Demographics of Today's Workforce
Who are today’s workers? According to the “Relocation Report” dated July 15, 2007, 49% of today’s workforce is married with dependent children; 23% is single with no children; 19% is married without children; and 9% is single with children. Why are these statistics important? It indicates that each candidate has a very different set of needs and requirements when it comes to relocation. Baby Boomers (born 1946-1964) are generally empty nesters, have an average income of $74.9K. Their common values: competitive, indulgent, work focused, empowered, confident and goal oriented. Relocation Concerns: selling/buying home, retirement location, family roots. Generation X (born 1965-1978) are commonly settling down and starting a family, have an average income of $60.3K. Their common values: independent, family focused, active, entrepreneurial in spirit, balanced, and hard working. Relocation Concerns: spousal income, daycare options, ability to purchase home in new area, proximity to extended family. Generation Y (born after 1979) are commonly straight out of college, this could be their first “career” position, and average income $49.4K. Their common values: optimistic, career growth focused, team oriented, sense of self, success/results driven, tenacious, and confident. Relocation Concerns: location, extracurricular activities, and living on their own.
Companies Are Competing for Top Talent
According to the ERC 2007 New Hire Survey, companies experienced a 12% increase in difficulty in attracting talent from their competitors from 2002 to 2006. Ironically enough, in this “candidate driven market,” the impact from the lack of qualified candidates has only grown 2%. With these two reasons topping the list of challenges for companies hiring practices, it is imperative that companies hire an MRI Consultant not only to source qualified candidates, but to adequately sell their representative company over the competition.
America’s Fastest Growing Suburbs
Are there “hot” spots for moving? You bet. Of the top ten growing cities in the U.S., only one requires you to own a snow shovel. As for the other nine… welcome to sunshine! According to an article in Forbes Magazine (July 16, 2007), Lincoln, California (outside Sacramento) is the nation’s fastest growing suburb, increasing its population 236% between 2000 and 2006. Although living in Lincoln is expensive by national standards, it is a lower cost alternative to living in the Bay Area, San Diego, or Los Angeles. What other cities top the growth list?No wonder Phoenix traffic is horrendous! When looking at regional growth, metropolitan Phoenix has seen the greatest positive domestic growth due to affordable housing, a growing economy, and wonderful winters.
Thursday, August 23, 2007
Wednesday, July 18, 2007
Michael Jalbert CEO of MRI
Michael Jalbert - CEO of Mangement Recruiters International spoke to CNBC recently about the current status of the Job Market. In case you missed it you can click on the link and if you have Real Player or some other software it should play on your computer.
If you have any questions or any critical staffing needs please give us a call. My cell phone is 828-301-3802. We are always interested in hearing from you and getting your comments.
http://switchboard.real.com/player/email.html?PV=6.0.12&&title=Michael%20Jalbert%20on%20CNBC%20%2D%20July%205%2C%202007&link=http%3A%2F%2Fplay.rbn.com%2F%3Furl%3Dmri%2Fmricorp%2Fg2demand%2Fvp1371%2Fvp1371.rm%26proto%3Drtsp
If you have any questions or any critical staffing needs please give us a call. My cell phone is 828-301-3802. We are always interested in hearing from you and getting your comments.
http://switchboard.real.com/player/email.html?PV=6.0.12&&title=Michael%20Jalbert%20on%20CNBC%20%2D%20July%205%2C%202007&link=http%3A%2F%2Fplay.rbn.com%2F%3Furl%3Dmri%2Fmricorp%2Fg2demand%2Fvp1371%2Fvp1371.rm%26proto%3Drtsp
Friday, July 13, 2007
Group Interviewing for Jobs
Group Interviews: How to Impress Everyone
Margaret Steen, for Yahoo! HotJobs
Even under the best circumstances, job interviews can be intimidating. But the group interview -- where you are grilled by a team of potential new colleagues -- ratchets up the tension.
Sometimes companies round up all the interviewers at once for the sake of efficiency. But the company may also want to assess how you perform in a group.
It's About Teamwork
"It's sort of to see if you would play well with others on this team," said Libby Pannwitt, a career counselor and principal of Work Life Design Group in San Carlos, California.
A group interview may be very formal, with a scripted set of questions. Or it could be simply a conversation between the candidate and the others in the room. Many interviews are in between these extremes, with both structured questions and casual conversation.
Before any interview, of course, you should research the company and the job description and consider how your experience could help the company. But a group interview calls for some extra skills in order to make the best impression.
Skills for Your Success
* Prepare if possible. If you're given a list beforehand of who will be there, do as much homework as you can. Find out the names and titles of your interviewers. "That may give you a clue about specific areas of expertise and how they fit in the hierarchy," Pannwitt said.
* Make connections. Address your questioners by name and make eye contact with all of them. "Pay attention to what their interest is in the interview, what kind of things would they be likely to be most concerned about," said David Friedland, president of Friedland & Associates, a personnel assessment firm in Culver City, California.
* Don't play favorites. It's dangerous to make assumptions about which person's opinion matters most in the hiring decision. "I've seen a junior player on a team derail a good candidate," Pannwitt said. Try to make sure you satisfy everyone's concerns.
* Be a facilitator. If you notice that one person seems hesitant to participate, try to draw him or her in. Ask if you can clarify your remarks or if the person has any additional questions. You "can take a little bit of control" of the interview this way, said Marianne Adoradio, a Silicon Valley career coach.
* Be diplomatic. If your interviewers clearly have a disagreement and they're asking how you would resolve it, show that you understand of all their points of view. "Just the fact that you're aware of multiple perspectives will bode well for you," said Patrick F. McKay, assistant professor of organizations and strategic management at the University of Wisconsin-Milwaukee.
* Don't relax too much. In informal interviews, don't let the causal atmosphere keep you from making a good impression. "They may seem informal, but people are voting afterward," Adoradio said.
Finally, remember the good news. If you're being interviewed by lots of people at a company, it probably means you're a finalist for the job. And since interviews are a two-way street, a group interview also offers you insight into what it would be like working in this group. "You have a window looking in at how they'll work together," Pannwitt said.
Margaret Steen, for Yahoo! HotJobs
Even under the best circumstances, job interviews can be intimidating. But the group interview -- where you are grilled by a team of potential new colleagues -- ratchets up the tension.
Sometimes companies round up all the interviewers at once for the sake of efficiency. But the company may also want to assess how you perform in a group.
It's About Teamwork
"It's sort of to see if you would play well with others on this team," said Libby Pannwitt, a career counselor and principal of Work Life Design Group in San Carlos, California.
A group interview may be very formal, with a scripted set of questions. Or it could be simply a conversation between the candidate and the others in the room. Many interviews are in between these extremes, with both structured questions and casual conversation.
Before any interview, of course, you should research the company and the job description and consider how your experience could help the company. But a group interview calls for some extra skills in order to make the best impression.
Skills for Your Success
* Prepare if possible. If you're given a list beforehand of who will be there, do as much homework as you can. Find out the names and titles of your interviewers. "That may give you a clue about specific areas of expertise and how they fit in the hierarchy," Pannwitt said.
* Make connections. Address your questioners by name and make eye contact with all of them. "Pay attention to what their interest is in the interview, what kind of things would they be likely to be most concerned about," said David Friedland, president of Friedland & Associates, a personnel assessment firm in Culver City, California.
* Don't play favorites. It's dangerous to make assumptions about which person's opinion matters most in the hiring decision. "I've seen a junior player on a team derail a good candidate," Pannwitt said. Try to make sure you satisfy everyone's concerns.
* Be a facilitator. If you notice that one person seems hesitant to participate, try to draw him or her in. Ask if you can clarify your remarks or if the person has any additional questions. You "can take a little bit of control" of the interview this way, said Marianne Adoradio, a Silicon Valley career coach.
* Be diplomatic. If your interviewers clearly have a disagreement and they're asking how you would resolve it, show that you understand of all their points of view. "Just the fact that you're aware of multiple perspectives will bode well for you," said Patrick F. McKay, assistant professor of organizations and strategic management at the University of Wisconsin-Milwaukee.
* Don't relax too much. In informal interviews, don't let the causal atmosphere keep you from making a good impression. "They may seem informal, but people are voting afterward," Adoradio said.
Finally, remember the good news. If you're being interviewed by lots of people at a company, it probably means you're a finalist for the job. And since interviews are a two-way street, a group interview also offers you insight into what it would be like working in this group. "You have a window looking in at how they'll work together," Pannwitt said.
Monday, July 9, 2007
Boomers Retire to a New Role in the Workforce
BABY BOOMERS RETIRE TO NEW ROLE IN THE WORK FORCEEmployers Tap into Their Wealth of Knowledge and Experience
Philadelphia -- According to U.S. Census reports, 7,918 people turned 60 every day in 2006, which amounts to 330 every hour. Contrary to prevailing belief that retiring baby boomers will decimate the work force, however, MRINetwork™, one of the world’s largest search and recruitment organizations, is observing a trend that may ease the pressure at least temporarily. It seems that many baby boomers are taking retirement only to return to work in the role of consultants, mentors and part-time employees. A recent survey by AARP found that 79 percent of boomers plan to work in some capacity during their retirement years, and many employers are ready to welcome them back.
“There’s growing awareness that important institutional knowledge may be lost as large numbers of mid-to-upper-level managers retire,” says Michael Jalbert, president of MRINetwork. “It’s not just a matter of the job functions they perform, but rather the impact their loss can have on the foundation and culture of their companies.”
For the baby boomers, conditions have to be right to induce them to continue working after they take retirement. “I retired early because I want the freedom to do some of the things I put off during my career,” said Harry Huhndorff, a former design engineer with Eveready Battery in Cleveland. “No one was more surprised than I to discover I could actually earn serious money working as an independent design consultant for companies right in my area. I can take on as many projects as I like, turn down the ones that are not interesting or challenging, and work primarily from home – or wherever I happen to be.”
Part of the demand for Huhndorff’s services is due to his practical, hands-on experience. “I’m working with people much younger than I who can work magic with a computer, but they have a hard time with things like creating packaging or housing designs that are functional and can be manufactured cost-effectively. They’ve never worked in a shop with real materials.”
Jalbert notes that an increasing number of the candidates his company places, particularly in contract situations, come from the ranks of retired baby boomers. “This is due not only to the crunch created by the growing gap between new job creation and new entrants into the work force, but also because companies are seeking people with the skills, experience and work ethic of the baby boomer generation.”
Although workplace analysts and observers have been discussing the effect of large-scale baby boomer retirements for the past several years, Jalbert says many companies have not prepared for the reality. “It’s vitally important that businesses develop bench strength. Forward-thinking senior management is focusing on hiring people, especially in their mid-to-upper level ranks, who are promotable to jobs two or three levels above their current positions.”
For the time being, the job market has never been better for people like Huhndorff, who pilots his own plane, plays tennis three or four times a week, and spends a chunk of the Cleveland winter somewhere warm. “I feel more valued for my contributions now than I ever did during my 35-year career,” he says. “I see myself doing this for a long time to come.”
About MRINetwork:Management Recruiters International, Inc., branded as MRINetwork (www.mrinetwork.com), is a subsidiary of staffing and outsourcing leader CDI Corp. (NYSE:CDI), a global provider of engineering and information technology outsource solution and professional staffing (www.cdicorp.com). MRINetwork has nearly 1,100 offices in over 35 countries.
Philadelphia -- According to U.S. Census reports, 7,918 people turned 60 every day in 2006, which amounts to 330 every hour. Contrary to prevailing belief that retiring baby boomers will decimate the work force, however, MRINetwork™, one of the world’s largest search and recruitment organizations, is observing a trend that may ease the pressure at least temporarily. It seems that many baby boomers are taking retirement only to return to work in the role of consultants, mentors and part-time employees. A recent survey by AARP found that 79 percent of boomers plan to work in some capacity during their retirement years, and many employers are ready to welcome them back.
“There’s growing awareness that important institutional knowledge may be lost as large numbers of mid-to-upper-level managers retire,” says Michael Jalbert, president of MRINetwork. “It’s not just a matter of the job functions they perform, but rather the impact their loss can have on the foundation and culture of their companies.”
For the baby boomers, conditions have to be right to induce them to continue working after they take retirement. “I retired early because I want the freedom to do some of the things I put off during my career,” said Harry Huhndorff, a former design engineer with Eveready Battery in Cleveland. “No one was more surprised than I to discover I could actually earn serious money working as an independent design consultant for companies right in my area. I can take on as many projects as I like, turn down the ones that are not interesting or challenging, and work primarily from home – or wherever I happen to be.”
Part of the demand for Huhndorff’s services is due to his practical, hands-on experience. “I’m working with people much younger than I who can work magic with a computer, but they have a hard time with things like creating packaging or housing designs that are functional and can be manufactured cost-effectively. They’ve never worked in a shop with real materials.”
Jalbert notes that an increasing number of the candidates his company places, particularly in contract situations, come from the ranks of retired baby boomers. “This is due not only to the crunch created by the growing gap between new job creation and new entrants into the work force, but also because companies are seeking people with the skills, experience and work ethic of the baby boomer generation.”
Although workplace analysts and observers have been discussing the effect of large-scale baby boomer retirements for the past several years, Jalbert says many companies have not prepared for the reality. “It’s vitally important that businesses develop bench strength. Forward-thinking senior management is focusing on hiring people, especially in their mid-to-upper level ranks, who are promotable to jobs two or three levels above their current positions.”
For the time being, the job market has never been better for people like Huhndorff, who pilots his own plane, plays tennis three or four times a week, and spends a chunk of the Cleveland winter somewhere warm. “I feel more valued for my contributions now than I ever did during my 35-year career,” he says. “I see myself doing this for a long time to come.”
About MRINetwork:Management Recruiters International, Inc., branded as MRINetwork (www.mrinetwork.com), is a subsidiary of staffing and outsourcing leader CDI Corp. (NYSE:CDI), a global provider of engineering and information technology outsource solution and professional staffing (www.cdicorp.com). MRINetwork has nearly 1,100 offices in over 35 countries.
Thursday, May 31, 2007
Placing & Relocating Generation X'ers, Y'ers and Boomers
Placing & Relocating GenerationY
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations.
A few things to think about:
1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked.
2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is.
3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening.
Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Top Relocation Benefits for Attracting New Hires
According to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods.
Fast Facts about Moving...
Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace.
Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s.
61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away.
Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure.
Article statistics sourced from USA Weekend May 11, 2007
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations. A few things to think about:1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked. 2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is. 3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening. Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Back to top
Top Relocation Benefits for Attracting New HiresAccording to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods. Fast Facts about Moving...Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace. § Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s. § 61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away. § Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure. Article statistics sourced from USA Weekend May 11, 2007
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations.
