'SHIFT Report - Trending Topics in the World of Work_ (April 2024)

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Our April issue of SHIFT examines the shift away from long-term employment; identifies the world's most influential CEOs in 2024; looks at the high demand for labor in the construction industry; and explores the workforce trends leaders are following this year.

Job for life? Not anymore.

The shift from stable, long-term employment and single-employer careers to a world where frequent job changes are the norm comes directly from globalization, rapid technological advancements and the changing ideas about work.

Career paths have become fluid and multi-directional. It’s no longer just about climbing the corporate ladder and getting a regular paycheck; it’s about exploring different paths, switching jobs and industries and sometimes even venturing into freelancing and the gig economy.

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The World's Most Influential CEOs of 2024

Brian Moynihan, Chairman and CEO of Bank of America, has topped the global ranking of the world’s best CEOs across all industries for 2024, according to CEOWorld Magazine. Jamie Dimon, Chairman and CEO of JPMorgan Chase, has secured the second spot, followed by Amin H. Nasser, CEO of Saudi Aramco, at No. 3, Darren W. Woods, CEO of Exxon Mobil, at No. 4, Satya Nadella, CEO of Microsoft, at No. 5, and Tim Cook, CEO of Apple, at No. 6. The CEO of Shell, Wael Sawan, has been ranked seventh among the world's top 10 best CEOs and business executives for 2024. Akio Toyoda, who leads Toyota Motor, has been ranked eighth. Liao Lin of the Industrial and Commercial Bank of China and Kyung-Kye Hyun, the chief executive of Samsung Electronics, hold the ninth and tenth positions.

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2024 Construction Workforce Shortage Tops Half a Million

The construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring in 2024 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors. In 2025, the industry will need to bring in nearly 454,000 new workers on top of normal hiring to meet industry demand, and that’s presuming that construction spending growth slows significantly next year.

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Workforce Trends Leaders Are Following This Year

Thanks in part to what some are calling a forever labor shortage, more employers will turn to skills-based hiring, according to Forbes. The pandemic left a permanent mark on hiring trends, leading companies to look toward alternative solutions when it comes to growing their staff. Whether it’s the newer generations’ shift in workplace values, or job seekers finding other means to upskill rather than relying on secondary education, companies will need to adapt to the ever-changing workforce landscape.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

BLS Employment Situation Report -- published April 5, 2024

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Analysts were anticipating a slight cooling in overall labor market conditions with non-farm payroll hiring expected near the 2000,000-mark in this month’s Bureau of Labor Statistics (BLS) payroll report. Once again, today’s BLS data, indicating a jobs gain of 303,000, surprised the experts. March results are higher than the average gain of 231,000 over the prior 12 months, partially driven by an uptick in government hiring.

Unemployment at 3.8 percent remained in the same range narrow range of between 3.7 to 3.9 percent since August 2023.

“As experts analyze today’s BLS employment data and try to model future trends in the overall U.S. jobs market, I’d like to drill down to a key segment of the employment landscape. Our global Network of over 200 executive recruitment offices focus on top talent primarily within the college educated segment of the U.S. labor force. That segment is experiencing what amounts to full employment with jobless rates of 2.2% or lower. Our teams provide clients with access to a highly sought after sub-segment of this cohort with even lower rates of unemployment, experienced executive, professional, technical and managerial talent,” noted Rick Hermanns, president and chief executive officer of HireQuest Inc., parent company of MRINetwork.

“A recent article in the Wall Street Journal draws attention to a critical talent recruitment and onboarding skill that many clients tend to undervalue or even ignore. The reporters address the particular recruiting challenges in the high-flying world of Nvidia, one of the most desired employers in the tech world. They note ‘a sense of urgency’ drives Nvidia managers in both the hiring and onboarding processes. Not a reckless desire to get things done quickly, but a carefully thought-out process integrated into the company’s culture where the reporters noted, ‘Nvidia would usually wait no longer than two weeks from first interviewing a candidate to making a decision.’ They report the brief but intense hiring process is followed by a quick immersion of the new employee into a world where new hires, ‘are quickly thrown into big projects with real responsibilities.’ In today’s business climate, highly talented candidates expect to be treated with respect indicated by a focused interviewing process with tightly targeted questions, followed by immediate feedback and a transparent decision-making process. When hired the best performers then thrive on immediate involvement in meaningful projects.”

CNBC reporter Jeff Cox provided an overview of today’s results in an era of higher interest rates, “The job market’s resilience has confounded many economists who spent the past two years searching for a jobs-led recession that never happened.” Cox noted Luke Tilley’s (chief economist at Wilmington Trust) comments, “Firms are seeing strong demand. They’ve dramatically increased their productivity, and so they’re hiring for different kinds of jobs, that has enabled them to deal with the high-rate environment.”

Paul Nolte, market strategist from Murphy & Sylvest Wealth Management, provided interest rate insight on the BLS data, "Everything in today’s numbers look good. Participation rate was up, hours worked were up. The reason the unemployment rate came down was because of more people coming into the labor force. With this number and the prior numbers we've seen, it still indicates that the labor market is strong. We’ve been in the camp that the Fed doesn't cut rates at all because the economy is strong so this still fits within our framework of good employment data that should keep the Fed on the sidelines."

Healthcare added 72,000 jobs in March, above the average monthly gain of 60,000 over the prior 12 months. Also increasing was government hiring with federal and local government positions increasing by 71,000 jobs.

Employment in leisure and hospitality trended up in March (+49,000) and has returned to its pre-pandemic February 2020 level. Over the prior 12 months, job growth in the industry had averaged 37,000 per month.

Construction added 39,000 jobs in March, about double the average monthly gain of 19,000 over the prior 12 months. Over the month, employment increased in nonresidential specialty trade contractors (+16,000).

Employment in the other services industry continued its upward trend in March (+16,000). The industry had added an average of 8,000 jobs per month over the prior 12 months.

In March, employment in retail trade was up slightly (+18,000). A job gain in general merchandise retailers (+20,000) was partially offset by job losses in building material and garden equipment and supplies dealers (-10,000) and in automotive parts, accessories, and tire retailers (-3,000).

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; and professional and business services.

“Our talent advisory teams bring expert advice to clients every day on how to structure a winning recruitment and onboarding environment aligned with a client’s culture. Each MRINetwork office is led by a franchise owner who brings deep industry experience and talent knowledge to source the top performers our clients need to grow and thrive in any business environment,” noted Hermanns.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT Report - Trending Topics in the World of Work_ (March 2024)

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Our March issue of SHIFT explores Glassdoor's Best Places to Work for 2024; the impact of technology in the workplace; the best cities for jobs; and books to put you on the path to success in 2024.

Glassdoor's 2024 List of Best Places to Work

As reported by Forbes, Glassdoor recently published its annual list of the Best Places to Work for 2024, including the most important factors that contribute to a company's success in terms of employee satisfaction and engagement. Glassdoor identified a few common traits among the organizations that were recognized as the Best Places to Work in 2024. These characteristics include flexibility, transparency and opportunities for career advancement.

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Impact of Tech on the Workplace Report 2024

Tech.co’s "Impact of Tech on the Workplace" report aims to quantify and explain a wide range of workplace trends, noting the influence of technology as a primary driver. Their research found a wide range of statistics that point to how the world is adapting to new technology. Tech.co surveyed over 1000 US business leaders to ensure an accurate depiction of the workplace heading in to 2024, and help you to strategize for the year ahead.

