Powell Signals Rate Cuts in the Cards

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Powell Signals Rate Cuts in the Cards  Print This Post About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Powell Signals Rate Cuts in the Cards Sign up for DS News Daily Tagged with: Business Federal Reserve House Financial Services Committee HOUSING Interest rates Investment Trade Jerome Powell, Chairman of the Federal Reserve has signaled an openness to rate cuts during the upcoming meeting of the Federal Open Market Committee (FOMC).In his semi-annual testimony to the House Financial Services Committee on Wednesday, the Fed Chair said that though the economy remained strong, “crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook.”Rate Cuts Coming Up?He said that while jobs, wage growth, and consumer spending remained strong in the second quarter of 2019, growth in business investment “seems to have slowed notably, and overall growth in the second quarter appears to have moderated.”Another cause of concern for the economy was the slowdown in fixed investment that may reflect concerns about trade tensions and slower growth in the global economy. “In addition, housing investment and manufacturing output declined in the first quarter and appear to have decreased again in the second quarter,” Powell said.Some other economic issues that needed to be addressed, according to Powell, included stagnation of middle and lower incomes, low levels of upward mobility for low-income households, and the long-term effects of rising federal debt.He also signaled that the Fed was relooking at their stance on monetary policy, indicating a rate cut in the cards during the upcoming FOMC meeting. “In our June meeting statement, we indicated that, in light of increased uncertainties about the economic outlook and muted inflation pressures, we would closely monitor the implications of incoming information for the economic outlook and would act as appropriate to sustain the expansion,” he said. “Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened.”Digging InPowell also addressed recent remarks by President Donald Trump on the Fed’s monetary policy stance.Bloomberg recently reported that the President had compared the Fed to “a stubborn child,” and said that if the Fed “knew what it was doing” it would cut rates. He had also announced his intentions to nominate two potentially dovish members to the Fed, either of whom “might be a Fed chair pick for Trump when Powell’s term ends in 2022, assuming the president wins reelection next year,” according to the Bloomberg report.Answering a question by Maxine Waters, Chairwoman of the House Financial Services Committee on what he would do if he “got a call from the President telling you that you are fired and to pack up and go,” Powell said, “I wouldn’t do that.”He added, “The law clearly gives me a four-year term and I intend to fully serve the term.”Trade TalkHe also addressed the Fed’s stance on the ongoing trade tensions while answering a question by Rep. Carolyn Maloney saying that no one should interpret what he said about trade headwinds as in any way a criticism of trade policy. “We do not play a role in assessing or criticizing the trade policy, it is not something assigned to us. We react in principle to anything that affects our ability to achieve the core mandate goals assigned to us by Congress, which could call for a policy response,” he said. Powell will give his semi-annual testimony before the Senate Banking Committee on Thursday at 10 a.m. EST.Click here to read the Fed Chair’s testimony. Previous: Foreclosures in Western U.S. a Cause for Concern Next: Is Renting Really Such a Bad Idea? Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Business Federal Reserve House Financial Services Committee HOUSING Interest rates Investment Trade 2019-07-10 Radhika Ojha July 10, 2019 4,007 Views Subscribelast_img read more

Justice Vijaysen Reddy Sworn In As Judge of Telangana HC

first_imgNews UpdatesJustice Vijaysen Reddy Sworn In As Judge of Telangana HC LIVELAW NEWS NETWORK2 May 2020 1:22 AMShare This – xJustice Vijaysen Reddy was sworn-in as a judge of Telangana High Court on Saturday.The Ministry of Law and Justice issued a notification regarding his appointment on Friday.With this appointment, the strength of the High Court judges reaches 14 as against the sanctioned strength of 24.Vijaysen Reddy was born in Hyderabad on August 22, 1970. His father, late Justice B Subhashan Reddy, was…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginJustice Vijaysen Reddy was sworn-in as a judge of Telangana High Court on Saturday.The Ministry of Law and Justice issued a notification regarding his appointment on Friday.With this appointment, the strength of the High Court judges reaches 14 as against the sanctioned strength of 24.Vijaysen Reddy was born in Hyderabad on August 22, 1970. His father, late Justice B Subhashan Reddy, was the judge of the erstwhile Andhra Pradesh High Court and had also served as the Chief Justice of Madras and Kerala High Courts. Vijaysen completed his LLB from PRR Law College and got enrolled as an advocate on December 28, 1994.  The swearing-in proceedings were web-castNext Storylast_img read more

