Download 2015 Job Market Perspectives

2015 Job Market
Perspectives
Insights and Intelligence to Manage Your Career
With accelerated growth anticipated in 2015 and
job openings climbing to highs not seen since the
recovery began five years ago, a more optimistic
outlook may lead to increased competition in
the job market with more employees seeking to
change jobs as opportunities begin to open up.
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2015 Job Market Perspectives
2015 Job Market Perspectives
Lee Hecht Harrison’s 2015 Job Market Perspectives report
explores key events that influenced employers and employees
in 2014 and identifies emerging trends in 2015 that are
changing today’s workplace. We hope you find this report
helpful in understanding the job market.
Lee Hecht Harrison’s
2015 Job Market
Perspectives report
explores key events that
influenced employers
and employees in 2014
and identifies emerging
trends in the year ahead
that are changing
today’s workplace.
A Look Back...................................................................................................................... 2
The Economy and the Job Market................................................................... 6
The Global Climate...................................................................................................... 8
Economic Trends......................................................................................................... 10
Regional Insights......................................................................................................... 12
Career Trends................................................................................................................ 13
Recruiting Trends......................................................................................................... 17
Where the Jobs Are.................................................................................................. 18
The Path Forward.................................................................................................... IBC
www.lhh.com |
1
A Look Back
Steady growth and renewed optimism define 2014
It was a good year for the market in 2014 with many signs pointing to continued
growth and increased job market opportunity. As employers continued to grapple
with organizational mobility to maintain alignment with market fluctuations, they also
began to witness the exodus of valued employees as the job market improved and
Baby Boomers reached retirement age. Unemployment rates continued to slowly
decline and fueled renewed optimism.1 In fact, in an online end-of-year 2014 LHH
survey,2 nearly one half (48%) of respondents reported they were ready for a career
change and only 13% were not prepared at all. With the increase in jobs and with
wages on the rise, worker mobility will hit its stride in 2015. Employees are reassessing
their outlook, looking for dynamic ways to develop their skills and preparing to take
advantage of the opportunities that lie ahead. Employers, on the other hand, are
ramping up hiring, engagement and retention efforts, so they’ll have a workforce that
can quickly adjust to market demands and maintain high levels of performance.
After six years of sustained growth, the US GDP and stock market have recovered. Still,
the path toward economic recovery was slow and steady in 2014 as both workers and
employers were still facing a variety of challenges. In December 2014, the national
unemployment rate declined to 5.6%, the lowest rate since 2008 and down from 6.7%
in December 2013. Job gains were widespread, led by increases in professional and
business services, retail trade, healthcare and manufacturing.3 With hiring on the rise
and job openings at a near-record level, layoffs have diminished, private company
revenue and profitability are up, and consumer spending is expected to increase with
a corresponding increase in wages. As a result, attracting and retaining talent will
continue to be a major concern for employers focused on business growth.
Lee Hecht Harrison’s 2015 Job Market Perspectives report explores key trends that
will impact employers and employees in the next year. We hope you find this report
helpful in understanding the job market and its impact on employment.
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2015 Job Market Perspectives
Employees are reassessing
their outlook, looking for
dynamic ways to develop
their skills and preparing
to take advantage of the
opportunities that lie ahead.
5.6%
In December 2014, the
national unemployment
rate declined to 5.6%, the
lowest rate since 2008
and down from 6.7% in
December 2013.
60%
Job seekers who rate their
perception of the job market as
“good” or “excellent” going into 2015.
90%
Job seekers who are utilizing
mobile devices to conduct key
functions of their job search.
48%
Employees who felt prepared
and ready for a career change
at the end of 2014.
www.lhh.com |
3
2014 Timeline: A look back at some of the key
economic and geopolitical moments in 2014.
03 : March
The World Bank reports that
economies affected by the Great
Recession are beginning to
recover; the US Senate confirms
Janet Yellen as the first woman
chair of the Federal Reserve.
Citizens in Crimea vote
overwhelmingly to leave
Ukraine and rejoin Russia amid
international condemnation of its
design; Malaysia Airlines Flight
370 with 239 people aboard
loses contact and disappears,
prompting the most expensive
search effort in history.
02 : February
04 : April
06 : June
The pro-Russian unrest in Ukraine
leads to the annexation of Crimea
by the Russian Federation and an
insurgency in the Donetsk and
Luhansk oblasts. The European
Union imposes sanctions against
Ukraine, including asset freezes
and visa bans.
According to the Labor
Department, the US economy
adds 288,000 jobs in April 2014,
an increase from the 192,000
positions added in March. The
unemployment rate decreases
from 6.7% in March to 6.3% in
April, suggesting that the economic
recovery is picking up speed.
The US economy adds 298,000
jobs in June 2014, and the
unemployment rate falls to 6.1%, its
lowest level since September 2008.
01 : January
05 : May
After a decade of discussion,
Russia’s Gazprom signs a deal
to sell natural gas to China’s
National Petroleum Corporation.
The supply will start in 2018, and
the fuel will come from a new
pipeline in eastern Siberia.
07 : July
American officials announce that
Chinese hackers breached the
computer network of the Office
of Personnel Management,
targeting employees applying
for top security clearances. This
announcement comes weeks
after the US Justice Department
indicted five members of
Shanghai-based Unit 61398,
the cyber division of the Chinese
People’s Liberation Army,
charging them with hacking
into the computer networks of
Westinghouse Electric, US Steel
Corp. and other companies.
09 : September
08 : August
10 : October
12 : December
Goldman Sachs agrees to
purchase back the $3.15 billion
in mortgage bonds it unloaded
onto Fannie Mae and Freddie Mac
before the 2008 financial crisis.
In Ferguson, Missouri, a police
officer shoots and kills Michael
Brown, an unarmed 18-year-old
teenager, setting off local protests
and looting which expanded to a
national call for police reform.
The first person to be diagnosed
in the United States with Ebola,
Thomas Eric Duncan, dies. The
Obama administration announces
that passengers from all countries
affected by the virus must travel
through one of five US airports
prepared to screen them for the
disease.
The recovery takes hold: The
December jobs report indicates
an increase of 321,000 jobs in
November 2014, with the national
unemployment rate declining to
5.8%, down 1.2 percentage points
from November 2013.
In an independence referendum,
Scottish citizens vote to remain
part of the United Kingdom by
a margin of 10%. British leaders
promise to listen to the 1.6
million people who voted for
independence.
11 : November
In the US midterm elections,
Republicans take back the
majority in the Senate for the
first time since 2006, while also
adding to their majority in the
House.
