Evaluation of Training - AIMA's workshop on 1-2 Feb 2013, New Delhi‏

Hello All

All India Management Association’s Centre for Skill Development & Training (CSDT) presents a two day training program on “Training Evaluation”, scheduled on 1-2 Feb, 2013 at India International Centre, New Delhi.

It is important for organizations to analyze the extent to which the training efforts are contributing towards the goals of the organization, therefore “Evaluation” plays a critical role in any training function.

“What, when and how to measure” - AIMA’s workshop on the theme educates the participants on various methods to measure training impact.

We take this opportunity to request you to participate and also

nominate colleagues/practitioners for the workshop. The details of the workshop are attached and are also available on our website link http://www.aima.in/media-centre/events/workshop_on_training_evaluation.html

We will appreciate your participation and an early confirmation.

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Illustrative Example of A Repurchase Transaction

A few weeks ago, we introduced the topic of repurchase agreements (repos). Today, we will present a worked-out example of a repo transaction so as to better illustrate its most important concepts. In this example, Prime Broker B finances repo positions for Hedge Fund H. Two broker/dealers, Broker M and Broker S, also participate as counterparties in this example.

Repos provide leverage: Hedge Fund H gets the use of a security without having to expend the purchase price of the security. Instead, Hedge Fund H is charged repo interest on the cash borrowed from Prime Broker B, which is offset by the coupon interest Hedge Fund H earns on the security; the difference is the carry on the trade (cost of keeping the position on). Thus, Hedge Fund H is able to finance many more securities this way as compared to outright purchase.

First Monday

On Monday, Hedge Fund H purchases $1M face of 10-year Treasury note with a 6% coupon at a price of 101 from Broker M in the cash market. There is $20,000 accrued interest in the note as of Tuesday, for which Hedge Fund H must pay. The settle date for the purchase is Tuesday (i.e. it is regular settle; cash settle would occur on Monday). On Tuesday, Broker M delivers the Treasury Notes to Hedge Fund H’s custodian, Prime Broker B, and Hedge Fund H wires $1,030,000 ($1M face * 1.01 + 20,000) to Broker M.

First Tuesday

On Tuesday, Hedge Fund H also enters into a 1-week term repo transaction with Broker S for $1M of the same Treasury Note, which is now priced (on Tuesday) at 101.5. The repo interest rate on collateral is 5%. The full price of the note (that is, including accrued interest) is 103.5. Broker S charges a 2% haircut on the Treasury note. Hedge Fund H delivers the $1M par of Treasury notes to Broker S on Tuesday. Broker S pays Hedge Fund H ($1,035,000 full price / 1.02% haircut) = $1,014,706 proceeds. (In reality, the price is usually rounded. In this case, it would probably be rounded to $1,015,000).

Note that Hedge Fund H paid out $1,030,000 for the purchase of the security, and received in $1,014,706 by repo’ing the security. Thus, Hedge Fund H’s net cash flow is -$15,294 on the first Tuesday. This reflects both the haircut and the price movement of the security.

Second Tuesday

For the one week period (Tuesday to Tuesday), Hedge Fund H accrued 7 days of coupon interest at 6% annual on $1M = (7/182) * ($1M) * (.03) = $1,153. The note is currently carrying $20,000 + $1,153 = $21,153 accrued interest.

The current price of the Treasury note has risen to 103 over the last week. Hedge Fund H sells the Treasury note to a counterparty for $1,030,000 + $21,153 = $1,051,154.

On the same day, Hedge Fund H receives its $1M par Treasury Notes back from Broker S. No coupon was paid during the period. Hedge Fund H calculates the repo fee to Broker S as 5% on the $1,014,706 proceeds for 7 days = (7/360) * ($1,014,706) * (.05) = $986. This repo fee plus the original proceeds of $1,014,706 sums to $1,015,692, which is the amount Hedge Fund H wires to Broker S.

Note that Hedge Fund H paid out $1,015,692 when terminating the repo, and received $1,051,154 for selling the note, giving Hedge Fund H a positive cash flow of $35,462 on the second Tuesday. When this cash flow is netted against the cash flow from the previous Tuesday of -$15,294, the total profit from the transaction is calculated to be $20,167.

The gain or loss on the buy and sell of securities, calculated on a FIFO-lot basis, plus the interest income earned, less the interest expense incurred, represents the total profit from security trading. Repos and reverse repos are simply methods to finance security trades.

Demand and Supply of Capital for Investments

Demand for Capital

The demand schedule for capital refers to the arrangement of the various proposed projects in a descending order according to their estimated rates of return together with required amounts of capital needed by the respective projects.

Before analyzing the investments, the management must understand the nature of opportunities. Some investments are complimentary i.e. making one investment implies that another investment will be necessary. Some investments are mutually exclusive i.e. acceptance of one, implies rejection of others and some investments are independent. It is therefore necessary to identify the various opportunities of investments. Alternative investments can be ranked according to their relative profitability. It is also important to distinguish between cost reducing investment and revenue increasing investment.

According to W.W. Haynes “any investment decision is profitable if it adds more to revenue than to cost or if it reduces cost more than the revenue.”

An important element in the analysis of demand for capital is the productivity of proposed capital outlay. The yield must be calculated in terms of individual projects. It is the expected productivity of marginal unit of capital i.e. the key factor in the appraisal of allocating capital funds and not the profitability of the old and sunk investment based on the estimates of the historical costs. The past is useful only as a guide to the future i.e. the future profit which is more relevant and influences demand for capital; besides the capital yield should be calculated over the whole lifetime of the asset. Undoubtedly all the future ventures of capital investment involve risks.

 

Supply of Capital

There are fundamentally two sources of supply of capital:

1. The internal sources of supply of capital are depreciation charges, and retained earnings. The capital expenditure of many firms is confined purely to the amount that can be secured internally. Therefore amount that can be expected from accumulated depreciation and from retained earnings comprises the most significant part of capital budgeting. The retained earnings as a source of supply of capital makes the plough back policy an integral part of capital budgeting.
2. The external sources of capital are issue of shares and debentures and inter- firm borrowings. The external sources which depend on issue of shares, debentures and inter firm borrowings are very volatile and depend upon the overall atmosphere in the capital market, the company’s reputation, its financial backing and the integrity of its management. Whenever the firm decides to acquire external source of finance its project, it has to think many a times about the cost of capital.

 

Cost of Capital

The cost of capital is the rate which must be paid to obtain funds for operating the enterprise. As the supply of capital comes from several sources, each source has to be analyzed carefully because every source has a different cost component.

There are innumerable difficulties that arise while measuring the cost of capital and hence the determination of company’s cost of capital is subject to various margins of error. The computed values can be at the most regarded as fair approximations of the cost. The cost approximation includes the computation of the cost of debt capital, as well as cost of preference share capital, the cost of equity capital, the cost of retained earnings, the cost of depreciation funds etc. The capital costs are determined by a number of forces that exert their influence on capital markets. The Government itself is the single most important determinant of the interest rate structure through resorting to various policy measures by exercising control over reserve requirements, rediscounting facilities selective controls and open market operations. The Government influences the cost of capital. Similarly the investor’s psychology, their confidence and business outlook also affect the yields on security issues. Estimating the cost of capital requires the knowledge of market value of securities and cost of floatation.

To conclude, the cost of capital is a complex subject although determining the firm’s cost of capital is an essential part of capital budgeting process. Firms raise funds in many forms including long-term and short-terms debts, stock, retained earnings and lease financing. Each source of funds has a cost and these costs are the basic inputs in the cost of capital determination.

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21 Sample Poses to Get You Started with Photographing Women – Part II

This article is a sequel to the previous article about posing women. If you haven’t read it, I would kindly recommend you to start with 21 Sample Poses for Photographing Women – Part I, as basic principles why and how to use these samples remains the same.

OK, let’s continue.

1. Good starting pose. And very nice way to make the model slimmer. The model should push her chin forward and tilt it slightly down while at the same time the shoulder up, but not too much! There should definitely be a little gap between chin and shoulder.

2. Most often the best poses are the simplest ones. For female models supporting body on just one leg and curving the body in an S shape is a simple starting rule.

3. Very beautiful way to utilize a wall or some object for a portrait pose. Model should gently touch a vertical surface with her hands.

4. If your model has long falling hair, try showing them in motion. Ask her to quickly spin her head to a desired position allowing the hair to continue the movement. You might want to experiment with different shutter speeds to either capture or avoid a motion blur. These are usually very positive and rewarding shots.

5. Suitable for sitting on a couch or in bed. In order to add some thematic depth, the model could hold a coffee cup in her hands, maybe implying that she is warming her fingers.

6. A nice and cozy pose, very suitable for indoors with the model sitting on a couch.

7. Another variation for a model sitting on a couch.

8. Very nice looking casual pose for a model sitting on the ground. Try different shooting angles, for example, move gradually around the model or change the shooting point’s height.