Oil Spill Cleanup Ongoing in Salmon Bay

first_img View post tag: Naval The U.S. Coast Guard and Washington State Department of Ecology continue to oversee the cleanup and investigate the cause of an oil spill that appeared earlier this week in the Ballard Mill Marina, on Salmon Bay, along the Lake Washington Ship Canal. September 4, 2014 The Coast Guard and Ecology received reports Monday morning of oil, accompanied by strong petroleum odors in the waters. No one has come forward to take responsibility for the spill, and the Coast Guard has utilized the federal Oil Spill Liability Trust Fund to hire Global Diving and Salvage to conduct the cleanup.The Coast Guard and Ecology have established a unified command to plan and oversee cleanup work. Contracted employees have been using oil spill containment boom and cleanup materials and equipment to remove oil from the surface of the water and from structures and vessels. The oil is concentrated in the area between the Sagstad and Ballard Mill marinas on the north shore of Salmon Bay.“At the current time we do not have a source for the spill,” said Petty Officer 2nd Class Michael Berlin, a marine science technician at Sector Puget Sound. “The Coast Guard is working diligently to collect oil samples from vessels within the vicinity of the spill to help identify the source.”Coast Guard investigation teams have been on-scene since Monday morning, attempting to locate the source of the spill and responsible party. Ecology is assisting in the investigation. The spill contains marine diesel, engine lubrication and hydraulic oil.Estimated costs of the cleanup effort are approximately $75,000 to date, being financed by the federal trust fund.No reports of affected wildlife have been received, and officials will continue to monitor the area.[mappress]Press Release, September 04, 2014; Image: USCG Oil Spill Cleanup Ongoing in Salmon Bay View post tag: americas View post tag: Cleanup View post tag: oil Authorities View post tag: News by topic Share this article View post tag: Ongoing View post tag: spill View post tag: Salmon Bay Back to overview,Home naval-today Oil Spill Cleanup Ongoing in Salmon Bay View post tag: USCG View post tag: Navylast_img read more