The Economy and the Job Market
Growth accelerates in 2015
With the US leading the way, global economies are finally beginning to crawl
out from under the burden of the Great Recession. The latest national job report
was healthier than even the experts expected, and worker confidence in the
job market has returned. Hiring is increasing and layoffs are less frequent as
indicated by the low rate of initial unemployment claims since spring 2014.4
Consumer confidence has improved, albeit slowly, and it remains somewhat
fragile. According to Gallup’s Economic Confidence Index for the US, consumer
confidence improved in November 2014, registering an 18-month high, but then
slipped a bit in December.5 The fact that wages are struggling to keep up with
inflation is hampering any significant increase in consumer spending. Another
factor inhibiting capital spending on housing and big-ticket items is the financial
drain student loans impose on younger workers. Here are some key indicators to
watch as the economy gains steam:
Housing and Auto Sales
The housing sector is improving gradually with housing prices going up—primarily
in the high-end range. As employment and wages increase and credit conditions
ease, younger workers who previously couldn’t afford a house may be able to
invest in homeownership. Growth in new housing is good news for construction
firms and landscaping, appliance, furniture and other related businesses. An
increase in interest rates, however, has stalled the lucrative housing refinancing
market, resulting in recent layoffs in the mortgage servicing industry.6 It’s estimated
that new home sales will increase 20% in 2015, compared to a 7% increase
in 2014, and that prices will rise 3.5%. Auto and truck sales have increased to
prerecession levels, but thanks to longer-term auto loans, people are also keeping
their cars longer, which could adversely affect the market long term.
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2015 Job Market Perspectives
20%
It’s estimated that new home
sales will increase 20% in
2015, compared to a 7%
increase in 2014, and that
prices will rise 3.5%.
56%
of consumers said they’d be
reluctant to be completely
forthcoming about their
medical conditions due to
security concerns about the
storage of personal health
and financial information.10
Retail
The future of retailing is dependent on retailers embracing
omnichannels and connecting with their customers via online,
brick and mortar, and mobile channels. Black Friday, which
still draws the biggest numbers at 87 million customers, has
also given birth to Cyber Monday (and even Cyber Week),
where retailers offer deeply discounted merchandise on the
heels of Thanksgiving.7 Nevertheless, 2014’s Black Friday
numbers were less than anticipated. With the economy
improving and gas prices lowering, consumers are still
seeking value, but in new ways. They’re looking for deals
that come with free shipping or other ways to heighten
convenience. The recession has taught shoppers a lesson
about consumer spending, and they’ve become savvier and
more sophisticated in their spending habits.8
Healthcare
The healthcare sector is moving beyond the Affordable
Care Act and onto consumer-centered, digitally enabled
care, with US physicians and consumers accepting growth
of the personal medical kit—including wearable tech,
smartphone-linked devices and mobile apps that will
become increasingly valuable in delivering services. Mobile
health apps will increase in 2015 as the US Food and Drug
Administration (FDA) is poised to review a record number
in response to a demand for more advanced products.
Still, while many patients are willing to share their health
information via technology and would appreciate the
convenience, concern about cybersecurity looms.9 In fact,
56% of consumers said they’d be reluctant to be completely
forthcoming about their medical conditions due to security
concerns about the storage of personal health and financial
information.10 The Affordable Care Act will continue to impact
hiring with increases in many functions to accommodate the
10 million newly insured individuals. Meanwhile, physicians
are turning to “physician extenders”—physician assistants
and nurse practitioners—to handle patient loads.11
Technology
Rapid growth will continue in the computer technology sector
as consumer demand for innovative software and new
applications for mobile devices increases. Changes within
the healthcare sector will also increase demand for secure
patient data applications.12 Headline-making cyber-attacks
compromised not only business intelligence, but customer
and employee personal information, leaving them vulnerable
to identity theft and threats of physical harm. It’s expected
that such attacks will increase in frequency if there’s not
more focus placed on identifying and overcoming system
weaknesses. Consequently, the field of information security
will take on increased importance in 2015.
87M
Black Friday, which still draws the biggest
numbers at 87 million customers, has also
given birth to Cyber Monday where retailers
offer deeply discounted merchandise on the
heels of Thanksgiving.7
10M
The Affordable Care Act will continue
to impact hiring with increases in many
functions to accommodate the 10 million
newly insured individuals.
www.lhh.com |
7
The Global Climate
A look at the world economic situation
While the US economy is building steam, the global economy is also showing signs
of recovery, but at an uneven pace. Geopolitical tensions and a reversal of recent
credit spread in financial markets pose short-term risks to economic development.
Other factors affecting global growth include low potential growth in advanced
economies and a decline in emerging markets. The threat of Ebola, the increase in
Islamic State terrorism and political tensions in Eastern Europe continue to promote
uncertainty. Global economic growth in 2015 is expected to hold at a rate of 3.4%,
driven by policy and investments in people designed to raise productivity and rebuild
trust and confidence. Emerging economies should see increased growth in 2015,
due in large part to cheaper oil, global liquidity and growth in the US and Europe.
The largest growth increases will take place in emerging Europe, Latin America, the
Middle East and North Africa, and Sub-Saharan Africa.13
Europe
Economic growth in the Euro nations is projected to increase 1.6% in 2015, twice the
growth of 2014, but nevertheless weak in comparison to other advanced recoveries.
The United Kingdom will continue to enjoy healthy growth reflected in a rejuvenated
housing market.14 Once some of Germany’s strict budget policies are loosened,
economic growth will resume, with the support of a strong labor market, improved
financing conditions and continued demand for exports. Germany’s manufacturing
sector has suffered over the year as a result of ongoing geopolitical tensions between
Russia and Ukraine and the subsequent sanctions placed on trade.15 European job
creation has been moderate, and unemployment rates have fallen slightly from
high levels. The unemployment rate is set to fall to 9.5% in the EU and 10.8% in the
Euro area in 2016.16 Within this weak forecast, economic prospects vary—stronger
in Germany and Spain, weaker in France and Italy.17 In Russia, geopolitical tensions
have further weakened already-subdued business confidence, and Ukraine’s crisis
deepened further, driven by falling industrial production and exports.18 The economic
crisis in Russia involves the devaluation of the ruble, low oil prices and economic
sanctions. Sanctions are costing Russia’s economy about $40B per year and are
plunging Russia’s working poor into abject poverty. Continuation of Greece’s
relatively robust level of growth depends on what specific concessions the country
had to make in exchange for bailout funding. However, the political unrest and
lingering debt crisis will likely threaten consumer and business confidence.
Greece’s 2014 unemployment rate of 25.8% is expected to drop to 23% in 2015.19
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2015 Job Market Perspectives
Asia-Pacific
Latin America
Regardless of its softening growth rates, the Asia-Pacific
region remains the leader for global growth. Growth in the
region (excluding China) is expected to increase to 5.3%
as a gradual recovery boosts demand for its exports and
domestic economic reforms progress in the large Southeast
Asian economies. China’s industrial-output expansion has
been at its weakest since the global financial crisis, and
a slumping property market could indicate the risk of a
deepening economic slowdown. Economic growth could
also be stunted by downside risks in the euro and Japanese
yen, a tightening in global financing, and regional and
international geopolitical tensions. Protests for democracy in
Hong Kong may slow future growth there this year, but have
not had a significant impact on China’s recovery thus far.20
A modest recovery is projected for Latin America as Brazil
will have to tackle slow growth and high inflation while
slashing the high cost of doing business in Latin America’s
biggest economy. Mexico’s economy is gaining steam, but
not fast enough to offset earlier weaknesses driven by lower
external demand and slower-than-expected construction
activity. Escalating drug violence could also have a
detrimental effect on Mexico’s recovery. In Chile, a modest
rebound will likely result from the recent easing of monetary
and fiscal constraints, while Peru’s prospects should improve
as metal production increases and growth policy initiatives
take effect. In Colombia, growth is expected to remain solid,
led by strong construction activity. Latin America’s growth will
be built on investment, improved business confidence and a
better-educated labor force.23
It’s anticipated that the growth rates of China and India will
reach 5.5% from 2015–2019. In Japan, private consumption
is still offset by sluggish wage growth.