9. Sitting positions are not limited to casual shots. Don’t be afraid to try some sitting poses also for more formal shots.

10. According to some popular and commonly exploited body language rules, crossing arms and legs means putting up some barriers etc. Even if such beliefs are widespread, it doesn’t mean they are correct. In pictures crossed arms on the chest don’t send any subconscious signs or warnings at all! Crossing arms and legs in all different ways is absolutely fine for people photography.

11. Not always your model needs to “place” hands somewhere specifically. It is absolutely fine to leave them loosely by the sides. The same goes for legs, no exaggerations – one leg supports the weight, that’s the only rule you need.

12. Just another sample for a full height shot you can use as a starting point. Thumbs or hands partly in side pockets also work fine.

13. A very nice pose for summertime. Let her lose her shoes and ask her to walk slowly. Walk and take your shots slightly from behind.

14. Hands behind the back, unusual but very open gesture. She might as well stand and support herself against a wall.

15. Very easy and beautiful pose for a formal portrait. Model should turn a little bit sideways, head turned slightly down and towards the camera.

16. Placing both hands on the waist is also a very photogenic pose. Works well both for half and full height shots.

17. If available, some higher furniture or interior object might be helpful to place an arm on and slightly support the body. This will create a formal but at the same time an open and positive posture.

18. Partly sitting on some object is another very nice pose. Works well indoors as well outdoors in a city.

19. An example of a feminine and fashionable pose for a full height picture.

20. Demanding pose, because indicating model’s movement is not easy. However, if done right, very rewarding for trendy fashion or very elegant full height shots.

21. Lovely looking pose for the appropriate settings – the model is supporting herself against some fence or bridge railing or some similar object. Shooting from a side with a large aperture provides good opportunities for a shallow depth of field with a nicely blurred background.

Interesting Case Study.!!. Samosa Vendor-India!!

The Samosa Vendor
White Collar Vs. Blue Collar

A short, but, a real story!
Today in India its unbelievable .......
The numbers are a little difficult to
swallow, ......  But interesting nevertheless.
It was my regular train journey home from
work. I boarded the 18:50pm train at from Paranur. When the train was about
to leave Guduvanchery, a samosa vendor with an empty basket got on and
took the seat next to me. As the compartment was sparsely occupied and
my destination was still far away, I got into a conversation with him.
Me: "Seems like you've sold all your
samosas today."
Vendor (smiling): "Yes. By God's grace,
full sales today."
Me: "I really feel sorry for you people.
Don't you get tired doing this tiresome job the whole day?"
Vendor: "What to do, sir? Only by selling
samosas like this every day do we get a commission of 75 paise for each
samosa that we sell."
Me: "Oh, is that so ? How many samosas
do do sell on an average each day?"
Vendor: "On peak days, we sell 3,000
to 3,500 samosas per person. On dull days, we can't even move 1,000 samosas
a day. On an average, we sell about 2,000 samosas a day."
I was speechless.....for a few seconds.
The guy says he sells 2,000 samosas a day; at .75 paise each, he makes
about 1,500 rupees daily, or 45,000 rupees a month. That's Rs. 45,000 a
month. OMG. I intensified my questioning and this time it was not for time
pass.
Me: "Do you make the samosas yourself?"
Vendor: "No Sir. Our proprietor gets
the samosas through a samosa manufacturer and we just sell them. After
selling we give him the money and gives us 75 paise for each samosa that
we sell."
I was unable to speak a single word more
but the vendor continued...but one thing...most of our earnings are spent
on living expenses. Only with the remaining money are we able to take care
of other business.
Me: "Other business? What is that?"
Vendor: "It is a land business. In
2007 I bought 1.5 acres in Urupakkam for 3 lakh rupees and I sold it a
few months back for 15 lakhs. Now I have bought land in Uthiramerur for
5 lakh rupees."
Me: "What did you do with the remaining
amount?'
Vendor: "Of the remaining amount, I
have set aside 6 lakhs for my daughter's wedding. I have deposited the
other 4 lakhs in the bank."
Me: "How much schooling have you had?"
Vendor: "I studied up to third standard;
I stopped my studies when I was in the 4th standard. But I know how to
read and write. Sir, there are many people like yourself, who dress well,
wear a tie, wear shoes, speak English fluently and work in air-conditioned
rooms. But I don't think you guys earn as much as we do wearing dirty clothes
and selling samosas."
At this point, what could I reply. After
all, I was talking to a millionaire! The train chugged into Chromepet station
and the samosa vendor got up from his seat.
Vendor: "Sir, this is my station...have
a good day."
Me: "Take care."
What more is there to say...!

10 Things You Need To Know About Your Job Interviewer

Ever wonder what's going through the mind of the person sitting across from you at your job interview? Here are 10 things that you might not realize about your job interviewer.

1. We want to find the best person for the job. Because interviews are stressful, it's easy for a job candidate to start feeling like the interviewer is an adversary, but it's really the opposite—interviewers go into every interview hoping you'll be the right candidate. After all, we have a vacancy on our team, and we're highly motivated to find someone who's a great fit to fill it. We don't want to put you in a job you won't excel in.

2. We're busy. Interviewers don't always have time to respond to follow-up emails or calls to check the status of your application. Considerate interviewers will eventually get back to anyone who invested time in interviewing, but it might take longer than you'd like. And time constraints and higher priorities mean that your attempts to check in after your interview but before a decision has been made might go unanswered. You shouldn't take it personally. 

3. We might have our hands tied by human resources. If you've ever encountered an interviewer who doesn't deviate from a set list of questions, or who won't give you any feedback, or who refuses to commit to a timeline for next steps, the problem might be HR. In some companies, HR issues unreasonable rules that restrict how candid hiring managers can be. 

4. We're afraid of making the wrong hire. The costs of hiring the wrong person are high—work not being done properly, disruption to our team, potentially months of counseling and warnings, and the awfulness of having to fire someone. We're scrutinizing you to make sure that hiring you won't be a mistake.

5. We want to hire someone we get along with. Hiring isn't just about who has the best skills to do the job; it's also about who will fit in best with the workplace. Interviewers think about the fact that we're going to be around whoever we hire quite a bit, and no matter how skilled you are, we're not going to want to hire you if you're arrogant or whiny or otherwise unpleasant.

6. We're trying to figure out what you'll be like to manage. Smart hiring managers probe for insights into what you'll be like to manage: Will you require detailed reasoning for every little request or just get it done? Will you be a yes-man who never reveals what you really think, or a straight shooter we can count on for the truth? Will you require hand-holding, sulk when you get feedback, or complain about petty problems with your co-workers? We're on the lookout for signs of all of this.

7. We want you to help us figure out why we should hire you. Interviewing people is hard work. It's even harder if you have to drag answers and relevant information out of a candidate. You can help us see that you're right for the job by coming prepared with real-life examples of how you've excelled in the areas the job requires.

8. We won't always tell you what we really think. We might nod encouragingly while you badmouth your last boss, but we're really noting that you're willing to trash talk your employers. Or you might give an answer that's an instant deal-breaker, but you probably won't hear that on the spot—or even be able to tell. Part of interviewing is encouraging people to reveal themselves, which often means not showing any judgment during the meeting.

9. We're wondering what you're not telling us. We know candidates aren't always completely candid in interviews, and we're wondering what you are revealing. Is it something minor, like the fact that you really left your last job because your boss was a tyrant, or major, like the embezzling charge you narrowly avoided last year?

10. We hate rejecting people. In fact, some interviewers hate it so much that they don't do it, which is rude and unfair to candidates. But the rest of us do it, knowing all the while that you might have really wanted this job, even have been counting on it, and we hate it. We do know that our decisions have big impacts on other people's lives.

 

Taken from: US News & World Report.

What to do if you can’t stop preparing for job interviews….

Top job interview tips from around the globe

Two days ago I wrote a blog post about a dilemma I had with a client.  He was a highly intelligent job seeker who came to me for interview training – trouble was he’d done too much already, and was way too over prepared. The more I worked with him, the more I compounded the problem, as he seemed to want to memorise each tip I gave him. I thought I’d use social media to help me help him. I reached out to several people around the globe who write on careers and whose views I greatly respect.

Here’s a summary of the amazing interviewing advice they gave me about helping my client.

Melissa Cooley who blogs at The Job Quest wrote:

“Perhaps taking a notepad with him to the interview would help. If he writes down a few notes on what they are saying, it could slow his mind down just a bit and be easier to blend what he already knows into an answer that will be more what the interviewers would be looking for. Another thing is to remind him that pauses after a question aren’t necessarily bad. Though they may seem like an eternity from the candidate’s end, they convey to the interviewers an ability to be thoughtful and to weigh the choices, not just have a knee-jerk reaction.”

