Using the Power of Social Networking in a Recession
Jack Keogh

I “discovered” Facebook a couple of years ago when I received an invitation to be a “friend” of the teenaged niece of a family connection in Mexico. I accepted the invitation and, to my surprise, some twenty minutes later, I got a message from my daughter – in her early twenties – saying “Dad, get off this site – it’s for kids, not people your age!” At that time, Facebook had a mere 12 million members. My daughter fretted that the site, designed for college students, had been hijacked by teens. I marveled at the connectedness of the younger generations – how did my daughter, at work in New York City, realize so quickly that I had responded to an invitation from Mexico? Then, undeterred, I went ahead and set up my Facebook profile. I figured that one more profile might complement my web “presence” – company website, blog, and profiles on Linked-In and Plaxo. What, did I learn and how can it be helpful to you?

In recessionary times it is very smart to stay in touch with as many social and professional contacts as possible. Reinforcing the connections with the people you work with and improving your ability to stay in touch with and expand your “network” of contacts, is a great way to join the digital revolution - in the unlikely event that you are not already on board. For starters, I’d like to share a quick and simple method that I use for researching contacts.

I use the search feature on ZoomInfo.com. Suppose that you want to research a potential contact – take me, for example. Type in “Jack Keogh” and the site delivers a list of “Jack Keoghs” retrieved from the web. You can refine your search to pick the name that most closely matches your contact. In my case, I usually come us in about the second spot on ZoomInfo. When you find me, click on the profile page and then click “view sources” at the top right corner and you will get a good listing of all the information on the web about me. Not perfect – but you find out more than the controlled “public” profile delivered by Plaxo or LinkedIn. In terms of keeping up with your existing networks, do you know how many people can you reach out to?
Facebook, the “new” social networking giant was designed a college student Mark Zuckerman now 24. It has grown to 175 million users. The MySpace network has 130 million users and is enjoying new growth among the 6.9 million 55 year old plus generation who spend an average of 204 minutes a month on the site. Not to be outdone, Facebook's greatest growth has come from 35-49 year-olds and it has added twice as many 50-64 year-olds as those under age 18. It is the new leader of the pack, worldwide, with monthly visits by three out of ten Internet users. According to the Pew Internet & American Life Project, fully one third of adult internet users have a profile on a social networking site – an increase of 25% since 2005.

A new study from Nielsen shows that “Social networking and blogging sites are now the 4th most popular activity on the Internet (overcoming personal email) with 67% global reach as to December 2008. That is 5% more of what they attracted a year ago. While social networks started amongst the younger audience, today’s audiences are becoming broader and older. This shift has primarily been driven by Facebook, successfully opened opportunities of social networking to a much wider audience”.

The Nielsen Report states that “Social Networking has been the global consumer phenomenon of 2008. Two-thirds of the world’s Internet population visit a social network or blogging site and the sector now accounts for almost 10% of all internet time. ‘Member Communities’ has overtaken personal Email to become the world’s fourth most popular online sector after search, portals and PC software applications”.

According to Nielsen, “the story is consistent across the world, ‘Member Communities’ has taken a foothold in every major market from 50% of the online population in Switzerland and Germany to 80% in Brazil. Facebook has become the largest player on the global stage, dominant in many countries, yet localized offerings have won the day in many others. However, the growth in popularity of social networks – and the resultant broadening audience – is only half the story. The staggering increase in the amount of time people are spending on these sites is changing the way people spend their time online and has ramifications for how people behave, share and interact within their normal daily lives”.

Although adults share some teen internet habits like connecting with friends, planning events, staying in touch, it seems we now differ form the teenagers by using social networking to meet new friends from across the country and across the world. The sixteen-and-a-half million adults ages 55 and older who are already engaged in social networking have helped AARP’s network attract 350,000 users who have already created 1,700 interest groups. Another site, designed for baby Boomers, is Eons.com which has 800,000 users.

In my native Ireland, adults still use the “Pubs” to gather with friends and share group moments. Our bars serve the same purpose. As we grow up and become geographically mobile because of our jobs we are often living further and further away from our family and old friends. Social networking on the internet can help bridge that gap.

Just a few days ago, I got another invitation to be a “friend” on Facebook. This time it was from an elementary-school classmate with whom I had completely lost contact since I was about 12 years old! The upside to social networking is the ability to reconnect with long lost friends and to stay in touch with the many people we meet along the way in our journey through life. In order to minimize the potential downside (sharing too much personal information) before you post, remember that whatever you write can be read by millions of people – most of whom are not your “friends”. Your career is as strong as your personal network; and these days, with people spending more and more time at work, your personal life may only be as vital as your professional network. I think it’s smart, most especially in a recession, to become fluent with social networks and to discover the power of relationship.

Ireland Rolls the Dice on Financial Bailout

Ireland has launched a full-scale rescue of its financial system, issuing a state guarantee worth €400bn (£316bn) to cover the key liabilities of its biggest banks and mortgage lenders.

The Irish government guaranteed all deposits and debts of the country's major banks, one day after the Irish stock market plummeted 13%, nearly twice the decline of the Dow Jones industrials according to the LA Times

"We have to create confidence," Finance Minister Brian Lenihan said on RTE Radio, according to Bloomberg News. "We can't bail out a particular bank. That wouldn't be right. What we have decided to do is give a general guarantee that the banks can lend in security and safety."