North America
After a slow start to 2014, growth is now stronger in the
United States and Canada. In the US, the stock market has
increased dramatically with the S&P 500 posting numbers
approximately 200% higher than when the stock market
plunged in March 2009. The NYSE is up 165%, NASDAQ is up
over 260% and the Dow Jones has climbed more than 165%
over the same period. An unusually harsh winter in early 2014
negatively impacted consumer spending in the first quarter,
and civil disruptions had the same impact in the fourth
quarter. Nevertheless, with unemployment dropping and a
higher-than-expected end-of-year jobs report, the rebound
appears to be sustainable.21 In Canada, stronger exports
and business investment will translate into more balanced
growth, but the housing market should continue to be closely
monitored for risk. Canadian exports should benefit from the
US recovery, subsequently stimulating investment. However,
high Canadian household debt and an overvalued housing
market remain important domestic vulnerabilities.22
Africa and Middle East
New geographies for growth, such as Africa, offer
opportunities to build sustainable growth models, but they
also bring challenges on economic, legal and institutional
fronts. GDP growth in Africa in 2015 is projected at 4.4%
with Nigeria in the forefront at 6.7%, but heavily dependent
on natural resources and vulnerable to global demand. A
positive growth outlook for Africa also relies on improved
institutional performance and better governance. Internal
factors, such as Ebola, pose risks to the outlook for the entire
region should the outbreak fail to be contained. This would
have dramatic consequences for economic activity in the West
African region. Likewise, security concerns in several parts of
Sub-Saharan Africa remain tenuous, including in the Central
African Republic and South Sudan. The ongoing commitment
to provide Internet access to even remote areas of Africa
will continue to transform the continent.24 In the Middle East,
economic growth in Lebanon has been adversely affected by
the civil war in Syria and the influx of refugees to Lebanon.
The violent conflicts in Syria, Iraq, Gaza, Yemen and Libya
have negatively impacted economic stability in the region, as
has the continued threat of Islamic State terrorism.
www.lhh.com |
9
Economic Trends
The changing corporate landscape
The demographic shift resulting from the exiting of the Baby Boomer generation and
the entree of Millennials has challenged organizations to adapt their cultures to fit
new expectations. In 2015, Millennials (born between 1981 and 1996) will become
the new workforce majority, eventually remaking the workplace to reflect their own
image. That means your corporate culture could be in for big changes.25 Millennials
approach work very differently from their predecessors, and employers must adapt
to this new way of thinking. Millennials value flexibility, informality, convenience and
technologies that meet their needs and emphasize well-being.26 If an organization
isn’t changing its outdated culture, hiring and retention efforts will suffer—making it
difficult to thrive in the revitalized job market.
The Independent Worker
In an Elance-oDesk survey, 80% of the Millennials surveyed say they would quit
their jobs for the opportunity to work for themselves. Organizations that value
“intrapreneurship” will be the most attractive to the best and brightest Millennials. As
Elance-oDesk’s senior vice president of marketing Jaleh Bisharat puts it, “I think job
security is being replaced by income security.” Bisharat maintains that Millennials
create varying streams of income as a way to insulate themselves from a more
“merciless corporate environment.”27 In fact, with portable health insurance now
available through the Affordable Care Act, it’s becoming more common for job
seekers to reevaluate their employment options, with many fashioning legitimate
portfolio careers, i.e., making a conscious attempt to stitch together short-term
contract positions with permanent part-time positions or freelance jobs to create fulltime work. Because these assignments are generally selected around an employee’s
strengths or preferences—screening out the least-favored aspects of a full-time job—
individuals are finding that they enjoy the flexibility, variety and satisfaction gained
from a portfolio career.
The Casual Culture
The new generation of workers is drawn to a workplace that reflects the face and the
behaviors of society. Generally speaking, Millennials are more open-minded than their
parents and expect to be part of a diverse workforce. They also prefer a more casual,
transparent culture that may require a company loosening its ties and instituting a
more relaxed corporate dress code, an open-office design, perks such as full-service
employee dining rooms with restaurant-quality options, and increased transparency
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2015 Job Market Perspectives
Millennials value
flexibility, informality,
convenience and
technologies that
meet their needs and
emphasize well-being.
80%
of the Millennials
surveyed say they
would quit their jobs
for the opportunity to
work for themselves.
such as the sharing of salary information. Traditional
hierarchical structures are being replaced by work teams
with less importance placed on titles. Going forward, the
candidate’s personality and organizational fit will have greater
influence on career opportunities.
Increased Focus on Fitness
As technology tests traditional work/life boundaries,
companies are beginning to consider implementing
additional personal services and health-related
alternatives. For example, researchers have found that
“sitting is the new smoking,” raising the risk of disability,
heart disease, diabetes and cancer.28 Employees are
looking to organizations for solutions and have embraced
health-related technology such as treadmill and standing
desks, mobile apps and fitness trackers. Fitness centers,
outdoor walking paths and inter-company sports teams
have become expectations rather than unique benefits.
Many organizations are recognizing the restorative benefits
of relaxation, encouraging employees to use vacation
time and “power-down” while away from the office. Sleep
deprivation diminishes productivity, which is why some
companies have even created rooms devoted to employee
napping. Overall, company programs designed to improve
employee health are a win-win: employees develop the
sustainable habits of a healthy lifestyle, and companies
can boost productivity while often lowering their health
insurance expenditures.
Sharing Office Space Gains in Popularity
The days where cubicles fanned across floors of office
buildings are fading as more innovative office space solutions
take hold. By reducing their onsite workforces through the use
of independent contractors and temporary workers—and
offering employees telecommuting options—organizations
have gained significant savings on long-term real estate
commitments. Still, an offsite team is not always an optimum
arrangement for collaboration and team productivity—for
either the organization or the individual. In response, a variety
of flexible office solutions have become more commonplace:
co-working environments, daily rental, shared space,
subletting of vacant offices and bartering services for space.
In New York City and Montreal, a new app called Breather
allows self-employed travelers to rent private rooms on an
hourly basis. Rooms come furnished with free Wi-Fi and can be
shared with up to five other customers for meetings, working or
passing time between appointments. The use of shared-space
solutions is likely to increase as workers and organizations
seek out environments that offer opportunities for professional
collaboration.29
www.lhh.com |
11
Regional insights
West Region
Northeast Region
2014 Annual Unemployment Rate
(through Dec.): 6.3%
2014 Annual Unemployment Rate
(through Dec.): 5.6%
Hot Sectors
IT, professional and business services, leisure
and hospitality
Hot Sectors
Education and health services, professional and
business services, mining
Strongest Metropolitan Areas
San Francisco; Seattle; Phoenix; Salt Lake City;
Portland, OR; Boulder; Boise City-Nampa, ID
Strongest Metropolitan Areas
Boston; Baltimore; Nashua, NH; Pittsburgh; New York
Midwest Region
South Region
2014 Annual Unemployment Rate
(through Dec.): 5.2%
2014 Annual Unemployment Rate
(through Dec.): 5.6%
Hot Sectors
Mining, manufacturing, professional and business
services, education/health services, hospitality
Hot Sectors
Mining, engineering, retail, trade and transportation,
professional and business services, education/health
services, hospitality
Strongest Metropolitan Areas
Milwaukee; Minneapolis-St. Paul; Kansas City; Bismarck,
ND; Des Moines-West Des Moines; Indianapolis
Strongest Metropolitan Areas
Dallas-Fort Worth; Austin; Midland, TX; Oklahoma City;
Miami; Raleigh-Durham, NC; Tampa-St. Petersburg;
Santa Fe
Career Trends
Salary transparency:
consider the benefits
Salaries—closely guarded secrets in many organizations—
are beginning to see the light of day in an era of increased
transparency. The drumbeat for pay disclosure has been
fueled by headline-making stories of salary inequities and
the disparity between C-level compensation and that of the
average employee. Many private-sector employees long for
the transparency of the public sector—where teachers and
other public workers have access to co-workers’ salaries.