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Best Cities for Jobs

Personal finance company WalletHub recently looked at more than 180 cities across the country and ranked its best cities for jobs based on metrics such as job openings per job seeker and median annual incomes. Here are their top 10 cities for job search, as reported by CNBC: Scottsdale, Arizona; Tampa, Florida; Salt Lake City, Utah; Columbia, Maryland; Austin, Texas; Atlanta, Georgia; Seattle, Washington; Pittsburgh, Pennsylvania; Plano, Texas; and Boston, Massachusetts.

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Recent Book on Leadership

In Strategic, New York Times and Wall Street Journal bestselling author Rich Horwath delivers a roadmap to help leaders at all levels think, plan and act strategically to navigate the business challenges they face. The book offers business leaders a framework containing tools, techniques and checklists to help them master every area of their business, from designing market-winning strategies to shaping the organization’s culture.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

BLS Employment Summary for February 2024

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As the U.S. election season gets underway, the monthly Bureau of Labor Statistics payroll report (BLS) begins to play an even larger role as a barometer of the overall health of the economy. February’s BLS summary notes that last month’s hotter-than-expected job creation total was a bit less hot than originally reported as job gains were revised down 124,000 to 229,000. But February growth of 275,000, beat analysts’ expectations and was well above the prior 12-month average of 230,000. All signal a vibrant employment market.

While total nonfarm payroll employment rose by a robust 275,000 in February, the unemployment rate increased by 0.2 percentage point to 3.9 percent versus the prior month — still the 25th straight month in which it has remained below 4 percent.

“Each month the Bureau of Labor Statistics surveys approximately 120,000 business and government agencies, representing over 600,000 worksites as part of its monthly assessment of non-farm employment. A separate household survey adds detail to capture a clear snapshot of the employment situation among the U.S. workforce of over 167 million people.

“Like thousands of analysts throughout the economy, our global team of over 200 executive recruitment offices monitors these monthly releases to get a clearer picture of the forces driving the talent environment particularly within the executive, technical, professional and managerial sectors. Each month we are happy to share this data and our observations to our global client base with the Employment Situation Report,” noted Rick Hermanns, president and chief executive officer of HireQuest Inc., parent company of MRINetwork.

“With today’s BLS report, I’d like to provide a little color on how our 200 plus businesses operate within this huge talent marketplace. Every one of our offices is franchisee-owned. Led by men and women who are true entrepreneurs. They have a personal financial interest in their team’s success which can only occur when they deliver consistent client service excellence. As a franchisor, we provide rigorous training, industry-leading proprietary tools, and talent search and recruitment processes that have been honed for almost 60 years. These corporate efforts, combined with a business ownership model and our office owners’ deep industry experience and knowledge, drive our ability to source the top performers our clients need to grow and thrive in any business environment.”

In its “Beige Book,” the Federal Reserve added emphasis to a key factor of the current jobs market — the scarcity of top talent, “Businesses generally found it easier to fill open positions and to find qualified applicants, although difficulties persisted attracting workers for highly skilled positions, including healthcare professionals, engineers, and skilled trades specialists such as welders and mechanics.”

Capturing an overall sentiment by the financial community Michael Gapen, chief economist at Bank of America Securities in New York noted, "The pandemic may be in the rear-view mirror, but reopening forces are still influencing the U.S. labor market and the ability of the economy to withstand higher Fed policy rates. This informs our view that the economy can continue to grow, with low rates of unemployment and falling inflation."

Wall Street Journal reporter David Uberti succinctly summarized the BLS data, “The report offers a fresh snapshot of the U.S. economy, which has muscled through the highest interest rates in 20-plus years with consistent job growth and some of the lowest unemployment rates in a half-century.”

Healthcare added 67,000 jobs in February, above the average monthly gain of 58,000 over the prior 12 months.

Employment in food services and drinking places increased by 42,000 in February, after changing little over the prior 3 months.

Employment in transportation and warehousing rose by 20,000 in February. Employment in this industry is down by 144,000 since reaching a peak in July 2022.

In February, employment continued to trend up in construction (+23,000), in line with the average monthly gain of 18,000 over the prior 12 months. Over the month, heavy and civil engineering construction added 13,000 jobs.

Retail trade employment changed little in February (+19,000) and has shown little net change over the year.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; professional and business services; and other services.

”Our MRINetwork franchise owners and their consulting teams look forward to guiding clients with talent solutions tailored to meet the challenges of building resilient leadership teams, driving cultural transformation, managing technological innovation while fueling business growth,” noted Hermanns.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

BLS Employment Summary for January 2024

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This month’s Bureau of Labor Statistics (BLS) payroll report is traditionally viewed through a political lens as both parties focus on the data to help shape their presidential election-year messaging. The January readout is also thought to be influential in the Federal Reserve’s interest rate decision-making process.

Today’s data added some clarity as the Labor Department January payroll report indicated total non-farm payroll employment increased by a surprisingly robust total of 353,000 jobs. In addition, the BLS revised the previous month’s job growth estimate from 216,000 jobs to 333,000 based on their annual benchmark process and recalculation of seasonal factors.

At 3.7 percent, the unemployment rate remained unchanged versus December.

“In January, MRINetwork owners from our global team of over 200 executive recruitment offices met in Tampa, Florida, to improve their skills and toolsets to better meet the challenges facing our clients and candidates in the evolving executive, technical, professional and managerial workplace. In robust sessions over two days, they exchanged best practices and gained insights into economic, social, and technology factors driving the talent landscape,” noted Rick Hermanns, president and chief executive officer of HireQuest Inc., parent company of MRINetwork.

“A critical topic at the meeting focused on key economic forces that are driving not only data like today’s BLS Employment Situation report, but which are impacting our clients’ investment, talent acquisition, and growth strategies in 2024. The owners left with a clearer view of how higher interest rates and today’s economic climate will pressure their clients’ investment in R&D, drive continued inventory management and business process efficiencies, and require firms to harness technology more effectively. Common to virtually every one of our client’s 2024 needs will be the imperative to retain top talent and to recruit new top performers from a skilled labor market characterized by unemployment rates under two percent.”

The Wall Street Journal provided a succinct summary of today’s data, “The jobs report has landed. This morning’s readout shows hiring accelerated with employers adding 353,000 jobs in January. That's far more than the 185,000 economists polled by The Wall Street Journal expected. Unemployment held steady at 3.7%. Investors and analysts had been watching for a cooling of the labor market. In turn, that would suggest less spending power for consumers, which could keep inflation in check and make a case for lower interest rates. But the January data points in a different direction.”

Jeff Cox, reporter for CNBC echoed similar sentiments, “Job growth posted a surprise increase in January, demonstrating again that the U.S. labor market is solid and poised to support broader economic growth. While the report demonstrated the resilience of the U.S. economy, it also could raise questions about how soon the Federal Reserve will be able to lower interest rates.”

Employment growth was widespread led by professional and business services which added 74,000 jobs in January, considerably higher than the average monthly increase of 14,000 jobs in 2023. Over the month, professional, scientific, and technical services added 42,000 jobs.

In January, employment in healthcare rose by 70,000, with gains in ambulatory healthcare services (+33,000), hospitals (+20,000), and nursing and residential care facilities (+17,000). Job growth in healthcare averaged 58,000 per month in 2023.

Retail trade employment increased by 45,000 in January but has shown little net growth since early 2023.

