OK. I’m busy and don’t keep up with the news. Then I realized that the old news is still newsworthy. Not much has changed. The trends keep trending. So here it is anyway.
Talent Shortage Survey Reveals 40% of Employers Worldwide Are Struggling to Find Qualified Job Candidates
Sales Professionals, Engineers and Technicians Top the ‘Most Wanted’ List
Feb 21, 2006 /PRNewswire-FirstCall via COMTEX News Network
Manpower Inc. (NYSE: MAN) surveyed nearly 33,000 employers across 23 countries and territories in late January to determine the extent to which talent shortages are impacting today’s labor markets. The survey results, released today, revealed that 40 percent of employers worldwide are having difficulty filling positions due to the lack of suitable talent available in their markets.
Employers having the most difficulty finding the right people to fill jobs are those in Mexico (78% reporting shortages), Canada (66%) and Japan (58%). The talent shortage appears to be least problematic in India, where only 13 percent of employers reported having difficulty filling positions.
“The talent shortage is becoming a reality for a larger number of employers around the world, and this is only going to get worse over the next several decades, as demographic shifts and other factors continue to reduce the number of people who are willing and able to participate in the workforce,” said Jeffrey A. Joerres, Chairman & CEO of Manpower Inc. “The shortages are most acute across North America at this point, with employers in Europe and Asia currently feeling much less pressure to compete for employees.”
The top 10 jobs that employers are having difficulty filling across the 23 countries and territories surveyed are (ranked in order):
Technicians (primarily production/operations, engineering and maintenance)
Skilled Manual Trades (primarily carpenters, welders and plumbers)
IT Staff (primarily programmers/developers)
Administrative Assistants/Personal Assistants
“Across North America and Asia, the top three talent shortages are identical — sales representatives rank number one, followed by engineers and technicians,” said Joerres. “Employers are telling us that they are not just looking for bodies to fill sales jobs, they want experienced sales people who know their respective industries and can drive revenues.”
“As employers compete for talent in these hot job categories, we will see salaries and compensation escalate. Anyone who is currently searching for a new job or a different career path should seriously consider the results of this survey, and set their sights on getting the education and training required to pursue one of these promising career paths,” Joerres advised.
Today’s survey announcement coincides with the publication of a new Manpower White Paper, “Confronting the Coming Talent Crunch: What’s Next?” The white paper highlights the growing talent shortages around the world and what businesses, government and individuals should be doing to adapt their human resource strategies. Visit http://www.manpower.com/ResearchCenter for a copy of the white paper.
Joerres added, “In 10 years, we will see many businesses failing because they haven’t planned ahead for the talent shortage and are unable to find the people they need to run their businesses. This is not a cyclical trend, as we have seen in the past, this time the talent crunch is for real, and it’s going to last for decades.”
SOURCE Manpower Inc.
U.S. media jobs slashed 88 percent
CHICAGO, Jan. 25 (UPI) — U.S. media job cuts surged 88 percent in 2006 from the previous year, a downsizing trend expected to continue this year, a survey said Thursday.
The media industry slashed 17,809 jobs last year, a nearly two-fold increase from the 9,453 cuts in 2005, outplacement consultancy Challenger Gray & Christmas said.
The figure was the industry’s largest annual job-cut total since 43,420 media job cuts accompanied the collapse of the technology bubble in 2001, the survey said.
“A sea change in the way people get and read news, not to mention the way they search for jobs, used cars and consumer products, was the primary contributor,” the company said.
Media companies, including the New York Times Co. and Time Inc., have already laid off 2,000 employees in 2007, Challenger noted, saying the cuts suggested the downsizing trend would continue.
“These organizations will continue to make adjustments as their focus shifts from print to electronic,” Chief Executive John Challenger said. “Until they can figure out a way to make as much money from their online services as they are losing from the print side, it is going to be an uphill battle.”
Copyright 2007 United Press International, Inc.
Self-Employment May Mask U.S. Job Growth
Sat Jan 31, 8:39 AM ET
By Andrea Hopkins
WASHINGTON (Reuters) – According to the most widely accepted measure of U.S. employment, public-speaking coach and consultant LeeAundra Temescu was not among the 130 million Americans who had a job in 2003.
But don’t try telling her that.
“Was I working?” the Los Angeles resident said. “In terms of speaking and writing and marketing and doing all that sort of stuff — yeah, I was working.”
Because she is one of more than 15 million self-employed workers in the United States, Temescu is on nobody’s payroll — and thus does not show up on the Labor Department (news – web sites)’s employer survey used each month to assess the strength of the job market.
The failure of the survey to count independent contractors has come under fire by President Bush’s economic team and some analysts, who argue it underestimates job growth by ignoring one of the fastest-growing sectors of the economy.