A few things to think about:
1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked.
2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is.
3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening.
Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Top Relocation Benefits for Attracting New Hires
According to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods.
Fast Facts about Moving...
Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace.
Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s.
61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away.
Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure.
Article statistics sourced from USA Weekend May 11, 2007
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations. A few things to think about:1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked. 2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is. 3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening. Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Back to top
Top Relocation Benefits for Attracting New HiresAccording to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods. Fast Facts about Moving...Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace. § Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s. § 61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away. § Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure. Article statistics sourced from USA Weekend May 11, 2007
Friday, March 9, 2007
Building Effective Relationships with Recruiters
Building Effective Relationships with Recruiters
From Abby Locke
Guest Author Abby M. Locke, president of Premier Writing Solutions, is a Certified Executive Resume-Writer and Personal Brand Coach who supports senior-level finance, accounting and technology professionals in career transition with the development of customized, branded executive resumes and career marketing documents. Her resume samples have been published in Nail the Resume! Great Tips for Creating Dynamic Resumes and Same-Day Resumes.
Building Effective Relationships with Recruiters
Today’s highly competitive job market requires you to employ various strategies when conducting a job search. One such method is partnering with a recruiter which can help maximize your efforts. If you have never built an effective relationship with a recruiter, it is not too late to start.
Before you jump out there and start calling or emailing every recruiter listed on the Internet, here are some quick facts you should know about recruiters and their daily job responsibilities:
• They spend about four to five hours a day on the phone
• They make contact with about 500 people every week
• They can receive anywhere from 500 to 1,000 emails every day
• They rely on their network for current industry information and market trends
• They are compensated for finding the right candidate for their client companies
Now that you have a mental picture of a recruiter’s daily challenges, here are some highly recommended strategies you should use in order to get a recruiter’s attention.
Have Specific Job Targets
Recruiters are usually specialized by industry and/or function. For example, a recruiter may only work with healthcare professionals while another may specialize in placing Executives in all industries. A recruiter’s primary goal is to make a placement, so if you are unclear about your job targets or you are open to any opportunity that comes up, a recruiter is probably not your best option.
Have a Well-Defined Message
Whether your first contact with a recruiter is by telephone or by email, you must be able to quickly articulate your core competencies and qualifications, describe the value you bring to the table and provide evidence of your career achievements. Prepare and practice your 30-second elevator pitch.
Develop a Comprehensive Resume
Regardless of what highs and lows your career progression may have taken, recruiters need to know the details about every position you held ¬ even the ones that only lasted three months. While you may choose to minimize employment gaps on the resume you send directly to employers, you need to be upfront and honest with the recruiter about everything. Your resume should have the dates for every position (starting and ending) and the graduation years in the education section despite your age. Top tier degrees should be listed on the first page of the resume and use a bulleted format to highlight your quantifiable accomplishments. Tip: If you are concerned about revealing too much, you can create a separate resume that is just for recruiters only.
Use a Table in the Cover Letter
When responding to a listed advertisement, inserting a table with two columns in a cover letter will allow the recruiter to quickly scan the document and decide whether you are match. Use one column to list the job’s required experience and qualifications and list your corresponding qualifications in a second column. With over 500 candidates competing for the recruiter’s attention, don’t leave anything to chances.
Develop a Compelling Subject Line
A compelling subject line message will increase your chances of getting the recruiter to open your email right away. Use something to make an immediate connection - if you were referred by someone or met the recruiter recently at a networking event, put that in the subject line.
Think Twice About Email Blasts
Technology can be both your friend and enemy in your job search. The high volume of email received by recruiters has prompted high levels of email filtering and bulk mail settings. While you may have the opportunity to send your resume and cover letter to 500 recruiters, there is no guarantee that it will be seen. In addition, there are some recruiters who may choose to ignore resumes sent through bulk mail as they view the candidates as being unfocused.
Be Honest
There are consequences to lying, omissions and misrepresentations made to a recruiter. First of all, a majority of recruiters use Google, LinkedIn, ZoomInfo and other business and social networking sites to learn more about candidates. Consequently, being dishonest and hiding critical facts are the fastest ways to ruin a relationship with a recruiter.
Have Something to Offer
A relationship with a recruiter is like any other relationship and there needs to be equal give and take. If you have qualified contacts, industry insights or current market news that the recruiter can use, be the first one to offer a helping hand - you will reap the benefits in the long run.
From Abby Locke
Guest Author Abby M. Locke, president of Premier Writing Solutions, is a Certified Executive Resume-Writer and Personal Brand Coach who supports senior-level finance, accounting and technology professionals in career transition with the development of customized, branded executive resumes and career marketing documents. Her resume samples have been published in Nail the Resume! Great Tips for Creating Dynamic Resumes and Same-Day Resumes.
Building Effective Relationships with Recruiters
Today’s highly competitive job market requires you to employ various strategies when conducting a job search. One such method is partnering with a recruiter which can help maximize your efforts. If you have never built an effective relationship with a recruiter, it is not too late to start.
Before you jump out there and start calling or emailing every recruiter listed on the Internet, here are some quick facts you should know about recruiters and their daily job responsibilities:
• They spend about four to five hours a day on the phone
• They make contact with about 500 people every week
• They can receive anywhere from 500 to 1,000 emails every day
• They rely on their network for current industry information and market trends
• They are compensated for finding the right candidate for their client companies
Now that you have a mental picture of a recruiter’s daily challenges, here are some highly recommended strategies you should use in order to get a recruiter’s attention.
Have Specific Job Targets
Recruiters are usually specialized by industry and/or function. For example, a recruiter may only work with healthcare professionals while another may specialize in placing Executives in all industries. A recruiter’s primary goal is to make a placement, so if you are unclear about your job targets or you are open to any opportunity that comes up, a recruiter is probably not your best option.
Have a Well-Defined Message
Whether your first contact with a recruiter is by telephone or by email, you must be able to quickly articulate your core competencies and qualifications, describe the value you bring to the table and provide evidence of your career achievements. Prepare and practice your 30-second elevator pitch.
Develop a Comprehensive Resume
Regardless of what highs and lows your career progression may have taken, recruiters need to know the details about every position you held ¬ even the ones that only lasted three months. While you may choose to minimize employment gaps on the resume you send directly to employers, you need to be upfront and honest with the recruiter about everything. Your resume should have the dates for every position (starting and ending) and the graduation years in the education section despite your age. Top tier degrees should be listed on the first page of the resume and use a bulleted format to highlight your quantifiable accomplishments. Tip: If you are concerned about revealing too much, you can create a separate resume that is just for recruiters only.
Use a Table in the Cover Letter
When responding to a listed advertisement, inserting a table with two columns in a cover letter will allow the recruiter to quickly scan the document and decide whether you are match. Use one column to list the job’s required experience and qualifications and list your corresponding qualifications in a second column. With over 500 candidates competing for the recruiter’s attention, don’t leave anything to chances.
Develop a Compelling Subject Line
A compelling subject line message will increase your chances of getting the recruiter to open your email right away. Use something to make an immediate connection - if you were referred by someone or met the recruiter recently at a networking event, put that in the subject line.
Think Twice About Email Blasts
Technology can be both your friend and enemy in your job search. The high volume of email received by recruiters has prompted high levels of email filtering and bulk mail settings. While you may have the opportunity to send your resume and cover letter to 500 recruiters, there is no guarantee that it will be seen. In addition, there are some recruiters who may choose to ignore resumes sent through bulk mail as they view the candidates as being unfocused.
Be Honest
There are consequences to lying, omissions and misrepresentations made to a recruiter. First of all, a majority of recruiters use Google, LinkedIn, ZoomInfo and other business and social networking sites to learn more about candidates. Consequently, being dishonest and hiding critical facts are the fastest ways to ruin a relationship with a recruiter.
Have Something to Offer
A relationship with a recruiter is like any other relationship and there needs to be equal give and take. If you have qualified contacts, industry insights or current market news that the recruiter can use, be the first one to offer a helping hand - you will reap the benefits in the long run.
Wednesday, March 7, 2007
Merger + Acquisition Activity by MRI Hendersonville
1. MRI Hendersonville has been asked to be a “finder or an adviser” regarding some Merger + Acquisition Transactions. This is an attempt to outline (Roadmap) the M+A Process.
2. Managing the Client Relationship and Other Ethical Issues
a. Who is the Client?
I. Sell-Side Representation
II. Buy-Side Representation
b. Addressing the Conflicts
I. Obtaining Informed Written Consents
II. Taking on a New M+A Client
III. Accepting and M+A Project for an Existing Client
c. Documenting the Engagement
I. Identification of the Client
II. Role of Counsel
III. Payment for Services
IV. Expected Role of MRI Hendersonville
d. Communication with the Client (Buy Side) and the Customer (Sell Side)
3. Forming A TEAM
a. The Client Team
b. The Customer Team
4. Dealing with Other Constituencies
a. Employees
I. Severance Issues and Resulting Liability
II. Retaining/Binding Key Employees
III. Shifting Loyalties
IV. Unions
V. Employee Benefits and Human Resources
VI. Effective Communication and Confidentiality
b. Customers and Suppliers
I. When to notify
II. Who bears the Risk of Lost Relationships?
c. Other Contracting Parties
d. Creditors
5. Planning for a Sale
a. Conducting a Presale Examination
b. Assessing the Need for and Finding an Intermediary
I. Types of Intermediaries
II. Factors to Consider
III. Finding an Intermediary
IV. Terms of the Engagement
c. Marketing Materials
d. Employee Retention Arrangements
I. Stay Bonuses
II. Severance Arrangements
III. Tax Considerations
e. The Type of Buyer
I. Understanding the Seller’s Motivation
II. Selling to Employees
III. Selling to a Third Party
6. Embarking on the Sale Process
a. Selecting the Method of Sale
b. Identifying Potential Buyers
c. Identifying Potential Sellers
d. Maintaining Confidentiality
I. Maintaining Confidentiality of the Deal
II. Maintaining Confidentiality of Shared Information
e. The Negotiated Sale
I. Letter Soliciting Indications of Interest
II. Letter Regarding Facility Visit, Data Room Visit and Review of Accountants’ Workpapers
7. Business Valuation – multiple of EBITDA or some other method MRI defers this to others we can act as a facilitator to get the basic information. We can also go back and forth between the parties to get answers to financial questions. MRI Hendersonville does have access to a Forensic Accountant, CPA that could assist with this activity.
8. Negotiating the Deal
a. Acquiring Background Information
b. Negotiating the Price
I. The Parties and Their Representatives
II. Personalities
III. Client Priorities
IV. Internal Factors Affecting Price
V. External Factors Affecting Price
VI. Closing Price Adjustments or True-Ups
VII. Earnouts
c. Negotiating the Structure
I. Substance of the Transaction
II. Stock vs. Assets
III. Nature of Buyer
IV. Legal form of the Target
V. Form of Consideration
VI. The Speed of the Transaction
VII. Psychology of the Transaction
VIII. Existing Impressions
IX. Liabilities of the Target
X. Ownership of Assets
XI. Financing
XII. Guaranties
XIII. Existing Agreements
XIV. Substantive Law Issues (Canadian and USA and Mexico and China and Possibly European)
XV. Other Regulatory Issues
9. Pacing the Deal and Negotiation Impediments
a. The Pace of the Deal – “Time Kills All Deals”
b. Negotiating Impediments and the Human Element
I. Your Team
II. Difficult Team Members (Legal Counsel) on the Other Side
III. The Obstreperous (hostile and argumentative) Client
10. Conducting Due Diligence
a. General Observations
I. The Objective of Due Diligence
II. Technology Advances; Virtual Data and Deal E-Rooms
III. Due Diligence in a Nutshell
IV. Factors Affecting the Extent of Due Diligence
V. Game Theory and Due Diligence
VI. Professional Risks in the Due Diligence Process
b Sell Side Due Diligence
I. Risks to a Seller
II. Objectives and Strategies of a Seller
III. Seller’s Presale Due Diligence
IV. Putting Together the Data Room/Responding to a Due Diligence Request
V. Running the Data Room
VI. Coordination of Seller’s Due Diligence/Preparation of Schedules
c. Buy-Side Due Diligence
I. Risks to a Potential Buyer
II. Objectives and Strategies
III. Initiating the Due Diligence Process
d. The Due Diligence Team
I. Assembling the Team
II. Agreeing to the Objective
III. Communications
IV. The Due Diligence Checklist
V. Properly Tailoring the Due Diligence Checklist
VI. Pre-Visit Requests Regarding the Data Room
VII. The Responses to the Due Diligence Request
VIII. The Data Room Visit (Establishing Data Room Procedures)
IX. Reviewing Documents (in the Office or the Data Room)
X. Management Presentations and Site Visits
XI. The Review Process: Next Steps
XII. The Due Diligence Report
XIII. The Result of the Process
XIV. What Happens After the Due Diligence Report is Made?
XV. Continuing Due Diligence
XVI. Review of the Disclosure Schedules
XVII. Post-Signing Due Diligence
XVIII. Post-Closing Due Diligence
11. Preparing The Acquisition Agreement and Related Documents
a. Understanding the Client’s Objectives
b. Preparing the Agreement (In-House or Contract Lawyers will do this)
I. Who Prepares the First Draft?
II. Sources of Precedent
III. Preparing the First Draft
IV. Deciding on the Approach
V. Arranging for Review Before Distribution
VI. Distributing the First Draft
VII. Reviewing and Responding to the First Draft
VIII. Bluelining and Other Customs and Courtesies
c. Negotiating the Agreement
I. Who Will Negotiate the Terms?
II. Coordinating the Negotiation
III. How and Where Negotiations Occur
IV. Resolving Issues
V. Negotiating Tactics
VI. Iterative Process
VII. How Negotiations Are Broken Off
VIII. How Negotiations Are Successfully Concluded
d. Recurring Issues in an Agreement
I. The Parties
II. Conventions
III. Exceptions and Qualifiers
IV. Representations
V. Pre-Closing Covenants
VI. Post-Closing Covenants
VII. Conditions
VIII. Termination
IX. Remedies
X. Miscellaneous Provisions
e. Schedules to the Agreement
I. Exceptions to the Representations
II. Approaches to Schedule Preparation
III. Preparing the Schedules
IV. Establishing General Principles
V. Delivering the Schedules
VI. Supplementing the Schedules
f. Related Documents
I. Third Party Consents or Approvals
II. Side Letters
III. Ancillary Agreements
IV. Satisfaction of Additional Obligations
V. Execution of Documents
12. Getting from Agreement to Closing
a. Avoiding the Post-Signing Let Down
b. Contemplating the Closing
c. Practical Issues Not Covered by the Acquisition Agreement
d. Organizing the Closing
e. Conferring with the Client
f. Covenants
I. Bridging the Gap – Best Efforts
II. Access and Due Diligence
III. Confidentiality
IV. Adjusting the Business Being Purchased
V. Operational Covenants
g. Satisfying Closing Conditions
I. Consents
II. The SEC Process
III. HSR Filings
IV. Shareholder Approvals
V. Real Estate Matters
h. Financing Contingencies and Dealing with Third Party Funding Sources
13. Coping with The Troubled Deal
a. Walk (Termination) Rights and Limitations
I. Negotiated Termination Rights
II. Liability Claims Limited by Contract
III. Resisting The Assertion of Termination Rights
b. Judicial Limitations on Contract Remedies
I. Recourse of the Terminated Party
c. Assessing Alternatives When a Deal Is Faltering
I. Formulating Strategy – The Not Yet Failed Deal
II. Mutual Fault
III. Preparing for Litigation
d. Pre-Closing Discovery of a Breach
I. Discovery by the Breaching Party
II. Discovery by the Non-Breaching Party
e. Failed Deal Clean-Up
I. Communications
II. What Happens to the Deposit?
III. Return or Destruction of Documents
IV. Break Up Fees
14. Closing the Deal
a. Planning the Closing Process
I. Get Ready for Some Fun
II. Preparation for Closing – The Client
III. Preparation for Closing – The Other Side
b. The Closing Agenda
I. Where’s My List?
II. When Should It Close? The Closing Date and the Timetable
i. Are You Ready?