Jorgen Sundberg who set up The Undercover Recruiter said:

“If I were the interviewer in this situation I would want to find ‘human’ candidates. I would expect they get lots of clever clogs and professor types, which is great but they will want to pick someone that can work with a team and well with patients. Everyone that gets picked to the interview has the potential of doing this but it will come down to personal traits methinks. So my advice for him would be to do a check of how he likes to help people, what he is passionate about, what he does in his spare time, family stuff etc and then project that in the interview. If he still doesn’t get the gig, forgetta bout it as I wouldn’t want it in that case!”

Hannah Morgan aka  The Career Sherpa suggested:

“I’ve seen this happen before as well. I think there are several things you may want to suggest your client try. First, I agree with Jorgen’s point about focusing on the interpersonal skills and highlighting his passion. That’s hard to practice with someone you know. Perhaps having him practice the relationship building skills of asking questions about the interviewer would be a good tactic. Also, I am sure you’ve coached him to use STAR/PAR/accomplishment stories when he answers question. When he tells these stories, you should see his “eyes twinkle” and he should be smiling from pride or self-worth. If that’s not happening, could it be he doesn’t love what he does? Second, you want him to use spoken language, not resume-ese. Ask him to re-script his answers using the spoken language. And third, if he has over practiced, then changing up his scripting might make him sound less stale. You might ask him to tell totally different stories, use a different introduction, and have different answers to the typical questions.”

Steven Solodky a career coach in Melbourne and Founder of Career Muk said:

“He could be projecting what he thinks the interviewer wants to hear. I work on challenging this assumption by discussing what is actually assessed. I want to know what you really think and feel, not what you think I want to hear. It could also be a cover for nerves. I point out that nervousness is normal and that I become concerned if a candidate is not nervous, as it could point to a lack of self awareness or an underlying personality distortion such as inflated confidence, lack of empathy or aggression. I then would work on how to express nervousness in an interview and how this is very normal and nothing that requires a great deal of attention – who wouldn’t be nervous and it only shows how much you care about the role. Nerves pass in their own time and they arise as a normal human function when one is exposed to a new situation. I encourage the client to bring awareness to their thoughts and feelings. What are you thinking right now? What feelings are arising right now? I ask them to bring in a job they want to apply for and go through the same process – what do you think about this role? What do you feel about it? It’s subtle, but hopefully they start to relax by this point and can talk more openly by by-passing conceptual thought. I will also challenge if needed – you say this, but what do you really think? That’s funny, the last candidate told me that, give me something new? That’s nice, tell me something that I don’t know etc (supportive of course). Who is talking now, you or your mind again?”

This suggestion comes from Deborah Barit of Impressive Interviews:

“I would suggest your client takes a step back and considers the following: If he was on the interview panel what would he want the candidate to say for the panel to go YES and formulate the answers accordingly. This is not a competition.  He needs to focus on their qualifications, experience and personal attributes which makes him stand out in the crowd. The most important part of preparing is to focus only on what he has to offer. It is essential not to memorise answers but focus on the key points for each answer and prepare examples from experience to demonstrate the point.

Expect the unexpected and hence stop worrying about it.”

Mary Goldsmith, Founder of Career Sheila recommends:

“Is your candidate already using a formula such as CAR or STAR to present examples of his best achievements during the interview? Has he seen a recording of himself in action? If not, that may be a wake up call!”

Phyllis Mufson found at Phyllis Mufson wrote:

“Just jotting down a few notes of what has helped clients who don’t sound like themselves – they come across overscripted, or sounding like a role rather than a person, too authoritarian or conversely sounding like a scared rabbit, to name a few. The person is usually scared. So start out what they’re afraid of and address that. The goal here is to get them to the point where they are willing to be authentic even if nervous. Point out that the purpose of rehearsal is to make sure that if they are nervous at the interview they will still remember some of their points, and not to sound like a TV newscaster (unless that’s the job they are interviewing for. Focus prep on choosing their strongest points and illustrating their points with stories – more memorable than a string of facts. Record them answering questions and give feedback. They can hear the difference between an over-scripted (or whatever the initial problem was) manner and being genuine. They have much more impact when they are being themselves and telling compelling stories.

Give them the assignment that first priority in the interview is to connect with the interviewer.”

Tim Tyrell Smith from Tim’s Strategy suggested:

“In the end, I think it is about learning to relax and be yourself. I think if you can do those two things, the fit (or non-fit) will become obvious. It allows you as the candidate to be more conscious in the conversation. And you’ll get more of Hannah’s “eye-twinkling” (great phrase). As an interviewer, I always liked to watch someone think – to pause before an answer. Too quick and it feels rehearsed (like you mentioned). Too long and it seems selfish. My advice is to prepare as best you can then relax and let go. Give short/crisp answers and be ready with longer, more interesting ones as interest from the interviewer is apparent. Focus on a more conversational interview. An exchange of ideas . . .”

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Start Sending Smart Emails at Work

We've all fallen victim to being misunderstood in an email. The problem with emails is that they don't convey emotion well, and often your words can be misconstrued as a result. There are plenty of email pitfalls of which we've all been guilty. At work, this can be dangerous, and can even cost you your job if you're not careful. Use these tips to make sure you remain professional via email at all times.

1. Check your tone. It's easy, even satisfying, to type out an email in the wake of anger. But the next time this happens, take a pause before clicking "Send." Take some time to cool down, then reread the email to see if your frustration comes through. If it does, rewrite it so that you keep emotion out of the note.

2. Consider how it will be received. You may be the queen of sarcasm, but realize that your sarcastic personality may not come across jokingly in an email, and your recipient might take offense. Without the context that comes with a vocal conversation, you can see that someone might be put off if they received this in an email. If you're not sure how something will be perceived, find a better way to write it.

3. Take it offline. Some conversations are better not shared via email. If you're discussing a sensitive subject, or if the conversation has gotten derailed due to misunderstandings, pick up the phone or stop by that person's office. It can usually be a lot easier to finish the discussion in person, and you don't make any assumptions about the other person's intent.

4. Stay professional. Even if you're casual with co-workers after hours, keep your business-related emails professional at all times. Remember that your company might monitor your emails, so you certainly don't want any record of you being anything but professional.

5. Skip the emoticons. Save the smiley faces for your personal email after work. Cute images have no place in work email. Period.

6. Pay attention to your reply all. Many of us have mistakenly replied to everyone included on an email when we shouldn't have. Make sure if you want to email one person you don't click "Reply All," or you risk irritating a slew of other folks.

7. Don't rush. You're busy. But rushing through an email often leads to many mistakes, such as sending it to the wrong person, or leaving off an attachment. Take a moment with each email to make sure you're sending it to the intended recipient, and that you've spell-checked it. It's worth the 30 seconds it takes to make sure you come off as professional.

8. Take your time to respond. We live in a world of near instant gratification, and email is no exception. When you get an email, make sure you respond when you have good reason to. If you've been asked to provide a document that's not ready, consider whether the person who sent the email needs an immediate response or if it can wait until later in the day when the document is ready. We all have enough in our inboxes that we would gladly skip that short quick response in favor of a return email with the information requested.

9. Use an effective subject line. It's all too easy to just hit "Reply" and go with the subject line Re:. But if your recipient needs to quickly ascertain what your email is about, this won't help her. Instead, identify the subject you cover in the email and label the subject accordingly. This is also helpful when she needs to search to find an email you've sent.

10. Use email as only one communication tool. We often rely too heavily on email, and don't have enough face-to-face interaction. Make an effort to connect with others you work with in other ways. Invite a colleague to coffee. Go on-site to visit a client. Keep your relationships multifaceted so

that you build rapport with people, both online and off.

Author: Lindsay Olson is a founding partner and public relations recruiter with Paradigm Staffing and Hoojobs.com, a niche job board for public relations, communications, and social media jobs.

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Credit Linked Notes

Certain investors are prevented from entering into derivatives contracts, either by law or by internal investment policies. Credit Linked Notes (CLNs) allow such investors to derive some of the benefits of credit derivatives.

Credit Linked Notes (CLNs) are regular debt obligations with an embedded credit derivative. They can be issued either directly by a corporation or bank or by highly rated special purpose vehicles created by dealers. The coupon payments made by a CLN effectively transfer the cash flow of a credit derivatives contract to individual investors.