Letterkenny Rovers earn excellent win over Derry City in USL opener

first_imgLetterkenny Rovers and Derry City Reserves portrayed the value of intermediate football in the county when playing out an entertaining game at Leckview Park and it was the home side who deservedly claimed the three points after an enthralling 2-1 win to get their League campaign off to the perfect start.City manager Kenny Shiels has extolled the virtues of the League since taking over the reins at Brandywell and he once again brought a strong side which featured a number of first team squad members and they were quick out of the blocks dominating possession in the opening ten minutes but created little with the extremely lively Joshua Daniels coming closest on 11 minutes.Rovers began to get a foothold on proceedings and were excellent for the remainder of the first half and took the lead with their first real chance on 13 minutes when Ryan Gildea pounced on a loose ball out of defence from Christian Castelis and he found Paul McVeigh who in turn saw his cross only half cleared were it fell to Steve Okakpo-Emeka and he made no mistake when blasting home giving visiting netminder Shaun Patton no chance with an angled effort. Cathal Farren then could have equalised but forced keeper Rory Kelly into a routine save on 20 minutes before McVeigh then teed up his brother Brian who just fired wide while former Candystripe Conor Tourish did well to block Farren when he looked set to score on 27 minutes.Tourish along with his centre half colleague Ryan Gildea were superb at the heart of the Rovers defence and kept a potent Derry attacking line at bay and were in no mood to give any easy chances although Derry did have two chances to level at the beginning of the second period when Farren and Harry Monaghan both headed narrowly over.The excellent Paul McVeigh–who was playing his first game of the season after some trials at Alloa Athletic – should have doubled the lead on 53 minutes when latching onto a long clearance from returning goalkeeper Rory Kelly but he somehow squandered the opportunity to double Rovers advantage before Kevin McGrath fired just wide on 59 minutes but Rovers were not to be denied a  well merited second on 63 minutes when top marksman Darren McElwaine latched onto a superb pass from Brian McVeigh to beat the offside trap and his low effort beat Patton with the aid of a slight deflection to put Rovers well in command.Letterkenny notoriously never make anything easy for themselves though and allowed City back into the game on 72 minutes when Farren made no mistake with his header this time from a sublime Joshua Daniels cross  to make it 2-1 which meant a nervy ending to the game and although they dominated possession it was Rovers who had the best chance to regain a two goal advantage through Paul McVeigh as he forced Shaun Patton into a wonderful double save on 88 minutes while Derry could have got an equaliser before that as sub Connor Gormleys shot came off the head of fellow sub Stephen Duffy and it could have went anywere but Rovers were relieved to see it go just over the bar. A good disciplined performance from Eamon McConigleys charges who will be glad to get what would be a rare win over City but will be more than pleased with the level of commitment and performance as his side prepare for another big game next Sunday when welcoming old foes Cockhill Celtic in a mouthwatering FAI Intermediate Cup clash.Letterkenny Rovers; Rory Kelly, David Shovlin, Chris Flanagan, Ryan Gildea, Conor Tourish, Kevin McGrath, Paul McVeigh, Chrity Connaghan, Darren McElwaine, Brian McVeigh, Steve Okakpo-Emeka.Sub; Mark Forker for Okakpo-Emeka 80 minutesDerry City Reserves; Shaun Patton, Adrian Delap, Scott Whiteside, Christian Castelis, Jack Blake, Harry Monaghan, Rory Holden, Dean Brown,Keith Ward, Cathal Farren, Joshua Daniels.Subs; Connor Gormley, Ronan Wilson and Stephen Duffy for Ward, Holden and Delap  all 69 minutes. Letterkenny Rovers earn excellent win over Derry City in USL opener was last modified: September 11th, 2016 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:derry cityLetterkenny RoversnewssoccerSportUSLlast_img read more

Europa: The Link Between OOL and SETI

first_imgWhy would searchers for extraterrestrial intelligence be interested in Europa?  After all, despite the movie 2010 command to “attempt no landings there,” no astrobiologist believes it could host anything more than primitive life – certainly no one who could send messages to us.    Cynthia Phillips, a principal investigator for the SETI Institute, explained the connection between origin of life studies and SETI in an article on Space.com:Starting work on a Europa mission now, as suggested by the Solar System Exploration Roadmap, is the right thing to do.  Europa’s interior ocean may be the best environment for life in the solar system beyond planet Earth.  There is a substantial scientific basis to believe that Europa has the fundamental ingredients necessary for life: water, organic molecules, a chemical energy source, and a stable environment.  Understanding Europa’s potential for life brings us closer to addressing one of the most fundamental scientific questions that humans can ask: Are we alone in the cosmos?  It is only by committing the time and resources to a capable Europa mission that we will be able to begin to answer this essential question.The Lunar and Planetary Institute recently issued its Solar System Exploration Roadmap, suggesting missions that NASA should consider for the next 30 years.  It focuses on the theme of habitability, indicating the importance that the search for life has in the minds of planetary scientists.  Not surprisingly, a Europa orbiter is one of the flagship missions in the plan.Notice the assumptions implicit in her answer.  Cynthia Phillips, like most astrobiologists, believes that environment produces life.  Provide water, heat, stability and organic molecules, and these are not only necessary conditions for life, but sufficient ones as well.  A second assumption is that life not only emerges from suitable environments, but evolves into complex life, and then to sentient beings who can communicate with us.  These are assumptions, not scientific demonstrations; in fact, they are contrary to good lab science.  The only thing about these assumptions demonstrated in the lab is their falsification.    SETI and OOL people should never assume that finding life on another world will disprove religion.  Many theologians for millennia have anticipated finding life beyond the Earth.  Indeed, in the 17th and 18th centuries, it was uncommon not to believe in it.  The same debates over whether natural forces alone are sufficient to produce specified complexity will go on if life is found.  Only the location will change.  Most likely, Europa, Titan, and Mars will all prove a disappointment.  The debate is too important to delay for 30 years to look at Europa.  Evolutionists need to engage this debate on Earth and not displace it to a distant world.(Visited 16 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