Employment in manufacturing edged up in January (+23,000), with job gains in chemical manufacturing (+7,000) and printing and related support activities (+5,000). Manufacturing experienced little net job growth in 2023.

In January, employment in information continued its upward trend (+15,000). Overall, employment in the information industry is down by 76,000 since a recent peak in November 2022.

Employment showed little change over the month in other major industries, including construction, wholesale trade, transportation and warehousing, financial activities, leisure and hospitality, and other services.

Employment in the mining, quarrying, and oil and gas extraction industry declined by 5,000 in January.

”Our MRINetwork franchise owners and their talent consulting teams are up to the challenge of providing the advice, counsel and action plans our clients and top executive talent require to meet their 2024 business and career growth goals,” noted Hermanns. “We look forward to providing talent solutions to drive their success.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT Report - Trending Topics in the World of Work_ (Jan-2024)

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Our January issue of SHIFT offers advice for leaders on the challenges they face in the new year; looks at workplace trends expected in 2024; reveals how to become a top-performing company; and predicts ten of the best career opportunities for the future.

How can leaders prepare for workplace success in the coming year?

As we venture into 2024, the business landscape continues to be shaped by unprecedented change and uncertainty. Adaptability, resilience and hope will be crucial as leaders deal with a continuing array of challenges, including how to foster a workforce that not only endures but thrives in such an environment. Not just a desirable trait, adaptability is a necessity for survival and success in the modern workplace. It isn’t just about navigating change, it’s about embracing it as a constant and using it to drive continuous learning and growth. Leaders must also devise strategies that bolster the resilience of their teams, ensuring they have the resources and support to manage stress effectively. They will further see the need to implement strategies that promote a positive work environment, reinforcing hope as a core value. Significantly, a generation shift in leadership style is emerging as Gen X managers and Millennials step into leadership roles. This brings a unique blend of experience and digital savviness, emphasizing the importance of adaptability and resilience as emerging leaders navigate the challenges of managing multigenerational teams and driving digital transformation.

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Workplace trends to plan for in 2024

Here are some of the trends workplace experts expect to see in 2024, according to a report from US News & World Report. Employers mandating a return to office, or RTO, will continue into 2024. But this push didn’t work well for everyone in 2023, and those troubles are expected to continue in the new year. Flexibility will be key, and the workplace will see a strong appetite for part-time schedules from both employees and employers. With so many companies allowing ongoing flexibility in work-from-home or hybrid arrangements, the number of days in the workweek will remain in flux and is projected to skew toward fewer days. The DEI conversation will shift, with more emphasis on "equity and inclusion" and less emphasis on diversity. More retirees — some of whom took early retirement during the pandemic — will return to the workplace to achieve financial goals, social engagement, fulfillment of a personal passion and more mental stimulation to enrich their lives. While 2024 will extend many trends that started in the previous year, it’s clear that the workplace will continue to evolve so be prepared to adjust accordingly.

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The secret to accelerating performance

Accelerating your performance requires harmonizing dozens of management practices and investments as part of a larger, dynamic system. The rewards for getting everything right are massive, according to recent research from PwC, which shows that top companies capture a performance premium worth more than 13 times that of their peers. According to the PwC Global Advisory Survey, they do this by: Making mutually reinforcing investments in their business, operating, and technology models; continuously reducing friction, not only within their business but with external ecosystem and managed services partners; and ensuring leaders are up to the task, and able to recognize and act on threats and opportunities. The report offers a quiz to help you find out where your company stands.

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Navigating the future job landscape

The world of work is evolving at an unprecedented pace, driven by technological advancements, changing industries, and shifting global dynamics. As we approach 2024, it's crucial to consider the career options that will not only provide stability but also offer opportunities for growth and fulfillment. Here are the ten best career options for 2024, considering factors like demand, potential for innovation, and societal impact, according to LinkedIn: Data analysts and scientists; healthcare professionals; cybersecurity experts; renewable energy specialists; software developers; sustainability experts; virtual reality (VR) and augmented reality (AR) developers; E-commerce and digital marketing specialists; robotics engineers; and mental health professionals. The job landscape in 2024 will be shaped by technological advancements, societal changes and environmental concerns. The future belongs to those who are prepared to embrace change, acquire new skills and contribute to the evolving world of work.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

Employment Summary for November 2023

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Once again, all eyes were on the Bureau of Labor Statistics (BLS) monthly Employment Situation survey for signals on where the overall economy is headed. And once again this morning’s survey indicated the economy may emerge from a period of high inflation into a soft landing. The report shows the economy continues to generate new jobs albeit at a gradually slower rate than previous months when factoring in November growth in government jobs and a return of striking auto and entertainment industry workers.

Total nonfarm payroll employment increased by 199,000 in November versus job growth of 150,000 in the previous month. The unemployment rate edged-down to 3.7 percent.

“Today’s BLS data indicates the rate of job growth continues to moderate, a sign that the U.S. economy might be cooling into the autumn months following a torrid summer. Even within the executive, professional, technical and managerial space that our Network of over 200 executive recruitment offices operates in, we see some signs of a moderation in job demand within select industries. Overall, however, despite headwinds of high interest rates, persistent inflation and turmoil in eastern Europe and the Middle East demand for top talent in our sector remains solid with unemployment remaining at historic lows, around two percent,” noted Nancy Halverson, vice president of MRINetwork.

“In my comments over the past several months, I’ve noted that a significant portion of our talent consulting efforts with clients have focused not only on finding top talent but on taking steps to retain high performers within their organizations. Talent retention has moved front and center in discussion and in actions initiated by not only our clients but by firms throughout the globe who are facing acute talent challenges. An often-overlooked tool that serves both as a talent attraction and retention device is an effective employer branding strategy. Our best clients align their growth strategies with their human resource needs. They set measurable goals and articulate a compelling employee value proposition across internal and external communication channels. In an environment where by some estimates over 40 percent of workers are actively searching for new jobs, talent professionals like Leslie Egiziano understand that, ‘Retention starts before a prospect even becomes your employee.’ She notes, ‘When companies focus on making public their strides to be the best employer they can be and how their employees feel about the company, it paves the path for positive feelings about the company, even in advance of that first paycheck’.”

Wall Street Journal reporter, Amara Omeokwe, pointed to indications of a ‘soft landing’ of cooling inflation without a recession, quoting Stephen Juneau, U.S. economist at Bank of America, “Recent trends are pointing in the right direction where you are seeing things progress toward the soft landing but also things are pointing toward a labor market that’s getting into better and better balance over time.” Omeokwe suggests that means the number of available workers is growing while employers’ hiring needs are easing.

“What we wanted was a strong but moderating labor market, and that’s what we saw in the November report,” said Robert Frick, corporate economist with Navy Federal Credit Union, noting “healthy job growth, lower unemployment, and decent wage increases. All this points to the labor market reaching a natural equilibrium around 150,000 jobs next year, which is plenty to continue the expansion, and not enough to trigger a Fed rate hike.”

In November, healthcare added 77,000 jobs, above the average monthly gain of 54,000 over the prior 12 months.

Employment in manufacturing rose by 28,000 in November, reflecting an increase of 30,000 in motor vehicles and parts as workers returned from a strike. Employment in manufacturing has shown little net change over the year.

In November, employment in leisure and hospitality continued to trend up (+40,000), almost entirely in food services and drinking places. Leisure and hospitality had added an average of 51,000 jobs per month over the prior 12 months.

Retail trade employment declined by 38,000 in November and has shown little net change over the year. Employment decreased in department stores (-19,000) and in furniture, home furnishings, electronics, and appliance retailers (-6,000) over the month.

