(approximately 2% of OPEC’s overall
production), but Jeff Currie, Goldman
Sachs’s global head of commodities,
said there are compelling reasons to be
bearish about oil prices. Most important
are lots of low-cost producers, OPEC
and non-OPEC (like Russia), all with
incentives to go for market share—
including the U.S. producers, which
could quickly overwhelm the planned
“I would argue that the economic
justification for pursuing a market share
strategy has not changed,” Currie said
of the Saudis. “The strategy of pursuing
market share would still be the domi-
nant strategy rather than running a car-
tel because it does not change the fact
that shale producers in the United States
are fast cycle and will respond to higher
prices.” Fast indeed; Currie noted that it
has a “standard industrial process” that
can be switched off or on at will, and
compared with conventional production
with its three- to four-year lag time be-
tween investment and production, the
more nimble part of the industry sees
results in 28 days. ;
Stier is a New York-based reporter, editor,
and communications professional with
more than 25 years of experience. He can
be reached at email@example.com.
On the Bookshelf
O Great One! A Little Story About the
Awesome Power of Recognition
How often are associates in your company told that they are valued members of the team? When was the last ime an employee was recognized for a job well done?
These questions may sound trivial in the midst of the whirlwind of everyday business, but according to
David Novak, author of the book O Great
One!, there’s nothing trivial about recognizing others; in fact, it’s a simple strategy that
can have enormous positive impact.
Rather than explain the power of recognition in a typical business book, Novak
wrote a fun story that draws on his experiences at Pepsi and Yum! Brands, as well as
his personal life. The business fable begins
with the appointment of Jeff Johnson to
CEO of his family business, The Happy Face
Toy Company. Previously uninterested in
being involved in the business, Jeff returns
after the death of his father. Happy Face had
many hits in the 1950s and 1960s, but its
results have been declining for more than a
decade. The board gives Jeff one year to turn
the business around, or else it will be sold to
the highest bidder. If Jeff fails, the company fails as well.
Determined to get the company back on track, Jeff meets
with demoralized factory workers and a lifeless executive
team. But then a birthday gift from his grandson gives him
important insight into why the company may have lost its culture of innovation and excitement—along with its profitability.
Energized and inspired, Jeff comes up with a business strategy
that on the surface doesn’t seem to address the multitude of
problems the company is facing. But as Jeff starts to understand his leadership team and the company’s operations, he
discovers that the power of recognition may be the key to
turning the struggling company around.
As the story progresses, Jeff and his management team
develop 10 “guiding principles” for inspiring recognition at
work that include:
• People won’t care about you if you don’t care about
• The best way to show people you care
is to listen to them.
• Great ideas can come from anywhere.
• Make recognition a catalyst for results.
• Recognition is universal.
By employing these principles, Jeff is
able to turn the business around and ulti-
mately save the company from its demise.
Novak uses colorful examples throughout the book to describe what does and
doesn’t work when it comes to delivering
recognition at work and demonstrates that
while recognition doesn’t take a lot of
money or skills to achieve, it can motivate
employees to reach their greatest potential
when done effectively.
Whether readers are trying to lead a
small department or a Fortune 500 com-
pany, or perhaps just trying to improve their personal lives,
the lessons at the heart of O Great One! will help them make
the people around them happier and more effective. Recog-
nition is a deceptively simple principle that can have a huge
impact on a business’s bottom line as well as the people who
work there. ;
Dan Nitowsky, president of Cleveland-based Leff Electric, has
more than 20 years of industry experience, working in both the
distribution and the manufacturing sides of the channel, and has
served on the Board of Directors for both NAED and the Electrical
League of Ohio. He can be reached at firstname.lastname@example.org.