Corruption in Big Science Exposed

first_imgA commentator chastises scientists and their leaders for contributing to the destruction of the civilization that nourishes them.Colin Macilwain, a commentator for Nature, is of a rare breed willing to expose the biases of his bosses. He attended the annual meeting of the American Association for the Advancement of Science (AAAS) last month and had a great time. The sessions were stimulating, the fellowship was great, and lots of good ideas were shared about “how to engage the public,” the theme of the meeting.The only trouble was what was going on outside the hotel — in the United States and the world at large.In fact, the AAAS meeting took place in a sort of semi-conscious never-never land. The science-policy crowd talked a great game even as the pillars of the republic crashed noisily down around their heads.And thus he launches into a sermon to fellow scientists about their role in current events. His opinions about Donald Trump, Bernie Sanders, Ted Cruz or France’s “far-right politician Marine Le Pen” are, as could be expected, along a liberal line, but that’s not as important as his opinion about his scientific colleagues. In their “semi-conscious ever-never land” bubble, his colleagues at the AAAS meeting were oblivious to the role their own institutions have played in worrisome trends Macilwain sees as threatening western civilization. Supporters of Trump, Cruz and Sanders, he notes, were not involved in the discussions.They never are. Senior scientists are instead inextricably linked to the centrist, free-market political establishment that has tended to rule, but which is now falling dangerously from public favour.Whether his assessment of blame is on target or not, Macilwain is more upset with Big Science. Western civilization is on the rocks, falling like Rome, and all scientists want to do is keep returning to the government for money to support their own interests.Many laboratory researchers perceive this, I fear, to be someone else’s problem. But it isn’t. If the West is really in its decline-and-fall stage, its Caligula stage, its Donald Trump stage, then this isn’t just an issue for political and financial elites. It’s also a problem for the ‘experts’ who crawl around after these elites, massaging their egos and defending their interests.Trump supporters will certainly be outraged at being associated with Caligula! Nevertheless, Macilwain doesn’t care so much whether it is Trump or Sanders who is at fault. Scientists are the ones who need repentance. They pretend to be above it all, but they are as guilty as everyone, thinking themselves impartial and above the fray.The problem extends down into the community itself. We like to talk about ‘engaging the public’, but many scientists really just want to talk at them. And too many ordinary scientists hold politicians in utter intellectual contempt — even though it is the scientists who have chosen a career that allows them to pursue relatively simple problems (such as building a machine to detect gravitational waves) rather than genuinely difficult ones (such as running a social-care programme in a small town).And those senior scientists who do engage with the government or public — as scientific advisers, for example — often take up highly political positions without acknowledging that they are doing so. For example, they support free-trade agreements that cede the right of democratic governments to control things such as cigarette advertising or pesticide use without hard, scientific evidence. This is a political position that is pursued with great dedication by global corporations — and that is haplessly bought into by many scientists without a thought for its consequences.His hyperbole should hit a nerve. What? Detecting gravitational waves is simpler than running a social care program? Doesn’t Colin know how expensive the detector was, and how many years of work that took? His point sinks in on reflection. Real people outside the walls of establishment science are facing real-life problems that are difficult for them. They couldn’t care less about gravitational waves. Yet scientists proudly “talk at them” about reality, pretending to know what’s important. As elitists, they fail to recognize or acknowledge their own political biases.Some individual scientists or groups of scientists are