Credit Linked Notes are best understood by a simple example: ABC Investments would like to take on the risk associated with the debt of XYZ Corp., but all of XYZ’s debt is composed of bank loans and ABC Investments cannot simply sell protection in a Credit Default Swap (CDS) because its investment policy prevents it from entering into a derivatives contract. Let us assume that the size of ABC Investments desired exposure to XYZ Corp. is $100 million. One way of gaining the desired exposure to XYZ’s debt is for ABC Investments to purchase $100 million in Credit Linked Notes that reference XYZ Corp. The issuer of the notes may take ABC Investments’ $100 million and buy highly-rated debt obligations to serve as collateral for its CLN liability towards ABC Investments. At the same time, the CLN issuer enters into a credit default swap with a third party, selling protection against a default by XYZ Corp. From that point on, the CLN issuer will simply pass through the cash flows associated with the credit default swap to ABC investments. In the event of default by XYZ Corp., the CLN issuer will pay its default swap counterparty and the Credit Linked Note terminates with ABC Investments receiving only the recovery value of XYZ’s defaulted debt. If no default occurs, ABC Investments will continue to receive the coupon payments associated with the Credit Linked Note until its maturity date, at which point it will also receive its principal back. It should then be clear that a credit linked note is simply a funded way of entering into a credit derivatives contract.

Source: Report of the working group on introduction of credit derivatives in India.

Uses of Credit Linked Notes

1. Credit Linked Notes allow the cash flows of derivatives to be “repackaged” into securities that can be bought and sold in the market place. This is especially useful for some classes of institutional investors like mutual funds.
2. Investors who do not have master credit derivatives agreements with dealers are attracted to credit linked notes as they generally require less documentation and lower set up costs than outright derivatives contracts. They can also be tailored to meet specific needs of investors.
3. They can help increase the liquidity of certain otherwise illiquid assets. For instance, CLNs that reference a pool of bank loans can be trade in open market without restrictions, whereas actual sales of loans might be subject to restrictions and approval by the borrowers.
4. Bankers/ dealers too find value in the issuance of CLNs as they provide dealers with an additional vehicle to hedge their exposures in other credit derivatives positions.

Source: Credit Derivatives-Research Report

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It's More Important to Be Kind than Clever

One of the more heart-warming stories to zoom around the Internet lately involves a young man, his dying grandmother, and a bowl of clam chowder from Panera Bread. It's a little story that offers big lessons about service, brands, and the human side of business — a story that underscores why efficiency should never come at the expense of humanity.

The story, as told in AdWeek, goes like this: Brandon Cook, from Wilton, New Hampshire, was visiting his grandmother in the hospital. Terribly ill with cancer, she complained to her grandson that she desperately wanted a bowl of soup, and that the hospital's soup was inedible (she used saltier language). If only she could get a bowl of her favorite clam chowder from Panera Bread! Trouble was, Panera only sells clam chowder on Friday. So Brandon called the nearby Panera and talked to store manager Suzanne Fortier. Not only did Sue make clam chowder specially for Brandon's grandmother, she included a box of cookies as a gift from the staff.

It was a small act of kindness that would not normally make headlines. Except that Brandon told the story on his Facebook page, and Brandon's mother, Gail Cook, retold the story on Panera's fan page. The rest, as they say, is social-media history. Gail's post generated 500,000 (and counting) "likes" and more than 22,000 comments on Panera's Facebook page. Panera, meanwhile, got something that no amount of traditional advertising can buy — a genuine sense of affiliation and appreciation from customers around the world.

Marketing types have latched on to this story as an example of the power of social media and "virtual word-of-mouth" to boost a company's reputation. But I see the reaction to Sue Fortier's gesture as an example of something else — the hunger among customers, employees, and all of us to engage with companies on more than just dollars-and-cents terms. In a world that is being reshaped by the relentless advance of technology, what stands out are acts of compassion and connection that remind us what it means to be human.

As I read the story of Brandon and his grandmother, I thought back to a lecture delivered two years ago by Jeff Bezos, founder and CEO of Amazon.com, to the graduating seniors of my alma mater, Princeton University. Bezos is nothing if not a master of technology — he has built his company, and his fortune, on the rise of the Internet and his own intellect. But he spoke that day not about computing power or brainpower, but about his grandmother — and what he learned when he made her cry.

Even as a 10-year-old boy, it turns out, Bezos had a steel-trap mind and a passion for crunching numbers. During a summer road trip with his grandparents, young Jeff got fed up with his grandmother's smoking in the car — and decided to do something about it. From the backseat, he calculated how many cigarettes per day his grandmother smoked, how many puffs she took per cigarette, the health risk of each puff, and announced to her with great fanfare, "You've taken nine years off your life!"

Bezos's calculations may have been accurate — but the reaction was not what he expected. His grandmother burst into tears. His grandfather pulled the car off to the side of the road and asked young Jeff to step out. And then his grandfather taught a lesson that this now-billionaire decided to share the with the Class of 2010: "My grandfather looked at me, and after a bit of silence, he gently and calmly said, 'Jeff, one day you'll understand that it's harder to be kind than clever.'"

That's a lesson I wish more businesspeople understood — a lesson that is reinforced by the reaction to this simple act of kindness at Panera Bread. Indeed, I experienced something similar not so long ago, and found it striking enough to devote an HBR blog post to the experience. In my post, I told the story of my father, his search for a new car, a health emergency that took place in the middle of that search — and a couple of extraordinary (and truly human) gestures by an auto dealer that put him at ease and won his loyalty.

"What is it about business that makes it so hard to be kind?" I asked at the time. "And what kind of businesspeople have we become when small acts of kindness feel so rare?"

That's what's really striking about the Panera Bread story — not that Suzanne Fortier went out of her way to do something nice for a sick grandmother, but that her simple gesture attracted such global attention and acclaim.

So by all means, encourage your people to embrace technology, get great at business analytics, and otherwise ramp up the efficiency of everything they do. But just make sure all their efficiency doesn't come at the expense of their humanity. Small gestures can send big signals about who we are, what we care about, and why people should want to affiliate with us. It's harder (and more important) to be kind than clever.

Author: Bill Taylor (William C. Taylor is cofounder of Fast Company magazine and author of Practically Radical: Not-So-Crazy Ways to Transform Your Company, Shake Up Your Industry, and Challenge Yourself, published January 4, 2011.)

Credit Derivative – Meaning and Definition

Our present society lives on credit. Credit allows us to consume far more than what our savings can sustain. Therefore, credit is the very basis of consumerism. Our economy drives on the basic force of credit. What exactly is credit? Credit is parting with value today against a promise for value in future and this credit has inherent risk in it which is known as credit risk. Credit risk is the risk that the promise of payment in future may be broken. In other words, credit risk is an investor’s risk of loss arising from a borrower who does not make payments as promised. When the borrower fails to make payments, it is termed as default. So, credit risk is also known as default risk. This concept of credit risk can be looked at from two perspectives. Credit risk on the loans granted by banks and also on the bonds issued by corporate. In case of banks, credit risk occurs when the borrower defaults on loan repayment and in the event of default, the lender (bank) suffers from a loss. In case of Corporate (bond issuers), credit risk occurs for the bond investors when the corporate fail to make interest payments on the bonds. Credit risk affects any party making or receiving a debt payment. Examples include bond issuers, bond investors and commercial banks. Bond issuers are affected by credit risk because their cost of borrowing depends upon their risk of default, these bond issuers are rated by credit rating agencies and these credit ratings reflect their credit quality. Investors in individual bonds are exposed to the risk of a decline in the bond’s credit rating. A downgrade in a credit rating will increase the bond’s credit risk premium and reduce the value of the bond. Banks are exposed to the risk that borrowers will default on their loans. The credit risk faced by banks is relatively high as compared to other risks faced by banks because banks tend to concentrate their loans geographically or in particular industries, which limits their ability to diversify credit risks across borrowers.

How to manage credit risk is the next question facing the banks today. Various methods are available to manage credit risk. Traditional methods have focused mainly on diversification. Over the past ten years, an alternative approach to managing credit risk has concentrated on selling assets with credit risk. Banks can sell their loans directly or they can securitize, pool together assets with credit risk and sell them to investors in parts. Unfortunately, the securitization approach is well suited only for loans that have uniform payment schedules and similar credit risk features, such as home mortgages and automobile loans. Loans for commercial and industrial purposes, in contrast, have diverse credit risks. In cases such as these, banks have to resort to other methods of controlling credit risk. Thus, credit derivatives emerged as new financial instruments to mitigate credit risk when it was impossible for loan sales or securitization to do so.

Meaning of Credit Derivatives

Credit derivatives, instruments that emerged around 1990′s, are a part of market for financial derivatives. Since credit derivatives are presently not traded on any of the exchanges, they are a part of Over-the-Counter (OTC) derivatives market. Credit derivatives are bilateral financial contracts that transfer credit risk from party to another counterparty without the ownership of underlying asset. Credit derivatives are off-balance sheet financial instruments that permit one party (beneficiary) to transfer credit risk of a reference asset, which it owns, to another party (guarantor) without actually selling the asset. It, therefore, “unbundles” credit risk from the credit instrument and trades it separately. The counterparty to derivative contract can either be a market participant or could be the capital market through the process of securitization. Possible features of this contract are the underlying (reference asset), the strike price, liquidity, maturity, default, credit event and protection payment.

