Employee of the year
Operation
Italian brain surgeon Claudio Vitale is dedicated. During a recent operation, Vitale began to experience chest pains. But he knew if he stopped the procedure, the patient might die. So he soldiered on.
From the Medical News Today Web site:
But he felt he could not stop what he was doing because although he had removed the tumor by then, there was a bleed that needed urgent attention. So he asked a nurse to take a sample of his blood and test it. The test shows the enzymes were elevated and he was indeed having an “infarct” or attack.
His medical team became very concerned and urged him to stop and get emergency treatment, but Vitale refused, saying he had to stop the hemorrhage, and then they could take over.
Vitale stabilized the patient, then underwent his own procedure to clear a blocked artery. At last report, both patients were recovering.
Don Mecoy
Business Writer
More proof of global nature of recession
The latest proof that the recession has reached just about everywhere: abandoned luxury cars at the Dubai airport. The Times Online recently reported that expatriate workers are parking their cars at the airport and boarding planes to escape their debts and the area’s fading fortunes.
Many Westerners invested in Dubai’s skyrocketing real estate market, buying and reselling homes before building was even complete. But, as the recession took effect, property and financial companies made thousands of workers redundant and banks tightened lending. Construction companies have delayed or cancelled projects and tourism is slowing.
There are increasing signs that the foreigners who once flocked to Dubai are leaving. “There is no way of tracking actual numbers, but the anecdotal evidence is overwhelming. Dubai is emptying out,” said a Western diplomat.
However, The National makes the situation sound less dire.
Don Mecoy
Business Writer
Where the jobs come sweeping down the plains
Smart Money magazine recently featured five areas with promising job prospects. Oklahoma was one of those areas (along with Texas, Utah, D.C./Northern Virginia and Wyoming).
From the Web site:
Oklahoma’s employment outlook is a far cry from that of the Dust Bowl era. Known for producing and distributing wheat, corn and cotton, the state reaped some nice profits from its agricultural roots last year, says Bland. It was also helped by its exposure to the oil and natural gas industries. Not only that but the state’s capital, Oklahoma City, currently boasts a 4.6% unemployment rate, the lowest of all the larger metropolitan areas. Some of the state’s big employers include Devon Energy, Chesapeake Energy and utility company Oklahoma Gas & Electric, a unit of energy-services provider OGE Energy. The stimulus bill could add an extra jolt to the state’s energy sector, which could help create posts for engineers and technicians positions, says DeVol.
Don Mecoy
Business Writer
Job losses in current recession dwarf earlier recessions
Here’s a scary chart from The Gavel blog by U.S. House Speaker Nancy Pelosi. The green line represents job losses in the current recession. The red and blue lines show job losses in recessions in 2001 and 1990, respectively.
This chart compares the job loss so far in this recession to job losses in the 1990-1991 recession and the 2001 recession – showing how dramatic and unprecedented the job loss over the last 13 months has been. Over the last 13 months, our economy has lost a total of 3.6 million jobs – and continuing job losses in the next few months are predicted.
By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recession, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.
Don Mecoy
Business Writer
Devon Energy: No layoffs ever
We recently ran a story about several Oklahoma businesses that made Fortune’s list of the “Best 100 Companies to Work For.” As part of Fortune.com’s online coverage, the writer takes note of several large companies that have managed in good times and bad to avoid ever laying off an employee.
Devon Energy, which placed 13th overall in the list of top 100 companies, was featured:
The company has been able to avoid layoffs by making sure it keeps costs low during economic downturns and booms alike. Before the current crisis, Devon chopped its operating budget to match its cash flow from oil and gas production.
Devon also takes a prudent approach to hiring, maintaining an efficient workforce of highly trained employees. Voluntary turnover is a steady 4% a year. And instead of the traditional annual salary review, the company’s compensation process is flexible: In slow years, employees sometimes forego raises, and in good times, they may be rewarded with midyear pay increases.