counteracting the isolationist trend that is hastening the collapse, he notes.But at the top, there is paralysis: leading scientific organizations do little except chase money and reinforce the ruling nexus of politics and finance — even since the financial crisis of 2008, which discredited the free-market philosophy that underpins that nexus. I argued years ago (see Nature 479, 447; 2011) that scientific leaders had failed to respond in any meaningful way to that collapse, and I’m still waiting.The political structure of the West is in deep trouble, and should it fall apart, there will be plenty of blame to go around. Most will go to political and financial elites, or to rowdy mobs. But some will belong to people in the middle who have taken public funds, defended elites and then stood back and watched as democracy got ridden over a cliff.Macilwain is sketchy about his political and economic philosophy. At one point he seems to say that free markets undergird science; here he seems to say the collapse of 2008 discredited the free-market philosophy. It appears he’s portraying an unholy alliance between politics and finance (i.e., big banks). In that case, scientists have been co-conspirators. They take public funds and defend the very elites who collapsed the market and have wrested political power from the hands of citizens. What matters for science is a stable society. You can’t have that in a collapsed civilization run by mobs or by Caligulas.Update 3/17/16: See Wesley J. Smith’s take on Macilwain’s editorial at Evolution News & Views.If you are a conservative, don’t be overly distracted by Macilwain’s mischaracterization of America’s conservative candidates who repeatedly, vociferously advocate for free markets, prosperity and the rule of law (including the end of “crony capitalism” and other forms of corruption). What’s valuable in his editorial is his rare willingness to criticize Big Science. Scientists pretend to want to “engage the public” but the dialogue is all one way. They hold politicians in utter contempt, but run to them for money. They defend elites but fail to recognize their own elitist attitudes.Macilwain, a Brit, was able to state this about the Americans. But we wonder if the Editors of Nature felt he was hitting a little close to home. He was, after all, speaking about western civilization, not just American civilization.  We hope his job is safe; scientists need his voice to shatter their illusions of self-righteousness and intellectual superiority.Still, key factors were missing from his editorial. His country has become utterly secularized. What does that do to the Protestant work ethic that undergirds a market economy? His country has been invaded by Muslim immigrants, many of whom hold western civilization in contempt and prefer a Sharia dictatorship worse than any Rome under Caligula. And while many European countries are retreating from socialism, an America under avowed socialist Bernie Sanders would run up a debt and deficit so rapidly on entitlements, it would quickly dry up scientific funding. Maybe he should think again about those “right wing” candidates and listen to what they really believe about the Constitution, liberty, and free markets. Neither a bankrupt economy nor a dictatorial regime is likely to provide a safe place for science to flourish.We’re not endorsing a candidate in the lively American political scene going on now. We would only like to remind those readers who fear God that the Apostle Paul instructed Timothy to instruct his church: “First of all, then, I urge that entreaties and prayers, petitions and thanksgivings, be made on behalf of all men, for kings and all who are in authority, so that we may lead a tranquil and quiet life in all godliness and dignity. This is good and acceptable in the sight of God our Savior, who desires all men to be saved and to come to the knowledge of the truth” (I Timothy 2:1-4). A civilization conducive to a “tranquil and quiet life” is good not only for Christ followers, but also for scientists and for social workers in small towns. And need we remind everyone that knowledge of the truth (a goal of science) presupposes a standard of truth that secularism cannot provide? If truth evolves, it’s not the truth. Scientists need to ponder the origin of truth.(Visited 62 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

