The U.S. Bureau of Labor Statistics reports that the number of jobs in the Salt Lake City metro increased by 23,700 during 2016, up 3.4 percent.
That rate was tied for no. 2 among the nation’s 51 metropolitan areas that have at least 1 million residents. Others tied with Salt Lake City were San Jose and Seattle. Orlando topped the list, up by 4.2 percent.
Food for thought…”once you’re out in the workforce, the average career span is 40 years with an average annual salary at $125,418. The lifetime earnings potential adds up to $5,016,723, better than both the typical pro NFL player and typical pro MLB athlete.”
See the story from Business Insider here: http://www.businessinsider.com/better-to-be-a-software-engineer-than-a-pro-athlete-2017-1
The Utah DWS has published its most current employment situation report for Utah. Utah’s current job growth and unemployment rates substantially outpace the rest of the country. View the stats at: https://goo.gl/FbJrNk
A number of years ago I was told of a family friend who had spent his entire career (a successful one, I might add) with one large company only to be laid off just a couple of years before retirement. This gentleman was given no specific reason for the termination. He and his family were left wondering what to do next. He was so “niched” in his previous position that it took him months to get his feet back under him so he could move forward. Ultimately though, from a career standpoint, he never really did.
Commitment to an employer today is different than it was for our parents and grandparents. Unfortunately today’s reality is that employees are more committed to an employer than an employer is to an employee.
The thought that considering a job change in order to have job stability seems foreign to many. But is it today’s reality? For many, the answer is yes! Job changes allow people to enhance skills, marketability, networks, and salaries. Just to name a few.
I recently read an article that was written in 2008. In association with the article they had conducted a survey in which they found that one in three people employed at the time spent at least one hour per day looking for a new job! That surprised me. I have no hard evidence to back this up, but my assumption is that today the numbers would be lower as the job market has stabilized.
Speaking of career changes, American business blogger, Penelope Trunk said “What we think of as stability has to change”. Statistically most people will change a job every two years! Ms. Trunk believes that today the core desires of workers are time & relationships, not a home, 401k or a pension.
Here are 4 ways that Penelope Trunk suggests using frequent job changes to create stability in your life:
- Build up a strong skill set quickly
- Get good at making transitions
- Get out of paying your dues
- Keep your finances in order
The best financial security today is to have great job hunting skills.
Create a stable life by getting good at changing jobs. If you are ready for a move…make sure it is a move “up” in one way or another. Spend time now considering what it will take, and how you will know, when the right opportunity comes to you. Your future stability may depend on it.
The average time to fill an average job in the United States is 25 days; unfortunately, in many cases top candidates are no longer available after 10 days. Read John Sullivan’s plan for beating your competition to those high demand candidates:
Develop a “1-Day Hiring” Program to Avoid Losing In-Demand Candidates, Part 1 of 2
Trendlines is published quarterly by the Workforce Research and Analysis Division of the Utah Department of Workforce Services. It provides feature articles and a basic understanding of Utah’s Economy. Contributors include DWS economists and analysts and economists and analysts at the Governor’s Office of Planning and Budget. The new report can be found here: http://ift.tt/1aaPms1
During the darkest hours of the recession, many employees were thankful just to be working. Even if you were working for the wrong company, boss or job role many employees stuck it out and minimized risk by not taking on a job hunt. A job was a great thing to have, even if it wasn’t the perfect job.
I’m curious if those companies that have weathered the storm — in some cases by cutting pay, freezing cost of living increases, reducing benefits and increasing workload expectations — will begin to reward those employees that have sacrificed for their employer over the last few years. My guess is some won’t and they will wonder why their once loyal employees are leaving in droves.
From what I’ve seen, the days of clinging to a tenuous job are over. Throughout 2011, Salt Lake and Wasatch Front employers have begun to hire again, translating to an increase in opportunities for job seekers. As this trend continues, you can be sure your employees will be testing the waters in 2012 and researching other employers and employment opportunities.
With the high cost of employee turnover, hopefully most companies will proactively take care of their people in whatever way they can. Those employers that think they are operating in a new status quo where employees are fearful and employers hold the cards may be in store for a rude awakening.
A study from Princeton, concluded that there was a positive correlation to happiness and enjoyment as income increased. BUT beyond $75,000 a year there were no additional benefits to higher income.
“Many people want to make a lot of money, but the benefits of having a high income are ambiguous,” said Professor Kahneman, who is also a Nobel laureate in economics. When you are wealthy you are able to buy more pleasures, he said, but a recent study suggests that wealthier people “seem to be less able to savor the small things in life.”
Read the rest of this interesting article here
It’s mid-November and the holidays are upon us. If you have a critical position to fill and you are hoping your new hire can hit the ground running in 2012 – now is the time to start your hiring process! After you subtract holidays there are only about 4 weeks of recruiting left this year. Here’s a typical hiring timeline :
Prepare job description
Make sure budget and approvals are in place,
Submit the job posting to internal and external recruiter to start sourcing candidates
Conduct phone screens and schedule first interviews.
Conduct in person and final interviews. At this time of year this is a tough one. Plan on working around busy calendars that include normal workload, time off and holiday commitments.
Make an offer, negotiate acceptance.
Wait out two week notice, complete on boarding process: desk, computer, network access, security etc etc
The above timeline assumes everything goes smoothly. Unfortunately, Murphy’s Law frequently applies and you will want backup candidates to make sure you make your goal. Having one or two acceptable backup candidates puts you in the drivers seat and allows you to comfortably walk away from a first choice candidate if something goes awry at the last minute.
So there you have it. A little reality check. If you’re hoping to get an A player on board for the new year – start now!
New clients often ask me why recruiting great people in Salt Lake City is so difficult. Many have recently commented that they receive virtually no qualified candidate resumes when they advertise a job.
According to Indeed.com, Salt Lake City has 1 job posting for every unemployed person. In comparison, Miami and Los Angeles have 1 posting for every 4 unemployed persons. Bottomline — we have more jobs for those that are unemployed. Candidates have more options and employers have to work harder to attract candidates for their openings.
In the technology sector the situation is even better for candidates. I would not be surprised if there were 10 technology job postings for every unemployed technologist. In a hot market, it becomes critical to tap into the candidate pool that is employed and not actively responding to job postings.
What has your recent hiring experience been like? Slim pickings? Surprisingly easy? Whether your experience in hiring has been the same or different — we would love to hear about it.