c. Place and Time of Closing
I. My Place or Yours?
II. May I Come to Your Party
III. Have the Details Been Arranged?
d. The Pre-Closing
I. The Cure for the Chaotic Closing
II. Can We Spend All Week Doing This?
III. Do We Really Have to Close?
IV. But there Are Still Issues Out There! The Messy Closing
e. The Closing Itself
I. An Advisor’s Utopia (The Lawyers Like it Also)
II. Is That All There Is?
f. The Closing Statement and Alternatives
I. Does the Closing Statement Matter?
II. If This Is So Important, Why Wait Until the End?
III. Is It Binding?
IV. Potential Waiver of Conditions
g. Mechanics of Closing
I. Did I Sign That?
II. All We Need Is Signatures
III. Paper Clips?
IV. Trust Me
V. Is That Really Your Signature?
VI. Why Do We Need These Legal Opinions, Anyway?
VII. Was I Supposed to Bring The Money?
VIII. Weekends Are for More Than Golf
IX. Facing and Funding Deadline
X. Is It My Business Now?
h. Deals Not Ready to Close
I. This Just Isn’t Happening
II. Who Do You Trust, and for How Long?
III. Yet Another Agreement to Draft
i. Non-Legal Aspects of Closings
I. While You’re at It
j. Common Pitfalls – Legal Activity
k. What Is the Agreement?
15. Handling Post Closing Matters
a. Post-Closing Considerations
I. Expect the Unexpected
II. Living with the Deal
b. Immediate Post Closing Matter
I. Deal Cubes and Closing Dinners
II. Closing Documentation Clean Up
III. Announcements
IV. Post-Closing Filings and Loose Ends
V. True-Ups
VI. Closing Binders and Files
c. Longer Term Post-Closing Matters
I. Implementing Lessons of Due Diligence
II. Document Retention and E-Discovery
III. Expiration of Claim Periods and Termination of Escrows
d. Indemnification and Other Remedies
I. The Aggrieved Buyer
II. Preparing the Claim
III. Responding to the Claim
IV. Third Party Claims
V. ADR or Litigation
VI. Non-Indemnification Claims
e. Earnouts
f. Post-Closing Covenants
I. Transition-Related Covenants
II. Covenants That Protect the Value of the Transaction
III. Transition Services Agreements
g. Appraisal Proceedings
2. Managing the Client Relationship and Other Ethical Issues
a. Who is the Client?
I. Sell-Side Representation
II. Buy-Side Representation
b. Addressing the Conflicts
I. Obtaining Informed Written Consents
II. Taking on a New M+A Client
III. Accepting and M+A Project for an Existing Client
c. Documenting the Engagement
I. Identification of the Client
II. Role of Counsel
III. Payment for Services
IV. Expected Role of MRI Hendersonville
d. Communication with the Client (Buy Side) and the Customer (Sell Side)
3. Forming A TEAM
a. The Client Team
b. The Customer Team
4. Dealing with Other Constituencies
a. Employees
I. Severance Issues and Resulting Liability
II. Retaining/Binding Key Employees
III. Shifting Loyalties
IV. Unions
V. Employee Benefits and Human Resources
VI. Effective Communication and Confidentiality
b. Customers and Suppliers
I. When to notify
II. Who bears the Risk of Lost Relationships?
c. Other Contracting Parties
d. Creditors
5. Planning for a Sale
a. Conducting a Presale Examination
b. Assessing the Need for and Finding an Intermediary
I. Types of Intermediaries
II. Factors to Consider
III. Finding an Intermediary
IV. Terms of the Engagement
c. Marketing Materials
d. Employee Retention Arrangements
I. Stay Bonuses
II. Severance Arrangements
III. Tax Considerations
e. The Type of Buyer
I. Understanding the Seller’s Motivation
II. Selling to Employees
III. Selling to a Third Party
6. Embarking on the Sale Process
a. Selecting the Method of Sale
b. Identifying Potential Buyers
c. Identifying Potential Sellers
d. Maintaining Confidentiality
I. Maintaining Confidentiality of the Deal
II. Maintaining Confidentiality of Shared Information
e. The Negotiated Sale
I. Letter Soliciting Indications of Interest
II. Letter Regarding Facility Visit, Data Room Visit and Review of Accountants’ Workpapers
7. Business Valuation – multiple of EBITDA or some other method MRI defers this to others we can act as a facilitator to get the basic information. We can also go back and forth between the parties to get answers to financial questions. MRI Hendersonville does have access to a Forensic Accountant, CPA that could assist with this activity.
8. Negotiating the Deal
a. Acquiring Background Information
b. Negotiating the Price
I. The Parties and Their Representatives
II. Personalities
III. Client Priorities
IV. Internal Factors Affecting Price
V. External Factors Affecting Price
VI. Closing Price Adjustments or True-Ups
VII. Earnouts
c. Negotiating the Structure
I. Substance of the Transaction
II. Stock vs. Assets
III. Nature of Buyer
IV. Legal form of the Target
V. Form of Consideration
VI. The Speed of the Transaction
VII. Psychology of the Transaction
VIII. Existing Impressions
IX. Liabilities of the Target
X. Ownership of Assets
XI. Financing
XII. Guaranties
XIII. Existing Agreements
XIV. Substantive Law Issues (Canadian and USA and Mexico and China and Possibly European)
XV. Other Regulatory Issues
9. Pacing the Deal and Negotiation Impediments
a. The Pace of the Deal – “Time Kills All Deals”
b. Negotiating Impediments and the Human Element
I. Your Team
II. Difficult Team Members (Legal Counsel) on the Other Side
III. The Obstreperous (hostile and argumentative) Client
10. Conducting Due Diligence
a. General Observations
I. The Objective of Due Diligence
II. Technology Advances; Virtual Data and Deal E-Rooms
III. Due Diligence in a Nutshell
IV. Factors Affecting the Extent of Due Diligence
V. Game Theory and Due Diligence
VI. Professional Risks in the Due Diligence Process
b Sell Side Due Diligence
I. Risks to a Seller
II. Objectives and Strategies of a Seller
III. Seller’s Presale Due Diligence
IV. Putting Together the Data Room/Responding to a Due Diligence Request
V. Running the Data Room
VI. Coordination of Seller’s Due Diligence/Preparation of Schedules
c. Buy-Side Due Diligence
I. Risks to a Potential Buyer
II. Objectives and Strategies
III. Initiating the Due Diligence Process
d. The Due Diligence Team
I. Assembling the Team
II. Agreeing to the Objective
III. Communications
IV. The Due Diligence Checklist
V. Properly Tailoring the Due Diligence Checklist
VI. Pre-Visit Requests Regarding the Data Room
VII. The Responses to the Due Diligence Request
VIII. The Data Room Visit (Establishing Data Room Procedures)
IX. Reviewing Documents (in the Office or the Data Room)
X. Management Presentations and Site Visits
XI. The Review Process: Next Steps
XII. The Due Diligence Report
XIII. The Result of the Process
XIV. What Happens After the Due Diligence Report is Made?
XV. Continuing Due Diligence
XVI. Review of the Disclosure Schedules
XVII. Post-Signing Due Diligence
XVIII. Post-Closing Due Diligence
11. Preparing The Acquisition Agreement and Related Documents
a. Understanding the Client’s Objectives
b. Preparing the Agreement (In-House or Contract Lawyers will do this)
I. Who Prepares the First Draft?
II. Sources of Precedent
III. Preparing the First Draft
IV. Deciding on the Approach
V. Arranging for Review Before Distribution
VI. Distributing the First Draft
VII. Reviewing and Responding to the First Draft
VIII. Bluelining and Other Customs and Courtesies
c. Negotiating the Agreement
I. Who Will Negotiate the Terms?
II. Coordinating the Negotiation
III. How and Where Negotiations Occur
IV. Resolving Issues
V. Negotiating Tactics
VI. Iterative Process
VII. How Negotiations Are Broken Off
VIII. How Negotiations Are Successfully Concluded
d. Recurring Issues in an Agreement
I. The Parties
II. Conventions
III. Exceptions and Qualifiers
IV. Representations
V. Pre-Closing Covenants
VI. Post-Closing Covenants
VII. Conditions
VIII. Termination
IX. Remedies
X. Miscellaneous Provisions
e. Schedules to the Agreement
I. Exceptions to the Representations
II. Approaches to Schedule Preparation
III. Preparing the Schedules
IV. Establishing General Principles
V. Delivering the Schedules
VI. Supplementing the Schedules
f. Related Documents
I. Third Party Consents or Approvals
II. Side Letters
III. Ancillary Agreements
IV. Satisfaction of Additional Obligations
V. Execution of Documents
12. Getting from Agreement to Closing
a. Avoiding the Post-Signing Let Down
b. Contemplating the Closing
c. Practical Issues Not Covered by the Acquisition Agreement
d. Organizing the Closing
e. Conferring with the Client
f. Covenants
I. Bridging the Gap – Best Efforts
II. Access and Due Diligence
III. Confidentiality
IV. Adjusting the Business Being Purchased
V. Operational Covenants
g. Satisfying Closing Conditions
I. Consents
II. The SEC Process
III. HSR Filings
IV. Shareholder Approvals
V. Real Estate Matters
h. Financing Contingencies and Dealing with Third Party Funding Sources
13. Coping with The Troubled Deal
a. Walk (Termination) Rights and Limitations
I. Negotiated Termination Rights
II. Liability Claims Limited by Contract
III. Resisting The Assertion of Termination Rights
b. Judicial Limitations on Contract Remedies
I. Recourse of the Terminated Party
c. Assessing Alternatives When a Deal Is Faltering
I. Formulating Strategy – The Not Yet Failed Deal
II. Mutual Fault
III. Preparing for Litigation
d. Pre-Closing Discovery of a Breach
I. Discovery by the Breaching Party
II. Discovery by the Non-Breaching Party
e. Failed Deal Clean-Up
I. Communications
II. What Happens to the Deposit?
III. Return or Destruction of Documents
IV. Break Up Fees
14. Closing the Deal
a. Planning the Closing Process
I. Get Ready for Some Fun
II. Preparation for Closing – The Client
III. Preparation for Closing – The Other Side
b. The Closing Agenda
I. Where’s My List?
II. When Should It Close? The Closing Date and the Timetable
i. Are You Ready?
c. Place and Time of Closing
I. My Place or Yours?
II. May I Come to Your Party
III. Have the Details Been Arranged?
d. The Pre-Closing
I. The Cure for the Chaotic Closing
II. Can We Spend All Week Doing This?
III. Do We Really Have to Close?
IV. But there Are Still Issues Out There! The Messy Closing
e. The Closing Itself
I. An Advisor’s Utopia (The Lawyers Like it Also)
II. Is That All There Is?
f. The Closing Statement and Alternatives
I. Does the Closing Statement Matter?
II. If This Is So Important, Why Wait Until the End?
III. Is It Binding?
IV. Potential Waiver of Conditions
g. Mechanics of Closing
I. Did I Sign That?
II. All We Need Is Signatures
III. Paper Clips?
IV. Trust Me
V. Is That Really Your Signature?
VI. Why Do We Need These Legal Opinions, Anyway?
VII. Was I Supposed to Bring The Money?
VIII. Weekends Are for More Than Golf
IX. Facing and Funding Deadline
X. Is It My Business Now?
h. Deals Not Ready to Close
I. This Just Isn’t Happening
II. Who Do You Trust, and for How Long?
III. Yet Another Agreement to Draft
i. Non-Legal Aspects of Closings
I. While You’re at It
j. Common Pitfalls – Legal Activity
k. What Is the Agreement?
15. Handling Post Closing Matters
a. Post-Closing Considerations
I. Expect the Unexpected
II. Living with the Deal
b. Immediate Post Closing Matter
I. Deal Cubes and Closing Dinners
II. Closing Documentation Clean Up
III. Announcements
IV. Post-Closing Filings and Loose Ends
V. True-Ups
VI. Closing Binders and Files
c. Longer Term Post-Closing Matters
I. Implementing Lessons of Due Diligence
II. Document Retention and E-Discovery
III. Expiration of Claim Periods and Termination of Escrows
d. Indemnification and Other Remedies
I. The Aggrieved Buyer
II. Preparing the Claim
III. Responding to the Claim
IV. Third Party Claims
V. ADR or Litigation
VI. Non-Indemnification Claims
e. Earnouts
f. Post-Closing Covenants
I. Transition-Related Covenants
II. Covenants That Protect the Value of the Transaction
III. Transition Services Agreements
g. Appraisal Proceedings
Thursday, March 1, 2007
Labor Shortage Ahead
Labor Shortage Ahead
By Roger E. Herman, Lead Author
Impending Crisis: Too Many Jobs, Too Few People
Over the past two years, employers have been lulled into complacency by the stable employment market. With the slowed economy, fewer jobs have been available, so workers have cocooned in their current positions. All is quiet, but not for long.
The economy is heating up. More jobs will open and thousands of workers will move from unemployment rolls to the tax rolls. Employers will seek to hire the best talent they can find: the "A" players. Many of those coveted workers are already employed, so expect increased turnover as hiring picks up again. Workers who are underemployed or are dissatisfied will look for better opportunities. Employee retention will again become a nightmare for most employers.