Public-sector employees can often find their salaries posted
online—meaning their earnings are not just available to
co-workers, but to neighbors, friends and total strangers.
While some private-sector employees say they’d find such
information liberating, others would prefer to keep salary
information private.
The movement toward salary transparency has been largely
attributed to the plethora of information available on the Internet,
including websites such as Glassdoor.com, PayScale.com
and Salary.com. Also furthering the trend are Millennials, who
openly share personal information through social networks.30
What’s the advantage of salary transparency? Won’t making
salaries public ignite hostilities and petty jealousies in the
workplace? Perhaps surprisingly, recent research indicates that
pay transparency can have a positive impact on productivity. In
one study, productivity was increased by 10% when employees
were informed of their earnings relative to the earnings of
their co-workers.31 This effect is thought to be the result of the
employees analyzing their status as compared to their coworkers and striving to achieve more. Salary transparency can
also reduce gender- or race-based salary inequities, fostering
trust in the organization and its values.
While some organizations have instituted a measured
approach to transparency by publishing only the salary ranges
for positions, the most beneficial factor in shedding light on pay
is explaining the value of each position.
“Process transparency” is an approach whereby employees
are informed as to how salaries are calculated, the ranges for
each position and how employees can increase earnings. With
this approach, people know how salaries are derived, what the
ranges are for each position and what it takes to earn more.32
With such information, employees can see their earning
potential and what it takes to move into another position, and
can manage their careers accordingly.
Complete disclosure should never be just a list of employees
and salaries. Instead, salaries must be put in context. Pay
grades can be streamlined to increase understanding, and
employees can be educated on how to weigh the total
compensation package, understand current salary trends and
recognize the specific qualifications taken into consideration
when salaries are determined.33
.
www.lhh.com |
13
Career Trends
Integrity regains its status as a key business value (honestly)
Effective leaders know that integrity is the bedrock on which all other leadership
values are developed. But as recent history has shown us, some executives,
perhaps succumbing to shareholder pressure or ethical failings, chose expediency
over integrity. Cutting corners and circumventing compliance resulted in the
demise of longstanding institutions, with some leaders and corporations paying
the price through hefty fines, tarnished reputations or even jail time. Corporate
scandal can also become a social media nightmare, sometimes creating longlasting damage and destroying years of brand-building efforts. Acting with
integrity is now a strategic imperative.
As professional business coach and author Brian Tracy says, “Leaders with
integrity may not be the most famous or flashy of leaders, and they don’t care.
Integrity means doing the right thing because it is the right thing to do. And that’s
what makes success.”34 Integrity at the top of an organization sets the standard of
expected behavior for the team. Honest leaders are not afraid to tell the truth or
acknowledge mistakes. They behave with the highest levels of integrity even when
no one is watching.
Today, personal information is readily available free (or for a nominal charge)
through websites that tap into government and credit sites nationally or globally.
It’s easy for individuals to source information on their own or to work with a third
party to verify data. A CareerBuilder survey, conducted online by the Harris Poll last
year, revealed that 58% of hiring managers have caught a lie on a résumé. Half of
employers (51%) said they’d automatically dismiss a candidate for lying and found
that embellishing skill sets and responsibilities led the list of falsifications at 57%
and 42%, respectively, followed by dates of employment at 42%.35
The consequences of getting caught in a lie can be harsh. Job offers have been
rescinded; careers have been cut short. The best advice: just don’t do it. A strong,
productive relationship between employee, employer and client is built on trust,
and a culture of integrity promotes trust. Lying or acting deceptively puts that
relationship on very shaky ground. Integrity costs nothing, but even a momentary
lapse of integrity can cost a lot.
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2015 Job Market Perspectives
Honest leaders are not
afraid to tell the truth or
acknowledge mistakes.
They behave with
the highest levels of
integrity even when no
one is watching.
58%
A CareerBuilder survey,
conducted online by
the Harris Poll last year,
revealed that 58% of
hiring managers have
caught a lie on a résumé.
Millennials grow into leadership roles
The Millennial population is expected to become the largest
percentage of the workforce in 2015, with 34% already in
managerial roles.36 Astute organizations are scrambling
to prepare this generation for leadership roles. Making
the transition from one of the youngest in the department
to team leader can present some unique challenges.
Millennials can make the transition to leadership easier
by honing their executive presence, arming themselves
with knowledge, respecting cultural and age differences,
developing their leadership skills and acting with integrity.
34%
The Millennial population is expected
to become the largest percentage
of the workforce in 2015, with 34%
already in managerial roles.
10%
Productivity increased by 10% when
employees were informed of their
earnings relative to the earnings of
their co-workers.
Seven tips for new leaders:
Set boundaries. Relationships evolve, and new leaders
need to be aware that, when moving up in a leadership
role, some colleagues may not be as open as they were prior to
the shift in power. New leaders need to stay above the fray and
not engage in gossip or make disparaging comments about the
organization or other team members.
1
Be open to ideas. A young leader won’t have all the
2 answers, so it’s smart not to pretend. Older workers have
more experience, so new leaders would be wise to seek their
counsel to learn as much as possible.
Develop executive presence. Leadership success often
3 hinges on the ability to communicate effectively, command
respect and persuade a team to follow. This requires maturity,
strong presentation skills and authenticity. Millennial leaders
should strive to use clear language and positive body language
that convey passion and enthusiasm.
Model admired behavior. Novice leaders should
make a list of the characteristics they admired in previous
managers and then emulate that behavior. Self-awareness
is critical, so it helps to reflect on and eliminate management
behaviors that may be detrimental to leadership development.
5
Ask for leadership training. Many managers are
promoted without any leadership training. If training or
coaching isn’t available through the employer, new leaders
should take it upon themselves to follow top leadership experts.
6
Work on soft skills. Key soft skills add value to an
organization—and make managers more effective. Never
underestimate the importance of adaptability, listening, empathy,
open-mindedness and positivity. Beyond skill and knowledge,
these attributes can define a manager and will either enhance or
weaken one’s ability to lead.
7
Identify a mentor. New leaders should discuss team
challenges with an impartial outsider who is at their level or
above. A mentor can act as a sounding board to help new leaders
resolve touchy interpersonal situations, as well as provide some
constructive coaching.