Credit derivatives have several applications. Some of the uses of credit derivatives are that they help banks to reduce their credit exposure, facilitate trading of credit risk, help in the management of credit lines and they also increase liquidity of the market. Credit derivative product namely credit default swap can be very useful for the Indian corporate debt market. This product not only transfers credit risk but also acts as insurance against default. Credit default swaps have other advantages too. They enhance investment and borrowing opportunities and at the same time reduce transaction costs, hence, these products can prove extremely helpful in eliminating the deficiencies of corporate debt market and they have the potential to make corporate debt market more efficient.

Credit Derivatives-Research Report

What Successful People Do With The First Hour Of Their Work Day

How much does the first hour of every day matter? As it turns out, a lot. It can be the hour you see everything clearly, get one real thing done, and focus on the human side of work rather than your task list.

Remember when you used to have a period at the beginning of every day to think about your schedule, catch up with friends, maybe knock out a few tasks? It was called home room, and it went away after high school. But many successful people schedule themselves a kind of grown-up home room every day. You should too.

The first hour of the workday goes a bit differently for Craig Newmark of Craigslist, David Karp of Tumblr, motivational speaker Tony Robbins, career writer (and Fast Company blogger) Brian Tracy, and others, and they’ll tell you it makes a big difference. Here are the first items on their daily to-do list.

Don’t Check Your Email for the First Hour. Seriously. Stop That.

Tumblr founder David Karp will “try hard” not to check his email until 9:30 or 10 a.m., according to an Inc. profile of him. “Reading e-mails at home never feels good or productive,” Karp said. “If something urgently needs my attention, someone will call or text me.”

Not all of us can roll into the office whenever our Vespa happens to get us there, but most of us with jobs that don’t require constant on-call awareness can trade e-mail for organization and single-focus work. It’s an idea that serves as the title of Julie Morgenstern’s work management book Never Check Email In The Morning, and it’s a fine strategy for leaving the office with the feeling that, even on the most over-booked days, you got at least one real thing done.

If you need to make sure the most important messages from select people come through instantly, AwayFind can monitor your inbox and get your attention when something notable arrives. Otherwise, it’s a gradual but rewarding process of training interruptors and coworkers not to expect instantaneous morning response to anything they send in your off-hours.

Gain Awareness, Be Grateful

One smart, simple question on curated Q & A site Quora asked “How do the most successful people start their day?”. The most popular response came from a devotee of Tony Robbins, the self-help guru who pitched the power of mindful first-hour rituals long before we all had little computers next to our beds.

Robbins suggests setting up an “Hour of Power,” “30 Minutes to Thrive,” or at least “Fifteen Minutes to Fulfillment.” Part of it involves light exercise, part of it involves motivational incantations, but the most accessible piece involves 10 minutes of thinking of everything you’re grateful for: in yourself, among your family and friends, in your career, and the like. After that, visualize “everything you want in your life as if you had it today.”

Robbins offers the “Hour of Power” segment of his Ultimate Edge series as a free audio stream (here’s the direct MP3 download). Blogger Mike McGrath also wrote a concise summary of the Hour of Power). You can be sure that at least some of the more driven people you’ve met in your career are working on Robbins’ plan.

Do the Big, Shoulder-Sagging Stuff First

Brian Tracy’s classic time-management book Eat That Frog gets its title from a Mark Twain saying that, if you eat a live frog first thing in the morning, you’ve got it behind you for the rest of the day, and nothing else looks so bad. Gina Trapani explained it well in a video for her Work Smart series). Combine that with the concept of getting one thing done before you wade into email, and you’ve got a day-to-day system in place. Here’s how to force yourself to stick to it:

Choose Your Frog

"Choose your frog, and write it down on a piece of paper that you'll see when you arrive back at your desk in the morning, Tripani advises."If you can, gather together the material you'll need to get it done and have that out, too."

One benefit to tackling that terrible, weighty thing you don’t want to do first thing in the morning is that you get some space from the other people involved in that thing--the people who often make the thing more complicated and frustrating. Without their literal or figurative eyes over your shoulder, the terrible thing often feels less complex, and you can get more done.

Ask Yourself If You’re Doing What You Want to Do

Feeling unfulfilled at work shouldn’t be something you realize months too late, or even years. Consider making an earnest attempt every morning at what the late Apple CEO Steve Jobs told a graduating class at Stanford to do:

When I was 17, I read a quote that went something like: "If you live each day as if it was your last, someday you'll most certainly be right." It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?" And whenever the answer has been "No" for too many days in a row, I know I need to change something.

“Customer Service” (or Your Own Equivalent)

Craigslist founder Craig Newmark answered the first hour question succinctly: “Customer service.” He went on to explain (or expand) that he also worked on current projects, services for military families and veterans, and protecting voting rights. But customer service is what Newmark does every single day at Craigslist, responding to user complaints and smiting scammers and spammers. He almost certainly has bigger fish he could pitch in on every day, but Newmark says customers service “anchors me to reality.”

Your own version of customer service might be keeping in touch with contacts from year-ago projects, checking in with coworkers you don’t regularly interact with, asking questions of mentors, and just generally handling the human side of work that quickly gets lost between task list items. But do your customer service on the regular, and you’ll have a more reliable roster of helpers when the time comes.

 

Author: Kevin Purdy

Hon’ble Apex Court -Interim Order –Basic Wage _EPF Act

Dear Friends,
We take special pride in sending our Independence Day Greetings to our Linked In connections.

Legal Update:
In this update we are referring to the Hon’ble Apex Court Interim Order relating to Basic Wage _EPF Act - special allowance, dearness allowance, conveyance allowance and other allowances.
By *Interim Order dated 13-7-2012 in the matter of SURYA ROSHNI LTD Vs EPF where the matter in issue before the Hon'ble Supreme Court was whether certain allowances like conveyance allowance, transportation allowance and special allowance when uniformly paid to all employees should be treated as part of Basic wages under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (‘EPF Act’) and whether provident fund (‘PF’) contributions should be remitted on such allowances, the Apex Court granted partial stay of the demanded amount and directed deposit of 60 % of the demanded amount subject to credits of amounts already deposited. Further the Hon'ble Apex Court stayed the order of the High Court on compliance of the condition.*
The question whether the decision of the MP High Court holding that Section 2(b) and 6 of the Employees’ Provident Funds & Miscellaneous Provisions Act define basic wages and HRA, overtime allowance, bonus, commission or any other similar allowance are not covered in the definition of basic wages but when special allowance, dearness allowance, conveyance allowance and other allowances are paid universally to all the employees, they would be treated as part and parcel of basic wages by grant of Stay * is now a Substantial Question of Law of General Importance before the Apex Court under Article 133 of the Constitution of India .

Till date the Department has not issued any Circular based on this Interim Order or any further orders of the Hon'ble Supreme Court which presumably leads to the inference that the Department probably wants this Substantial Question of Law of EPF Law Compliance Importance to be decided by the Hon’ble Apex Court.

Our inference is purely personal and subject to any clarification or circular by the EPF Authority.

(Refer to Interim Order & its terms as contained therein)
With Regards
V.Sounder Rajan
Advocate -Labour & HR & Consumer Law Consultant -Chennai
Legal Consultant for Indian Staffing & Recruiting Industry

Courtesy & thanks to  V.Sounder Rajan, Advocate -Labour & HR & Consumer Law Consultant -Chennai, Legal Consultant for Indian Staffing & Recruiting Industry 

Highlights of SBI’s Recurring Deposit Scheme

A Long Put vs. Vertical Put Spread

This article will focus on comparing a long put versus a vertical put spread.

In a recent Options class at our Minnesota center, we looked at the general market and noticed that it was approaching previous supply zones.  Based on past price action performance, we forecasted that there was a high probability that the markets might fail to break to the upside and consequently roll over.  So next we looked at the (I.V.) implied volatility of IWM, the exchange traded fund that tracks the Russell 2000. After checking out the current I.V. reading against its 52 week historical volatility high and low, the conclusion was made that the majority of the Exchange Traded Funds (ETFs) that are tracking the general US market low I.V.

Low I.V. means that we should be a buyer of options. The fact was that I.V. was not necessarily at its lowest reading but just inside its lowest range, which means that we could do either a simple option strategy such as a long put or a more complex strategy such as a vertical put spread.

PART I: A Long Put

Before we explain how the more complicated vertical put spread works, we will go slowly over the long put. Figure 2 below breaks down a put option into pieces.

At the time, the IWM was trading at $79.94 per share, with resistance right above that.