The down economy has masked the continual growth of employment. More jobs are being created in healthcare, personal services, the trades, business and finance, and a wide range of computer-related fields. There are plenty of openings, but the strong job-change movement won't start until people sense the economy is getting strong again. That time is right around the corner.
Over the past few months, in our down economy with relatively high unemployment, I've asked a curious question of my speaking audiences. "How many companies represented here have more than one position that you have not been able to fill?" Hands go up from about ¾ of the audience! When I start with the follow-up about three vacancies, four vacancies, etc, many of the hands stay up. Given current conditions, imagine what will happen as the economy--and competition for people--heat up!
The Numbers
Trend lines, according to the Bureau of Labor Statistics, show us moving toward a record number of jobs in our economy. Analysts forecast that we will have 167,754,000 jobs to be filled in 2010, just over seven years from now. That's exciting, until you learn that we'll only have 157,721,000 people to fill those jobs! We're facing a shortage of 10,033,000 workers in less than seven years. Let's see . . . seven years times 365 days = 2,555 days.
It's easy to say that 2010 is "so far away," but the shortage won't suddenly burst on the scene in 2500 days. Statistics reveal that we have a shortage of over 4,731,000 people today. We don't feel the pinch because so many of those jobs remain unfilled until the economy picks up.
How many vacant positions do you have today?
How will that change in, say, six months?
Impending Crisis
Human resource professionals must be alert to the consequences of the trends: we're heading for a crisis of unprecedented proportions. There are two aspects to the crisis. First is the increasing difficulty of finding and keeping skilled workers. Second is that corporate leadership will be challenged as never before . . . and most executives and managers are not prepared. Too many bosses have been trained and reinforced to be autocratic managers. That style won't fly with today's employees--especially the kind of people you want to attract in the years ahead. Are your key people managers or leaders? Are they ready to function in a more turbulent operating environment?
Advice? Look carefully at the people who work for you today. Would you hire them again? If not, it may be time for them to go, replaced by workers who are competent to get the job done. Will your top talent want to stay with you if they get offers somewhere else? What will hold them? Hint: it's not just the money.
Don't wait. Take steps now to strengthen leadership, enhance strategic staffing, challenge the way you do business. Assert yourself!
By Roger E. Herman, Lead Author
Impending Crisis: Too Many Jobs, Too Few People
Over the past two years, employers have been lulled into complacency by the stable employment market. With the slowed economy, fewer jobs have been available, so workers have cocooned in their current positions. All is quiet, but not for long.
The economy is heating up. More jobs will open and thousands of workers will move from unemployment rolls to the tax rolls. Employers will seek to hire the best talent they can find: the "A" players. Many of those coveted workers are already employed, so expect increased turnover as hiring picks up again. Workers who are underemployed or are dissatisfied will look for better opportunities. Employee retention will again become a nightmare for most employers.
The down economy has masked the continual growth of employment. More jobs are being created in healthcare, personal services, the trades, business and finance, and a wide range of computer-related fields. There are plenty of openings, but the strong job-change movement won't start until people sense the economy is getting strong again. That time is right around the corner.
Over the past few months, in our down economy with relatively high unemployment, I've asked a curious question of my speaking audiences. "How many companies represented here have more than one position that you have not been able to fill?" Hands go up from about ¾ of the audience! When I start with the follow-up about three vacancies, four vacancies, etc, many of the hands stay up. Given current conditions, imagine what will happen as the economy--and competition for people--heat up!
The Numbers
Trend lines, according to the Bureau of Labor Statistics, show us moving toward a record number of jobs in our economy. Analysts forecast that we will have 167,754,000 jobs to be filled in 2010, just over seven years from now. That's exciting, until you learn that we'll only have 157,721,000 people to fill those jobs! We're facing a shortage of 10,033,000 workers in less than seven years. Let's see . . . seven years times 365 days = 2,555 days.
It's easy to say that 2010 is "so far away," but the shortage won't suddenly burst on the scene in 2500 days. Statistics reveal that we have a shortage of over 4,731,000 people today. We don't feel the pinch because so many of those jobs remain unfilled until the economy picks up.
How many vacant positions do you have today?
How will that change in, say, six months?
Impending Crisis
Human resource professionals must be alert to the consequences of the trends: we're heading for a crisis of unprecedented proportions. There are two aspects to the crisis. First is the increasing difficulty of finding and keeping skilled workers. Second is that corporate leadership will be challenged as never before . . . and most executives and managers are not prepared. Too many bosses have been trained and reinforced to be autocratic managers. That style won't fly with today's employees--especially the kind of people you want to attract in the years ahead. Are your key people managers or leaders? Are they ready to function in a more turbulent operating environment?
Advice? Look carefully at the people who work for you today. Would you hire them again? If not, it may be time for them to go, replaced by workers who are competent to get the job done. Will your top talent want to stay with you if they get offers somewhere else? What will hold them? Hint: it's not just the money.
Don't wait. Take steps now to strengthen leadership, enhance strategic staffing, challenge the way you do business. Assert yourself!
Proactive, Strategic Talent Sourcing
Proactive, Strategic Talent Sourcing: Technology-Enabled Proprietary Candidate Databases
By Michelle J. Spellerberg, CareerBuilder.com
Finding qualified talent is a constant problem in the recruiting and staffing industry -- a problem that is about to get bigger. This scarce talent pool combined with a 14.8% growth in employment by 2014, according to the Bureau of Labor Statistics, means it is important to be proactive in sourcing and retaining talent. Now more than ever you are competing will companies of all sizes and in all industries to build a quality talent pool. Handling open job requisitions as single events or sourcing one-offs will not keep you ahead of your competition. When you source only as new job openings arise, you are competing with many other recruiters from not only staffing and recruiting firms but also corporate America. Because you do not have a solid candidate pool of your own to start with, you are making your job harder and more time-consuming. In fact, your talent acquisition costs, as well as your time-to-fill ratio for jobs sourced as they come in, are always higher than if you can source from a pool of qualified candidates you already know. It is for this reason in this candidate centric market that we spend 50% of our time working with highly qualified and highly motivated candidates in the rubber & plastics industry.
We must be proactive and start sourcing more candidates now to ensure our long-term success. However, this process does not necessarily start with the actual sourcing of candidates. Implementing this new business strategy takes more than good sourcing methods; it takes technology. Technology that lets us easily manage a large pool of qualified candidates, even when those candidates don't match current client needs. MRI Hendersonville maintains a very large database of candidates and partners with the other Recruiters in the MRI Network that maintain similar desk specialties to better serve our client needs.
Our Centralized Processes and Technology give us a good start for implementing our new strategy by centralizing all recruiting and staffing processes. Make your applicant tracking system, human resource information system, or recruiting system the hub for all your recruiting and staffing activities. Store all information about candidates, jobs, and clients in a centralized place. By using one system, it lets you streamline all staffing and recruiting activities so you don't waste time searching through paper resumes or pulling old interviews from other recruiters' folders. You can move quicker than your competitors with a centralized system. It will help you build a talent pool before you need it and one that includes candidates your competition has never even heard of. Second, integrate your one internal system with other technology solutions, such as job boards, screening systems, and background checks. Obviously, one of the most important things to do is to streamline your job-posting process. By using a screen-scraping program provided by your technology vendors, you can automatically pull information off a site and post it to another site. You can also work with job site vendors to cross-post jobs, which means posting one job that posts to multiple sites at the same time. For example, when a new open requisition comes in and you complete the job description, you can have it automatically posted to your company's Web site, a job board, and a local organization. This saves you valuable time. Moreover, once you post a job, many tracking systems will provide you with candidates that match. Your ATS may provide you with some leads and your job board with other leads.
Next MRI Hendersonville creates a centralized place for candidates to enter their information, resume, and even cover letter when they apply for open positions. We direct all potential candidates to our own system on our Web site or use third-party solution that will automatically upload candidate information into your company's network.
Fourth, we have a communication system that lets you keep in constant contact with potential candidates. This will help you build a strong relationship with potential candidates and create strong company brand. Keep candidates abreast of open positions for which they are qualified and even company news that shows you care about the candidates.
The last step, of course, is to decide which jobs you need to proactively source. Working on your most frequently requested requisitions, as well as your hard-to-fill positions, is a good place to start. Make sure you specify solid requirements for the jobs so you grab quality candidates (High Impact Players). And once you speak with one of the quality candidates, make sure to network and find out if they know anyone with similar qualifications that might be interested in openings. Please allow us to demonstrate how we can help you with your critical staffing needs in this very difficult Candidate Centric Market.
By Michelle J. Spellerberg, CareerBuilder.com
Finding qualified talent is a constant problem in the recruiting and staffing industry -- a problem that is about to get bigger. This scarce talent pool combined with a 14.8% growth in employment by 2014, according to the Bureau of Labor Statistics, means it is important to be proactive in sourcing and retaining talent. Now more than ever you are competing will companies of all sizes and in all industries to build a quality talent pool. Handling open job requisitions as single events or sourcing one-offs will not keep you ahead of your competition. When you source only as new job openings arise, you are competing with many other recruiters from not only staffing and recruiting firms but also corporate America. Because you do not have a solid candidate pool of your own to start with, you are making your job harder and more time-consuming. In fact, your talent acquisition costs, as well as your time-to-fill ratio for jobs sourced as they come in, are always higher than if you can source from a pool of qualified candidates you already know. It is for this reason in this candidate centric market that we spend 50% of our time working with highly qualified and highly motivated candidates in the rubber & plastics industry.
We must be proactive and start sourcing more candidates now to ensure our long-term success. However, this process does not necessarily start with the actual sourcing of candidates. Implementing this new business strategy takes more than good sourcing methods; it takes technology. Technology that lets us easily manage a large pool of qualified candidates, even when those candidates don't match current client needs. MRI Hendersonville maintains a very large database of candidates and partners with the other Recruiters in the MRI Network that maintain similar desk specialties to better serve our client needs.
Our Centralized Processes and Technology give us a good start for implementing our new strategy by centralizing all recruiting and staffing processes. Make your applicant tracking system, human resource information system, or recruiting system the hub for all your recruiting and staffing activities. Store all information about candidates, jobs, and clients in a centralized place. By using one system, it lets you streamline all staffing and recruiting activities so you don't waste time searching through paper resumes or pulling old interviews from other recruiters' folders. You can move quicker than your competitors with a centralized system. It will help you build a talent pool before you need it and one that includes candidates your competition has never even heard of. Second, integrate your one internal system with other technology solutions, such as job boards, screening systems, and background checks. Obviously, one of the most important things to do is to streamline your job-posting process. By using a screen-scraping program provided by your technology vendors, you can automatically pull information off a site and post it to another site. You can also work with job site vendors to cross-post jobs, which means posting one job that posts to multiple sites at the same time. For example, when a new open requisition comes in and you complete the job description, you can have it automatically posted to your company's Web site, a job board, and a local organization. This saves you valuable time. Moreover, once you post a job, many tracking systems will provide you with candidates that match. Your ATS may provide you with some leads and your job board with other leads.
Next MRI Hendersonville creates a centralized place for candidates to enter their information, resume, and even cover letter when they apply for open positions. We direct all potential candidates to our own system on our Web site or use third-party solution that will automatically upload candidate information into your company's network.
Fourth, we have a communication system that lets you keep in constant contact with potential candidates. This will help you build a strong relationship with potential candidates and create strong company brand. Keep candidates abreast of open positions for which they are qualified and even company news that shows you care about the candidates.
The last step, of course, is to decide which jobs you need to proactively source. Working on your most frequently requested requisitions, as well as your hard-to-fill positions, is a good place to start. Make sure you specify solid requirements for the jobs so you grab quality candidates (High Impact Players). And once you speak with one of the quality candidates, make sure to network and find out if they know anyone with similar qualifications that might be interested in openings. Please allow us to demonstrate how we can help you with your critical staffing needs in this very difficult Candidate Centric Market.
Job Dissatisfaction Remains High!
By Ron Buono, Vice-President MRI Hendersonville, NC
For the last few years or so, what with the job market being somewhat anemic in many sectors, most employees have quite literally "kept their heads down." But don't mistake silence and a low profile as meaning your employees are necessarily satisfied with their lot.
Maybe they are and maybe they're not! And, while attracting top talent is of course very important to firms wanting to compete in today's marketplace, retaining them is equally important!
According to 2005 survey data (the latest data) published by The Conference Board, an independent business "think tank" and research organization, U.S. job satisfaction continues its steadily downward trend.
First the good news: Half of all American workers say they are "satisfied" with their jobs. Now the bad news: Nearly 60% said they were "satisfied" just ten years earlier. More bad news: Of the half who said they were "satisfied," only 14% of that group said they are "very satisfied."
More alarming news: A full one-fourth of respondents said they are just "showing up to collect a paycheck"!"Rapid technological changes, rising productivity demands and changing employee expectations have all contributed to the decline in job satisfaction," said Lynn Franco, director of The Conference Board's Consumer Research Center.
Franco added that, as large numbers of "baby boomers" begin leaving the workforce, the job satisfaction picture can not be expected to improve significantly. The younger workers who will replace the "boomers" also tend to be unhappy with their jobs. Add to that the fact that these younger workers also tend to have different attitudes and expectations about the role of work in their lives. According to MRI data and other surveys by Fortune and Forbes by the end of the decade between 10-20 million technical and management jobs will go unfilled due to the “baby boomers retiring”.
Some companies of course will pooh-pooh job satisfaction results such as these. What's new? They will say. You can't satisfy everyone. And, when things pick up in the economy there is always employee turnover. It is just a “fact of life”.
Well, here's another fact of life that ought to be considered: According to a recent Ernst & Young survey, the cost of replacing a high-level employee can go as high as 150% of that employee's salary! We are beginning to see Counter-Offers of up to 30% beginning to return into the marketplace.
What's causing all of this dissatisfaction among employees? Well, for one thing, as business budgets have been squeezed tighter and tighter in recent years, employees have been forced to increase their workload without any commensurate additional compensation. To put it bluntly, a lot of these folks are now feeling "used."
Employees also cite these areas of concern as driving their growing level of dissatisfaction: their companies' bonus plans, promotion policies, health insurance plans and pensions.
Management also comes in for substantial criticism. Fewer than one-third of supervisors and managers are perceived to be strong leaders, The Conference Board report shows.
"Shrugging off employee disengagement would be a disastrous, short-sighted view creating lasting global repercussions for American business," said Shubhra Ramchandani, North American Stakeholder Management Practice Leader at TNS, a market information company that conducted the research project among 5,000 U.S. households for The Conference Board. According to Bill Olson, President & CEO of MRI the current unemployment rate among professionals is 2.5-2.6%.
