In today’s New York Times, economist and author Sylvia Ann Hewlett discusses the merits of flex time for both corporations and employees in the article, “Making Flex Time a Win-Win.” Much like my two-part blog post earlier this year that touted the benefits to your business of implementing a telework program, flex time too can be a powerful catalyst for increasing employee morale and productivity.

Hewlett points out that flex time is a win-win in today’s economy since many workers will be happy to take less pay if their managers give them a more flexible work schedule. So not only could employers save money by embracing a flex time program, they could also get more out of their employees.

Flex time can come in a number of forms. For example, it may mean working four days a week for a total of 32 hours, and receiving 80% of the pay. Women are particularly attracted to flex time as Hewlett notes, since they are increasingly out-earning their husbands, while still facing domestic duties at home (e.g., as a mother).

A successful female employee and mother typically faces the dilemma of either quitting her job or living with the guilt of not spending more time with her kids at home while they are young. If the mother decides to leave her job, then the company loses out on the talent and investment in that employee. Flex time can potentially keep her at work, contributing to the company’s success, while possibly helping the company save money at the same time.

Ms. Hewlett is the founding president of the Center for Work-Life Policy, author of nine non-fiction books on business, and winner of the Robert F. Kennedy Book Prize. She has taught at Cambridge, Columbia, and Princeton.

Her latest book, Top Talent: Keeping Performance Up When Business is Down,” was released in October. Jeffrey Kindler, Chairman and CEO of Pfizer: “The right book at the right time. With skill and conviction, Hewlett provides new insight into motivating your top performers during tough times and preparing your organization for renewed innovation and growth.”

As we have discussed here in numerous blog posts over the last year, tough times are exactly when your company should invest in its best performers and mine all the talent your employees have to offer. This investment can come in the form of enhanced incentive rewards programs, imaginative leadership training, and other innovative programs to spur creative thinking and performance.

It will require a management team who is willing to embrace change, e.g., how and when employees work — in short, a team willing to flex different muscles. I’m guessing you’ll like how the results will look on you and your company.

Tonight, the John F. Kennedy Center for the Performing Arts will add five more names to its wall of legendary performing artists in the 32nd Annual Kennedy Center Honors in Washington, DC. The 2009 honorees include: producer Mel Brooks; pianist and composer Dave Brubeck; opera singer Grace Bumbry; actor, director, and producer Robert De Niro; and singer and songwriter Bruce Springsteen.

The honorees will join President Obama and the First Lady in the President’s box at the Kennedy Center tonight for the three-hour live tribute, which will later be aired in a two-hour show on CBS on December 29. Last night, the honorees and their families and friends, were feted at a State Department dinner, hosted by Secretary of State Hillary Clinton. They will also attend a White House reception this evening prior to tonight’s show.

There are no shortage of annual award shows that pay tribute to the achievements of actors, directors, and musicians. Yet, the Kennedy Center Honors seems to stand apart. It seeks to honor a life-time of talent and accomplishment, not simply a snapshot of fame. The show also uniquely brings together on the red carpet the best that America has to offer from the arts and government.

I have attended six Kennedy Center Honors, and each was as distinctive as the inductees themselves and the remarkable stories told by the famous individuals who spoke on their behalf.

Former President John F. Kennedy said, “I see little of more importance to the future of our country and our civilization than full recognition of the place of the artist.”

The highest levels of business achievement, like that of the arts, are attained based on a compilation of successful work over an extended period of time – not merely the results of one quarter or one year. And it is the companies that are the most creative, the most innovative, and the most willing to invest in their best performing employees, which will most likely succeed and endure.

Make it a point to honor those employees who help make your company successful with a little red carpet treatment of your own.

On Friday, the U.S. Department of Labor announced that the unemployment rate was 10.2 percent in October –- reaching the double-digit mark for the first time since 1983.

Several leading economists are now predicting an 11 percent unemployment rate by the middle of next year, which would represent the highest level since World War II. Even though there have been some glimmers of light at the end of the tunnel in recent months, the unemployment rate continues to be a drag on both the economy and our American psyche.

During these rough economic times, I urge corporate executives to not focus on the 10 percent unemployment rate, but to focus attention on the remaining 90 percent of those still employed. The speed of the recovery and job growth will hinge on one key factor – whether employees are motivated to innovate to drive new products, more compelling services, and improved processes.

Companies, now more than ever, must re-double efforts to mine the talent of their existing employees and turn that talent into newfound gains. With tight budgets, it will require creative approaches from management such as enhanced incentive rewards programs, imaginative leadership and manager training, and other innovative programs to spur greater employee performance.

The costs of such programs are modest compared to the cost to your company and its shareholders of standing still.

You can choose to see the glass 10 percent empty, or you can choose to see it 90 percent full. Think of it as saving room for cream – or better yet, two-percent milk.