“There is a big error factor in those numbers,” Treasury Secretary John Snow said after Labor reported a scant 1,000 rise in December payrolls. “I think they may well have understated (job growth), and we will see a restatement in the future.”
A rise in self-employed and other nonpayroll workers would bolster the argument of Bush supporters that the “jobless” nature of America’s recovery has been exaggerated.
LIES, DAMN LIES, AND STATISTICS
While outsourcing is not new, a rise in self-employed contractors could explain the slow rebound in employment as counted by the payrolls survey, which shows 2.3 million jobs have been lost since Bush took office in January 2001.
For the same period, a smaller study of households, based on the Current Population Survey, shows a 700,000 rise in employment — a seemingly contradictory sign that has fueled Republican skepticism about the accuracy of the bleaker payrolls data.
According to the Current Population Survey, the number of self-employed Americans surged 3.9 percent in the last three years, far outstripping a 0.6 percent rise in overall employment.
But experts also take issue with the household survey, saying it is too small, too volatile and possibly overstates population growth. Moreover, it registers a worker as employed even if he or she works only one hour in the survey week.
Federal Reserve (news – web sites) Governor Ben Bernanke said the household survey’s accuracy could also suffer if individuals misunderstand the questions “or for one reason or another misreport their own labor market status or that of other members of the household.”
Self-employed consultant Temescu agrees. For much of 2003, she was one of 60,000 surveyed for the household report. Trying to categorize herself as “employed” or “unemployed” was tough in a week when she had no paying clients but was busy marketing. And she said the Census Bureau (news – web sites) questioners were just as confused about her employment status.
“There were a lot of times when I’d give an answer and they’d go ‘Oh, I don’t have a code for that’,” she recalled. “It was kind disconcerting to … have to give answers that I know weren’t accurate because I was constrained by the nature of the questionnaire.”
WAVE OF THE FUTURE
As president of SurePayroll, the fifth-largest U.S. payroll services provider, Michael Alter has seen a definite shift away from the traditional employer-employee relationships captured by the payroll survey.
Last year, payments by his small business clients to independent contractors surged 12 percent — and Alter himself says he is using more contract workers.
“I personally believe there has been a structural change,” he said. “You can get people who have very specialized skills for a very reasonable price, and you don’t have to put them on staff full-time.”
Economist Joel Naroff believes the outsourcing trend, which took off in the 1990s, is here to stay.
“Businesses have been looking to temporary help or outsourcing to lower their employment — and therefore their health care and pension and other responsibilities,” he said.
Government data show employment costs rose 3.8 percent in 2003. Outsourcing work to a self-employed contractor cuts those costs by up to a third — because health care, pensions and other benefits make up 30 percent of total compensation.
“Clearly these kind of huge increases in health care costs encourage businesses to move toward temporary help, outsourcing, or setting people up as consultants,” Naroff said. “It’s clearly getting stronger.”
Meanwhile, Temescu shrugs off the government’s inability to accurately count her employment and says the benefits of her situation are worth the risks involved.
“The alternative of working as a salaried worker in an organization is even more unpalatable,” Temescu said. “There is just something about working for myself — I really, truly do love what I do.”
Number of Global Millionaires Grows
JIM KRANE, AP Business Writer
The increasing ease of becoming a millionaire became clear Tuesday, with the announcement that the ranks of world millionaires had swelled to 8.7 million last year — half a million more than the population of New York City.
Millionaires also invested more aggressively, pouring cash into emerging markets and pulling it out of fixed income holdings, as their wealth reached $33.3 trillion, more than double U.S. economic output, a study by Merrill Lynch and consultancy Capgemini found.
The red-hot Middle East saw nearly 10 percent growth in millionaires — the world’s fastest rate — with record oil revenues and soaring stock markets pushing 300,000 people over the million-dollar mark.
“This is becoming a very attractive place to invest,” said Mones R. Bazzy, Merrill Lynch’s head of Middle East private banking, based in the Gulf boomtown of Dubai. Bazzy spoke in a hotel conference room overlooking the world’s newest international stock market, the futuristic arch-shaped Dubai International Financial Center.
One factor in the Middle East’s growth in millionaires was the stock markets that spiked by more than 100 percent in Saudi Arabia and the United Arab Emirates last year. Thus far 2006, those markets have plunged by more than 50 percent, which Bazzy said may have since knocked a few millionaires off the list.
Worldwide, the number of millionaires has nearly doubled since Merrill Lynch found 4.5 million of them in 1996.
Last year’s 6.5 percent growth in millionaires slowed slightly over last year’s 6.6 percent, with the US and Europe slowing most alongside their cooling economies.