Here are some strategies for improving overall job satisfaction among employees:
Give workers responsibility (and authority)—and let them use it! Many business owners, supervisors and managers, fearful of a shrinking bottom line, have turned to micromanagement, a practice sure to turn off key employees.
Show respect. Sounds simple enough, but obviously not done frequently enough. A lot of employees say that, during the tight times, they were treated more like the "enemy" than as a valued member of the "team."
Recognize the whole person. To be sure, work is a very important part of most people's lives, but it certainly isn't the only thing in their lives. Smart employers recognize this fact and treat their employees accordingly.
Mark out a clear path to career growth. What good company would really want an employee who remains eternally satisfied with his or her current position? Smart employers give ample opportunities for each employee to grow as much as possible in their jobs.
What message should employers take away from all of this? Job dissatisfaction trends can be reversed, even among the most distraught employees. But it takes work, creativity and a total commitment (not simply "lip service") on the part of management. The cost of doing nothing, or merely accepting the status quo, is just too high for companies that want to remain on the cutting edge in an increasingly competitive marketplace.
By Ron Buono, Vice-President MRI Hendersonville, NC
For the last few years or so, what with the job market being somewhat anemic in many sectors, most employees have quite literally "kept their heads down." But don't mistake silence and a low profile as meaning your employees are necessarily satisfied with their lot.
Maybe they are and maybe they're not! And, while attracting top talent is of course very important to firms wanting to compete in today's marketplace, retaining them is equally important!
According to 2005 survey data (the latest data) published by The Conference Board, an independent business "think tank" and research organization, U.S. job satisfaction continues its steadily downward trend.
First the good news: Half of all American workers say they are "satisfied" with their jobs. Now the bad news: Nearly 60% said they were "satisfied" just ten years earlier. More bad news: Of the half who said they were "satisfied," only 14% of that group said they are "very satisfied."
More alarming news: A full one-fourth of respondents said they are just "showing up to collect a paycheck"!"Rapid technological changes, rising productivity demands and changing employee expectations have all contributed to the decline in job satisfaction," said Lynn Franco, director of The Conference Board's Consumer Research Center.
Franco added that, as large numbers of "baby boomers" begin leaving the workforce, the job satisfaction picture can not be expected to improve significantly. The younger workers who will replace the "boomers" also tend to be unhappy with their jobs. Add to that the fact that these younger workers also tend to have different attitudes and expectations about the role of work in their lives. According to MRI data and other surveys by Fortune and Forbes by the end of the decade between 10-20 million technical and management jobs will go unfilled due to the “baby boomers retiring”.
Some companies of course will pooh-pooh job satisfaction results such as these. What's new? They will say. You can't satisfy everyone. And, when things pick up in the economy there is always employee turnover. It is just a “fact of life”.
Well, here's another fact of life that ought to be considered: According to a recent Ernst & Young survey, the cost of replacing a high-level employee can go as high as 150% of that employee's salary! We are beginning to see Counter-Offers of up to 30% beginning to return into the marketplace.
What's causing all of this dissatisfaction among employees? Well, for one thing, as business budgets have been squeezed tighter and tighter in recent years, employees have been forced to increase their workload without any commensurate additional compensation. To put it bluntly, a lot of these folks are now feeling "used."
Employees also cite these areas of concern as driving their growing level of dissatisfaction: their companies' bonus plans, promotion policies, health insurance plans and pensions.
Management also comes in for substantial criticism. Fewer than one-third of supervisors and managers are perceived to be strong leaders, The Conference Board report shows.
"Shrugging off employee disengagement would be a disastrous, short-sighted view creating lasting global repercussions for American business," said Shubhra Ramchandani, North American Stakeholder Management Practice Leader at TNS, a market information company that conducted the research project among 5,000 U.S. households for The Conference Board. According to Bill Olson, President & CEO of MRI the current unemployment rate among professionals is 2.5-2.6%.
Here are some strategies for improving overall job satisfaction among employees:
Give workers responsibility (and authority)—and let them use it! Many business owners, supervisors and managers, fearful of a shrinking bottom line, have turned to micromanagement, a practice sure to turn off key employees.
Show respect. Sounds simple enough, but obviously not done frequently enough. A lot of employees say that, during the tight times, they were treated more like the "enemy" than as a valued member of the "team."
Recognize the whole person. To be sure, work is a very important part of most people's lives, but it certainly isn't the only thing in their lives. Smart employers recognize this fact and treat their employees accordingly.
Mark out a clear path to career growth. What good company would really want an employee who remains eternally satisfied with his or her current position? Smart employers give ample opportunities for each employee to grow as much as possible in their jobs.
What message should employers take away from all of this? Job dissatisfaction trends can be reversed, even among the most distraught employees. But it takes work, creativity and a total commitment (not simply "lip service") on the part of management. The cost of doing nothing, or merely accepting the status quo, is just too high for companies that want to remain on the cutting edge in an increasingly competitive marketplace.
Bounce Back From a Big Mistake
Bounce Back After a Big MistakeCaroline Levchuck, Yahoo! HotJobs
You didn't seal the deal. You lost a big client. You made an accounting error that cost your company thousands of dollars. Whatever the case is, you blew it. And your boss and everyone you work with know it.
So, now what? Use these tips to get into and get over what you did wrong.
1. Own it.
While many of us would prefer to forget our mistakes, initially you need to acknowledge to your supervisor and everyone involved that you're accepting responsibility for what went wrong. If you do this right (that is, seriously and sincerely), you'll only have to do it once.
2. Take the heat.
You may get teased by from coworkers for a long time to come. Accept gentle ribbing with a wink and a smile. However, don't take blatant abuse from someone who can't get past what happened. If a colleague's teasing becomes taunting, speak with your supervisor and a human resources representative.
3. Don't beat yourself up.
It does no good to dwell on your mistakes, which can lead to doubting your competence. "This type of thinking is actually self-destructive and only serves to hamper future effectiveness," says Liz Bywater, president of Bywater Consulting Group, a Philadelphia-based firm focused on optimizing organizational performance. "Remember: Failure is not in the falling down but in the staying down."
4. Learn from the past.
Solicit advice from your boss and trusted associates to help you analyze what went wrong and how you might've avoided the error entirely. Go back in the process as long as is necessary; however, be careful to avoid blaming anyone else, despite what you may uncover. Just learn from your own mistakes.
5. Keep it in perspective.
Seek a broad view of your career and accomplishments. "Chances are, you've experienced at least as many successes as failures," Bywater says. "It's the successes that deserve your greatest attention. Learn from them and continue to build upon your strengths."
6. Move on.
You've apologized. You've taken your lumps. You've analyzed where you went wrong. Now, it's time to move on. Don't raise the topic of your mistake again. Your boss and coworkers want to move past this as much you do; continue to look to the future and don't allow your career or day-to-day performance to be marred by one error.
You didn't seal the deal. You lost a big client. You made an accounting error that cost your company thousands of dollars. Whatever the case is, you blew it. And your boss and everyone you work with know it.
So, now what? Use these tips to get into and get over what you did wrong.
1. Own it.
While many of us would prefer to forget our mistakes, initially you need to acknowledge to your supervisor and everyone involved that you're accepting responsibility for what went wrong. If you do this right (that is, seriously and sincerely), you'll only have to do it once.
2. Take the heat.
You may get teased by from coworkers for a long time to come. Accept gentle ribbing with a wink and a smile. However, don't take blatant abuse from someone who can't get past what happened. If a colleague's teasing becomes taunting, speak with your supervisor and a human resources representative.
3. Don't beat yourself up.
It does no good to dwell on your mistakes, which can lead to doubting your competence. "This type of thinking is actually self-destructive and only serves to hamper future effectiveness," says Liz Bywater, president of Bywater Consulting Group, a Philadelphia-based firm focused on optimizing organizational performance. "Remember: Failure is not in the falling down but in the staying down."
4. Learn from the past.
Solicit advice from your boss and trusted associates to help you analyze what went wrong and how you might've avoided the error entirely. Go back in the process as long as is necessary; however, be careful to avoid blaming anyone else, despite what you may uncover. Just learn from your own mistakes.
5. Keep it in perspective.
Seek a broad view of your career and accomplishments. "Chances are, you've experienced at least as many successes as failures," Bywater says. "It's the successes that deserve your greatest attention. Learn from them and continue to build upon your strengths."
6. Move on.
You've apologized. You've taken your lumps. You've analyzed where you went wrong. Now, it's time to move on. Don't raise the topic of your mistake again. Your boss and coworkers want to move past this as much you do; continue to look to the future and don't allow your career or day-to-day performance to be marred by one error.
How to Get the Most Value from Your Recruiter
The successful partnering between you and your search firm is a two-sided arrangement that requires trust and professional respect. Your approach to the partnership influences the speed and outcome of the search process just as much as the recruiter’s skill. One of the most important factors is your understanding of the process and the part you play in it. Here are a few suggestions that may be helpful:
• Do your homework before meeting with the recruiter. Define long- and short-term expectations for the job. Think through key organizational issues: reporting and working relationships; number of people the new hire will manage; who he or she will work with most closely.
• Make sure that your team agrees on the objectives of the position and that they are willing and able to commit time and energy to make the hiring process a top priority.
• Be prepared with the key elements that define the job description, such as:
--Title
--Objectives
--Criteria for measuring performance
--Major issue that new hire will address immediately
--Organization charts
--How many and what kind of people will be managed
--Current budget of the department
--Salary, including bones, incentive plans, benefits
--Career path opportunites
• Provide additional information your recruiter needs. Be explicit about the chemistry and corporate culture of your company. Share both good and bad, positive and negative aspects of the job and have no surprises waiting.
• Establish high standards in evaluating candidates, but be sensitive to feedback. Understand the trade-off between the candidate qualities you require and those you desire.
• Keep things moving from your side: conduct candidate interviews promptly; give timely feedback; maintain security and confidentiality.
A successful search is a team effort. You and your recruiter complement each other’s knowledge and strengths. A spirit of partnership will go a long way toward enabling you to reach your staffing goals.
The successful partnering between you and your search firm is a two-sided arrangement that requires trust and professional respect. Your approach to the partnership influences the speed and outcome of the search process just as much as the recruiter’s skill. One of the most important factors is your understanding of the process and the part you play in it. Here are a few suggestions that may be helpful:
• Do your homework before meeting with the recruiter. Define long- and short-term expectations for the job. Think through key organizational issues: reporting and working relationships; number of people the new hire will manage; who he or she will work with most closely.
• Make sure that your team agrees on the objectives of the position and that they are willing and able to commit time and energy to make the hiring process a top priority.
• Be prepared with the key elements that define the job description, such as:
--Title
--Objectives
--Criteria for measuring performance
--Major issue that new hire will address immediately
--Organization charts
--How many and what kind of people will be managed
--Current budget of the department
--Salary, including bones, incentive plans, benefits
--Career path opportunites
• Provide additional information your recruiter needs. Be explicit about the chemistry and corporate culture of your company. Share both good and bad, positive and negative aspects of the job and have no surprises waiting.
• Establish high standards in evaluating candidates, but be sensitive to feedback. Understand the trade-off between the candidate qualities you require and those you desire.
• Keep things moving from your side: conduct candidate interviews promptly; give timely feedback; maintain security and confidentiality.
A successful search is a team effort. You and your recruiter complement each other’s knowledge and strengths. A spirit of partnership will go a long way toward enabling you to reach your staffing goals.
The 10 Biggest Interview Killers
By Joe Turner
When you're on a romantic dinner date, you try to avoid "mood killers" -- talking with a mouth full of food, cursing an ex-lover, or complaining about a foot ailment. During a job interview, you have to avoid similar spoilers if you want to make a good impression.
Here are 10 of the most common "advantage killers" and how you can steer clear of them during your next job interview.
1. Not knowing your aim. Too often candidates think their purpose in an interview is simply to ask for a job. Your goals are to demonstrate how you are a good fit for the organization, and to assess whether the job is really right for you.
2. Being too needy. Neediness is probably the No. 1 advantage-killer in an interview. Remind yourself before walking in the door: you do not need this job. You do need food, you do need air, and you do need water. Keep things in perspective.
3. Lousy nonverbal communication. This is about demonstrating confidence. Your first impression makes the difference. When you enter the interview room, stand up straight, make eye contact, and offer a strong handshake with your interviewer. If necessary, jot their name on your notepad as soon as you seat yourself. Do the same for any other individual you are meeting with. 4. Compromising your position. You should always participate in the interview as an equal, not a subordinate, of the person conducting the interview. Often this is a subtle matter of self-perception, so remind yourself before the interview.
5. Falling into the answers-only rut. An interview is a conversation. Don't just answer their questions. That's why you've prepared stories to highlight your accomplishments, which will be your moments to shine. When you do answer any questions, make sure that you answer immediately and follow up with a question of your own, if at all possible.
6. Rambling. Telling your interviewer more than they need to know could be fatal. Your stories should be 60 to 90 seconds long and they should have a relevant point. Focus, focus, focus. Stick with your rehearsed stories, your research, and the questions you need to ask. Don't fill up the silence with unnecessary talk.
7. Being overly familiar. A good interviewer will be skilled enough to put you at ease within the first 10 minutes of the interview. That doesn't mean that they have become your best friend. Don't let your guard down. You're there to interview them and get answers to your questions. Treat this from start to finish as the professional business meeting that it is.
8. Making incorrect assumptions. Points are not deducted at the interview for asking questions when you don't understand something. Don't guess at what your interviewer means. Effective interviewing is all about collecting information in real time, taking good notes, and responding only to the actual facts you've collected. If you find yourself making assumptions or guessing about something that was said, stop and ask for clarification before you answer.
9. Getting emotional. At times the interviewer may hit a nerve or consciously try to provoke you into an "outburst." Don't fall for it. Clear your mind of any fears or expectations, so you can maintain a calm, open-minded perspective at all times. When emotions enter into an interview, failure follows.
10. Not asking specific questions. You want to find out more about what this job is really about and whether you want it. Arrive with a list of several prepared questions about the company, the position, and the people who work there. Ask questions that begin with "what," "how," and "why." Avoid simple yes/no questions. Get your interviewer talking as much as possible, then take notes. Most interviewers are unimpressed by someone who has no questions.
By Joe Turner
When you're on a romantic dinner date, you try to avoid "mood killers" -- talking with a mouth full of food, cursing an ex-lover, or complaining about a foot ailment. During a job interview, you have to avoid similar spoilers if you want to make a good impression.
Here are 10 of the most common "advantage killers" and how you can steer clear of them during your next job interview.