The word “autumn” conjures up a number of different meanings for me: the colorful fall foliage, the flickering light from a jack-o’-lantern, and the smell of hot apple cider.

According to the American Heritage Dictionary, autumn not only represents the “season of the year between summer and winter,” but it also refers to “a period of maturity verging on decline.” Now that tends to put a negative spin on an otherwise delightful word in my book, but unfortunately it could be a term to describe some Fortune 500 companies.

Like the verge of decline that some of us may feel with each passing birthday (not me, of course), some seemingly successful companies of a certain age may already be in a gradual descent. And they may not even know it yet. In fact, the lay-offs and cut-backs made over the last year in response to the economic crisis may be masking decline that is already well underway for some companies.

Decline could be the result of not moving quickly enough to respond to a changing marketplace or a more innovative competitor. It could be the result of reductions in research needed to spur promising new products or services. It could be from a decrease in spending on high quality employee and manager training. Or it could be the result of an executive team that has paused too long to enjoy the fruits of yesterday’s harvest. Or, it could be all of the above.

Mature companies which lose focus and drive are destined to lose ground on the competition. Such lost ground over time could indeed prove fatal.

Corporate leaders must constantly challenge themselves and their teams. They must regularly retool and reinvest in their employees–and their company’s future.

In doing so, you’ll likely chase off those pesky autumnal goblins, and increase your chances for a more profitable season.

As business executives across the globe seek to chart an improved course in the wake of this past year’s economic meltdown, I call your attention to a new book on leadership that may serve as a helpful guidepost — Love Leadership: The New Way to Lead in a Fear-Based World (Jossey-Bass).

Love Leadership is written by John Hope Bryant, Founder, Chairman and CEO of Operation HOPE, America’s first nonprofit social investment banking organization. The book debuted at #8 on the “CEO Reads Top 10 Best Seller List,” and has been featured in Business Week and the Washington Post.

At the age of 26 in 1992, Bryant started Operation HOPE in Los Angeles in response to the LA riots based on the premise that his community needed a “hand-up not a hand-out.” Operation HOPE seeks to “eradicate poverty in our lifetime” through financial literacy education of inner-city and under-served children and adults.

Bryant himself grew up in Compton and South Central Los Angeles, CA and was homeless for six months at the age of 18. It is this humble background that Bryant has drawn upon to make him one of the most charismatic and successful philanthropic-business leaders of our time.

Bryant has advised the last three Presidents on the importance of financial literacy as one of the most effective tools to address poverty. Bryant is a Young Global Leader for the World Economic Forum, where he spoke at WEF’s closing session in Davos, Switzerland in February 2009. Operation HOPE’s major partners include a Who’s Who of global corporations, such as: Wells Fargo, Toyota, Microsoft, E-Trade, ING, and Citigroup.

David Gergen, former senior White House advisor to four Presidents and now Director of Harvard Kennedy School’s Center for Public Leadership, describes Bryant this way: “I have watched John Hope Bryant dazzle audiences from Harvard to the World Economic Forum. Now he pours his compassion and charisma into the pages of this book, delivering a powerful message about rediscovering our humanity.”

According to Don McGrath, Chairman of Bancwest Corporation: “In this book, he (Bryant) gives us a recipe for personal success driven by a simple notion: treating others with respect and dignity creates true long-term success. This message and his strategies for living it couldn’t be more timely as we address the failures of leadership that created today’s financial crisis.”

In Love Leadership, Bryant lays out his “Five Laws of Love-Based Leadership” — Loss Creates Leaders, Fear Fails, Love Makes Money, Vulnerability is Power, and Giving is Getting. As he puts it, “Leaders give, followers take. Giving inspires loyalty, attracts good people, confers peace of mind, and lies at the core of true wealth.”

Business leaders who understand and deploy these principles are most likely to succeed. Leadership based on fear is a short-term tactic that produces unreliable results, and can serve to damage the organization over time. Conversely, employees who are appreciated and respected will perform at a higher level under all conditions over the near- and long-terms.

Leaders who embrace the principles of caring and respect, will indeed love the results.

John Hope Bryant

This week’s special issue cover story in Business Week, on “Game-Changing Ideas for Business,” discusses how successful companies are using the current economic crisis as an opportunity to re-evaluate the old rules of management. Corporate executives are increasingly using “breakthrough management ideas” to take their businesses to new heights with innovative approaches to managing growth and talent.

The article highlights top companies which are finding ways to spur innovation by taking employees out of their comfort zones, creating new ways to compensate employees for greater achievement, breaking down traditional organizational barriers for increased performance, and leveraging the latest Web 2.0 social networking and wiki tools to enhance collaboration.

New Lantern is a business innovation consulting firm that is perfectly situated to help your company or organization change its game in all of these areas and more.