

1. Make a good impression. Looking professional will help during the negotiations.
2. Keep quiet. Do not bring up the topic unless you are asked.  Also, it is suggested that when asked about salary before you are offered a job don't give out a specific number.  Tell the employer that you are flexible and that you need to fully understand the position before you can give out a number.
3. Do your homework. Know what others in the same position are paid.  This may require a lot of research, but there are great tools online, such as workopolis.com's Salary Calculator. You can search salaries by position and location.
4. Avoid disclosing past earnings. It may be harder for you to negotiate if the employer knows what you made in the past.
5. Encourage the employer to talk. Ask the employer what other employees in the same or similar positions make.  Ask if they have a salary range they work with.
6. Consider benefits and perks. Remember that the whole package is just as important as the salary.  Are there benefits?  How many vacation days do you get?  Are there any bonuses?  What is the work environment like?
7. Know your walk away point. What is the lowest you are willing to go?  Stay firm on this, because no matter how great the job is, you still need to pay your bills.
8. Get the offer in writing. Do not commit to the position until you see the agreement, including salary in writing.  You don't want to get into a battle of who said what.

Negotiating salary can be very nerve-wracking, especially if it is your first job, as you don't really know what to expect.  Overall, it is best to do your research and know what you are worth.  While you may not get exactly what you want at first, you will get there eventually...its just takes some time and experience.

Police have interviewed a 10-year-old boy about the incident, in which a girl, 10, was sprayed in the face.

The can of pepper spray found four days after someone sprayed a 10-year-old girl in the face at a local mosque was discovered inside the mosque, a Dayton police lieutenant said.  Read more...

That was the headline of today's Money and Market's article.  To keep my finger on the pulse of the economy, I registered to receive daily emails from Weiss Research's website.  As I was reading this morning's article, I realized the reason this country is falling deeper and deeper into economic crisis.  It's because America has lost her edge. Just because the U.S. is experiencing a period of decline, however, does not mean that we as citizens have to lose our cutting edge. 

Our economic state shows that the United States of America has reached a point where we are not the superpower we used to be.  It seems that China, along with the oil-rich Middle Eastern nations are quickly replacing America as economic and political superpowers.  One reason that foreign nations haven't counted this country out is because we are filling their pockets.  America is one of the largest consumers of oil, but development in China and India may soon change that fact.  Is it possible that this country is on the slippery slope to obsolescence?  Here is the more important question:  How can we as everyday people help this country to regain the edge that we once had?  We have to make sure that we are productive.

I hear it everywhere - from economic advisors, politicians and spiritual leaders - building business is the key to turning around America's economic state.  And we're not talking about huge corporations with 500+ employees.  We're talking about businesses that can compete in a world where money moves at the click of a mouse. In the next 5 years, more small businesses will pop up than ever before.  Businesses with a goal to solve the problems in our society.  With such an inefficient market, employees will have to get to a point where they contribute regularly to the success of their organizations - on every level.  As a vital part of the workforce and economy as a whole, it is paramount that you identify, develop and sharpen your cutting edge.

I have spent 5 years building a business and have shared with you my success, challenges and bloopers.  Regardless of my mistakes, one thing is unmistakable:  I am a person with a huge vision who isn't afraid to take risks.  I'm taking a huge risk in even writing this series of articles, but the thought that it may help impart vision to you gives me the drive I need to publish.  With that said, let's jump right in and start to figure out the importance of developing your cutting edge. 

Stop what you're doing for a minute and take a trip with me on what I like to call the Vision Journey.

(Continue reading...)

Forget about the economy for a while and push any other pressures and distractions to the backburner.  Picture a problem in society that you really cannot stand to go unnoticed.  Now just picture that you have come up with a solution to this problem - a solution that inspires you to step off of the beaten path to change this world for the better.  When you finally decide to take the road not taken, you become a trailblazer. 

Now as a trailblazer with an intended solution, you know that you cannot do everything by yourself.  Your primary goal is to identify the safest path from where you are to where you want to be. So let's say that you choose to build a business to accomplish your goal.   You have envisioned the exact place where you want your business to be located, but it requires you to travel through the wilderness to get there.  This would be ok if you were flying solo, but you have a team traveling with you.  So in addition to creating your path to travel through the wilderness, you have to make sure that you leave markings so that your team can follow your trail. 

Just to recap, you are the visionary who goes ahead of your team to blaze the trail, having envisioned the final product.  Your executives follow.  These are people who remove major obstacles like trees and shrubs from your path.  Then your team members come through to turn the trail into a beaten path.  Once you have a beaten path, its easy to drive traffic along your road.  Everything doesn't have to be perfect before you start.  You blaze the trail.  Then let your team turn the trail into a beaten path.  Once traffic starts flowing, the masses of people who want to take your path will pave the road.  They will fill in the details.    

This may sound crazy, but this is how many successful entrepreneurs build their organizations.  Personally, they start off with a particular picture of what they want to happen and identify the most direct route to get there.  They connect with people who have the same mission, but may not have the same level of risk-tolerance.  Together, they remove the obstacles and turn the blazed trail into a beaten path.  The third wave of team members come through to actually prepare the path for the masses of people on the same mission.  This last wave of people actually turn the once beaten path into a paved road.  But someone has to go before everyone else and blaze the trail. 

Are you tired of taking the beaten path?  Do you envision something different than what already exists?  Are you looking to enhance your life and the lives of others?  If so, it may be time to come off of the beaten path and begin to blaze your trail.  Solving the widespread problems in our society takes someone who is sharp and also passionate about their mission.  It takes someone with edge.  Are you on the cutting edge?

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What is more important in their investments, the team or the concept / product?

His reply was a simple one and here it is:

We’d invest in an A Grade team with a B Grade product, but we wouldn’t invest in an A Grade product with a B Grade team.

Startup blog agrees. Though I did here that he was pretty 'anti-tech' as far as their investments go...

But the first piece of advice is worth adhearing  to. Above all things build an A Grade team, be an A Grade entrepreneur.

And so again we hear that the people in your startup are way more important than the secret sauce. It is without irony that A Grade teams more often than not find A Grade ideas too.

General Motors Corp. announced in early June that the plant at Stroop Road and Kettering Boulevard would be closed by 2010 or earlier.

On Friday, Oct. 3, GM gave a more precise date for the closing: Dec. 23.  Read more at daytondailynews.com

By D.L. Stewart - Dayton Daily News

Why Dayton?

"Why not Dayton?" replied Gibson, who will tape interviews in Dayton during the day on Monday, Oct. 6, and anchor that evening's "World News with Charles Gibson" from an outdoor location along the Great Miami River.  Read more...