1. Not knowing your aim. Too often candidates think their purpose in an interview is simply to ask for a job. Your goals are to demonstrate how you are a good fit for the organization, and to assess whether the job is really right for you.
2. Being too needy. Neediness is probably the No. 1 advantage-killer in an interview. Remind yourself before walking in the door: you do not need this job. You do need food, you do need air, and you do need water. Keep things in perspective.
3. Lousy nonverbal communication. This is about demonstrating confidence. Your first impression makes the difference. When you enter the interview room, stand up straight, make eye contact, and offer a strong handshake with your interviewer. If necessary, jot their name on your notepad as soon as you seat yourself. Do the same for any other individual you are meeting with. 4. Compromising your position. You should always participate in the interview as an equal, not a subordinate, of the person conducting the interview. Often this is a subtle matter of self-perception, so remind yourself before the interview.
5. Falling into the answers-only rut. An interview is a conversation. Don't just answer their questions. That's why you've prepared stories to highlight your accomplishments, which will be your moments to shine. When you do answer any questions, make sure that you answer immediately and follow up with a question of your own, if at all possible.
6. Rambling. Telling your interviewer more than they need to know could be fatal. Your stories should be 60 to 90 seconds long and they should have a relevant point. Focus, focus, focus. Stick with your rehearsed stories, your research, and the questions you need to ask. Don't fill up the silence with unnecessary talk.
7. Being overly familiar. A good interviewer will be skilled enough to put you at ease within the first 10 minutes of the interview. That doesn't mean that they have become your best friend. Don't let your guard down. You're there to interview them and get answers to your questions. Treat this from start to finish as the professional business meeting that it is.
8. Making incorrect assumptions. Points are not deducted at the interview for asking questions when you don't understand something. Don't guess at what your interviewer means. Effective interviewing is all about collecting information in real time, taking good notes, and responding only to the actual facts you've collected. If you find yourself making assumptions or guessing about something that was said, stop and ask for clarification before you answer.
9. Getting emotional. At times the interviewer may hit a nerve or consciously try to provoke you into an "outburst." Don't fall for it. Clear your mind of any fears or expectations, so you can maintain a calm, open-minded perspective at all times. When emotions enter into an interview, failure follows.
10. Not asking specific questions. You want to find out more about what this job is really about and whether you want it. Arrive with a list of several prepared questions about the company, the position, and the people who work there. Ask questions that begin with "what," "how," and "why." Avoid simple yes/no questions. Get your interviewer talking as much as possible, then take notes. Most interviewers are unimpressed by someone who has no questions.
Labor Shortage Forces Companies to
Re-Evaluate Relocation Packages
According to a survey conducted by the Employee Relocation Council, companies have experienced more challenges in recruiting top talent in 2006 than in previous years. Of 150 companies from a variety of industries and sizes surveyed, 44.74% said that future relocation volume will increase next year. “With the labor shortage looming on the horizon, organizations are feeling the pressure to seek out the best talent from a shrinking labor pool.” Therefore, company retention strategies are becoming more prevalent. The most popular strategy is the relocation payback agreement, which mandates employees to stay at the company for a set period of time, or require them to payback relocation expenses incurred during their hiring process. 80% of companies in this survey institute a payback policy, 64.23% have a one year agreement.
“Recruiting and retaining top employees, some employees’ reluctance to move and companies’ financial constraints with relocation incentives all will be potential challenges with broad impacts on the economy and relocation,” said Margery Marshall, SCRP, Prudential Relocation president.
What does this mean for you, the MRI Account Executive? 2007 will be a year that companies may open the purse strings in order to get the right person for the position. They may require you to look outside the local market to find the person they need. It’s worth it to not settle for the number two candidate that’s local. This is why it’s impressive to let your clients know that you offer a full service, free of charge, relocation company as part of your service offering. You not only can find the top talent, but you can also relocate them using the FAS Relocation Network.
Back to top
The Value of the Account Executive
In today’s world, things like identity theft and phone scams are frightening for all of us. Unfortunately, your candidates might be experiencing this when they post their resumes on a major job board. According to a recent article featured in The Wall Street Journal titled “Who’s Reading Online Resumes?” the number of online job scams and identity theft are on the rise. Candidates are revealing personal information on their resumes, such as social security numbers, date of birth, address, and multiple contact numbers. According to the FBI, “these people are using the information to apply for fake credit cards and loans in the job hunter’s name. In another situation, they send a job hunter an email claiming to be a recruiter or company seeking personal details for pre-employment background check, and use the information for identify theft.”
Scam artists post fake job board ads, send emails to job hunters, and “phish” for any and all information they can use to obtain someone’s identity. It is recommended that no personal information be revealed on a job board resume, and correspondence only be conducted via email until the inquirer is recognized as authentic.
This is why you, the MRI Account Executive, are so valuable in the job hunter’s process. Candidates eliminate potential identity theft issues by avoiding posting their resume at all. We know many of you encourage candidates to not post their resume, and give you exclusivity in the search process, and here’s another reason why it’s important. Use these examples when speaking with a prospective candidate to deter them from posting their information on a job board or website.
Back to top
HHHAAAAA CCCHHHHHOOOOOOOO
Ten Worst Allergy Towns
1.Lexington, Kentucky
2. Little Rock, Arkansas
3. Chattanooga, Tennessee
4. Louisville, Kentucky
5. Johnson City, Tennessee
6. Greenville, South Carolina
7. Richmond, Virginia
8. Charlotte, North Carolina
9. Jackson, Mississippi
10. Saint Louis, Missouri
*Sourced by the Asthma and Allergy Foundation of America, The 2005 Spring Allergy Capital Ranking
Back to top
Top Ten Tips for Holiday Waistlines…
How many pounds does the average person gain during the holidays? It's ranging anywhere from five to ten pounds, depending on who you ask. Compound that with a poll conducted by Careerbuilder.com of 1,600 people in the workplace, claiming that 47% of people have gained weight since they began their jobs. “Today’s busy workers have trouble finding the time to cook healthy meals and exercise regularly, and their waistlines are suffering.” With both of those things against all of us, what can we do to perhaps minimize the added pounds this holiday season? A few tips for us all.
1. Keep a bottle of water at your desk—drink water instead of snacking.
2. Blacklist all vending machines and stay away from soda
3. Walk around the office instead of sitting all day.
4. Resurrect the lunchbox… bringing a healthy lunch to work instead of eating out can help minimize the calories. Plus.. it will help your wallet!
5. Try to be a picker eater—or pickier than usual. Don’t take the second helping of the pie… eat a few extra veggies instead.
6. Eat before going to a party, so that you can control what you eat before hand.
7. Don’t run on empty… don’t starve yourself to justify eating all night long.
8. Move those legs! Don’t eat and just let it all sit there… take a jog, go out for a brisk walk, go to the gym, or go shovel the driveway. Burn off those calories.
9. No one likes to be the sourpuss of the party, but drinking alcohol is a waste of calories. We are not suggesting to stop all together.. just drink in moderation.
10. Holiday dining is a time to enjoy friends and family. Savor that time, and eat slowly. Shoveling food into your stomach doesn’t give your stomach enough time to tell the brain you’re full and to stop eating. It takes 20 minutes for your brain to know your stomach is full.. Pace yourself and enjoy the time together with friends!
Re-Evaluate Relocation Packages
According to a survey conducted by the Employee Relocation Council, companies have experienced more challenges in recruiting top talent in 2006 than in previous years. Of 150 companies from a variety of industries and sizes surveyed, 44.74% said that future relocation volume will increase next year. “With the labor shortage looming on the horizon, organizations are feeling the pressure to seek out the best talent from a shrinking labor pool.” Therefore, company retention strategies are becoming more prevalent. The most popular strategy is the relocation payback agreement, which mandates employees to stay at the company for a set period of time, or require them to payback relocation expenses incurred during their hiring process. 80% of companies in this survey institute a payback policy, 64.23% have a one year agreement.
“Recruiting and retaining top employees, some employees’ reluctance to move and companies’ financial constraints with relocation incentives all will be potential challenges with broad impacts on the economy and relocation,” said Margery Marshall, SCRP, Prudential Relocation president.
What does this mean for you, the MRI Account Executive? 2007 will be a year that companies may open the purse strings in order to get the right person for the position. They may require you to look outside the local market to find the person they need. It’s worth it to not settle for the number two candidate that’s local. This is why it’s impressive to let your clients know that you offer a full service, free of charge, relocation company as part of your service offering. You not only can find the top talent, but you can also relocate them using the FAS Relocation Network.
Back to top
The Value of the Account Executive
In today’s world, things like identity theft and phone scams are frightening for all of us. Unfortunately, your candidates might be experiencing this when they post their resumes on a major job board. According to a recent article featured in The Wall Street Journal titled “Who’s Reading Online Resumes?” the number of online job scams and identity theft are on the rise. Candidates are revealing personal information on their resumes, such as social security numbers, date of birth, address, and multiple contact numbers. According to the FBI, “these people are using the information to apply for fake credit cards and loans in the job hunter’s name. In another situation, they send a job hunter an email claiming to be a recruiter or company seeking personal details for pre-employment background check, and use the information for identify theft.”
Scam artists post fake job board ads, send emails to job hunters, and “phish” for any and all information they can use to obtain someone’s identity. It is recommended that no personal information be revealed on a job board resume, and correspondence only be conducted via email until the inquirer is recognized as authentic.
This is why you, the MRI Account Executive, are so valuable in the job hunter’s process. Candidates eliminate potential identity theft issues by avoiding posting their resume at all. We know many of you encourage candidates to not post their resume, and give you exclusivity in the search process, and here’s another reason why it’s important. Use these examples when speaking with a prospective candidate to deter them from posting their information on a job board or website.
Back to top
HHHAAAAA CCCHHHHHOOOOOOOO
Ten Worst Allergy Towns
1.Lexington, Kentucky
2. Little Rock, Arkansas
3. Chattanooga, Tennessee
4. Louisville, Kentucky
5. Johnson City, Tennessee
6. Greenville, South Carolina
7. Richmond, Virginia
8. Charlotte, North Carolina
9. Jackson, Mississippi
10. Saint Louis, Missouri
*Sourced by the Asthma and Allergy Foundation of America, The 2005 Spring Allergy Capital Ranking
Back to top
Top Ten Tips for Holiday Waistlines…
How many pounds does the average person gain during the holidays? It's ranging anywhere from five to ten pounds, depending on who you ask. Compound that with a poll conducted by Careerbuilder.com of 1,600 people in the workplace, claiming that 47% of people have gained weight since they began their jobs. “Today’s busy workers have trouble finding the time to cook healthy meals and exercise regularly, and their waistlines are suffering.” With both of those things against all of us, what can we do to perhaps minimize the added pounds this holiday season? A few tips for us all.
1. Keep a bottle of water at your desk—drink water instead of snacking.
2. Blacklist all vending machines and stay away from soda
3. Walk around the office instead of sitting all day.
4. Resurrect the lunchbox… bringing a healthy lunch to work instead of eating out can help minimize the calories. Plus.. it will help your wallet!
5. Try to be a picker eater—or pickier than usual. Don’t take the second helping of the pie… eat a few extra veggies instead.
6. Eat before going to a party, so that you can control what you eat before hand.
7. Don’t run on empty… don’t starve yourself to justify eating all night long.
8. Move those legs! Don’t eat and just let it all sit there… take a jog, go out for a brisk walk, go to the gym, or go shovel the driveway. Burn off those calories.
9. No one likes to be the sourpuss of the party, but drinking alcohol is a waste of calories. We are not suggesting to stop all together.. just drink in moderation.
10. Holiday dining is a time to enjoy friends and family. Savor that time, and eat slowly. Shoveling food into your stomach doesn’t give your stomach enough time to tell the brain you’re full and to stop eating. It takes 20 minutes for your brain to know your stomach is full.. Pace yourself and enjoy the time together with friends!
ACS Employment Survey
Employment Outlook
Salaries And Jobs
Salary prognosis for working chemists is for steady gains, but the job outlook is more uncertain
Michael Heylin
The employment situation and outlook for American Chemical Society members in the U.S. domestic workforce is by no means a disaster, but it is not great either. It remains uncertain and complex.
istockphoto
Despite some glimmerings of improvement in the overall U.S. job situation over the past 12 months, the percentage of ACS chemists in the domestic workforce who did not have a full-time jobs as of March this year was 8.7%. This number was down, but only modestly, from its all-time high of 9.2% one year earlier. And it was well above the recent low of 5.4% in 2001.
The percentages of 2004-05 chemistry graduates who had full-time jobs by October 2005—36% of bachelor's, 48% of master's, and 38% of Ph.D.s—were all close to year-earlier levels. But they were all well below the levels for the 1999-2000 class in the fall of 2000 of 44%, 62%, and 50%, respectively.
The outlook for chemists' salaries is a little better. Individual chemists in the workforce who have not changed jobs continue to post current-dollar salary gains of close to 5% per year. However, median constant-dollar salaries for working chemists as a group remain below recent highs, as do constant-dollar salaries for new chemistry graduates.
View Enlarged Image
Growth in the total number of workers on payrolls in the U.S. since its previous peak in February 2001 has been belated and unusually slow. Most of the gains that are being posted are for jobs for college graduates.
These are some of the findings that can be gleaned from ACS's 2006 salary and employment survey of its domestic members, ACS's survey of 2005 chemistry graduates, and monthly data from the Bureau of Labor Statistics.
Both of ACS's annual surveys—of its members in the domestic workforce and of new chemistry graduates—are under the purview of the ACS Committee on Economic & Professional Affairs. Their latest versions were conducted by Janel Kasper-Wolfe, research analyst with ACS's Department of Member Research & Technology.
Comparison of the demographics of working chemists and of new chemistry graduates brings out the various evolutions under way in the makeup of the chemical profession. For instance, 35% of working bachelor's degree chemists are women. This number will continue to grow because women now earn more than 50%-52% in 2005—of chemistry bachelor's degrees. At the Ph.D. level, 21% of working chemists and a higher 33% of 2005 graduates are women. For master's, the corresponding breakdown is 34% and 51%, respectively.
View Enlarged Image
The data also suggest continued growth in the number of blacks and Hispanics in chemistry, albeit from low levels. Six percent of 2005 bachelor's chemistry graduates were black. This compares with 2.8% of the current chemistry workforce who have bachelor's degrees and are black. The numbers for Hispanics are similar: 6.0% and 3.6%, respectively.
By citizenship, 86% of working Ph.D. chemists are U.S. citizens. This figure is likely to fall, as only 62% of 2005 Ph.D. chemistry graduates are U.S. citizens. This number reflects the high 32% of Ph.D. graduates who were on temporary visas.