During the month, employment in information changed little (+10,000). Motion picture and sound recording industries added 17,000 jobs, mostly reflecting the resolution of labor disputes in the industry. Overall, employment in the information industry has declined by 104,000 since reaching a peak in November 2022.

Employment in transportation and warehousing changed little in November (-5,000). A job loss in warehousing and storage (-8,000) was partially offset by a gain in air transportation (+4,000). Employment in transportation and warehousing has declined by 61,000 since a peak in October 2022.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; wholesale trade; financial activities; professional and business services; and other services.

“Establishing a strong employer brand is not an overnight one-and-done process. An entire management team needs to be truly committed to building and consistently delivering a meaningful message about the culture, the vision, and the opportunity of a career at your firm. An investment in a comprehensive employer branding strategy backed by consistent delivery across the entire organization will pay dividends in improved retention and more efficient talent acquisition,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT Report - Trending Topics in the World of Work_ (December)

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Our December issue of SHIFT explores the impacts of AI in the workplace and on cybersecurity; what is emerging about the effects of remote work; why women are held back at work; and how to give honest feedback to employees.

Embracing AI in the workplace

A recent article in Forbes observes that innovations like artificial intelligence (AI) are being introduced so quickly that once we comprehend one concept, it seems as though it’s already obsolete. There are concerns about AI outperforming all of us, and the World Economic Forum predicts that tech innovation and automation will displace 85 million jobs by 2025. Perhaps a more accurate statement, according to the report, is that these jobs might be repositioned. The outlook is that 97 million new roles are expected to be created as we adapt to this technology and that the potential proliferation of human job creation from AI will continue to generate as the technology advances.

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What we do and don’t know about the effects of remote work

Early results about the effects of remote work on employees and the economy are emerging, according to a report in the New York Times. They reveal a mixed economic picture, in which many workers and businesses have made real gains, and many have also had to bear costs. Studies of productivity in work-from-home arrangements are all over the map. Some papers have linked remote work with productivity declines of between 8 and 19 percent; still other research has found productivity gains of 13 percent or even 24 percent. Nick Bloom, an economist at Stanford, said the new set of studies shows that productivity differs between remote workplaces depending on an employer’s approach — how well trained managers are to support remote employees and whether those employees have opportunities for occasional meet-ups.

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What's holding women back at work?

The struggle women face landing senior leadership roles in corporate America is commonly blamed on the "glass ceiling,” but new research indicates that the problems for women in the workforce begin far lower down the professional ladder, as reported by CBS News. Women early in their careers are far more likely to stumble on a "broken rung," according to a new study from consulting firm McKinsey & Co. and Lean In. That failure to climb the ladder isn't due to lack of ambition, with the survey of 27,000 workers finding that women have the same goals for advancing their careers as men. But bias may play a role, with corporate leaders often promoting young male employees on their potential, while young women are judged more by their track records — a tougher standard when female workers are just starting in their careers.

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The biggest mistake bosses make when giving feedback to employees

Former Apple and Google executive Kim Scott coined the phrase ”radical candor” to describe an effective way to be honest with employees and avoid what she calls feedback failure. The approach is meant to help you show that “you care personally while challenging directly.” Leaders worry about upsetting workers when providing firmer feedback, but that is no excuse for being a poor communicator, says Scott. You must be willing to challenge directly, sometimes going even further than may be comfortable for you, while also being aware of how what you’re saying is landing. You can be so worried about not upsetting someone or hurting their feelings or offending them that you fail to tell them something they’d be better off knowing.

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How Generative AI Impacts Cybersecurity

As the myriad applications and use cases for advanced artificial intelligence—most notably generative AI—proliferate almost exponentially, businesses of every stripe are moving quickly to respond. But as they work to develop strategies to leverage AI and the processes to execute them, they must not overlook security. The same tools offering so much promise to companies could scale cybercrime exponentially as well.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT Report - Trending Topics in the World of Work_ (November)

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Our November issue of SHIFT explores the shortage of cybersecurity professionals; tells employers what they need to offer to keep workers from leaving; offers advice on becoming a more inclusive leader; and presents some insights from PwC's Global Workforce Hopes and Fears Survey.

New report pinpoints pressing cybersecurity workforce gaps

ISACA’s newly released annual research report, State of Cybersecurity 2023, Global Update on Workforce Efforts, Resources and Cyberoperations, focuses on ongoing hiring and retention challenges, as well as key workforce gaps both in technical cybersecurity skills and soft skills. The report indicates some strides have been made in addressing employee retention, but it continues to challenge enterprises looking to sustain robust security teams. When hiring, respondents say they are looking for the following top five technical skills in cybersecurity pros: Identity and access management; cloud computing; data protection; incident response; and DevSecOps.

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What employers need to offer to keep workers from leaving

Recession fears and massive layoffs have ushered in what is being termed the Big Stay, according to a recent report by CNBC. The phrase signals a rebalancing to pre-pandemic tenure levels as workers decide to stay put because of worsening economic conditions. But even so, it's important to remember that even with less job hopping, employee loyalty looks vastly different than it did before the pandemic.

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Become a more inclusive leader in the workplace

More than ever before, people want to work for a company that values diversity, equity and inclusion (DEI), advises contributors to US News & World Report. So, for leaders, it's imperative to foster an open and dynamic workplace culture. When leaders are inclusive, they make sure every voice in the room is heard, which creates a safe space where employees feel comfortable sharing their unique perspectives. That results in teams that are more creative and productive because they know they're respected and their contributions matter.

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Strategies for managing a divided workforce

PwC's Global Workforce Hopes and Fears Survey 2023 explores the implications of a divided workforce in which U.S. employees are split between those with advanced degrees or technical skills and those without, and how these differences are affecting workplace experience and even career prospects. The survey drew responses from nearly 54,000 workers in 46 countries and territories, including over 5,000 employees in the United States across 29 different industries.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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Employment Summary for October 2023 (BPS Report - Nov 2023)

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Easing hiring and wage growth, as reflected in today’s Bureau of Labor Statistics (BLS) survey, might signal that the economy is cooling in spite of recent robust GDP growth.

Total nonfarm payroll employment increased by 150,000 in October in contrast to a surprisingly strong gain of 336,000 jobs in September. The unemployment rate up-ticked slightly to 3.9 percent.

“The unemployment rate has been below the Federal Reserve’s estimate of a ‘natural’ unemployment rate of 4 percent for over 20 months. Within the executive, professional, technical and managerial space that our Network of over 200 executive recruitment offices operate in, the rate has been much lower — hovering around 2 percent. As today’s BLS numbers still indicate, we remain in a historically tight job market.

As I noted in last month’s Employment Situation Report, much of our recent talent consulting efforts have been focused on helping clients improve their top-performer retention skills,” noted Nancy Halverson, vice president of MRINetwork. “Critical skills I previously outlined focused on creating an organization that nurtures employee engagement in a compelling cultural environment, offering clear career paths by management teams who understand the value of frequent feedback.

Another key ingredient is leveraging the power of teamwork. Creating opportunities for collaboration encourages not only bonding between coworkers but drives both a positive corporate culture and overall organizational performance. Today’s work-from-home environment presents particular challenges in building teamwork, but our best clients are finding paths to enhance connection.”