South Africa to host next Cites conference

first_img24 June 2014Johannesburg, the economic heart of South Africa, has been named as the host of the next wildlife conference of the Convention on International Trade in Endangered Species of Wild Fauna and Flora, or Cites.The 17th meeting of the Conference of the Parties (CoP17) will take place from 24 September to 5 October 2016.Cites secretary-general John E Scanlon said South Africa was a highly appropriate location for the CoP because of the frontline wildlife challenges the country faced.Inspiration and history“Africa is home to a vast array of Cites-listed species and South Africa is globally recognised for the Big Five,” he explained. “Holding the CoP in such surroundings should inspire all delegates. Cites parties and observers look forward to meeting in South Africa in 2016 for the world wildlife conference.”He also noted that South Africa was one of the first countries to join Cites after it came into effect in 1975 and since then the country had been active in the work needed.Botswana, Zimbabwe and Kenya have all hosted the conference previously.Cites is a global treaty between 181 member states. Its mandate is to ensure that trade of wild animals and plants does not threaten the species’ survival.Cites regulates international trade in over 35 000 species of plants and animals, including their products and derivatives, ensuring their survival in the wild with benefits for the livelihoods of local people and the global environment, according to the organisation. “The Cites permit system seeks to ensure that international trade in listed species is sustainable, legal and traceable,” it says.Poaching on the riseThere has been an increase in elephant and rhino poaching, which are killed or maimed for their tusks and horns in South Africa. According to government figures, 393 rhinos were killed by poachers between January and April this year, an increase of 18% over the same period a year previously.Glad to have youEnvironmental Affairs Minister Edna Molewa said: “We look forward to welcoming Cites parties and observers to our beautiful country.” She encouraged delegates to experience and embrace the country’s biodiversity, culture, and historic heritage.Molewa also urged delegates to use the opportunity to engage in robust discussions and come up with resolutions that will take forward the work already under way regarding the trade in flora and fauna.SAinfo reporterlast_img read more

Translating Price Objections

first_imgSometimes what you hear isn’t what is said. Fortunately, I am fluent in “client,” and I can translate. You thought you heard a price objection.Your price is higher than your competitors.Translation: I don’t perceive the value and you haven’t differentiated that value.If you are creating more value than your competitors, you need to be able to help your dream client perceive that value. If they don’t perceive the value, it’s likely you have not differentiated your offering from your competitor’s.I need you to sharpen your pencil.Translation: I can’t justify your higher price.Your dream client doesn’t know how to justify your higher price to his bosses. He doesn’t know how to explain why he is paying more for something instead of taking the lower bid. You have to provide them a defensible justification.I need your best and final offer on a three year deal.Translation: I am looking for a final concession on price so I can be very sure I squeezed you hard enough.Purchasing tactics. No matter how well you negotiate in good faith, professional buyers are going to try to take a final bite of the apple. . . just to make certain. If you are here, you are very likely already chosen, and the person you are sitting across from is simply doing their job by checking you.I can’t take this price to my boss.Translation: I really had no idea that the outcome I need is going to cost this much. I’m really embarrassed. .Sometimes your dream client has been lied to for so long that they have come to believe that that they can have better, faster, and cheaper all in one package–if only they choose the right vendor. It takes a serious investment of time to educate them and help them educate their team.Sometimes the person you are dealing with believes they are going for a win-win negotiation. They win, and their company wins. The right answer? “I can help with that. I’ll be happy to take it to your boss for you.” Get the Free eBook! Want to master cold calling? Download my free eBook! Many would have you believe that cold calling is dead, but the successful have no fear of the phone; they use it to outproduce their competitors. Download Nowlast_img read more