View Enlarged Image
The median salary for all chemists as a group of $85,000 from the 2006 survey was up from the $83,000 from the 2005 survey. This was a 2.4% gain, and for a group as large and slow changing from year-to-year as the chemical profession, it was essentially a measure of inflation.
The pay gain for bachelor's was from $63,000 to $65,200, or 3.5%; for master's, from $74,000 to $77,500, or 4.7%; and for Ph.D.s, from $93,000 to $95,000, or 2.2%. However, in terms of constant 2006 dollars, all the 2006 salaries were below the highs of $66,900, $79,000, and $99,700, respectively, set two or three years earlier.
View Enlarged Image
Median salaries derived from responses to the question on the 2006 survey questionnaire asking respondents for their salaries as of both March 1, 2005, and March, 1, 2006, are a better guide to how chemists as individuals are faring. They show a larger overall gain of from $83,000 in 2005 to $86,900 in 2006, or 4.7%. This rate of gain reflects not only inflation but also increases due to promotions and growing experience and responsibilities. And it is in line with the average annual gain for the past decade.
As is always the case, gains were larger for younger chemists, 8.1% for those between 20 and 29, than for older chemists, 3.3% for those between 60 and 69. Gains in 2006 were also larger for women chemists, who tend to be younger, 5.0%, than for men, 4.6%. They were also lower for Ph.D.s, who tend to be older, at 4.4%.
The employment situation for chemists is always dependent on a host of factors. Some are related to the chemical enterprise; others transcend chemistry.
A chemistry-related factor is the state of the chemical and pharmaceutical industries, both major employers of chemists. Total pharmaceutical employment, not just chemists, rose from 229,000 in 1996 to 297,000 in 2006, for a healthy 68,000 gain. However, 56,000 of this gain was realized by 2001 and only 12,000 since.
Over this same period, total employment by the rest of the chemical industry has declined from 759,000 in 1996 to 603,000 in 2006, for a jarring 156,000 loss.
Total manufacturing employment, the source of jobs for 51% of chemists, has plunged by more than 3 million, from 17.3 million to 14.2 million, over the past decade, and it is only this year showing signs of stabilizing.
The volume of classified employment advertising in C&EN and the level of activity on ACS's Chemjobs website provide reasonably credible, if not definite, indications of the state of the job market for chemists.
Through September this year, just about 200 pages of such advertising have been carried in the magazine. This is down from 226 pages for the same period last year, and it suggests a total of about 300 pages for the full year of 2006. This will be the fourth consecutive depressed year. In 2000, there was a record of just over 600 pages of classified advertising. By 2003, it had dropped to just over 300.
The Chemjobs website hasn't been running long enough to have a history of its activity in good and bad times. But the number of jobs posted on it over 12-month periods has declined to 4,358 for the past 12 months from 5,573 for the same period three years earlier.
View Enlarged Image
An employment factor that transcends chemistry is the very slow recent growth in nonfarm payrolls, generally regarded as the best measure of employment. In the five years and seven months since their previous peak in February 2001, nonfarm payrolls have grown by only 3.1 million, from 132.5 million to 135.6 million. Over the same period after the peak prior to this, in June 1990, payrolls grew by 8.4 million, from 109.8 million to 118.2 million. And during the 1980s job upsurge, the corresponding increase was 9.3 million.
The count for private employment shows the same profile, with gains of 8.8 million in the six years after its 1990 peak and a more modest 2.3 million increase since its 2000 peak.
Another transcending factor is pending changes in the profile of the U.S. population. According to Census Bureau data, the number of children up to age 17 will grow modestly from 73.6 million in 2005 to 77.0 million in 2015. Those of college age, ages 18 to 24, will increase only from 29.2 million to 30.0 million over the period. The number of people age 25 to 44 won't increase much either, from 83.2 million to 84.9 million. Almost all the growth will be for those age 45 to 64, from 72.8 million to 83.7 million, and for those of retirement age 65 and older, from 36.7 million to 46.8 million.
This pattern seems to indicate that those between about 20 and 30 today will be in high demand in the employment market for the next 10 years or so. Those over about 40 years old today may well be in excess supply by 2015.
A positive sign for chemists is the growing percentage of all jobs in the U.S. held by those with at least a bachelor's degree. Of all people employed who are 25 years and older, 29% had at least a bachelor's degree in 1996. Today, it is 33%. Of the 15.9 million increase in all workers 25 years old and older from 1996 to 2006, 10.3 million are accounted for by those with college degrees and 3.3 million by those with associate degrees. This leaves very slim pickings for those without any degree.
Fringe benefits were examined for the first time since 1998 in the 2006 ACS salary and employment survey. The data gathered indicated little change over these years in the availability of benefits to ACS members with full-time jobs.
A range of 29 benefits involving paid leave, retirement and savings, medical plans, and insurance were available to an average of 77% of 2006 respondents. This number was up from an average of 74% of respondents in 1998. For both surveys, the availability of employee medical coverage was at 99% and for family medical coverage it was at 98%.
The average availability of nine medical benefits moved from 78% in 1998 to 83% in 2006, while the percentage of employers paying for them fully fell from 21% to 14%. The percent paid fully by the employee slipped also, from 15% to 14%. The growth has been in programs paid jointly by employer and employee. The survey did not explore the extent of any such shift in the balance of who paid what in these cases.
Salaries And Jobs
Salary prognosis for working chemists is for steady gains, but the job outlook is more uncertain
Michael Heylin
The employment situation and outlook for American Chemical Society members in the U.S. domestic workforce is by no means a disaster, but it is not great either. It remains uncertain and complex.
istockphoto
Despite some glimmerings of improvement in the overall U.S. job situation over the past 12 months, the percentage of ACS chemists in the domestic workforce who did not have a full-time jobs as of March this year was 8.7%. This number was down, but only modestly, from its all-time high of 9.2% one year earlier. And it was well above the recent low of 5.4% in 2001.
The percentages of 2004-05 chemistry graduates who had full-time jobs by October 2005—36% of bachelor's, 48% of master's, and 38% of Ph.D.s—were all close to year-earlier levels. But they were all well below the levels for the 1999-2000 class in the fall of 2000 of 44%, 62%, and 50%, respectively.
The outlook for chemists' salaries is a little better. Individual chemists in the workforce who have not changed jobs continue to post current-dollar salary gains of close to 5% per year. However, median constant-dollar salaries for working chemists as a group remain below recent highs, as do constant-dollar salaries for new chemistry graduates.
View Enlarged Image
Growth in the total number of workers on payrolls in the U.S. since its previous peak in February 2001 has been belated and unusually slow. Most of the gains that are being posted are for jobs for college graduates.
These are some of the findings that can be gleaned from ACS's 2006 salary and employment survey of its domestic members, ACS's survey of 2005 chemistry graduates, and monthly data from the Bureau of Labor Statistics.
Both of ACS's annual surveys—of its members in the domestic workforce and of new chemistry graduates—are under the purview of the ACS Committee on Economic & Professional Affairs. Their latest versions were conducted by Janel Kasper-Wolfe, research analyst with ACS's Department of Member Research & Technology.
Comparison of the demographics of working chemists and of new chemistry graduates brings out the various evolutions under way in the makeup of the chemical profession. For instance, 35% of working bachelor's degree chemists are women. This number will continue to grow because women now earn more than 50%-52% in 2005—of chemistry bachelor's degrees. At the Ph.D. level, 21% of working chemists and a higher 33% of 2005 graduates are women. For master's, the corresponding breakdown is 34% and 51%, respectively.
View Enlarged Image
The data also suggest continued growth in the number of blacks and Hispanics in chemistry, albeit from low levels. Six percent of 2005 bachelor's chemistry graduates were black. This compares with 2.8% of the current chemistry workforce who have bachelor's degrees and are black. The numbers for Hispanics are similar: 6.0% and 3.6%, respectively.
By citizenship, 86% of working Ph.D. chemists are U.S. citizens. This figure is likely to fall, as only 62% of 2005 Ph.D. chemistry graduates are U.S. citizens. This number reflects the high 32% of Ph.D. graduates who were on temporary visas.
View Enlarged Image
The median salary for all chemists as a group of $85,000 from the 2006 survey was up from the $83,000 from the 2005 survey. This was a 2.4% gain, and for a group as large and slow changing from year-to-year as the chemical profession, it was essentially a measure of inflation.
The pay gain for bachelor's was from $63,000 to $65,200, or 3.5%; for master's, from $74,000 to $77,500, or 4.7%; and for Ph.D.s, from $93,000 to $95,000, or 2.2%. However, in terms of constant 2006 dollars, all the 2006 salaries were below the highs of $66,900, $79,000, and $99,700, respectively, set two or three years earlier.
View Enlarged Image
Median salaries derived from responses to the question on the 2006 survey questionnaire asking respondents for their salaries as of both March 1, 2005, and March, 1, 2006, are a better guide to how chemists as individuals are faring. They show a larger overall gain of from $83,000 in 2005 to $86,900 in 2006, or 4.7%. This rate of gain reflects not only inflation but also increases due to promotions and growing experience and responsibilities. And it is in line with the average annual gain for the past decade.
As is always the case, gains were larger for younger chemists, 8.1% for those between 20 and 29, than for older chemists, 3.3% for those between 60 and 69. Gains in 2006 were also larger for women chemists, who tend to be younger, 5.0%, than for men, 4.6%. They were also lower for Ph.D.s, who tend to be older, at 4.4%.
The employment situation for chemists is always dependent on a host of factors. Some are related to the chemical enterprise; others transcend chemistry.
A chemistry-related factor is the state of the chemical and pharmaceutical industries, both major employers of chemists. Total pharmaceutical employment, not just chemists, rose from 229,000 in 1996 to 297,000 in 2006, for a healthy 68,000 gain. However, 56,000 of this gain was realized by 2001 and only 12,000 since.
Over this same period, total employment by the rest of the chemical industry has declined from 759,000 in 1996 to 603,000 in 2006, for a jarring 156,000 loss.
Total manufacturing employment, the source of jobs for 51% of chemists, has plunged by more than 3 million, from 17.3 million to 14.2 million, over the past decade, and it is only this year showing signs of stabilizing.
The volume of classified employment advertising in C&EN and the level of activity on ACS's Chemjobs website provide reasonably credible, if not definite, indications of the state of the job market for chemists.
Through September this year, just about 200 pages of such advertising have been carried in the magazine. This is down from 226 pages for the same period last year, and it suggests a total of about 300 pages for the full year of 2006. This will be the fourth consecutive depressed year. In 2000, there was a record of just over 600 pages of classified advertising. By 2003, it had dropped to just over 300.
The Chemjobs website hasn't been running long enough to have a history of its activity in good and bad times. But the number of jobs posted on it over 12-month periods has declined to 4,358 for the past 12 months from 5,573 for the same period three years earlier.
View Enlarged Image
An employment factor that transcends chemistry is the very slow recent growth in nonfarm payrolls, generally regarded as the best measure of employment. In the five years and seven months since their previous peak in February 2001, nonfarm payrolls have grown by only 3.1 million, from 132.5 million to 135.6 million. Over the same period after the peak prior to this, in June 1990, payrolls grew by 8.4 million, from 109.8 million to 118.2 million. And during the 1980s job upsurge, the corresponding increase was 9.3 million.
The count for private employment shows the same profile, with gains of 8.8 million in the six years after its 1990 peak and a more modest 2.3 million increase since its 2000 peak.
Another transcending factor is pending changes in the profile of the U.S. population. According to Census Bureau data, the number of children up to age 17 will grow modestly from 73.6 million in 2005 to 77.0 million in 2015. Those of college age, ages 18 to 24, will increase only from 29.2 million to 30.0 million over the period. The number of people age 25 to 44 won't increase much either, from 83.2 million to 84.9 million. Almost all the growth will be for those age 45 to 64, from 72.8 million to 83.7 million, and for those of retirement age 65 and older, from 36.7 million to 46.8 million.
This pattern seems to indicate that those between about 20 and 30 today will be in high demand in the employment market for the next 10 years or so. Those over about 40 years old today may well be in excess supply by 2015.
A positive sign for chemists is the growing percentage of all jobs in the U.S. held by those with at least a bachelor's degree. Of all people employed who are 25 years and older, 29% had at least a bachelor's degree in 1996. Today, it is 33%. Of the 15.9 million increase in all workers 25 years old and older from 1996 to 2006, 10.3 million are accounted for by those with college degrees and 3.3 million by those with associate degrees. This leaves very slim pickings for those without any degree.
Fringe benefits were examined for the first time since 1998 in the 2006 ACS salary and employment survey. The data gathered indicated little change over these years in the availability of benefits to ACS members with full-time jobs.
A range of 29 benefits involving paid leave, retirement and savings, medical plans, and insurance were available to an average of 77% of 2006 respondents. This number was up from an average of 74% of respondents in 1998. For both surveys, the availability of employee medical coverage was at 99% and for family medical coverage it was at 98%.
The average availability of nine medical benefits moved from 78% in 1998 to 83% in 2006, while the percentage of employers paying for them fully fell from 21% to 14%. The percent paid fully by the employee slipped also, from 15% to 14%. The growth has been in programs paid jointly by employer and employee. The survey did not explore the extent of any such shift in the balance of who paid what in these cases.
ACS Employment Survey
Employment Outlook
Salaries And Jobs
Salary prognosis for working chemists is for steady gains, but the job outlook is more uncertain
Michael Heylin
The employment situation and outlook for American Chemical Society members in the U.S. domestic workforce is by no means a disaster, but it is not great either. It remains uncertain and complex.
istockphoto
Despite some glimmerings of improvement in the overall U.S. job situation over the past 12 months, the percentage of ACS chemists in the domestic workforce who did not have a full-time jobs as of March this year was 8.7%. This number was down, but only modestly, from its all-time high of 9.2% one year earlier. And it was well above the recent low of 5.4% in 2001.
The percentages of 2004-05 chemistry graduates who had full-time jobs by October 2005—36% of bachelor's, 48% of master's, and 38% of Ph.D.s—were all close to year-earlier levels. But they were all well below the levels for the 1999-2000 class in the fall of 2000 of 44%, 62%, and 50%, respectively.
The outlook for chemists' salaries is a little better. Individual chemists in the workforce who have not changed jobs continue to post current-dollar salary gains of close to 5% per year. However, median constant-dollar salaries for working chemists as a group remain below recent highs, as do constant-dollar salaries for new chemistry graduates.
View Enlarged Image
Growth in the total number of workers on payrolls in the U.S. since its previous peak in February 2001 has been belated and unusually slow. Most of the gains that are being posted are for jobs for college graduates.