But the ranks of the ultra-rich — those worth more than $30 million — climbed by more than 10 percent to 85,400.
Merrill Lynch said the ultra-rich did better because they found “select pockets” of high-growth investments in Asia, Latin America and the Mideast, while most investors stuck with stodgy earnings in North America and Europe.
North America held a slight edge over Europe in the population of millionaires, with 2.9 million to Europe’s 2.8 million. Asia counted 2.4 million, Latin America 300,000 and Africa 100,000.
The world’s millionaires are increasingly branching out from their home countries, with 65 percent paying attention to foreign markets and 30 percent buying homes overseas, the study found.
Growth of private equity holdings in 2005 outlined an increasing preference for aggressive assets, with investors funneling cash into emerging markets, while unloading fixed-income bank deposits and bonds. That phenomenon is only supposed to grow, as some $41 trillion is expected to be passed to heirs over the next four decades, and money managers saying more than 80 percent of inheritors will want to boost their international exposure.
Dubai might be one destination. Bazzy said the ease of investment and galloping economic growth in the mushrooming city was spurring the world’s premier companies to set up businesses here.
“There are no unions, no taxes and administration is very easy. Barriers to entry are going lower and lower,” Bazzy said. Overall, the UAE counts 59,000 millionaires, while neighboring Saudi Arabia had 80,000, Bazzy said.
Companies slow to adjust to work-life balance concerns of Gen Y
12/8/2006 By Sharon Jayson, USA TODAY Businesses are struggling to keep pace with a new generation of young people entering the workforce, who have starkly different attitudes and desires than employees over the past few decades.
“We’re at the tip of the iceberg,” says Steve Miranda, of the Society for Human Resource Management, in Alexandria, Va. “The next 10 to 15 years will bring significant changes to expectations of what employers need to provide.
Workers born since the early 1980s (known as millennials, Generation Y or echo boomers) crave a more collaborative work environment and detest drudgery, say workplace analysts. They want a work-life balance, which is often at odds with the values of the corporate world.
It’s a mindset that Miranda says most companies haven’t yet faced, but retention is becoming a greater challenge than recruiting as companies watch entry-level hires move out rather than up.
Add in projections that suggest a dearth of young workers to replace an aging workforce and there is “a real concern about who is going to fill those management positions that baby boomers are leaving,” says Claire Schooley, a San Francisco-based senior industry analyst at Forrester Research.
Some companies have already made overtures to appeal to this new sensibility, including St. Louis-based Enterprise Rent-A-Car, whose 200 recruiters typically hire 7,000 college graduates a year for its U.S. management training program. About a quarter of employees worldwide are 25 or younger.
Also, two of the Big Four accounting firms, PricewaterhouseCoopers and Deloitte & Touche, have in the past year revamped recruiting and retention programs to appeal to the work-life balance, mentoring environment and collegiality that millennials want.
“What changed my view is that within large companies, you have little groups,” says Amy Chiu, 25, an accountant with Deloitte in San Jose, Calif. “Working for a large firm doesn’t make me feel like a cog in a big machine.”
Deloitte’s largest division — the audit division — is 25% millennials.
At PricewaterhouseCoopers, about 20% of its 30,000 U.S. employees are in this age group. Last year, it launched a campaign supporting a balance between work and outside interests. The company website stresses job flexibility and says there are “no standard hours” because “work isn’t the same day to day.”
With millennials’ growing numbers comes greater clout. A 2004 report by the human resources organization suggests that the views of these young workers will be significant for decades.
As a result, consulting firms specializing in the millennial generation are out in force, offering advice to businesses baffled by the attitudes of their youngest employees.
“They’re in a hurry and they do everything fast,” says Bruce Tulgan, founder of the management training firm RainmakerThinking, in New Haven, Conn. “That’s where we’re all headed and they’re already there.”
His company’s analysis of data from the U.S. Census, the Bureau of Labor Statistics and other sources finds that about 10 million more young workers will join the ranks of the employed over the next five years.
Because this age group is such a new element in the workforce, there is relatively little data about their work habits. About half of 20- to 24-year-olds had a year or less of tenure with their current employer, according to labor force data released in September.
An online survey of 320 graduates by Experience, Inc., which provides career services to university students and alumni, found a similar pattern, with an average tenure of 1.6 years at a first full-time job. More than one-third (36%) stayed less than a year.
“They crave stimulation and fear boredom,” says Dan Nagy, associate dean for global business development at Duke University, Durham, N.C. “The ultimate obscenity is to be in a boring job.”
David Stillman, co-author of the 2002 book When Generations Collide, says so many more options are available to today’s young that companies have to approach them differently than previous generations. “Savvy, leading-edge companies are realizing there’s no right or wrong. They’re just different.”