The selected long put will expire in November after the election on the 3^rd Friday. The logic for going that far out is that time decay is not as rapid on a longer term option as it is when a front month option is bought. The strike selection 81 means that the option contract at the time of purchase had a whole dollar of intrinsic value, while the 3.50 extra was the price for the time value. Those three and half points of fluff, extrinsic value, will be gone at expiration if the stock stays where it is. However, that is not the reason why we bought the option. The put option was purchased because we forecasted that IWM will roll over much sooner than expiration. Nonetheless, a long option, in this case a put, is a decaying asset and the mere passage of time works against us. If the IWM does not roll over, then every single passing day during the upcoming months, our option premium will lose its value. One thing is certain when trading options – time value will eventually go out of them. To overcome this disadvantage, we need to turn the tables around: hence, a vertical put spread is the correct choice.

PART II: A Vertical Put Spread (Debit Spread)

This strategy is also known as a Bear Put and involves the simultaneous buying and selling of puts at the different strike levels. In our case, the stock was sitting near its supply zone, which was coincidentally a round number. Our technical analysis told us that there was resistance above this. We chose to buy the 81 put and the next logical thing is to forecast how far down the IWM might go. There is virtually no chance that the Russell 2000 ETF would go down to zero, so realistically speaking we located the first level of demand around 76. Hence the idea was to sell the 76 put strike price because most likely the price will not puncture through 76 at the first try. Hence, the vertical put spread was built in the following way.

The first step, buying the 81 put is the same as the trade discussed above.  But now there is a second step: selling the 77 put. When the math is done the cost of the trade is only a 2.00 debit to us, which is much better than what the cost of just the long put was. Also notice that the Break Even Point is now much easier to be reach. By selling the OTM option, the trader has received a discount in the amount of the premium sold, 2.50.

Let us sum up by comparing the two breakeven points. The long put’s BEP is 76.50 while in the case of the spread trade, the BEP is 79, which is much easier to reach.  Time decay still works against us in a spread but it is somewhat minimized.  Spread trading is the way to go. Have a green trading.

Taken from: Online Training Academy.

Marketing Is Dead

Traditional marketing — including advertising, public relations, branding and corporate communications — is dead. Many people in traditional marketing roles and organizations may not realize they're operating within a dead paradigm. But they are. The evidence is clear.

First, buyers are no longer paying much attention. Several studies have confirmed that in the "buyer's decision journey," traditional marketing communications just aren't relevant. Buyers are checking out product and service information in their own way, often through the Internet, and often from sources outside the firm such as word-of-mouth or customer reviews.

Second, CEOs have lost all patience. In a devastating 2011 study of 600 CEOs and decision makers by the London-based Fournaise Marketing Group, 73% of them said that CMOs lack business credibility and the ability to generate sufficient business growth, 72% are tired of being asked for money without explaining how it will generate increased business, and 77% have had it with all the talk about brand equity that can't be linked to actual firm equity or any other recognized financial metric.
Third, in today's increasingly social media-infused environment, traditional marketing and sales not only doesn't work so well, it doesn't make sense. Think about it: an organization hires people — employees, agencies, consultants, partners — who don't come from the buyer's world and whose interests aren't necessarily aligned with his, and expects them to persuade the buyer to spend his hard-earned money on something. Huh? When you try to extend traditional marketing logic into the world of social media, it simply doesn't work. Just ask Facebook, which finds itself mired in an ongoing debate about whether marketing on Facebook is effective.

In fact, this last is a bit of a red herring, because traditional marketing isn't really working anywhere.

There's a lot of speculation about what will replace this broken model — a sense that we're only getting a few glimpses of the future of marketing on the margins. Actually, we already know in great detail what the new model of marketing will look like. It's already in place in a number of organizations. Here are its critical pieces:

Restore community marketing. Used properly, social media is accelerating a trend in which buyers can increasingly approximate the experience of buying in their local, physical communities. For instance, when you contemplate a major purchase, such as a new roof, a flat screen TV, or a good surgeon, you're not likely to go looking for a salesperson to talk to, or to read through a bunch of corporate website content. Instead, you'll probably ask neighbors or friends — your peer network — what or whom they're using.

Companies should position their social media efforts to replicate as much as possible this community-oriented buying experience. In turn, social media firms, such as Facebook, should become expert at enabling this. They can do this by expanding the buyer's network of peers who can provide trustworthy information and advice based on their own experience with the product or service.

For example, a new firm, Zuberance, makes it easy and enjoyable for a firm's loyal customers to advocate for the firm on their social media platform of choice. At the moment one of these customers identifies himself as a "promoter" on a survey, they immediately see a form inviting them to write a review or recommendation on any of several social media sites. Once they do, the Zuberance platform populates it to the designated sites, and the promoter's network instantly knows about his experience with the firm.
Find your customer influencers. Many firms spend lots of resources pursuing outside influencers who've gained following on the Web and through social media. A better approach is to find and cultivate customer influencers and give them something great to talk about. This requires a new concept of customer value that goes way beyond customer lifetime value (CLV), which is based only on purchases. There are many other measures of a customer's potential value, beyond the money they pay you. For example, how large and strategic to your firm is the customer's network? How respected is she?
One of Microsoft's "MVP" (Most Valuable Professional) customers is known as Mr. Excel to his followers. On some days, his website gets more visits than Microsoft's Excel page — representing an audience of obvious importance to Microsoft, which supports Mr. Excel's efforts with "insider knowledge" and previews of new releases. In return, Mr. Excel and other MVPs like him are helping Microsoft penetrate new markets affordably.
Help them build social capital. Practitioners of this new, community-oriented marketing are also rethinking their customer value proposition for such MVP (or "Customer Champion" or "Rockstar") customer advocates and influencers. Traditional marketing often tries to encourage customer advocacy with cash rewards, discounts or other untoward inducements. The new marketing helps its advocates and influencers create social capital: it helps them build their affiliation networks, increase their reputation and gives them access to new knowledge — all of which your customer influencers crave.
National Instruments used an especially creative approach with its customer influencers, who were mid-level IT managers at the companies they did business with. NI engaged with them by providing powerful research and financial proof points they could take to senior management, showing that NI solutions were creating strategic benefits. That got NI into the C-suite. It also increased the reputation of the mid-level advocates, who were seen as strategic thinkers bringing new ideas to senior management.
Get your customer advocates involved in the solution you provide. Perhaps the most spectacular example of this comes from the non-profit world. Some years ago, with the number of teen smokers nation-wide rising to alarming levels, the State of Florida thought anew about its decades-long effort to reduce the problem. What could be more difficult than convincing teen smokers to quit — a problem that Malcolm Gladwell had said couldn't be solved. Using the techniques for building a community of peer influence, Florida solved it. They sought influential teen "customers" such as student leaders, athletes, and "cool kids," who weren't smoking or who wanted to quit — and instead of pushing a message at them, they asked for the students' help and input.
Approached in this new way, some 600 teens attended a summit on teen smoking, where they told officials why anti-smoking efforts in the past hadn't worked — dire warnings about the health consequences of smoking, or describing the habit as "being gross," left them unimpressed. On the spot, the teens brainstormed a new approach: they were outraged by documents showing that tobacco company executives were specifically targeting teens to replace older customers who'd died (often from lung cancer). And so the teens formed a group called SWAT (Students Working Against Tobacco) who organized train tours and workshops, sold T-shirts and other appealing activities to take their message into local communities. The result: despite a vicious counterattack by Big Tobacco lobbying firms, teen smoking in Florida dropped by nearly half between 1998 and 2007 — by far the biggest success in anti-teen-smoking in history.
Put another way, Florida won half of the "non-buyers" of its anti-teen-smoking "product" away from its much bigger, much better funded competitor. They did so by tapping the best source of buyer motivation: peer influence.

So can you. Traditional marketing may be dead, but the new possibilities of peer influence-based, community-oriented marketing, hold much greater promise for creating sustained growth through authentic customer relationships.

By: Bill Lee, Bill Lee is president of the Lee Consulting Group. Featured on HBR.

10 Job Interview Tips From A CEO Head-hunter

Whether you're being interviewed to be an intern or a CEO, you're going to run into a few notoriously tricky questions--here's a road map of what you'll be asked, and how to craft impressive answers to even the toughest questions.

No two situations are ever exactly the same, but as a general guide, these are the types of questions that could come up in a typical interview.

1. Why don’t you tell me about yourself?

This question, often the interview opener, has a crucial objective: to see how you handle yourself in unstructured situations. The recruiter wants to see how articulate you are, how confident you are, and generally what type of impression you would make on the people with whom you come into contact on the job. The recruiter also wants to learn about the trajectory of your career and to get a sense of what you think is important and what has caused you to perform well.

Most candidates find this question a difficult one to answer. However, the upside is that this question offers an opportunity to describe yourself positively and focus the interview on your strengths. Be prepared to deal with it.

There are many ways to respond to this question correctly and just one wrong way: by asking, “What do you want to know?” You need to develop a good answer to this question, practice it, and be able to deliver it with poise and confidence.

The right response is twofold: focus on what interests the interviewer, and highlight your most important accomplishments.