4
www.lhh.com |
15
Career Trends
Opportunity comes knocking
Whether you’ve just landed your job or have been in your
position for 10 years, a move to yet another position is
undoubtedly in your future. Keeping pace with today’s
rapidly evolving organizations requires career agility—
the ability to adapt to changing circumstances, identify
opportunities, maintain employment marketability,
commit to ongoing networking and display social media
acumen—all in an effort to heighten preparedness for
what comes next.
Typically, job candidates fall into two distinct categories:
active and passive. An active job seeker is one who
currently needs a job and is actively pursuing positions
by a variety of search strategies: posting résumés,
networking through industry and professional groups,
creating an Internet footprint through social media sites
and smartphone apps, attending job fairs, setting job
alerts, etc. Passive candidates, on the other hand, are
individuals who are employed—often happily—and
somewhat indifferent about changing jobs. Still, they’re
generally open to receiving inquiries from recruiters and
hiring managers.
Today, however, the line between passive and active
job seekers is not quite as clear. LHH research reveals
that the search for passive candidates is a significant
component in an organization’s talent acquisition
strategy; therefore, even a passive candidate requires a
robust, up-to-date online presence.
16
|
2015 Job Market Perspectives
Recruiters and hiring managers are actively
looking for the best talent; they aren’t waiting
for talent to come to them. The following
questions will help you determine if you’re
ready when opportunity comes looking for you.
See if you can answer yes to these questions.
1
Is your résumé up to date and ready to go
(including a summary and list of
accomplishments related to your present position)?
2
Are your social media profiles current, and
have you incorporated search terms so you
are findable?
3
o you regularly participate in online
D
discussions to broaden your influence and
increase your visibility?
4
Is your skill set diverse and currently in demand?
If not, are you taking steps to fill the gaps?
5
Do you work your network—suggesting
ideas, sending articles of interest, extending
congratulations, providing endorsements, etc.?
6
ave you kept yourself informed about your
H
local job market?
7
o you know what organizations are hiring,
D
downsizing, outsourcing, expanding or moving?
8
If your “dream” job was posted on your
company website, would you be able to apply
for it immediately?
Recruiting Trends
Talent acquisition continues its transformation
Talent acquisition continues its transformation brought on
by the acceleration of technological advancements and the
preference for convenience and mobility. Chief among the
recruiting trends for 2015 are the following:
Start with a strong talent brand.
Whether representing a small or large organization, investment
in developing a strong talent brand should be a priority when
establishing a recruiting strategy. The brand must be consistent
across all company online platforms and collateral. Candidates
are looking for a corporate message that clearly articulates
the organization’s mission, values and culture. Social media
platforms such as LinkedIn, Twitter and Facebook offer a unique
opportunity to directly influence and interact with prospective
employees. It’s estimated that a strong talent brand reduces
cost per hire by up to 50% and lowers turnover rates by 28%.37
Compensation counts.
Salaries stalled during the Great Recession, and employees
accepted small merit increases and reductions in benefits
in exchange for merely having a job in the midst of massive
layoffs. A recent Jobvite survey reported that 61% of employees
who leave a job do so for higher compensation.38 Salary is a
critical factor for any talent strategy, and organizations must
take a fresh look at what they’re paying their workforces to
determine if they’re going to remain an employer of choice
or lose their top talent to a newly invigorated market. Both
candidates and recruiters must have a sound grasp on salary
issues to remain competitive. Check out LHH’s 2015 Salary
Guide at www.lhh.com for the latest salary data.
Recruiting has gone mobile.
As the role of social media in hiring and recruiting practices
expands, many jobs are no longer being advertised via
traditional channels. Employers are increasingly turning to
social networks to interact with potential candidates even
before positions become available. These days, sourcing talent
requires staying on top of the technology-driven trends that are
profoundly altering the ways candidates and employers are
finding one another. Not only has social media transformed
hiring and recruiting trends, but the move to mobile is enabling
employers and employees to search smarter, connect faster
and hunt anywhere, anytime. Still, it seems that organizations
are lagging behind demand. Eighty-three percent of job seekers
currently use smartphones to search for job openings, yet only
20% of the Fortune 500 companies have a mobile-friendly career
site.39 To remain relevant in the hiring game, organizations must
be prepared to accommodate on-the-go job seekers.
www.lhh.com |
17
Where the Jobs Are
2015 jobs forecast
Accounting
Engineering
Dec. 2013 – Dec. 2014 change in workforce...................+54,000 jobs
Dec. 2013 – Dec. 2014 change in workforce...................+52,000 jobs
Number of American workers................................................. 969,000
Number of American workers...............................................1.4 million
Regions in demand.............................................Northeast & Midwest
Regions in demand....................................... Northeast, South & West
Unemployment rate (as of Dec. 2014)........................................... 2.1%
Unemployment rate (as of Dec. 2014)...........................................3.4%
Accounting Jobs Forecast
Engineering Jobs Forecast
Always closely aligned with the overall health of the US economy, growth in
accounting and auditing is expected to reach 13% over the next seven years,
according to the Bureau of Labor Statistics (BLS). New laws and regulations,
especially in the financial sector, will increase the demand for accounting
services, especially in regard to stricter lending standards and the increased
importance of audits. The continued globalization of business will also lead
to increased demand for accounting expertise and services specifically
pertaining to international trade, mergers and acquisitions. Audits will
continue to increase in importance as restricted lending standards force
organizations to prove their creditworthiness.
Employment opportunities in engineering vary widely based on specialty
and on the individual’s commitment to staying current on the latest
advances in technology. However, overall growth of employment may
be tempered by a decrease in employment in manufacturing sectors.
The aging of the large Baby Boomer population will increase demand for
medical devices and scientific research, driving employment of biomedical
engineers up 27% over the next seven years, much faster than the average
for all occupations. Biomedical engineers can also improve their prospects
by earning a master’s degree. Employment of environmental engineers is
also projected to grow (15% over the next seven years) with state and local
governments’ efforts to increase the efficiency of water use and the federal
government’s requirement to clean up contaminated sites. The area of
wastewater treatment will also remain strong, especially as it relates to the
increase in drilling for shale gas.
While the versatility of the accounting degree can heighten opportunities for
accountants in various industry sectors (government, retail trade, finance,
manufacturing, insurance, real estate, etc.), competition will still be fierce
for positions in the most prestigious accounting and/or consulting firms.
Accountants and auditors with professional certifications, especially as
Certified Public Accountants (CPA) or Certified Management Accountants
(CMA) and those with a master’s degree, will have the best job prospects,
as will candidates with experience in International Financial Reporting
Standards (IFRS). The continued focus on curtailing corporate fraud will
also provide increased opportunities for internal auditors and forensic
accountants with the Certified Fraud Examiner (CFE) credential. Employment
of actuaries is expected to grow at 26% over the next seven years, much
faster than the average for all occupations, and 19% for management
analysts. Demand for consulting services will increase as organizations
continue to improve efficiency and control costs. Government accountants
will also continue to be in demand at the federal, state and local levels.40
18
|
2015 Job Market Perspectives
Employment of chemical engineers is projected to grow 4%, slower than
the average for all occupations, and largely dependent on demand for
various manufactured products. Those employees who have managed
to remain on the forefront of emerging technologies will have the best
prospects. Demand will also be sustained by an increase in innovative
fields such as nanotechnology, alternative energies and biotechnology.
