Be Informed, Build Upon Your Talents, Help Others

by Susan Keehley

It’s difficult to pick up any newspaper, magazine, or publication that doesn’t have an article on business or social networking. With rising unemployment and historically high layoffs, networking becomes so important to building relationships through reciprocity. How do we help each other succeed? More studies show that we need to learn better networking skills to result in career security, meeting business goals, and developing professional competencies. Check out the latest points:

Be Informed

Relating to corporations, companies which recognize the need to manage internal networking, have created a new position, CNO, Chief Networking Officer. This person captures and weaves all the potential win-win opportunities for everyone involved. CNO actions and synergies could have an effect on many layers of the company.

In a recent MIT study (1/09), employees with the most cohesive face-to-face networks were 30% more productive. An article in the Academy of Management Journal states, “successful managers spend 70% more time networking than their less successful counterparts.”

CPP Inc, announced a worldwide study which found most companies were unprepared for upcoming leadership gaps. Josh Bersin, president of Bersin & Associates, states, “Leadership development, executive coaching and career development should be among the priority investment areas for most companies today.” The Wall Street Journal reported (2/09) that despite cutbacks, firms are investing in developing leaders. According to the book, “Make Your Contacts Count” employees need development in strategic networking practices to excel at creating, cultivating, and capitalizing on the cross functional relationships that get things done and affect the bottom line. Also noted in the book, before employees retire or move on to other jobs, advanced networking skills help them pass on their valuable organizational and technical knowledge to new, younger staff members. So is YOUR company on the surf board ready to ride the economic wave by including networking skills training in your leadership development program?

On an individual level, “Make Your Contacts Count” states that based on their research, “2/3 of job finders say they found their job through networking.” It takes about six contacts to show your character and competence and for people to trust and recommend you.

According to Upward Mobility and Pepperdine’s Graziadio School of Business Management relating to professional networking and its impact on career advancement, those making more than 0k state the single most critical factor in determining the value of your network is the breadth of connections with people who are willing to recommend you for the jobs.

Build Upon Your Talents

In conclusion, good networking skills can be learned by anyone at any stage in their career. Networking is the hottest avenue for staying ahead of economic tsunamis for businesses and individuals, however do companies recognize networking as a money making activity? Some other reflective questions include- Is networking training offered, or included in employee performance plans? Are people rewarded for networking successes? Are employees encouraged to belong to professional associations and for bringing back information and contacts?

Do individuals perceive their networking skills to be stronger than they actually are? Do people believe that if they are sociable and have friends that they don’t need to improve or learn more about networking? There could be a false impression of the value of their network. It’s time to do an assessment on the net worth of your network. Do you know at least 100 people well enough to call and say, “hi, this is _____” and they know who you are and what your skills and talents are? Have you taught your contacts what you do (not your title or company)? Can they easily explain to others what you are good at? Do you look for ways that your resources and information can help others fulfill their personal and professional goals?

Help Others

With 60% of the respondents from the Stanford University’s Shyness Clinic survey saying that they are shy, the increase in online social networking, and studies supporting that even top executives haven’t mastered specific networking skills, it’s apparent that improved networking skills are needed now. There’s an art to networking. Now is the time to invest in your employees; now is the time to invest in yourself and learn how to improve networking skills. Most importantly, learn how to help your neighbor who is struggling with similar challenges. While helping others they learn to know your character and competence which can result in developing a good relationship, trust and referrals.

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China was more of a socialist planned economy since the time of the commencement of the First World War, but the social and economic reforms effectively took root in 1989 to transform China into a market economy. Although China has tried its best, an ideal market economy, many schemes still exist, that there be more of a mixed economy.

Such regulations are available on the domestic currency (renminbi), the main theme of this work. Because of this growth in China has become one of the worlds best investment locations. Moreover, China’s exports to the world economy are on the increase year in and year out. In an attempt to explain the reasons why the Chinese government does not want an immediate change in a floating currency, we are also looking at issues like the advantages of a fixed currency or currencies pegged to a free to analyze fluctuating currency.

Chinese Currency: Renminbi (RMB) For many years, has been the Chinese currency has a fixed currency, but since 1994 it was more of a managed floating currency. The Chinese government usually has a set to 0. limit of 3 percentage points per day fluctuation on either side of a central parity basis. In July 2005, the Chinese government to new economic reforms. In these reforms, the currency will be affected as follows. First

not the Renminbi against the United States, more dollars are linked, but had to be linked to a basket of currencies, and second, the renminbi has been made more flexible by its price value by the market forces of demand will be determined and supply. In the same July 2005 the Chinese government announced a second One percent appreciation of the renminbi to the dollar. This should come a sign of better things to a floating renminbi, but the road to a full float of the currency has been long and difficult. The process is very slow and in fact, the Chinese currency still seems very much on the U.S. dollar tied to international transactions. The U.S. dollar to one of the most popular hard currency seems that many countries want their currencies to it. This is due to pegging a currency to the U. S dollar guarantees a certain degree of stability in international trade and the countries is, in fact, it is not affected by market forces. This was demonstrated by the actions of countries that have been partially (semi-official) dollarization of their currencies, including Iraq, Somalia and Sudan. China