That has got to make Devon employees feel pretty good, particularly when the company’s earnings reports turn sour.
Don Mecoy
Business Writer
Bankers magazines fold
Another victim of the cratering economy has emerged. A company that produces magazines aimed at bankers has suspended operations and is looking to sell off its assets, the New York Times reports.
More than two dozen employees who worked on the magazines — Trader Monthly, Dealmaker, Private Air, Corporate Leader and Cigar Report — are on unpaid leave
Luxury advertising has declined sharply as high-end companies’ sales have suffered. Also, Richard Skeen, who was the president of sales and marketing at Doubledown through December, said that advertising to bankers and encouraging them to spend money became “incredibly out of vogue.”
“It felt kind of yucky and funny, like you show up to a party in a ’70s outfit and it’s an ’80s-themed party,” (sales and marketing president) Mr. (Richard) Skeen said.
Don Mecoy
Business Writer
Americans’ leisure time declines
Americans have a lot less leisure time than they did last year, according to a recent poll.
The median number of leisure hours dropped 20 percent this year to an all-time low of just 16 hours a week, according to a Harris Interactive survey of 1,010 adults. However, respondents said they are spending more time watching TV, exercising and with family and kids.
The average American spends 46 hours a week working, which includes housekeeping and studying. When Harris first asked this question in 1973, the median was 41 hours a week.
In 2008, Americans increased their work week one hour, yet claim to have lost four hours of leisure time. Where did the rest of the time go? We have a theory. As the American economic situation worsened, people who were worried about their jobs spent more time “just checking in” via computer or wireless device. While our respondents didn’t consider this as time spent working, they also didn’t count it as leisure time and landing instead in a nebulous grey area.
Also, as leisure time shrinks, Americans appear to be indulging more in solo activities. Four of this year’s top five choices are typically done alone: reading, watching TV, exercising, and computer activities. Reading, watching TV and exercising all increased this year, while computer activities dropped 2 points. While this may seem counterintuitive, since our research indicates that US Internet penetration is at an all-time high, it does add credence to our theory that Americans may be spending just as much or more time on computer activities, yet are considering this time as neither work nor leisure.
Don Mecoy
Business Writer
Shopping cart snafu
The shopping cart may have been invented in Oklahoma City (in fact, there is a tiny working model of one that sits near my desk in homage to that achievement). It’s not a perfect creation. However, I think it’s clear to anyone who has ever operated on that the wheels on the bottom allow the cart to move freely.
Clean up on aisle seven!
Don Mecoy
Business Writer
Cutting the cord
I recently took three days off work to spend time with visiting family members. By 9 a.m. on my first day off, I was corresponding with my supervisor and sources via e-mail. My siblings likewise frequently checked messages via cell phone or computer during their visit (to the consternation of our mother).
It’s typical vacation behavior for a wired workplace, and it’s particularly common among executives, according to a recent survey. Fifty-eight percent of business leaders make themselves available to people back at the office on a daily basis, according to a worldwide survey of 235 senior executives and managers conducted by NFI Research. Eleven percent make themselves extremely available, while 47 percent make themselves somewhat available.
While on vacation, the majority (74%) of business leaders check their email,
use a computer (57%), use the Internet (55%) or use a Smartphone/PDA (54%).
According to the survey, respondents said that while while on vacation they generally:
As one business contact sagely advised me after I told him that I was answering his email while on vacation: STEP AWAY FROM THE CRACKBERRY.
Don Mecoy
Business Writer
Aging video stars
It’s remarkable to be old enough to be nostalgic about video games. Blogger Mark Bottrell has been keeping track of all the active professional athletes who are active in the major leagues and the NFL since they appeared in the 8-bit Nintendo video games RBI Baseball, Tecmo Bowl and Techmo Super Bowl.
Sadly, only one remains: Punter Jeff Feagles.
Madden ‘08 is fantastic, but it’s hard to explain how exciting it was to play the first decent video football or baseball game with actual pro players.
Don Mecoy
Business Writer