Employment of mechanical engineers is projected to grow 5% over the next
seven years. While this growth is slower than the average for all occupations,
contracting will be strong in architectural services, remanufacturing and
some manufacturing as machinery continues to replace human labor.
Transportation equipment will remain a growth area as the need for
hybrid-electric cars and clean diesel automobiles increases. Employment of
aerospace engineers is expected to grow 7%, primarily in national defense.41
Information
Finance
Dec. 2013 – Dec. 2014 change in workforce....................+15,000 jobs
Dec. 2013 – Dec. 2014 change in workforce.................. +121,000 jobs
Number of American workers..............................................2.7 million
Number of American workers.................................................8 million
Regions in demand...................................................Northeast & West
Regions in demand...................................................Northeast & West
Unemployment rate (as of Dec. 2014)...........................................5.7%
Unemployment rate (as of Dec. 2014)...........................................3.4%
Information Jobs Forecast
Finance Jobs Forecast
Employment categories within the wide-ranging information sector include
publishing, motion picture and sound recording, broadcasting and data
processing. Competition for newspaper and magazine jobs will decline as
the traditional publishing industry gives way to digital media. Nevertheless,
job opportunities for editors and writers familiar with social media, news
writing and podcasts will continue to grow. Employment of reporters and
correspondents is expected to decline 14% over the next seven years
as readership and circulation diminish and television news viewership
dwindles. On a positive note, the field of technical writing is projected to
grow by 15%, driven primarily by the expansion of scientific, technical and
web-based products.
Depending on an individual’s skill set and experience, the financial services
field is expected to offer additional opportunities as the country continues
to recover from the recession. In general, candidates holding dual degrees
(e.g., Finance/IT; Accounting/MBA) will have the inside track for the top jobs
in the financial sector. As the population ages and Baby Boomers enter (or
near) retirement, employment of personal financial advisors is projected to
grow 27% over the next seven years, much faster than the average for all
occupations.
The global economy and the diverse nature of the US population have
increased the demand for interpreters and translators. The field of
translation is projected to grow 46% over the next seven years with demand
especially strong for translators of Arabic, French, German, Portuguese,
Russian, Spanish and the principal Asian languages. Opportunities for
American Sign Language interpreters are also expected to grow as the
population increases use of video relay services, which allow people to
conduct online video calls and use a sign language interpreter.
Employment of information clerks is projected to show little or no change
over the next seven years. As Baby Boomers retire and as access to health
insurance increases, the prospects for clerks to handle documentation will
improve. And while some positions will be eliminated due to consumer
demand for online applications, job opportunities in the immediate future
Jobs for financial analysts are projected to increase 23%, faster than the
average, due primarily to the introduction of new financial products and
the expansion into global markets. Financial analysts with IT experience
will continue to be in demand as will financial examiners and auditors
who ensure compliance with the continuation of financial regulatory
reform. Some analyst positions will be adversely affected by restrictions on
trading by banks, which may shift employment of financial analysts from
investment banks to hedge funds and private equity groups.
As the need for loan officers fluctuates with interest rates and the economy
in general, employment of loan officers is expected to grow only 8% over
the next seven years. Opportunities for commercial and mortgage lenders
should increase as the economy rebounds and businesses once again
begin to invest in maintenance, improvements and expansion.43
should be best in hotels and other lodging establishments.42
www.lhh.com |
19
Where the Jobs Are
2015 jobs forecast
Healthcare
Legal
Dec. 2013 – Dec. 2014 change in workforce.................+426,000 jobs
Dec. 2013 – Dec. 2014 change in workforce.......................-1,000 jobs
Number of American workers............................................ 18.3 million
Number of American workers............................................... 1.1 million
Regions in demand............................................................................All
Regions in demand.................................................. Northwest & West
Unemployment rate (as of Dec. 2014)...........................................3.8%
Unemployment rate (as of Dec. 2014)........................................... 1.8%
Healthcare Jobs Forecast
Legal Jobs Forecast
With federal health legislation increasing access to health insurance and
as a result of an aging population, longer life expectancies and new
treatments/technologies, the BLS estimates that healthcare and its related
industries are projected to create about 28% of all new jobs in the US. In
fact, six of the top 10 fastest-growing occupations are healthcare related.
This includes home health aides, personal care aides, physical therapy
assistants, sonographers, occupational therapy assistants, physical therapy
aides, physical therapists and genetic counselors.
Demand in the legal profession is closely aligned with the general
economy as budget-strapped companies and individuals postpone some
discretionary legal services. After weathering the worst job market in over
20 years, lawyers will continue to face tough competition, with law schools
graduating more attorneys than there are jobs available. Employment for
lawyers is projected to grow only 10% as practice areas become more
specialized in response to more complex laws. Although law firms will
continue to be the largest employers of lawyers, many large corporations
are reducing legal expenses by shifting to in-house legal counsel with
paralegals and legal assistants handling document review and other work
that was previously assigned to lawyers. In addition, some routine legal
work may be outsourced to other low-cost legal providers overseas.
Job opportunities for registered nurses are projected to grow 19% from
2012 to 2022, faster than the average for all occupations. In response to
the aging Baby Boomer population, job growth is expected in facilities
that provide long-term rehabilitation for stroke and head injuries and
in outpatient centers where patients have same-day surgery, rehab or
chemotherapy. Nurses who have earned a bachelor’s degree will be most in
demand. Physician assistants, another healthcare occupation that requires
a college degree, will gain in popularity (increasing 38%) as a dwindling
pool of primary care physicians struggle to care for growing patient loads.
While many hot jobs in the healthcare industry require advanced degrees
(e.g., primary care physicians, audiologists, physical therapists), others such
as medical technologists (14% increase) require only an associate’s degree or
postsecondary certification. Diagnostic medical sonographers (an occupation
expected to grow by 46%) require only an associate’s degree or postsecondary
certification. Other in-demand positions which require limited education and/
or training include home health aides (projected to grow by 48%), occupational
therapy assistants (43%) and physical therapy aides (40%).44
20
|
2015 Job Market Perspectives
The aging population will increase demand for attorneys in elder law,
estate planning and trusts, while additional attorneys will be required
for the corresponding growth of the healthcare sector and to counsel
organizations on changing ERISA issues. The employment outlook for
paralegals and legal assistants is favorable as jobs are projected to
grow by 17% over the next decade, slightly faster than the average for all
occupations. Those formally trained with a certificate in paralegal studies or
an associate’s degree will have the competitive edge in the job market.
Employment of court reporters, arbitrators and mediators is projected to grow
10% over the next seven years, slightly below the average for all occupations.
Court reporters with experience and training in techniques for helping the
deaf or hard-of-hearing, such as real-time captioning and Communication
Access Real-Time Translation (CART), will have the best job prospects.45
Leisure and Hospitality
Manufacturing
Dec. 2013 – Dec. 2014 change in workforce.................+465,000 jobs
Dec. 2013 – Dec. 2014 change in workforce................. +186,000 jobs
Number of American workers............................................ 14.8 million
Number of American workers............................................ 12.2 million
Regions in demand............................................................................All
Regions in demand..........................................Midwest, South & West
Unemployment rate (as of Dec. 2014)...........................................7.5%
Unemployment rate (as of Dec. 2014)...........................................3.9%
Leisure and Hospitality Jobs Forecast
Manufacturing Jobs Forecast
As the global economy improves, leisure travel has begun to grow in both
the luxury hotel and less-expensive segments. In the US domestic market,
airline consolidation has reduced competition and is pushing up airfares in
some markets. However, other airlines are being cautious out of fear that
excessively high price increases could negatively impact demand. Hotels are
increasing corporate rates by 6% to 8% on average.46 The industry is facing
stiffer competition and informed consumers with access to search-engine
reviews, comparison sites and online booking. As a result, employment of
travel agents is projected to decline 12% over the next seven years.