These are some of the findings that can be gleaned from ACS's 2006 salary and employment survey of its domestic members, ACS's survey of 2005 chemistry graduates, and monthly data from the Bureau of Labor Statistics.
Both of ACS's annual surveys—of its members in the domestic workforce and of new chemistry graduates—are under the purview of the ACS Committee on Economic & Professional Affairs. Their latest versions were conducted by Janel Kasper-Wolfe, research analyst with ACS's Department of Member Research & Technology.
Comparison of the demographics of working chemists and of new chemistry graduates brings out the various evolutions under way in the makeup of the chemical profession. For instance, 35% of working bachelor's degree chemists are women. This number will continue to grow because women now earn more than 50%-52% in 2005—of chemistry bachelor's degrees. At the Ph.D. level, 21% of working chemists and a higher 33% of 2005 graduates are women. For master's, the corresponding breakdown is 34% and 51%, respectively.
View Enlarged Image
The data also suggest continued growth in the number of blacks and Hispanics in chemistry, albeit from low levels. Six percent of 2005 bachelor's chemistry graduates were black. This compares with 2.8% of the current chemistry workforce who have bachelor's degrees and are black. The numbers for Hispanics are similar: 6.0% and 3.6%, respectively.
By citizenship, 86% of working Ph.D. chemists are U.S. citizens. This figure is likely to fall, as only 62% of 2005 Ph.D. chemistry graduates are U.S. citizens. This number reflects the high 32% of Ph.D. graduates who were on temporary visas.
View Enlarged Image
The median salary for all chemists as a group of $85,000 from the 2006 survey was up from the $83,000 from the 2005 survey. This was a 2.4% gain, and for a group as large and slow changing from year-to-year as the chemical profession, it was essentially a measure of inflation.
The pay gain for bachelor's was from $63,000 to $65,200, or 3.5%; for master's, from $74,000 to $77,500, or 4.7%; and for Ph.D.s, from $93,000 to $95,000, or 2.2%. However, in terms of constant 2006 dollars, all the 2006 salaries were below the highs of $66,900, $79,000, and $99,700, respectively, set two or three years earlier.
View Enlarged Image
Median salaries derived from responses to the question on the 2006 survey questionnaire asking respondents for their salaries as of both March 1, 2005, and March, 1, 2006, are a better guide to how chemists as individuals are faring. They show a larger overall gain of from $83,000 in 2005 to $86,900 in 2006, or 4.7%. This rate of gain reflects not only inflation but also increases due to promotions and growing experience and responsibilities. And it is in line with the average annual gain for the past decade.
As is always the case, gains were larger for younger chemists, 8.1% for those between 20 and 29, than for older chemists, 3.3% for those between 60 and 69. Gains in 2006 were also larger for women chemists, who tend to be younger, 5.0%, than for men, 4.6%. They were also lower for Ph.D.s, who tend to be older, at 4.4%.
The employment situation for chemists is always dependent on a host of factors. Some are related to the chemical enterprise; others transcend chemistry.
A chemistry-related factor is the state of the chemical and pharmaceutical industries, both major employers of chemists. Total pharmaceutical employment, not just chemists, rose from 229,000 in 1996 to 297,000 in 2006, for a healthy 68,000 gain. However, 56,000 of this gain was realized by 2001 and only 12,000 since.
Over this same period, total employment by the rest of the chemical industry has declined from 759,000 in 1996 to 603,000 in 2006, for a jarring 156,000 loss.
Total manufacturing employment, the source of jobs for 51% of chemists, has plunged by more than 3 million, from 17.3 million to 14.2 million, over the past decade, and it is only this year showing signs of stabilizing.
The volume of classified employment advertising in C&EN and the level of activity on ACS's Chemjobs website provide reasonably credible, if not definite, indications of the state of the job market for chemists.
Through September this year, just about 200 pages of such advertising have been carried in the magazine. This is down from 226 pages for the same period last year, and it suggests a total of about 300 pages for the full year of 2006. This will be the fourth consecutive depressed year. In 2000, there was a record of just over 600 pages of classified advertising. By 2003, it had dropped to just over 300.
The Chemjobs website hasn't been running long enough to have a history of its activity in good and bad times. But the number of jobs posted on it over 12-month periods has declined to 4,358 for the past 12 months from 5,573 for the same period three years earlier.
View Enlarged Image
An employment factor that transcends chemistry is the very slow recent growth in nonfarm payrolls, generally regarded as the best measure of employment. In the five years and seven months since their previous peak in February 2001, nonfarm payrolls have grown by only 3.1 million, from 132.5 million to 135.6 million. Over the same period after the peak prior to this, in June 1990, payrolls grew by 8.4 million, from 109.8 million to 118.2 million. And during the 1980s job upsurge, the corresponding increase was 9.3 million.
The count for private employment shows the same profile, with gains of 8.8 million in the six years after its 1990 peak and a more modest 2.3 million increase since its 2000 peak.
Another transcending factor is pending changes in the profile of the U.S. population. According to Census Bureau data, the number of children up to age 17 will grow modestly from 73.6 million in 2005 to 77.0 million in 2015. Those of college age, ages 18 to 24, will increase only from 29.2 million to 30.0 million over the period. The number of people age 25 to 44 won't increase much either, from 83.2 million to 84.9 million. Almost all the growth will be for those age 45 to 64, from 72.8 million to 83.7 million, and for those of retirement age 65 and older, from 36.7 million to 46.8 million.
This pattern seems to indicate that those between about 20 and 30 today will be in high demand in the employment market for the next 10 years or so. Those over about 40 years old today may well be in excess supply by 2015.
A positive sign for chemists is the growing percentage of all jobs in the U.S. held by those with at least a bachelor's degree. Of all people employed who are 25 years and older, 29% had at least a bachelor's degree in 1996. Today, it is 33%. Of the 15.9 million increase in all workers 25 years old and older from 1996 to 2006, 10.3 million are accounted for by those with college degrees and 3.3 million by those with associate degrees. This leaves very slim pickings for those without any degree.
Fringe benefits were examined for the first time since 1998 in the 2006 ACS salary and employment survey. The data gathered indicated little change over these years in the availability of benefits to ACS members with full-time jobs.
A range of 29 benefits involving paid leave, retirement and savings, medical plans, and insurance were available to an average of 77% of 2006 respondents. This number was up from an average of 74% of respondents in 1998. For both surveys, the availability of employee medical coverage was at 99% and for family medical coverage it was at 98%.
The average availability of nine medical benefits moved from 78% in 1998 to 83% in 2006, while the percentage of employers paying for them fully fell from 21% to 14%. The percent paid fully by the employee slipped also, from 15% to 14%. The growth has been in programs paid jointly by employer and employee. The survey did not explore the extent of any such shift in the balance of who paid what in these cases.
Salaries And Jobs
Salary prognosis for working chemists is for steady gains, but the job outlook is more uncertain
Michael Heylin
The employment situation and outlook for American Chemical Society members in the U.S. domestic workforce is by no means a disaster, but it is not great either. It remains uncertain and complex.
istockphoto
Despite some glimmerings of improvement in the overall U.S. job situation over the past 12 months, the percentage of ACS chemists in the domestic workforce who did not have a full-time jobs as of March this year was 8.7%. This number was down, but only modestly, from its all-time high of 9.2% one year earlier. And it was well above the recent low of 5.4% in 2001.
The percentages of 2004-05 chemistry graduates who had full-time jobs by October 2005—36% of bachelor's, 48% of master's, and 38% of Ph.D.s—were all close to year-earlier levels. But they were all well below the levels for the 1999-2000 class in the fall of 2000 of 44%, 62%, and 50%, respectively.
The outlook for chemists' salaries is a little better. Individual chemists in the workforce who have not changed jobs continue to post current-dollar salary gains of close to 5% per year. However, median constant-dollar salaries for working chemists as a group remain below recent highs, as do constant-dollar salaries for new chemistry graduates.
View Enlarged Image
Growth in the total number of workers on payrolls in the U.S. since its previous peak in February 2001 has been belated and unusually slow. Most of the gains that are being posted are for jobs for college graduates.
These are some of the findings that can be gleaned from ACS's 2006 salary and employment survey of its domestic members, ACS's survey of 2005 chemistry graduates, and monthly data from the Bureau of Labor Statistics.
Both of ACS's annual surveys—of its members in the domestic workforce and of new chemistry graduates—are under the purview of the ACS Committee on Economic & Professional Affairs. Their latest versions were conducted by Janel Kasper-Wolfe, research analyst with ACS's Department of Member Research & Technology.
Comparison of the demographics of working chemists and of new chemistry graduates brings out the various evolutions under way in the makeup of the chemical profession. For instance, 35% of working bachelor's degree chemists are women. This number will continue to grow because women now earn more than 50%-52% in 2005—of chemistry bachelor's degrees. At the Ph.D. level, 21% of working chemists and a higher 33% of 2005 graduates are women. For master's, the corresponding breakdown is 34% and 51%, respectively.
View Enlarged Image
The data also suggest continued growth in the number of blacks and Hispanics in chemistry, albeit from low levels. Six percent of 2005 bachelor's chemistry graduates were black. This compares with 2.8% of the current chemistry workforce who have bachelor's degrees and are black. The numbers for Hispanics are similar: 6.0% and 3.6%, respectively.
By citizenship, 86% of working Ph.D. chemists are U.S. citizens. This figure is likely to fall, as only 62% of 2005 Ph.D. chemistry graduates are U.S. citizens. This number reflects the high 32% of Ph.D. graduates who were on temporary visas.
View Enlarged Image
The median salary for all chemists as a group of $85,000 from the 2006 survey was up from the $83,000 from the 2005 survey. This was a 2.4% gain, and for a group as large and slow changing from year-to-year as the chemical profession, it was essentially a measure of inflation.
The pay gain for bachelor's was from $63,000 to $65,200, or 3.5%; for master's, from $74,000 to $77,500, or 4.7%; and for Ph.D.s, from $93,000 to $95,000, or 2.2%. However, in terms of constant 2006 dollars, all the 2006 salaries were below the highs of $66,900, $79,000, and $99,700, respectively, set two or three years earlier.
View Enlarged Image
Median salaries derived from responses to the question on the 2006 survey questionnaire asking respondents for their salaries as of both March 1, 2005, and March, 1, 2006, are a better guide to how chemists as individuals are faring. They show a larger overall gain of from $83,000 in 2005 to $86,900 in 2006, or 4.7%. This rate of gain reflects not only inflation but also increases due to promotions and growing experience and responsibilities. And it is in line with the average annual gain for the past decade.
As is always the case, gains were larger for younger chemists, 8.1% for those between 20 and 29, than for older chemists, 3.3% for those between 60 and 69. Gains in 2006 were also larger for women chemists, who tend to be younger, 5.0%, than for men, 4.6%. They were also lower for Ph.D.s, who tend to be older, at 4.4%.
The employment situation for chemists is always dependent on a host of factors. Some are related to the chemical enterprise; others transcend chemistry.
A chemistry-related factor is the state of the chemical and pharmaceutical industries, both major employers of chemists. Total pharmaceutical employment, not just chemists, rose from 229,000 in 1996 to 297,000 in 2006, for a healthy 68,000 gain. However, 56,000 of this gain was realized by 2001 and only 12,000 since.
Over this same period, total employment by the rest of the chemical industry has declined from 759,000 in 1996 to 603,000 in 2006, for a jarring 156,000 loss.
Total manufacturing employment, the source of jobs for 51% of chemists, has plunged by more than 3 million, from 17.3 million to 14.2 million, over the past decade, and it is only this year showing signs of stabilizing.
The volume of classified employment advertising in C&EN and the level of activity on ACS's Chemjobs website provide reasonably credible, if not definite, indications of the state of the job market for chemists.
Through September this year, just about 200 pages of such advertising have been carried in the magazine. This is down from 226 pages for the same period last year, and it suggests a total of about 300 pages for the full year of 2006. This will be the fourth consecutive depressed year. In 2000, there was a record of just over 600 pages of classified advertising. By 2003, it had dropped to just over 300.
The Chemjobs website hasn't been running long enough to have a history of its activity in good and bad times. But the number of jobs posted on it over 12-month periods has declined to 4,358 for the past 12 months from 5,573 for the same period three years earlier.
View Enlarged Image
An employment factor that transcends chemistry is the very slow recent growth in nonfarm payrolls, generally regarded as the best measure of employment. In the five years and seven months since their previous peak in February 2001, nonfarm payrolls have grown by only 3.1 million, from 132.5 million to 135.6 million. Over the same period after the peak prior to this, in June 1990, payrolls grew by 8.4 million, from 109.8 million to 118.2 million. And during the 1980s job upsurge, the corresponding increase was 9.3 million.
The count for private employment shows the same profile, with gains of 8.8 million in the six years after its 1990 peak and a more modest 2.3 million increase since its 2000 peak.
Another transcending factor is pending changes in the profile of the U.S. population. According to Census Bureau data, the number of children up to age 17 will grow modestly from 73.6 million in 2005 to 77.0 million in 2015. Those of college age, ages 18 to 24, will increase only from 29.2 million to 30.0 million over the period. The number of people age 25 to 44 won't increase much either, from 83.2 million to 84.9 million. Almost all the growth will be for those age 45 to 64, from 72.8 million to 83.7 million, and for those of retirement age 65 and older, from 36.7 million to 46.8 million.
This pattern seems to indicate that those between about 20 and 30 today will be in high demand in the employment market for the next 10 years or so. Those over about 40 years old today may well be in excess supply by 2015.
A positive sign for chemists is the growing percentage of all jobs in the U.S. held by those with at least a bachelor's degree. Of all people employed who are 25 years and older, 29% had at least a bachelor's degree in 1996. Today, it is 33%. Of the 15.9 million increase in all workers 25 years old and older from 1996 to 2006, 10.3 million are accounted for by those with college degrees and 3.3 million by those with associate degrees. This leaves very slim pickings for those without any degree.
Fringe benefits were examined for the first time since 1998 in the 2006 ACS salary and employment survey. The data gathered indicated little change over these years in the availability of benefits to ACS members with full-time jobs.
A range of 29 benefits involving paid leave, retirement and savings, medical plans, and insurance were available to an average of 77% of 2006 respondents. This number was up from an average of 74% of respondents in 1998. For both surveys, the availability of employee medical coverage was at 99% and for family medical coverage it was at 98%.
The average availability of nine medical benefits moved from 78% in 1998 to 83% in 2006, while the percentage of employers paying for them fully fell from 21% to 14%. The percent paid fully by the employee slipped also, from 15% to 14%. The growth has been in programs paid jointly by employer and employee. The survey did not explore the extent of any such shift in the balance of who paid what in these cases.
Subscribe to:
Posts (Atom)