Focus on what interests the interviewer

Do not dwell on your personal history--that is not why you are there. Start with your most recent employment and explain why you are well qualified for the position. The key to all successful interviewing is to match your qualifications to what the interviewer is looking for. You want to be selling what the buyer is buying.

Highlight Important Accomplishments

Have a story ready that illustrates your best professional qualities. For example, if you tell an interviewer that people describe you as creative, provide a brief story that shows how you have been creative in achieving your goals.

Stories are powerful and are what people remember most.

A good interviewee will memorize a 60-second commercial that clearly demonstrates why he or she is the best person for the job.

2. How long have you been with your current (or former) employer?

This is a hot-button question if your résumé reflects considerable job-hopping. Excellent performers tend to stay in their jobs at least three to five years. They implement course corrections, bring in new resources, and, in general, learn how to survive--that’s why they are valued by prospective employers.

If your résumé reflects jobs with companies that were acquired, moved, closed, or downsized, it is still viewed as a job-hopper’s history. Volunteer and go to events where hiring authorities may be found. Ratchet up your networking to include anything that exposes you to hiring authorities who can get past your tenure issue because now they know you. Your networking efforts have never been so important.

3. What is your greatest weakness?

An impressive and confident response shows that the candidate has prepared for the question, has done serious self-reflection, and can admit responsibility and accept constructive criticism. Sincerely give an honest answer (but not a long one), be confident in the fact that this weakness does not make you any less of a great candidate, and show that you are working on this weakness and tell the recruiter how.

4. Tell me about a situation where you did not get along with a superior.

The wrong answer to this hot-button question is, “I’ve been very fortunate and have never worked for someone I didn’t get along with.”

Everyone has had situations where he or she disagreed with a boss, and saying that you haven’t forces the recruiter to question your integrity. Also, it can send out a signal that the candidate is not seasoned enough or hasn’t been in situations that require him or her to develop a tough skin or deal with confrontation.

It’s natural for people to have differing opinions. When this has occurred in the past, you could explain that you presented your reasons and openly listened to other opinions as well.

5. Describe a situation where you were part of a failed project.

If you can’t discuss a failure or mistake, the recruiter might conclude that you don’t possess the depth of experience necessary to do the job. The recruiter is not looking for perfection. He or she is trying better to understand your level of responsibility, your decision-making process, and your ability to recover from a mistake, as well as what you learned from the experience and if you can take responsibility for your mistakes.

Respond that you’d like to think that you have learned something valuable from every mistake you have made. Then have a brief story ready with a specific illustration.

It should conclude on a positive note, with a concrete statement about what you learned and how it benefited the company.

6. What are your strengths?

Describe two or three skills you have that are relevant to the job. Avoid clichés or generalities; offer specific evidence. Describe new ways these skills could be put to use in the position you are being considered for.

7. How do you explain your job success?

Be candid without sounding arrogant. Mention observations other people have made about your work strengths or talents.

8. What do you do when you are not working?

The more senior the position, the more important it is to know about the candidate’s qualities that will impact his or her leadership style: is the person well adjusted and happy, or is he or she a company zealot?

Discuss hobbies or pursuits that interest you, such as sports, clubs, cultural activities, and favorite things to read.

Avoid dwelling on any political or religious activities that may create conflict with those of the interviewer.

9. Why did you leave your last position?

At high levels, issues that relate to personality and temperament become more important than they might otherwise. The recruiter wants to know if you will fit in with the client company. The recruiter may also be fishing for signs of conflict that indicate a potential personality problem.

Be honest and straightforward, but do not dwell on any conflict that may have occurred. Highlight positive developments that resulted from your departure, whether it was that you accepted a more challenging position or learned an important lesson that helped you to be happier in your next job.

10. Why do you want to work in this industry?

Think of a story to tell about how you first became interested in this type of work. Point out any similarities between the job you’re interviewing for and your current job. Provide proof that you aren’t simply shopping in this interview. Make your passion for your work a theme that you allude to continually throughout the interview.

Adapted from Heads: Business Lessons from an Executive Search Pioneer by Russell S. Reynolds, Jr., with Carol E. Curtis, ©2012, McGraw-Hill Professional

10 Tips for Improving Your Wildlife Photography

10 Tips for Improving Your Wildlife Photography:

A Guest Post by Wildlife Photographer – Morkel Erasmus

Ever since digital SLR technology has become more readily available, more and more people have become photography enthusiasts, and more and more photography enthusiasts have started venturing into a genre previously reserved for only a select few…Wildlife Photography. It seems that this field, in conjunction with Landscape Photography, has really seen a huge growth spurt in these last few years…at least as it pertains to the amount of people practicing them as serious hobbyists or budding professionals. This is especially true in my native country of South Africa, where it’s long been many a family’s tradition to visit legendary self-drive safari locations such as the Kruger National Park. Having neighbouring countries like Namibia, Botswana and Zimbabwe also doesn’t affect this trend negatively!

Yet, spend some time on your favourite online photography forum (at least those that allow the posting of photos) or on other sites like Facebook, Google+ or Flickr where photo-sharing is common…and you might notice that not every photo taken of a wild animal really speaks to you. I’m not sure whether many folks just snap away and hope the image comes out half-decent, or whether many just think that they’re doing their subjects justice when the truth cannot be further from it. Let me say outright that no offence is intended and I also take photos that fall into these categories – in fact I do it on every photographic trip that I undertake. Yet, it’s stepping beyond that and getting that rare image that ticks all the right boxes that we all need to strive for, and to be prepared when the opportunity comes along to capture it.

In today’s article, I will attempt to provide you with some easy-to-apply tips or advice for improving your Wildlife Photography. Some of them might seem like common sense, and you’ve probably read a similar list of “how-to’s” elsewhere, but remember that common sense is not so common at all these days and that everyone has their own take on things, however similar they may be. I do think I will cover a few points that are not just based on pure technical skill – photography is after all an art-form, and sometimes we need to be freed up to put down the vision we have in our mind’s eye rather than stick to conventions and norms.

Here is a quick overview of the points I will cover in this post:

1. Know your gear
   
2. Know your subject
3. Know the “rules” | Break the “rules”
4. Work the light
5. Shoot wider | Shoot Closer
6. The More, the Merrier
7. How low can you go???
8. The Content-Technicals Dichotomy
9. Patience isn’t a virtue…it’s a necessity
10. BE THERE & ENJOY IT!

These are the points I try to cover when leading a photographic safari or presenting a workshop as well. Take note that I include the genre of Bird Photography in my definition of Wildlife Photography.

Let’s get cracking, shall we?

1. KNOW YOUR GEAR

This sounds like the biggest cliche?…but you know it’s true. The really great action-packed moments in wildlife photography last on average (based on my experience) between 5 and 20 seconds. If you are not intrinsically familiar with the settings of your camera or the abilities of your chosen lens, you WILL either miss it or blow the images you do manage to capture.

• Know what the minimum shutter speed is at which you can obtain a sharp image with your camera/lens combo;
• Know the added margins that the in-camera or in-lens stabilisation gives you;
• Know how to quickly toggle between focus points or focus modes;
• Know how high you can push your camera’s ISO setting and still achieve acceptable results…

In general, I like to say you need to be able to make most, if not all, of the necessary adjustments to your exposure/focus settings without lifting your eye from the viewfinder. The action you see between the cheetahs in the following image lasted all of 10 seconds, even though we sat with them for more than an hour.

2. KNOW YOUR SUBJECT

Goes without saying, right? Since much of wildlife photography is based upon capturing fleeting moments of natural history (read: interesting poses or behaviour), it pays to be able to somewhat predict your subject’s behaviour beforehand. Given, not every species is as predictable as the next, but there are patterns of behaviour ingrained into every animal species. Knowing your subject can make the difference between being ready and prepared for capturing that “golden moment” and watching it fly by you in agony. There is only one way to get to know wildlife…spend time with them. Don’t just hang around for a few minutes and seek out the next subject if the one you are observing or photographing isn’t delivering the goods. Sit with them. Watch them. Wait. This also ties into patience, which I will discuss in more detail later. The image below was captured by knowing what the Lilac-Breasted Roller was going to do to its grasshopper-lunch, and being ready for it.

3. KNOW THE “RULES” | BREAK THE “RULES”

There are certain unwritten rules that form the foundation of good photography – regardless of genre. And of course then there are certain “rules” that find their application mostly in the genre of Wildlife Photography. Understanding proper exposure and the use of the histogram, for example…and proper composition using a guideline like the “rule of thirds” are all important aspects to ingrain in your subconscious and to incorporate in your ability to instantly capture that fleeting moment properly.

In this genre, much is made about eye contact with the subject, as this gives “life” to the image. In the case of Avian Photography (Birds), this gets taken a step further in the sense that the “head angle” in relation to the camera’s imaging sensor needs to be at least perpendicular to it, but ideally turned a few degrees towards the sensor (and obviously thus turned towards the viewer who ultimately gets to view the image captured by the sensor).