According to Manufacturers Alliance for Productivity and Innovation (MAPI),
in 2015, 23 industries will show manufacturing gains, but it’s anticipated that
housing starts will lead with an increase of 30%, followed by both electric
lighting equipment and aerospace products manufacturing at 11%. Motor
vehicles and parts production will also grow faster than the average.48
It’s expected that people will continue to eat out and order carry-out
meals, but the settings will shift from fast food and casual restaurants to
other venues with prepared meals like grocery stores. Job opportunities
for food preparation workers are projected to grow less than the national
average at 5% and for chefs and head cooks at 5%. Because of the high
turnover in these jobs each year and the high volume of jobs in food prep,
most opportunities will be the result of turnover. Employment for waiters
and waitresses is expected to grow at 6%, more slowly than the national
average of 11%, primarily because of the large number of workers who
leave the occupation each year. Job seekers with a combination of work
experience in food service and a bachelor’s degree in hospitality, restaurant
or food service management should have an edge when competing for jobs
at upscale restaurants.47
The jobs outlook for meeting, convention and event planners is expected
to grow 33%, much faster than the average for all occupations. As the
economy picks up, organizations will once again begin to provide face-toface meetings with their international employee and customer base. Event
candidates with a bachelor’s degree in hospitality or tourism management,
experience with virtual meeting software and/or a Certified Meeting
As automation replaces workers, employment for lower-skilled employees will
continue to decline. On the other hand, demand for highly skilled workers
will increase. Many employers currently report shortages of qualified,
trained production workers for available positions. Thousands of positions
will become available over the next 10 years due to the retirement of Baby
Boomers; however, these jobs will require knowledge of team production,
computer-controlled machinery and robotics, as well as certifications from
trade organizations or schools. Gains in the healthcare industry will have a
positive effect on healthcare-related manufacturing, including pharmaceutical
and medical technology. Employment is also expected to grow in fabricated
metal product manufacturing, plastics and rubber products manufacturing.49
Despite the demand for semiconductors in many electronic products,
employment of semiconductor processors is projected to decline 27% over
the next seven years due to the use of robots in the sensitive clean-room
environment. Other positions will be adversely affected by automation,
including model makers (-40.8%), pattern makers (-39.9%), textile machine
operators (-24%), bookbinders and bindery workers (-21.8%), machine tool
cutting setters and operators (-14.9%) and coating, painting and spraying
machine setters and operators (-12.9%). Employment of machinists and
tool and die makers with multiple skills is projected to grow 7%, and
employment of quality control inspectors is projected to grow 6%, both still
under the national average of 11%.50
Professional (CMP) credential will have the advantage in hiring.
www.lhh.com |
21
Where the Jobs Are
2015 jobs forecast
Professional and Business Services
Retail Trade
Dec. 2013 – Dec. 2014 change in workforce.................+732,000 jobs
Nov. 2013 – Nov. 2014 change in workforce.................+249,000 jobs
Number of American workers............................................ 19.5 million
Number of American workers............................................ 15.5 million
Regions in demand............................................................................All
Regions in demand............................................................................All
Unemployment rate (as of Dec. 2014)...........................................5.8%
Unemployment rate (as of Dec. 2014)...........................................5.3%
Professional and Business Services Jobs Forecast
Retail Trade Jobs Forecast
With over 19 million workers, this is one of the largest and most diverse
occupational groups. In addition to accounting and engineering services, this
large sector includes employees in computer systems and design. Computer
technology job growth in this sector will primarily occur in positions that support
social networking, mobile technology, big data and predictive analytics, cloud
computing and the healthcare industry. Software development, a job that
frequently lands at or near the top of the “best jobs” lists and consistently
registers low unemployment rates, is projected to grow by 22% over the next
seven years, driven by the demand for new computer software and mobile
applications. The expanding reach of healthcare reform will also result in the
need for additional security software to protect patient information.
Employment in the large retail sector is projected to increase by 10% over
the next seven years due to the continued rise in personal consumption.
While online sales have had a detrimental effect on some brick-and-mortar
retailers, high turnover in this category will allow for myriad job openings.
Retail sales jobs at warehouse clubs and supercenters are expected to grow
28% while sales jobs at department stores will grow only 5%. In other retail
segments, employment in automobile dealerships and in food and beverage
stores will continue to increase with an improved economy. Retailers can’t rely
on old business strategies to gain new customers and retain existing ones.
Instead, they’re using big data to monitor customers’ social media activities,
analyzing customers’ in-store traffic patterns and soliciting feedback on store
quality and employee performance.
Information security analyst positions are expected to increase 37% over the
next few years as cyber attacks have increased in both the private and public
sectors. Job opportunities for web developers are projected to grow 20% over
the next seven years, faster than the average for all occupations, driven by
the growing popularity of mobile devices and e-commerce. Employment of
computer systems analysts is projected to grow 25% due in large part to the
growth in cloud computing, cybersecurity and mobile technology.
Medical secretarial positions are projected to grow 36% to accommodate the
number of new patients who now have access to healthcare. Opportunities
for legal secretaries will decline 3% as many firms have shifted their work to
paralegals and legal assistants. It’s anticipated that employment of customer
service representatives will grow 13%, with the best opportunities for those
candidates who have strong computer skills.
Many secretarial and administrative duties are of a personal, interactive nature.
Because technology cannot substitute for interpersonal skills, secretaries and
administrative assistants will continue to play a role in most organizations.51
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2015 Job Market Perspectives
Employment of cashiers is projected to grow 3%, slower than the average for
all occupations. Inasmuch as retail sales are expected to grow, there will be
a greater need for cashiers, but this could be curtailed by the increased use
of online vendors and self-service checkout stands in retail stores. About one
half of all cashiers are under 24 years old.52
Telecommunications
Temporary Services
Dec. 2013 – Dec. 2014 change in workforce....................+12,000 jobs
Nov. 2013 to Nov. 2014 change in workforce.................+217,600 jobs
Number of American workers................................................. 870,000
Number of American workers..............................................2.9 million
Regions in demand............................................................................All
Regions in demand............................................................................All
Unemployment rate (as of Dec. 2014)...........................................4.6%
Telecommunications Jobs Forecast
Temporary Services Jobs Forecast
As consumers move from residential land lines to wireless phones, the
demand for some positions in the telecom sector will decline while others
will grow—primarily in the areas of Internet connections, cable television
and voice over Internet (VoIP) networks. Technologies such as video on
demand require high data transfer rates in telecom systems, thereby
increasing demand for central office workers, PBX installers and head-end
technicians to upgrade switches and routers. While the job opportunities
for workers who build, maintain and upgrade these networks will increase,
telecom maintenance occupations may decline as equipment becomes
stronger, more reliable and easier to repair. Job opportunities in the
telecommunications sector will increase, however, with the need to replace
retiring Baby Boomers. The volume of employment opportunities will vary
by area of expertise and the employee’s ability to stay current with technical
skills. In order to remain marketable, telecommunications employees must
invest in postsecondary education and/or formal training in areas such
as computer programming, software development, laser and fiber optic
Today’s ever-evolving market demands have resulted in a major increase in
the number of contingent workers within organizations of all sizes. Employers
are turning to contingent and contract workers to fill in skill gaps and provide
the flexibility needed to quickly shift talent across an organization’s projects,
departments and locations.
technology, and wireless technology.53
Hiring managers seeking a quick and cost-effective means to augment their
workforce frequently turn to temporary agencies, resulting in an increase of
217,600 jobs in this sector over the past year.
