Some more random thoughts as those of us who are members of Red Sox Nation hold out hope that Terry Francona is saving his best for the second half of the season.
• So what do rich people worry about in regards to their personal wealth? According to a “U.S. Trust Survey of Affluent Americans,” they worry most about terrorism here and abroad and the negative impact it could have on the economy and securities markets.
Nearly 90 percent of the nation’s wealthiest citizens cited the impact of terrorism as their primary concern now, up from 86 percent in 2003. Growing concern about the impact of terrorism far surpassed the second-ranking financial worry among the affluent – that the next generation will have a more difficult time financially.
Selling Luxury Real Estate Requires More Than Exposure
By Emilio DiSpirito IV License Partner | Private Office Advisor Engel & Völkers Oceanside www.DiSpiritoteam.com…
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• The Poverty Institute, which operates out of Rhode Island College, released its annual Standard of Need findings last week. The results include some interesting statistics. Here’s one: A job that pays $11 per hour will result in annual earnings of about $23,000, the minimum income needed for a single-parent family. However, the Bureau of Labor Statistics reports that of the 10 fastest-growing jobs in Rhode Island, six pay less than $10 per hour.
• Good luck to Mark Brewer, new president and CEO of the Rhode Island Airport Corporation. Brewer had been the corporation’s senior vice president and chief operating officer for the past seven years.
T.F. Green is at a crossroads. Manchester Airport in New Hampshire has enjoyed rapid growth over the past couple years. In Boston, a new tunnel – and the fact that the completion of the Big Dig is now in sight – has people looking at Logan Airport in a more favorable light.
Meanwhile, a plan to extend the main runway at T.F. Green to allow for more direct flights to the West Coast continues to stir controversy. The next few months are critical at T.F. Green, one of the state’s most important economic generators.
• Teachers in Providence probably did more for their image in the eyes of the public than they can imagine when they recently reached an agreement with the city that calls for them to pay for 10 percent of their health insurance premiums.
The teachers’ union also agreed to add about 30 minutes of instruction time to the school day – establishing a minimum of 5.5 hours per day. That’s a good thing. But it was also the right thing to do in this economic climate.
Remember that teachers in the capital city are paid extremely well and enjoy terrific benefits. Their salary range now runs from $33,000 at entry level to $67,000 at the top step.
Gary Sasse, executive director of the Rhode Island Public Expenditure Council, called the agreement a “reasonable tradeoff.” That sounds about right. It will be interesting now to see whether this sets a precedent with the other city unions – police, fire and laborers – that are operating without a contract.
• Speaking of salaries, if you are interested in that kind of thing, you may want to visit the Rhode Island Public Policy Institute’s Web site. The organization, along with Common Cause, requested – and received – personnel lists, including name, position and salary for public employees under the state’s Open Records law. It’s an interesting read. Go to ripolicy.com.
• More private companies are paying closer attention to their accounting practices. According to a Robert Half survey, reform in the accounting profession has compelled private companies to take a closer look at their financial and accounting practices – and many of them are making changes voluntarily.
The survey of private businesses found that 48 percent of CFOs said they have made adjustments to their firms’ accounting processes since the introduction of new regulations for public companies. Payroll and benefits were cited as the most frequent areas of change.
• It seems to me there were business lessons to learn from watching the Detroit Pistons’ recent dismantling of the Los Angeles Lakers in the NBA Championship Finals. The Lakers had the best big man and perhaps the best all-around player in the league. Prior to this season they added to that mix by signing a pair of future Hall-of-Famers.
The Pistons, on the other hand, had a core of decent players, and then a collection of castoffs – players who for one reason or another didn’t make it with other clubs. So what happened when the two teams met in a best-of-seven series for the NBA title?
The Pistons won – easily. They won because they did all of the little things. They played terrific defense, which is a lot of work and not much fun. They hustled on every play. They passed the ball to one another. They listened to their coach.
The Lakers played like a bunch of prima donnas. They didn’t hustle. They didn’t play defense. They didn’t pass. They complained and made excuses instead of working harder.
So what’s the lesson? There are a few. For example, don’t underestimate what your employees can accomplish when given the opportunity. Doing the little things does matter. And working as a team – whether you are manufacturing widgets, baking muffins or playing basketball – is going to produce better results than a collection of workers doing their own thing. Just ask Kobe and Shaq.