Wall Street Journal reporter, David Harrison provided a possible labor market map from today’s report, “The strong labor market is encouraging people to come off the sidelines and look for a job, enticed by the prospect of higher wages and benefits. The share of working-age people either working or looking for a job has climbed, and recently hit the highest level in more than two decades. Having more people in the workforce could make it easier for employers to find workers, which would keep wage growth and inflation in check. When wages rise rapidly, in theory, it forces businesses to increase their prices to pay for higher labor costs.”

Jeffrey Roach, chief economist at LPL Financial noted an underlying employment trend, “In recent months, firms are hiring relatively more part-timers, indicative of the uncertainty in near-term business conditions. Indeed, a potentially important trend has been the hiring of part-time workers in recent months. Since June, their rolls have swelled by 1.16 million, according to Labor Department data. Conversely, full-time positions have dropped by 692,000.”

Healthcare added 58,000 jobs in October, in line with the average monthly gain of 53,000 over the prior 12 months.

In October, construction employment continued to trend up (+23,000), about in line with the average monthly gain of 18,000 over the prior 12 months. Employment continued to trend up over the month in specialty trade contractors (+14,000) and construction of buildings (+6,000).

Employment in leisure and hospitality was up slightly (+19,000). The industry had added an average of 52,000 jobs per month over the prior 12 months.

Also changing slightly from the prior month, employment in professional and business services grew (+15,000) and has shown little change since May.

In October, employment in transportation and warehousing was little changed (-12,000) and has shown minimal net change over the year. Over the month, warehousing and storage lost 11,000 jobs, while air transportation added 4,000 jobs.

Information employment changed little in October (-9,000). Employment in motion picture and sound recording continued to trend down (-5,000); the industry has lost 44,000 jobs since May, at least partially reflecting the impact of an ongoing labor dispute.

Employment in manufacturing decreased by 35,000 in October, reflecting a decline of 33,000 in motor vehicles and parts that was largely due to strike activity in the automotive sector.

Over the month, employment showed little change in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; financial activities; and other services.

“While managing for talent retention is an essential skill in today’s employment marketplace, there is no such thing as total retention. Our consultants also urge clients to know when it’s time to say goodbye to underperformers. A key skill overlooked by many firms is to guide underperformers to find work elsewhere and to manage the offboarding process to encourage an amicable and effective separation while capturing important insights in a well-structured exit interview,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

10/2023 Employment Summary Report (for September 2023)

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In a report that some analysts had felt might be the last to show solid hiring before a slowdown, the U.S. Bureau of Labor Statistics (BLS) September survey reported a surprisingly robust job gain of 336,000.

Today’s gain was an improvement over the average monthly gain of 267,000 jobs over the past 12 months. Employment growth was revised upward by 79,000 in June and by 40,000 in August which is included in the past 12-month average.

The unemployment rate remained unchanged at 3.8 percent.

“For nearly two years, and again this month, the U.S. economy has seen an unemployment rate under four percent. In an insightful column, WSJ reporters Lauren Weber and Alana Pipe note that as experts have warned for years, the combination of baby boomer retirements, low birthrates, shifting immigration policies and changing worker preferences have driven and may continue to drive labor shortages and low unemployment.

Recruitment professionals in our Network of over 200 executive recruitment offices have consistently preached this talent shortage message to clients in virtually every industry in the global economy,” noted Nancy Halverson, senior vice president, field operations MRINetwork. “While we welcome the opportunity to help clients source and hire new executive, technical, professional and managerial talent we also urge our clients to strengthen management and organizational skills needed to drive top performer retention. Sure, providing a competitive pay and benefits package is important but today’s best and brightest employees want more. They demand to work in a compelling corporate cultural environment, in an organization that nurtures employee engagement with management teams providing frequent productive feedback. They expect leaders with well-honed listening and communication skills who can articulate clear career development paths.”

Anticipating an uptick in jobs versus the prior month in today’s BLS numbers, UBS chief economist Jonathan Pingle noted on CNBC, “You got a slew of strong data here, you can very easily put a November rate hike back on the table for the Federal Open Market Committee.”

Fox Business reporter Megan Henry summarized the potential impact of today’s surprising data, “U.S. job growth unexpectedly accelerated in September, defying fears of a slowdown in hiring even as the labor market confronts the twin threats of sticky inflation and high interest rates.”

​Leisure and hospitality added 96,000 jobs in September, above the average monthly gain of 61,000 over the prior 12 months. Employment in food services and drinking places rose by 61,000 over the month and has returned to its pre-pandemic February 2020 level.

Healthcare added 41,000 jobs in September, compared with the average monthly gain of 53,000 over the prior 12 months. Over the month, employment continued to trend up in ambulatory healthcare services (+24,000), hospitals (+8,000), and nursing and residential care facilities (+8,000).

Employment in professional, scientific, and technical services increased by 29,000 in September, in line with the average monthly gain of 27,000 over the prior 12 months.

In September, employment in transportation and warehousing changed little (+9,000). Truck transportation added 9,000 jobs, following a decline of 25,000 in August that largely reflected a business closure. Air transportation added 5,000 jobs in September. Employment in transportation and warehousing has shown little net change over the year.

Employment in information changed little in September (-5,000). Within the industry, employment in motion picture and sound recording industries continued to trend down
(-7,000) and has declined by 45,000 since May, reflecting the impact of labor disputes.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; financial activities; and other services.

“Baby boomers will continue to exit the labor market. In fact, the trailing tail of boomers will reach retirement age in 2028. Lower birthrates and smaller college degree graduation rates will constrain supply of new talent entering the workplace. And don’t expect much help from Washington in creating a coherent immigration policy,” noted Halverson. “It’s up to smart managers and executive teams to not only find and hire the best and brightest talent but to keep that talent on board and driving profitable growth.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

SHIFT REPORT: Trending Topics in the World of Work (September '23)

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Our September issue of SHIFT identifies the fastest-growing occupations for the years ahead; looks at how companies are rethinking office space in today's hybrid environment; offers advice on how local business can promote their brands; and considers how leadership influences organizational culture.

The Fastest Growing Jobs in America

While there are no guarantees that these jobs will stay in high demand, here are fast-growing occupations — picked from U.S. News’ list of 100 Best Jobs — that are expected to have plenty of job openings in the years to come. According to the report, many of the best jobs have several attributes in common: They pay well, challenge us year after year, match our talents and skills, aren't too stressful, offer room to advance throughout our careers, and provide a satisfying work-life balance. U.S. News used these qualities to rank the 100 Best Jobs of 2023.

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Companies Rethink Office Space

With some employees pushing back against return-to-office plans and the hybrid work model of three days a week in person seeming to be the sweet spot, the idea of bringing workers back to the office for a five-day workweek appears to have hit a wall. Office attendance has stabilized at 30% below where it was before pandemic, according to a report by the McKinsey Global Institute. The firm did a survey of large firms in nine cities around the world, including New York, San Francisco, London and Tokyo.

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How Local Businesses Can Effectively Promote Their Brand In 2023

The line between online and offline experiences is blurred in today’s digital environment. Consumers support local businesses by ordering online from their websites. Your marketing strategy must move fluidly between the two worlds to attract more prospective customers and drive sales. But digital marketing can be intimidating for many local businesses. Without the deep pockets of national brands, how can you stay competitive?

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How Does Leadership Influence Organizational Culture?

Organizational culture is a powerful driver of success. Yet it’s difficult to quantify and track, according to the Harvard Business Review (HBR), making it an intimidating but necessary challenge leaders must face. Organizational culture is the collection of values, beliefs, assumptions and norms that guide activity and mindset in an organization. It can impact employees’ motivation, which influences their work’s quality and efficiency, ability to reach goals and retention rates.