Among job seekers, temporary jobs are now considered a viable option
for gaining work experience and possibly transitioning into a permanent
position. High-demand temporary jobs have traditionally included those in
finance, administrative support, healthcare, engineering, telecommunications
and information technology. But the temporary services segment is
expected to continue growing as manufacturers increasingly draw from
a temporary pool to control expenses and adapt to staffing fluctuations.
Other organizations are turning to staffing agencies for a wide variety of
nontraditional temporary positions, including attorneys, providing valuable
experience to new law school graduates unable to secure permanent
employment. In a growing economy, temporary jobs also have more
potential to turn into full-time opportunities, which could be a good sign for
future improvements to the employment picture.54
www.lhh.com |
23
End notes
1.“Sharp Rise in Job Seeker Optimism.” LHH.com.
Woodcliff Lake, New Jersey. 17 February 2015.
http://www.lhh.com/about-us/press-room/
sharp-rise-in-job-seeker-optimism.aspx
2.“New Year, New Career? Study Finds Most
Employees Are Ready for Career Change.” LHH.
com. Woodcliff Lake, New Jersey, 16 December
2014. http://www.lhh.com/about-us/pressroom/new-year-new-career-study-finds-mostemployees-are-ready-for-career-change.aspx
3.“Employment Situation.” US Bureau of Labor
Statistics. United States Government. December
2014. http://www.bls.gov/news.release/archives/empsit_01092015.htm
4.Payne, David. “Economic Outlook.” Kiplinger.
com. Washington, DC. 1 December 2014.
http://www.kiplinger.com/tool/business/T019S000-kiplinger-s-economic-outlooks/index.
php#cW0oHytqTHuRpS7b.99
5.Riffkin, Rebecca. “In the US, Economic Confidence Index Remains Solid at -9.” Gallup.com.
Washington, DC. 9 December 2014. http://www.
gallup.com/topic/economy.aspx
6. Payne, David.
7.D’Innocenzio, Anne. “Holiday Shoppers Are Getting Smarter.” ABCNews.com. New York City. 5
December 2014. http://abcnews.go.com/topics/
business/cyber-monday.htm
8.Matthew Shay. “Three factors influencing the
evolution of Black Friday shopping.” NRF.com.
National Retail Federation. 1 December 2014.
https://nrf.com/news/three-factors-influencing-the-evolution-of-black-friday-shopping
9.“Top health industry issues of 2015.” PwC.com.
PricewaterhouseCoopers, LLP. New York City, NY.
http://www.pwc.com/us/tophealthissues
10. “Top health industry issues of 2015.”
11. “Top health industry issues of 2015.”
12.“Occupational Outlook Handbook.” Bureau
of Labor Statistics. US Department of Labor. 5
December 2014. http://www.bls.gov/ooh/
13.“Global Economic Outlook 2015 – Key Findings.” The Conference Board. 14 November
2014. http://www.imf.org/external/pubs/ft/
weo/2014/02/
14.“Global Economic Outlook 2015 – Key Findings.”
15.Coy, Peter. “2015 Global Economic Outlook:
Better Than 2014—but Not By Much.” Bloomberg
Businessweek. Bloomberg, L.P. New York City.
6 November 2015. http://www.businessweek.
com/articles/2014-11-06/2015-global-economicoutlook-better-than-2014-but-not-by-much
16.“2014 Autumn Economic Forecast: Slow recovery
with very low inflation.” European Commission.
Brussels, Belgium. 4 November 2014. http://europa.eu/rapid/press-release_IP-14-1362_en.htm
17.“World Economic Outlook Reports.” International Monetary Fund. Pg. 48. 4 September
2014. http://www.imf.org/external/pubs/ft/
weo/2014/02/pdf/c2.pdf
24
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2015 Job Market Perspectives
18. “World Economic Outlook Reports.” Pg. 60.
19.Kanter, James. “E.U. Raises Its Forecast for
Growth.” NYTimes.com. New York Times Company. 5 February 2015. http://www.nytimes.
com/2015/02/06/business/international/european-union-growth-forecast.html
20.Chen, Sharon. “World Bank Cuts Developing
East Asia 2015 GDP Forecast.” Bloomberg News.
Bloomberg, L.P. New York City. 5 October 2014.
http://www.bloomberg.com/news/2014-10-06/
world-bank-cuts-developing-east-asia-2015gdp-forecast.html
21.“Economic Outlook 2015.” US Economic Analysis
for 2015. 2 December 2015. http://economicoutlook2015.com/
22. “World Economic Outlook Reports.” Pg. 45.
23. “World Economic Outlook Reports.” Pg. 57.
24. “World Economic Outlook Reports.” Pg. 66.
25.Brownstone, Sydney. “Millennials will become
the majority in the workforce in 2015. Is your
company ready?” FastCompany.com. 4 November 2014. http://www.fastcoexist.com/3037823/
millennials-will-become-the-majority-in-theworkforce-in-2015-is-your-company-ready?utm_
source=facebook
26. “Top health industry issues of 2015.”
27. Brownstone, Sydney.
28.Fox, Maggie. “Here’s just how bad sitting around
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The path forward
In 2014, the economy continued to rebound with the US stock
market hitting record highs and unemployment dropping to its
lowest level in seven years. Despite sluggish global economic
expansion and heightened geopolitical conflicts, US market
conditions improved, portending continued growth and increased
job opportunities for 2015.
Looking ahead, the US is poised for stronger business growth,
hiring and expansion, with the GDP predicted to reach 3.3%
in 2015—and with leading economic indicators pointing to
continued expansion. Jobless claims are down, and it’s estimated
that unemployment will fall to 5.3% by the end of 2015. Cheaper
gasoline prices and slight wage increases could lift consumer
spending, while new single-family home starts and sales are
expected to increase by 25%.
Optimism about the US economy is high as revenue forecasts
and profitability are up, fueling job creation. A rise in US job
creation will provide expanded opportunities for workers and
increased competition for skilled talent. Companies will be
focused on attracting, developing and retaining talent to ensure
they have the workers they need to meet growth objectives.
www.lhh.com |
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About Lee Hecht Harrison (LHH)
Lee Hecht Harrison (www.lhh.com) is the global talent mobility leader.
We connect people to jobs through innovative career transition services
and help individuals improve performance through career and leadership
development. LHH assists organizations in supporting restructuring efforts,
developing leaders at all levels, engaging and retaining critical talent, and
maintaining productivity through change—helping organizations increase
profitability by maximizing their return on investment in developing people,
while assisting individuals to achieve their full potential.
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