According to the Guardian newspaper, "desperation can sometimes engender inspiration. During Monday night, the Irish government was facing the potential collapse of the Republic's banking system. Shares in Anglo Irish Bank had lost half their value in a single session, with similar sharp falls in other publicly listed Irish banks. Real concerns about the stability of Ireland's banking system – prompting a signal from the government a week earlier that it would "intervene" in the event of a bank collapse (Irish Times) – that had been percolating for months finally boiled over.

The goal is to jumpstart international confidence in Irish banks, to help unfreeze interbank money markets and give potential lenders confidence based on the Irish government's guarantee.

Domestic reactions to the bailout scheme were broadly positive. Although there were warning voices about the enormous risk potentially being taken on by the state – the €400bn commitment is more than twice Ireland's GDP and nearly 10 times its entire national debt – and critics on the left demanded that the Irish taxpayer be compensated for the risk with an equity stake in the institutions.

Other observers put the deal in its dramatic historical context, comparing it to the Irish decisions – also born of desperation – to open up its economy, slash taxes and grab foreign investment, that led to the Celtic Tiger phenomenon of supercharged Irish economic growth in the 1990s through the early part of this decade.

But for a government that seemed impotent and paralysed in the wake of the defeat of the Lisbon European reform treaty referendum in June, the radical action has proven to most Irish observers that their government – unlike most others in the western world – is willing to try whatever it takes to get through this crisis."

Corporate Global Mindset

Geocities.com poses the following questions:
Why are some companies highly successful in spotting and exploiting global opportunities, while others mismanage them or miss them entirely? The answer could lie in the company’s mindset, a topical subject currently doing the rounds at numerous executive education seminars. The term corporate mindset refers to how the company sees the world and how this affects its actions.

For companies operating on a global scale, developing a global corporate mindset presents a formidable managerial challenge. The corporate mindset determines to what extent management encourages and values cultural diversity, while simultaneously maintaining a certain degree of strategic cohesion. Developing a global corporate mindset and a group of global managers as its main flag bearers has become a key prerequisite for successfully competing and growing in worldwide markets.

Think Globally, Act Locally

""Think globally but act locally" sounds nice", says an article in the Washington Post, "but most people think and act locally, and short term to boot. This is why efforts to conserve resources and energy, reduce pollution, and decrease carbon dioxide emissions remain fragmentary and marginal. The scale and complexity of the problem are enormous. Most of the world's societies, including ours, resist acknowledging the problem and refuse to seriously tackle it."

Future World class Economies

From the archives of Workforce.com:

"The Philippines now rivals India for BPO investment and leads Southeast Asia in call center growth. Vietnam successfully competes against both China and India for software development centers and pharmaceutical facilities. Bangladesh is pulling light industry out of India and China, and Turkey is beating out Eastern Europe for auto assembly.

The Philippines, Vietnam, Bangladesh and Turkey are part of the "N-11," the Next Eleven, a designation developed by Goldman Sachs in 2005 to identify a group of developing countries with the demographics and economic capability to become major economies and potential rivals to the "BRIC" nations (Brazil, Russia, India, China). In addition to the Philippines, Vietnam, Bangladesh and Turkey, the N-11 includes Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria and Pakistan."

Relocating to find a new job

From MSN Careers with Career Builder.com:

In an ideal job market, you would find the job of your dreams right under your nose. You'd have a hefty paycheck, great benefits and flexibility, and you'd wake up every day loving the work you do.

The reality is you'll probably spend several weeks -- even months -- scouring the Internet and chasing job leads just to find a few openings worth pursuing. Even after all of your efforts, the jobs you find may fall short of meeting all of the criteria to be the right opportunity for you.

People in such situations may never come across their dream job because they've limited themselves in the job market. They've narrowed their search to local job openings and have no idea that their dream job is actually in another city or state.

Many people, however, would be willing to pursue those opportunities if they were aware of them. According to a study from CareerBuilder.com and Apartments.com, conducted by Harris Interactive, 59 percent of employees say they'd be willing to relocate to another city for a new job and 44 percent say they'd be willing to relocate to another state, province or region for a new job.

"Depending on your career goals and where you live now, your best chance of finding work and achieving a rewarding career may be in another city or town," says Michael Farr and Laurence Shatkin, co-authors of "Today's Hot Job Targets."

They warn, however, that relocating for a job isn't the best option for everyone. In their book, they encourage people to consider five factors before making the decision to relocate.

International Travel: Good for Children

Rebecca Ruiz at Forbes.com says: "Parents have been sending their children abroad for education and culture since at least the advent of the Grand Tour in the 15th century. At that time, young men from aristocratic families spent months traveling Europe with the aim of learning about music, classical history, languages and art, among other subjects.

Times have changed and now kids have countless demands on their time, from SAT-prep courses to playing the latest Wii game. But that doesn't mean parents should give up on turning their son or daughter into a world traveler. Even by taking one trip abroad each year, parents can instill in their children an appreciation for languages, food, history and cultural traditions.