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See some of our “Rock Star” candidates

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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Employment Summary for August 2023

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The U.S. labor market continued to signal a soft landing as non-farm payroll increased by 187,000 as described in the August U.S. Bureau of Labor Statistics (BLS) report, roughly in line with analysts' expectations. Today’s gain indicated a gradual slowing in hiring compared to the average job gain of 271,000 jobs in the past 12 months. Adding fewer jobs may take pressure off the Federal Reserve to raise interest rates further.

The unemployment rate, at 3.8 percent, ticked up by 0.3 percentage point, and the number of unemployed persons increased by 514,000 to 6.4 million adding further signs of a moderating jobs market.

“Over the past few years, talent managers have been endlessly discussing the impact of a changing work environment. Clients and candidates have focused on the new hybrid workplace, the impact of technology and the changing attitudes and behaviors of various demographic cohorts like Millennials and Gen Xers. Today's BLS data might signal a pause in those debates and the beginning of a focus on the fundamentals that have traditionally driven the executive, technical, professional and managerial hiring workplace for decades,” said Nancy Halverson, vice president of operations for MRINetwork. “As your organization brings on new talent in a challenging economic environment, focus on these tried-and-true fundamentals. Build and maintain a positive workplace culture, ensure new talent aligns with that culture, evaluate new hires not only on their work history but on skills-based criteria, and once on board, drive engagement.”

WSJ Reporter, Gwynn Guilford, noted that the reduced hiring this summer and rise of unemployment in August are both signs the labor market is cooling in the face of high interest rates. “Falling demand for workers that loosens the labor market without triggering mass layoffs is the ideal outcome for the economy, and that outlook looks increasingly possible,” said Luke Tilley, chief economist at Wilmington Trust Investment Advisors. “We have a slower economy, and that is weighing on job growth, but it’s still pretty strong,” he said. “That is going to be the key to a soft landing, because consumers aren’t going to cut back in a massive way and retrench if we continue to have net job growth.” A soft landing is the outcome in which the economy cools enough to control inflation without plunging into a recession.

CNBC reporter Pia Singh added context to today’s report noting, “The jobless rate was expected to be 3.5%, according to economists polled by Dow Jones, equal with what it was in the prior month. Average hourly earnings rose 0.24% for the month, or 4.29% year-over-year. That was less than the 4.4% increase expected by economists. The unemployment rate jumped to 3.8% in August, while wages rose less than expected, the U.S. Department of Labor said Friday, signs of a slowing economy and easing pricing pressures.”

In August, healthcare added 71,000 jobs, following a gain of similar magnitude in the prior month. Over the month, job growth continued in ambulatory healthcare services (+40,000), nursing and residential care facilities (+17,000), and hospitals (+15,000).

Employment in leisure and hospitality continued to trend up in August (+40,000). The industry had gained an average of 61,000 jobs per month over the prior 12 months. Employment in the industry remains below its pre-pandemic February 2020 level by 290,000, or 1.7 percent.

Construction employment continued to trend up in August (+22,000), in line with the average monthly gain over the prior 12 months (+17,000).

Transportation and warehousing lost 34,000 jobs in August. Employment in truck transportation fell sharply (-37,000), largely reflecting the bankruptcy of a large trucking firm.

Employment in professional and business services changed little in August (+19,000) and has shown essentially no net change since May. Professional, scientific, and technical services employment
continued to trend up over the month (+21,000). In contrast, employment in temporary help services continued to trend down (-19,000) and has declined by 242,000 since its peak in March 2022.

Information employment changed little in August (-15,000). Within the industry, employment in motion picture and sound recording industries decreased by 17,000, reflecting strike activity.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; financial activities; other services; and government.

Halverson also noted, “Engaged employees perform better and move critical business metrics. Yes, the challenges of hybrid work, new technologies and different generational attitudes can create a noisy background, but the real drivers of growth are engaged, aligned and driven top performers.”


The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

Employment Summary for July 2023

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The U.S. labor market remains vibrant as the July U.S. Bureau of Labor Statistics (BLS) reported non-farm payroll increased by 187,000. Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million remained essentially flat versus the prior month.

After a jump in January, hiring has slowed in 2023 to near the slowest pace in the pandemic cycle. Last year, the BLS reported job gains averaging 400,000 per month. Other data from the Labor Department showed a marked slowdown in labor costs in the second quarter due to a solid rebound in worker productivity. These factors led Bill Adams, chief economist at Comerica Bank in Dallas to note, “Recession risk is receding.”

“From my perspective as a veteran talent recruiter and senior operations manager of one of the world’s largest executive search organizations I offer a very simple summary of today’s BLS data. The white-collar employment marketplace continues to outperform expectations. Smart candidates with in-demand skills remain a coveted commodity, and our best client firms have talent acquisition strategies in place to strengthen their organizations as they move quickly and effectively to add to their talent roster. Today's report reinforces our core belief that the talent environment for both clients and candidates is aligned to favor bold business and career actions,” noted Nancy Halverson, senior vice president, field operations, MRINetwork.

“Virtually every one of our 200+ Network offices in dozens of industry sectors see solid underlying demand for top talent even in the face of the Federal Reserve’s efforts to subdue inflation. They counsel their clients to have a comprehensive talent strategy in place. Key to that strategy is an effective external recruitment process, smart onboarding experiences from first touch to team integration, best-in-class internal mobility programs, and active plans to leverage interim employment.”

CNBC’s Jeff Cox provided context to today’s report with insightful observations on the broader jobs market, “The clues to what the generally backwards-looking (BLS) report tells about the future lie in some under-the-hood numbers: prime-age labor force participation, hours worked and average hourly earnings, and the sectors where job growth was highest. The prime-age participation rate, for one, focuses on the 25-to-54 age group cohort. While the overall rate has been stuck at 62.6% for the past four months and is still below its pre-pandemic level, the prime-age group has been moving up steadily, if incrementally, and is currently at 83.5%, half a percentage point above where it was in February 2020 — just before Covid hit.”

He interviewed Rachel Sederberg, senior economist for job analytics firm Lightcast who added, “The durability of this labor market largely comes because we simply don’t have the people. We’ve got an aging population that we have to support with much smaller groups of people — the millennials, Gen X. They don’t even come close to the Baby Boomers who have left the labor market.”

Total nonfarm payroll employment gains in July increased less than the average monthly gain of 312,000 over the prior 12 months. Key industry summaries include:

Healthcare added 63,000 jobs, compared with the average monthly gain of 51,000 in the prior 12 months.

Employment in financial activities increased by 19,000 in July. The industry had added an average of 16,000 jobs per month in the second quarter of the year, after employment was essentially flat in the first quarter. Over the month, a job gain in real estate and rental and leasing (+12,000) was partially offset by a loss in commercial banking (-3,000).

In July, employment in wholesale trade increased by 18,000, after showing little net change in recent months. Employment in the other services industry continued to trend up in July (+20,000), compared with the average monthly gain of 15,000 over the prior 12 months.

Construction employment continued to trend up in July (+19,000), in line with the average monthly gain of 17,000 in the prior 12 months. Over the month, job growth occurred in residential specialty trade contractors (+13,000) and in nonresidential building construction (+11,000).

In July, employment in leisure and hospitality ticked upward (+17,000).