The image below, for example, follows strong “rule-of-thirds” compositional guidelines.

Once you know the “rules” and the guidelines, and once you know when and how to apply them, it’s time to start breaking out from them. Test the boundaries a bit, you know? You don’t want your photos to always look like stock-standard images that every second photographer is getting. Take a look at the image below. I mentioned the “need” for eye contact. Yet sometimes it can work to shoot an image in which the subject is not giving the photographer eye contact, as this often means the animal is busy with something else, too busy to turn its attention to you.

4. WORK THE LIGHT

The first piece of advice I got from a professional wildlife photographer when I started shooting, is to stick to the hours of golden light. This means getting up early in the morning and being in the field before sunrise, and going out in the afternoon to make the most of the last hours of sunlight. The light over midday (mostly between 11h00 and 16h00, at least where I live) is generally harsh and robs images of that spunk that it needs. The exception is an overcast day, when the clouds act like a massive soft-box to filter out the light evenly. On days like that I shoot all day as long as there are willing subjects!

Since photography is all about painting with light, you need to know how to use the light to your best advantage in wildlife photography as well. Often we will find ourselves in a position where the light isn’t ideal, or, heaven forbid, the light is sweet but from the wrong direction…and we also aren’t always in a position to move around to a better spot. The good news is that light from the wrong direction can add lots of mood to an image. Shooting into the light is tricky to pull off, but if you adhere to tip #1 (Know your Gear) you can get some pretty interesting images from a less-than-ideal light position. The image below is one such a photo.

5. SHOOT WIDER | SHOOT CLOSER

Too many wildlife photographers get fixated on what I call the “focal-length debacle”, where it becomes an obsession to have the longest/biggest lens possible. Now I know this is location-dependant as you might need more than 600mm just to get any shot at all in certain wide-open spaces, but the issue I want to tackle is more related to our obsession to get as close as possible to the animals and isolate them totally from their environment. The result is often an image that looks like it could be taken of a captive subject in a controlled location, with a perfect smooth background and no idea of the real environment in which it finds itself.

Challenge yourself to shoot at a wider angle to give the viewer a better idea of where you took the image and where your subject has to carve out a living in the wild. This is applicable to any species you photograph – from the squirrel to the deer to the elephant. The elephant below was photographed with a wide-angle lens and a polarising filter to give you a sense of the environment as well as to make the most of the clouds and sky.

The flip side to shooting wider is – you guessed it – shooting closer…and I mean REALLY CLOSER. Get in-your-face close (by moving your position or by changing effective focal length by using a longer lens with optional teleconverter) to create different and interesting studies of the animals/birds you photograph. This will also help you think in terms of more abstract compositional arrangements. Have a look at this photo of a Cape Buffalo for example.

6. THE MORE, THE MERRIER

No real intricate explanation needed on this one. In wildlife photography – one is company, and two is often a crowd, especially when there’s food or shelter involved. If you have a good view of more than one member of a species – stay a while! Look at the images below. First up – a solitary African Spoonbill, minding its own business on a perch, happy as can be. Throw another Spoonbill into the mix, and you have a recipe for good interaction.

7. HOW LOW CAN YOU GO???

This is not a trick question, nor is it a call to be “Jack-be-nimble-Jack-be-quick” and do the limbo. The point-of-view of a wildlife photograph is just about everything. How you portray your subject can make all the difference in the world. In short – try to get an eye-level perspective (even lower if you can). This brings the viewer of your image right into the scene and confronts them with the view of the world from your subject’s perspective. Obviously “eye level” is relative (you will pretty much always be at a lower perspective than for example a giraffe), but you get the idea. Always bear in mind the constraints of your environment. In most reserves in South Africa you are not allowed to get out of your vehicle in the field. This restricts you to a certain perspective.

Look at these images for illustration. The first African Painted Dog was photographed from an open game viewer. The result is a somewhat bland shot – nothing special in my eyes. The second one, however, was taken lying flat on my stomach in a sandy riverbed not 20 meters from the pack of canines, and the Alpha Male was checking me out…this perspective makes the image come alive.

8. THE CONTENT-TECHNICALS DICHOTOMY

This is an interesting one. Does great content trump a technically great image with average content every time? It may be different where you live, but I am relating this one particularly to the African safari experience. Every tourist wants to see the “Big 5” or at least a lion. If you’ve ever spent time around wild lions in the daytime, you will know they are actually shoddy models for photography. They sleep up to 20 hours per day. Conversely I have had great photo opportunities from Impala, who are the most common ungulate you come across down here in the bush. My advice to the discerning photographer would be to look for great opportunities regardless of species when the light is good!

Have a look at the contrast between these 2 images – an impala jumping gracefully, and a “standard” portrait of a male lion, both in good light. Which do you prefer?

Let’s use a second example, lest it look like I am becoming blase? about the subjects I am fortunate to be able to photograph in our wonderful part of the world…squirrels. Everyone photographs squirrels, right? The one on top – munching something, nice soft light, nice low angle…while at the bottom a mommy is carrying her youngster at a precarious height over a large branch at speed by biting down on his stomach flap with him grasping for dear life. The light in the canopy of the tree wasn’t the best – but clearly a case of content trumping a technically good image.

The jury is still out on this one. The awesome sightings like lions won’t always provide the awesome images. Learn to see the potential in the mundane to create amazing photographic moments, and go out and make good images. The obvious ideal is for an image with great content in great light shot with just the right settings – the Utopia shot that most of us will never get right.

9. PATIENCE ISN’T A VIRTUE…IT’S A NECESSITY

As a wildlife photographer, your images are predicated on the fact that things in nature are unpredictable. Anything can happen at any time…but most things happen only rarely, or at the very least, they rarely coincide with the exact time that you are in that specific spot. It is therefore imperative that you become patient…very patient. Now, I catch myself out frequently enough being very impatient out in the field. It’s something you constantly have to graft at. Essentially it’s almost a culmination of many of the things we’ve discussed so far. Observing your subjects, getting to know their behavioural patterns, requires a great deal of patience. Often the implications are that you need to return to the same spot for days before things start to happen…and even then you run the risk of nothing happening and having wasted your time. The image below was captured after staking out the tree with the impala kill for more than 5 hours. I had also driven past this tree many times earlier that day to see if there was any action. I knew the leopard would return…but I had no guarantee that it would return before nightfall.

10. BE THERE & ENJOY IT

I will conclude this lengthy article with the following advice (I do hope you haven’t been bored to tears reading this!)…”be there” and enjoy it!!

By this I don’t just mean you need to physically show up and you need to be at the right place at the right time – of course that applies – but I actually mean you need to be in the moment and don’t get caught up so much with the technical issues and your settings that you don’t take in the moments you are witnessing while out photographing birds and wildlife. We need to be mindful of the privilege of spending time in nature and being in places where the hand of man hasn’t quite exerted its full force yet. Maybe for you it’s just the most isolated spot in your local park where you can sit and observe and photograph squirrels and birds, or maybe it’s facing a wild kodiak bear on the Alaskan floodplains. Regardles, enjoy what you are doing! Have fun doing it! What does it help us to spend so much time on this amazing hobby-cum-artform if we are not enjoying the time spent?

I hope these tips will stand you in good stead out there in the field. They have for me. Good light and good sightings to you all!

About the Author: Morkel Erasmus

After having been an avid naturalist from a very young age, picking up a camera for the first time early in 2009 proved to be a pivotal moment in the life of Morkel Erasmus. Since then has been infused with an unbridled passion for capturing forever fleeting moments of natural history and sharing it with people to showcase the wonderful natural heritage of his native Southern Africa, and to create awareness to conserve this heritage for future generations.

“I absolutely love being in the wild and unspoiled places of this world,” says Morkel, “and living in South Africa means there are plenty of those to choose from.” An Industrial Engineer by profession and an accomplished artist across many genres, from music to poetry, Morkel has always enjoyed whatever allows him to express his creativity to the fullest. Photography turned out to be the perfect ‘marriage’ between his engineering brain and artistic soul. Showing off God’s glorious creation is something he enjoys immensely. He is also a Nikon South Africa ambassador.

Besides being widely published, Morkel has been honoured for his commitment to his craft with various awards in the short span of his photographic career, the most notable being receiving a “Highly Commended” for one of his images in the 2010 BBC Veolia Wildlife Photographer of the Year competition. Morkel is a devoted husband and a proud father of a beautiful daughter and soon-to-be-born son.

See more from Morkel at his homepage, blog and connect with him on Facebook, Twitter, Google+, 500px and on Instagram at ‘morkelerasmus’.

Post originally from: Digital Photography Tips.



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10 Tips for Improving Your Wildlife Photography