why it fits’S EXCHANGE RATE MECHANISM SLOWLY: For a long time now, the Chinese economy has experienced a substantial current account surplus of sometimes up to six percent of GDP. In addition to this net capital inflows into the Chinese economy industrial sector are constantly on the increase, this could be the reason why the Chinese government will be a gradual shift to a floating currency. These can be analyzed in detail with the underlying balance approach. So we could assume that the Chinese renminbi valued economically and intentionally under. If it is true that the currency is then undervalued have the Chinese government so that a gradual shift means towards a floating currency since the direct adoption of a floating currency that will be the currency automatically to a market equilibrium point estimate probably within a short time even a few weeks. This would mean that they would all of a sudden Chinese exports disproportionately more expensive and imports cheaper would be necessarily in the same proportion. This can be detected through scenes from many developing countries, structural adjustment programs had adopted. In the case of these countries, most of them in Asia, Latin America and Africa, their case was the complete opposite. After the structural adjustment programs had to float their currencies. In the case of these countries devalued their currencies with high and its exports too cheap and finished imports more expensive. This is the reason that many sub-Saharan Africa countries current account deficits have up to 30% of their GDP, as they are totally dependent on industrial exports. Applying this scenario in the case of China, then the current account surplus that China would do in the last few years certainly come to an end, and probably end up being a current account deficit. Furthermore, the economic growth rate would certainly come to an end. This would be as a result of reduced productivity, which would lead to a massive loss of jobs to look for a rising or rising consumer prices, and a massive decline in foreign investment in the domestic as investors profitable locations such as India, Malaysia and Singapore. HOW THE

exchange rate influences the whole country `S ECONOMY AND TRADE WITH OTHER: The current state of a managed floating currency has its own advantages and disadvantages simultaneously in the domestic as well as the global economy.

benefits: On the domestic economic status of the managed float has had many positive effects. First, by the managed float with a producer not only industry but also consumer goods guarantees a fixed amount of return are on their exports. This ensures security through a currency board, the dollar has production capacity within the Chinese economy and thus stimulate increased export potential and improving the current account. In addition

by the currency on a value that is bound in economic terms value, this in turn has reduced the value of imports come into the local economy. This has had the effect of reducing currency outflows within the Chinese economy. In addition, exports over imports, the balance of trade has meant that the Chinese government is increasing stocks in foreign currency. On a global perspective, increase competitiveness within the Chinese industry has reduced global prices of goods, especially the mass, such as toys and electronic goods and appliances are manufactured conducted. In addition to the undervalued currency has led to a massive increase in net portfolio capital inflows attracted largely by the market’s expectations of appreciation.

disadvantages of the current monetary regime: A fixed currency or a managed float currency usually have some negative impact on the policy for a economy. In the case of China has managed float the following negative impact on both the domestic and world economies had. float

On a purely domestic perspective, the independence of the managed China’s monetary policy and macroeconomic environment in the following manner is limited. First, speed it up, the central bank from increasing domestic lending rates even in times of boom and investment limit inflation, as even controls at the central bank fears increased capital inflows, leading subsequently to a surplus of demand for industrial loans over the available supply would. If this had happened, then the Fed would be forced to credit ceilings, the economically problematic because they influence the further development of credit culture within the Chinese economy to introduce.

In addition, the Chinese government invested heavily in overseas countries and emerging as a development partner to many African countries. In the area of financing, the government has signed many contracts, especially in the field of oil exploration in the country Falk Islands and the East African coast. All these and many other contracts could end up more expensive if the renminbi were to change significantly in value.

Furthermore, the undervalued currency under excessively, leading to more investment in tradable goods. This increased investment in tradable goods means that knowing the real exchange rate to appreciate within the domestic economy. Once the real exchange rate appreciates, it reduces the profitability in the traded goods industry is sending shock waves throughout the economy, particularly in the financial sector, where it most affects commercial banks and investment banks.

addition to the above-mentioned disadvantages of the managed float also resulted in a massive potential loss of capital. In this area, the loss is self-inflicted. This follows from the fact that as China accumulates surplus financial reserves in the form of foreign exchange reserves, it is bracing itself for potential losses if they had to upgrade their currency to a basket of currencies around the world hard. In addition to the prolonged intervention in the foreign exchange market has begun to lead to protectionist measures, particularly in its major trading partners like the United States and the European Union.

If this happens then a global perspective, China might find itself faced with many customs barriers from their trading partners. A significant protectionist measure in the U. S is the Schumer-Graham bill in the U.S. Senate, which could lead to 27. 5 percent tariff on Chinese imports introduced in the United States. Another

protectionist measure is the action of Congress subjecting the Chinese National Offshore Oil Corporation’s’ intended purchase of a U. S company Unocal, a review by Congress. Due to the fact that to go more than half of all Chinese exports to Europe, United States, Japan and China must be afraid of such protectionist measures. In addition, as China

an important trading partner of the world’s largest economy, the U.S., its inflexible currency complicate the problem of global imbalances and thus increases the risk of a hard landing for the economy of the United States and the United States currency is not likely adjustable spill-over effects for the global economy intensified.

Conclusion: Although China is ready to finally have a floating currency of the immediate realization of this is problematic. some of the questions that must be made quite difficult, and a fragile banking sector, although efforts are being made to remedy the situation, as the overriding debt of banks and national listing them on the stock exchange, as with the industrial and commercial development of the Bank of China, the banking sector remains precarious.

Although ultimately a floating renminbi is good for the world economy, immediate adjustment could be more expensive than expected. This is the final decision have the Chinese authorities on their views of potential profits are made based and / or losses for both the Chinese and the global economy. References Marko Skreber and Mario Bljer I. (1999) Balance of payments, exchange rates and competitiveness in Transition Economies, Elsevier, U. K Eugene F. Brigham and Michael C. Ehrhardt (2005) Financial Management: Theory and Practice, Thomson South -Western.

Yun-Wing Sung (1991) The China-Hong Kong Connection: The Key to China’s Open Door Policy, Cambridge University Press, Cambridge. Nicholas R. Lardy (1992) Foreign Trade and Economic Reform in China, Cambridge University Press, Cambridge.