Employment in professional and business services as well as mining, quarrying, oil and gas extraction; manufacturing; retail trade; transportation and warehousing; information; and government showed little change over the prior month.

Halverson also noted, “Our ongoing advice to clients is to focus less on short-term economic conditions reflected in data points such as the BLS report. Instead, ensure you have a long-range talent enhancement strategy to consistently improve your team’s three C’s: culture, capability, and productive capacity.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT August Report - Trending Topics in the World of Work_

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Our August issue of SHIFT highlights how Gen Zs and Millennials are making waves in the workplace; offers suggestions on combating boredom at work; reports on the number of women returning to the workforce; and explores how the perceptions of employers and employees differ on the issue of well-being.

How Gen Zs and Millennials are driving change in the workplace

Gen Zs and Millennials are the change agents helping shape the future of work, and organizations that embrace and enable their passion for social impact and a values-first workplace will reap the benefits of a highly engaged workforce, according to the Deloitte Global Gen Z and Millennial survey, which gathered feedback from 14,483 Gen Z and 8,373 Millennial respondents across 44 countries. The survey explored how Gen Z and Millennial workers are navigating challenges and how organizations can ride the waves of change fueled by these rising workplace leaders.

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Rust out: why boredom at work can be harmful

High levels of stress in the workplace can lead to burnout, but less attention is given to long periods of intense boredom, sometimes referred to as "rust out" or "bore out." This typically comes with feelings of weariness, distraction and a lack of motivation, alongside the perception of time slowing down. Despite this, it's a problem that many managers and organizations ignore.

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Women are returning to the workforce just when the U.S. needs them most

With employers adding hundreds of thousands of jobs each month, and unemployment near a half-century low, the U.S. needs more people to come off the sidelines to keep the economy growing. According to Betsey Stevenson, an economist at the University of Michigan, "it's women showing up to take the jobs."

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Employees say their well-being has worsened, but their bosses disagree

Many employees are struggling with low levels of well-being — with most of them saying that their health worsened or stayed the same last year, according to a survey of 3,150 people conducted by Deloitte and Workplace Intelligence. However, the C-suite indicated a much different perspective: More than three out of four executives inaccurately believe that their workforce's well-being improved.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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'SHIFT July Report - Trending Topics in the World of Work_

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Our July issue of SHIFT airs the opinion that we've seen the end of The Great Resignation and are now entering the beginning of The Big Stay; examines whether the return-to-office debate is really over; advises leaders on stress management in the workplace; and identifies the top ten in-demand job skills today.

The Big Stay is the new workplace trend

The Great Resignation is coming to a close, according to Nela Richardson, chief economist at ADP, the payroll-service company — and "the Big Stay," as she dubs it, could be here to stay. Richardson says that workers are increasingly sticking with their jobs in the current economic environment, and she cites a number of factors behind this transition from last year, when more than 50 million employees quit their positions.

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CEOs thought the return to office debate was over, but they may be wrong

The latest data from New York City's office market shows that while building visits are higher, the number of workers returning to the office has stalled. Many CEOs had hoped after putting RTO mandates in place, the debate would be over. But the data in key markets like NYC shows that workers are holding out, and experts say part of the issue is leaders have not done the best job of enticing their employees back.

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Stress management for leaders

Amid recession fears and stubborn inflation, workplace stress has reached an all-time high, and managers are at the center of the storm. As they navigate their teams through the challenges of the past few years, their mental health has suffered. A Deloitte study found that one third of executives are constantly struggling with fatigue, stress and feelings of being overwhelmed, lonely or depressed. The stress felt by managers can cascade to employees, impacting wellbeing, retention and performance.

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The top 10 most in-demand job skills

Jobs and work are going through a major transformation right now — with millions of roles potentially being eliminated or created in the coming years, according to non-governmental organization the World Economic Forum. Many workers will have to adapt, and having the skills to navigate this change — and maybe even new job requirements — is therefore crucial.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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Employment Summary for June 2023

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While economists, the Federal Reserve and business leaders continue to try to gauge the trajectory of the economy, the U.S. employment market just keeps growing although at a slightly slower pace. Today’s June U.S. Bureau of Labor Statistics (BLS) report indicates non-farm payroll increased by 209,000 and averaged 278,000 for the first-half of 2023. For the same 6-month period in 2022 job growth averaged 399,000 per month.

The change in total nonfarm payroll employment for April was revised down by 77,000, to +217,000, and the change for May was revised down by 33,000, to +306,000. With these revisions, employment in April and May combined is 110,000 lower than previously reported.

Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 6.0 million, changed little in June. Unemployment among the college educated labor force remained at what is essentially full-employment at 2.0 percent.

“When leaders of our Network of over 200 executive recruitment offices get together in regional, national and even international conferences, we discuss a wide range of talent industry topics that drive client business performance. It's not unusual for one or more of our presenters to provide a quote from that noted authority on organizational transformation, Ted Lasso," said Nancy Halverson, senior vice president field operations MRINetwork. "This month's BLS data remined me of one of my favorite Lasso quotes, 'Taking on a challenge is a lot like riding a horse. If you're comfortable doing it, you're probably doing it wrong.' Today's employment numbers point to a continuation of a pattern of steady but slowing job growth in the face of expectations of an inflation-driven economic slowdown. If you are comfortable with your firm's current goals or your individual career goals in today's seemingly static business environment, you might want to consider challenging the status quo.

Our best clients continuously seek out top talent. They create hiring process flexibility and move quickly to add a transformational player even if they have no specific current opening. And the best managers, executives, professional and technical talent that we represent have a track record of fearlessly taking on new challenges and new responsibilities as they grow their career. Both behaviors come with risk and can be uncomfortable in the short term, but they are the behaviors that drive positive personal and business performance."

Providing an overview of the drivers of today’s data the Wall Street Journal’s Sarah Chaney Cambon noted, “Several factors contribute to persistent hiring. Employers in leisure and hospitality and local government are still staffing up to prepandemic levels three years after they laid off droves of workers. Hospitals and nursing homes need more workers to serve the fast-growing elderly population. Residential-home builders are clinging to labor despite higher interest rates because of a chronic shortage of available housing. And industrial and infrastructure businesses continue to snap up workers for projects related to electric-vehicle batteries and semiconductors.”

Providing additional context to the BLS report, CNBC’s Jeff Cox noted, “Job growth would have been even lighter without a boost in government jobs, which increased by 60,000, almost all of which came from the state and local levels. Employment growth eased in June, taking some steam out of what had been a stunningly strong labor market. The total, (+209,000) while still solid from a historical perspective, marked a considerable drop from May’s downwardly revised total of 306,000 and was the slowest month for job creation since payrolls fell by 268,000 in December 2020.”

Employment continued to trend up in many of the industries that have fueled growth in recent months.

Healthcare added 41,000 jobs in June. Job growth occurred in hospitals (+15,000), nursing and residential care facilities (+12,000), and home healthcare services (+9,000).

Employment in construction continued to trend up in June (+23,000). Employment in the industry has increased by an average of 15,000 per month thus far this year, compared with an average of 22,000 per month in 2022.

Professional and business services employment up ticked slightly in June (+21,000). Monthly job growth in the industry has averaged 40,000 in 2023, down from 62,000 per month in 2022. Employment in professional, scientific, and technical services continued to trend up over the month (+23,000).

In June, employment in leisure and hospitality was little changed (+21,000). This marks the third consecutive month of little employment change for this industry. Employment in the industry remains below its February 2020 level by 369,000, or 2.2 percent.