If You Want Better Results, Build Talent

first_img Free Webinar Series! Create a culture of value creation. Signup for this free webinar! In three, short, power-packed webinars, you will learn what you need to do to create a culture of value creators who create and win new opportunities. Download Now As a leader, you will never have all the talent you need. No matter how good your company is, no matter how great your employee value proposition, some talented people will work elsewhere. There are only two strategies for acquiring the talent you need, buying it, or building it. Even companies that can afford to purchase expertise do not end up with a monopoly on the most talented people, most of whom aren’t seeking new opportunities. Because talent is a variable for producing results, if you want better results, you have to build talent.If your company is growing, that growth requires you acquire talent. As your company expands, you require more ability in leadership, management, and all of your key roles. If your company is shrinking, you need the talent to turn things around, recognizing that if you had the ability and the will to improve your situation, you would have already done so. The reason turnaround experts never run out of work is that leaders don’t often replace the people in the critical roles soon enough, some of their reluctance coming from a lack of talent to backfill the positionEvery Employee In Your Charge Can Grow and ImproveEvery employee in your charge can grow, even if some are not willing to grow, and even more are unaware of their full potential. Your existing employees, in large part, are a potential engine. If you were to help them reach their full potential, you would have a better chance of improving your company, division, department, or team reach its full potential.When I wrote The Only Sales Guide You’ll Ever Need, my first book, I borrowed a framework for Gerhard Gschwandtner. That framework was mindset + skillset + tool kit = success in sales. A reader tweeted me that my math was bad. He suggested (skillset + toolkit) x mindset was more accurate, and he was correct.As a leader, you build, maintain, and protect your culture. If the mindset is the critical factor, and I believe it is, then there is no reason a non-negotiable cultural value can’t be individual growth or personal and professional development. Those who embrace the idea that they are supposed to grow show promise of being high potential employees, the very kind that grow into critical roles. As people with the mindset grow into new roles, they end up taking on greater responsibility, many ending up in leadership of one form or another.Skill sets are not far behind mindset in value. The reason to train and develop people is that it improves your overall competency. Imagine a competency score was some score like 91% competency equals excellence, flawless execution, and goal-attainment, and something like 48% equals stagnation—or worse. I am unaware of any tool or framework to measure the overall competency of a team, department, or division, or company, but none is needed since results provide the score. Your scoreboard never lies; it only reports the score.If you are going to build talent, you must focus on growing the mindsets and skillsets of the people you lead.The Competitive Advantage of Building TalentThere is a competitive advantage in building talent. First, you don’t have to rely on your ability to recruit and retain existing talent alone as a strategy. Buying talent can be difficult, expensive, and time-consuming. You can also end with talented people who don’t fit, wasting time and money on people you should never have hired.Second, and equally important, there is more latent talent available, most of whom will end up in a job where their as-yet-dormant ability will go undiscovered and undeveloped. While it feels like a shortcut to hire someone based on their experience, that is only one factor, and it is not the most important unless you don’t have the willingness or resources to train and develop them. By identifying and hiring people based on their potential, their character traits and attributes, you are acquiring your company’s future competency.The latent talent you develop becomes your pipeline. Most leaders think of their leadership pipeline as being critical. Leadership, however essential, is not the only competency you need. You need bench strength in every crucial role, whether that be sales, marketing, finance, human resources, risk, or information technology. It helps to think like a sports team. You are developing numbers two, and three, and four in addition to your star player, who, no matter how much you wish it weren’t so, will not be with you forever.Even though it is easy to believe that you can buy the talent you need, it isn’t true. You can buy the skill you need sometimes. Even when you do, there is no guarantee that the talent you believe you are buying is going to succeed because they did so in a prior role. The ability to move up the next person in line, knowing they have been being trained and developed to take the future role eliminates opportunity costs, the biggest of which may be time, time you can never recover. While the person you hired and developed may fail, the fact that they have experience with the people they are working with and the company makes it more likely they succeed.If you want better results, build talent. If you are growing, you are going to need more talented people on your team. If you are shrinking, you need the talent to turn things around and start climbing. Like most choices people present as mutually exclusive, you don’t have to choose between buying and building talent. Using both strategies allows you to be opportunistic, buying talent when it makes sense, helping them grow and develop, as well as identifying latent talent and bringing them and helping them gain the competencies they need to move up.last_img read more