August 6, 2008

The Latest Business Headlines from WWJ Newsradio 950

GM Board Supports Wagoner | The General Motors Corp. board of directors continues to support the CEO, despite the company's deteriorating financial condition, according to The Wall Street Journal. | Story | Related Podcast

Automotive Mergers Down | The number of automotive mergers and acquisitions fell in the first half of 2008 as the credit market tightened, the Detroit Free Press reports. | Story

Dingell Wants Auto Aid | The congressman says Ford and Chrysler need $25 billion in loans to convert factories to build alternative-fuel vehicles, Bloomberg reports. | Story

PGA Means Big Bucks | The 90th PGA Championship at Oakland Hills Country Club will pump about $41 million into the local economy, The Detroit News reports. | Story

Voters Approve Zoo Millage | Voters in Oakland, Wayne and Macomb counties overwhelmingly approved a property tax millage to help fund the Detroit Zoo. | Story | More Election Results

Fed Leaves Key Rate Unchanged | The Federal Reserve is keeping its target for the federal funds rate, the interest that banks charge each other, at 2 percent. | Story

Big Rally For Stocks | The Dow rose more than 300 points and the S&P closed at its highest mark since July 1, as the Fed's saber-rattling on inflation kept oil prices in check. | Story

This Week in 'Your People'

Madonna University offers phased retirements.

Workers over 50 welcome chances to get more training.

More older workers are in full-time jobs, stats show.

Project offers flex schedule ideas.

Dealing with a younger boss becoming more common.

Economic woes shrink work hours, deepening problems for some.

Does your company really care?

Today's Worldwide Automotive Report podcast.

News from CNET

PHASED RETIREMENTS: MADONNA UNIVERSITY JOINS NATIONAL TREND

When Ernie Nolan took a close look at the Madonna University staff a few years ago, he knew that they were headed for trouble: about 40 percent were approaching retirement age, and the institution had no formal plan in place to prepare for the exodus. The vice president for academic administration knew that the Livonia-based university had to act quickly to avoid losing all that institutional knowledge and experience.

So three years ago, Nolan and others at the university began developing a strategic plan designed to help the institution successfully navigate all the impending retirements. As part of that strategy, the university has created a phased retirement program that allows employees to scale back work hours for a set period of time prior to full retirement.

So far, the university has lost only a handful of its 166 full-time staff to retirement, but with an average age of 57, that likely will change in a few short years, he said. This year, about three staff members have retired. Next year, that will jump to five or six.

"It's as though one whole generation is about ready to leave the institution," Nolan (pictured) said. "So far it hasn't occurred in a single department, so no department has been decimated – but that could happen." More...

Study: 50+ Workers Welcome Chances for More Training

A recent national AARP survey of employees who are 50 and older shows that as a group, these workers generally are happy with employer-provided training programs, and that they have participated in large numbers. Sixty-seven percent of those who responded to an online survey earlier this year said they received all the training they needed and had not requested any additional training in the last two years. However, 25 percent of those who responded said they were unable to participate in all the training they desired – primarily due to job-related time constraints. More...

More Older Workers in Full-Time Jobs, Government Says

Some older workers may be retiring from the workforce, but many still are working full time, the Washington Post reports. Citing Bureau of Labor Statistics data, the paper says that, among Americans 65 or older who work, 56 percent held full-time positions last year. To read more, click here.

NATIONAL WORKPLACE FLEXIBILITY PROJECT OFFERS FLEX IDEAS: With skyrocketing gas prices and shifting workforce demographics, an increasing number of businesses are offering employees four-day workweeks and other alternative work arrangements, says a recent New York Times article. And a report by the U.S. Department of Labor's National Workplace Flexibility Project shows that there are plenty of options when it comes to flexible work schedules. The daily flex, the variable flex, core hours, and the occasional flex are just a few of the programs that companies can offer employees. To read more, click here.

DEALING WITH A YOUNGER BOSS MORE COMMON: As an increasing number of older workers choose to remain in the workforce, office relationships are changing. More older employees are working for younger bosses, The Wall Street Journal reports. In some cases, it's a recipe for resentment, animosity, and workplace tension. But with the right approach, the young boss-older employee relationship doesn't have to be marred by friction. To read more from this article, click here.

COMPANIES KEEP TABS ON AT-HOME WORKERS: Most telecommuters and work-at-home employees probably think they're free from the watchful eyes of managers and those interested in tracking productivity quotas. But in a growing trend that some employment experts consider invasive, some businesses are starting to electronically monitor at-home workers and independent contractors, says a recent article in The Wall Street Journal. The methods vary, but some companies now are taking periodic photos of workers' computer screens, tracking keystrokes and mouse clicks, and taking pictures of workers while they're sitting in front of their computers. Some sophisticated technology also detects anger, raised voices, workers' home office phone calls, and children crying in the background. The growing trend has some worried that the home office may soon turn into a satellite corporate cubicle. To read more, click here.

MOST UNEMPLOYED U.S. WORKERS DON'T RECEIVE BENEFITS: Even though Congress recently took steps to extend unemployment benefits for American workers, many will never receive them, according to a recent Wall Street Journal article. Only 37 percent of the more than 8 million unemployed workers received benefits in 2007, down from 44 percent in 2001, and 55 percent in 1958. Many workers who did not qualify for benefits were part-time workers, or had quit or were fired from their positions. Others had not earned enough money during a one-year “base period.” And according to the Government Accountability Office, fewer than 15 percent of low-wage workers actually obtain benefits. Critics say the system needs an overhaul to reflect changes in today's job market, which often includes more frequent job changes and an increasing number of part-time positions. Critics also say the unemployment insurance program covers too few people and unfairly excludes women and low-income workers. To read more, click here.

DOES YOUR COMPANY REALLY CARE ABOUT ITS PEOPLE? Employees hear it so frequently that it's almost a cliché, but the phrase “Our people are our greatest asset,” often seems like a collection of feel-good words without any action behind them. So how can you tell if your company is walking its talk when it comes to really caring about its employees? According to a recent column by BusinessWeek's Liz Ryan, there are six tell-tale signs that a company is lacking when it comes to making that phrase mean something that employees can really appreciate. If your HR department is simply a cost-reduction unit or more like an offshoot of the finance department, your company may have some work to do in the “we-care-about-our-employees” department. To read more, click here.

ECONOMIC WOES DEEPEN WITH SHRINKING WORK HOURS: As gas and grocery prices soar and home prices plunge, many Americans are finding themselves with fewer work hours, says a recent New York Times article. According to government statistics, the number of people who are working part time involuntarily – mostly those who have lost hours or are unable to find full-time work – jumped to 5.3 million last month, an increase of more than 1 million over the last year. Jobs in construction, retail, and professional and business services have been hardest hit by the trend. Some industry watchers say the cutback in hours may only be the start of more troubling times and broader layoffs. While many companies are onto workers, many are staying afloat by shaving payroll hours. To read more, click here.

WORLDWIDE AUTOMOTIVE REPORT PODCAST: General Motors CEO Rick Wagoner still has the board's support. Ford's Jim Farley gets more involved in product development. Suppliers face cash crunch.

BE OUR FRIEND ON FACEBOOK: The Daily Dash now has a profile page and a group on Facebook. If you have a Facebook account (or have been looking for a reason to set one up), we'd like to hear from you. To visit the Daily Dash profile, click here. To join the group, click here.