Retail trade employment changed little in June (-11,000). The decline was seen primarily in building material and garden equipment and supplies dealers (-10,000).

Employment in transportation and warehousing changed little in June (-7,000) and has shown no clear trend in recent months.

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; and other services.

"Now, Ted Lasso might not be real," noted Halverson, ”and he is certainly not an expert on the finer points of soccer. But there is much more that Ted Lasso can teach us about business, careers and life in general. As Ted opined, 'As the man once said, the harder you work, the luckier you get.' "

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'SHIFT June Report - Trending Topics in the World of Work_

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Our June issue of SHIFT reveals the surprising finding that commuting may have psychological benefits for many people; discusses how companies can make progress in closing the sustainability skills gap; advises on making AI work for your organization; and addresses the problem of meeting fatigue.

The psychological benefits of commuting that remote work doesn't provide

For most American workers who commute, the trip to and from the office takes nearly one full hour a day — 26 minutes each way on average, with 7.7% of workers spending two hours or more on the road.

Many people think of commuting as a chore and a waste of time. However, during the remote work surge resulting from the COVID-19 pandemic, some people have reported missing their commutes. A recently published study argues that commutes are a source of “liminal space” — a time free of both home and work roles that provides an opportunity to recover from work and mentally switch gears to home.

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Closing the sustainability skills gap

A recent study conducted by Microsoft and the Boston Consulting Group (BCG) focused on the need to equip companies and employees with a broad range of new skills that are in demand for climate adaptation and sustainability transformation. The study identified new jobs that have emerged as well as the impact on many existing jobs. As companies move to create and fill these jobs, they are confronting a huge sustainability skills gap.

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How to make AI work in your organization

As the world continues to embrace the transformative power of artificial intelligence, businesses of all sizes must find ways to effectively integrate this technology into their daily operations, according to Forbes. But successfully implementing AI can be a challenging task that requires strategic planning, adequate resources, and a commitment to innovation. The Forbes article explores the top strategies for making AI work in your organization so you can maximize its potential.

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Combating meeting fatigue

Researchers at Otter.ai working with experts at UNC Charlotte published a study of 632 workers representing 20 different industries who said clearly that they are sick of unnecessary meetings. The workers said everyone seems to know the meetings cost time and money and accomplish little, but nobody seems to talk about not meeting.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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'BLS Employment Summary (June 2023)

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Continuing a string of 29 consecutive months of jobs growth and defying predictions of a sharper slowdown in 2023, the Bureau of Labor Statistics (BLS) posted a non-farm payroll increase of 339,000 in May 2023. This increase was in line with the average monthly gain of 341,000 over the prior 12 months.

Beating analysts’ expectations, today’s data will fuel discussions about the underlying strength of the economy in the face of federal reserve efforts to tame inflation. The job market added more positions in recent months than previously thought, as well. March and April’s totals were both revised upward for a net gain of 93,000 jobs.

The unemployment rate increased by 0.3 percentage point to 3.7 percent in May, within the range of 3.4 percent to 3.7 percent over the past 14 months. Unemployment among the college educated labor force was up slightly but still remains at what is essentially full-employment at 2.1 percent.

“Today’s report by the BLS continues to indicate a resilient U.S. jobs market in spite of economic headwinds. Executive recruiters throughout our Network of over 200 offices report the same talent-demand resiliency in most geographic areas and in most industry sectors. While our talent advisors remain vigilant for shifts in hiring demand, a key concern has been balancing many clients’ desires to require employees to be in the office full-time versus the insistence by many talented executive, technical professional and managerial players to have flex-work arrangements,” noted Nancy Halverson, senior vice president field operations MRINetwork. “Our recruiters recognize that hybrid work arrangements are becoming a standard part of the new professional work environment. We see our role as a broker to balance the flex-work expectations of transformative talent with the increasing desire of clients to maximize in-office attendance. We have found that clients can maintain, and in many cases improve, productivity and enhance an enduring corporate culture with a well-defined and fairly implemented hybrid work policy.”

As noted by CNBC’s Jeff Cox, The Federal Reserve’s May Beige book issued Wednesday noted that “wages grew 'modestly' which was in line with the rest of the Beige Book observations had about the jobs economy. Overall, the labor market continued to be strong, with contacts reporting difficulty finding workers across a wide range of skill levels and industries.”

Wall Street Journal reporter Gabriel T. Rubin provided perspective on today’s BLS report noting, “Some sectors such as tech, real estate and finance have shown some signs of stress. High-profile companies such as Facebook parent Meta Platforms, Goldman Sachs Group and Grant Thornton recently moved to cut jobs. The overall layoffs have remained low, and job openings ticked up in April, the Labor Department said. Workers, especially in tech, have largely been able to find new jobs quickly, although a new position might be less lucrative or at a company with less cachet.”

Providing a  summary of the BLS data, Reuters business reporter Lucia Mutikani observed, “The report indicated the labor market remained strong and offered more evidence that the economy was far away from a dreaded recession, though more pockets of weakness are emerging. Despite massive layoffs in the technology sector after companies over-hired during the COVID-19 pandemic and the drag from higher borrowing costs on housing and manufacturing, the services sector, including leisure and hospitality, is still catching up after businesses struggled to find workers over the last two years.” She added, “Pent up demand for workers was underscored by Labor Department data this week showing there were 10.1 million job openings at the end of April, with 1.8 vacancies for every unemployed person.”

In May, professional and business services added 64,000 jobs, following an increase of similar size in April. Employment growth continued in professional, scientific, and technical services, which added 43,000 jobs in May.

Healthcare added 52,000 jobs in May, similar to the average monthly gain of 50,000 over the prior 12 months. In May, job growth occurred primarily in ambulatory healthcare services (+24,000) and hospitals (+20,000).

Employment in leisure and hospitality continued to trend up in May (+48,000), largely in food services and drinking places (+33,000). Leisure and hospitality had added an average of 77,000 jobs per month over the prior 12 months.

In May, construction added 25,000 jobs, including 11,000 jobs in heavy and civil engineering construction. Over the prior 12 months, construction had added an average of 17,000 jobs per month.

Employment in transportation and warehousing increased by 24,000 in May. Transit and ground passenger transportation added 12,000 jobs, offsetting a decrease in the prior month.

Overall employment was little changed over the past month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; information; financial activities; and other services.

“Flex work models are here to stay in most industry sectors. The ratios of off-site and on-site work will shift as hiring demand varies in a dynamic economic environment. We urge clients to remained focused on finding and hiring the best talent as they define the best flex models to align with their corporate culture. It’s critical to not swing so far on pendulum that you are restricting your from attracting and growing the best talent for the role,” added Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

Forbes Recognizes MRINetwork for the Seventh Year in a Row

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Each year since 2016, Forbes — a global leader in business news and information — has surveyed thousands of HR managers, hiring authorities, job seekers and external recruiters to answer a simple question: “Who are the best recruiting firms in the U.S.?”

For the seventh consecutive year, MRINetwork has been recognized as an elite performer among the thousands of executive search firms meeting Forbes criteria in “filling positions with salaries of at least $100,000.” In fact, Forbes and their survey partner, Statista, has not only ranked MRINetwork for 2023 in the top 10 for America's Best Executive Recruiting Firms, but also awarded recognition for MRINetwork in their America's Best Professional Recruiting Firms, and America's Best Temp Staffing Firms categories.

We are proud to receive this designation for the seventh consecutive year.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com #thetrevigroup