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job market

How Good is Today’s Job Market?

job market

You’ve read the news and seen the reports. The labor market is competitive. But is today’s job market really as strong as people think it is? The short answer is yes! Here’s a brief overview of today’s job market and how to navigate it if you’re an employer.

According to LinkedIn’s May Workforce Report, gross hiring in the United States was 7.4 percent higher in April 2019 than in the year prior. And we are also experiencing an unemployment rate of 3.6 percent, which is a near 50-year low.

The labor market is really strong, and some industries are more competitive than others. To put this in perspective, the three industries Johnson Search Group specializes in (Mining & Heavy Industrial, Banking, and Healthcare) have all seen tremendous growth over the last 12 months.

Mining

The Mining & Energy industry has come back to life in recent years. Over the last year alone, the number of unemployed mining professionals has been cut in half from 39,000 to roughly 17,000 people. Moreover, year-over-year growth in the Mining & Energy industry is 4.9 percent. And over the last two months, the growth has been 2.2 percent, from April to May. In April 2019, the unemployment rate in Mining was just 2.4 percent, well below the nation’s average.

Banking & Finance

In April 2019, there were 12,000 Banking & Finance jobs created. And over the last 12 months, 110,000 jobs were generated in the industry. Average hourly earnings in the industry have also risen over the past year from $34.46 an hour to $35.53. The unemployment rate in this sector is well below the national average at 2.1 percent. The Banking & Finance industry has a 7.7 percent growth year-over-year.

Healthcare

263,000 Healthcare jobs were added in April 2019, overshadowing the average monthly gains of 213,000 for the last 12 months. Not surprisingly, the Healthcare industry has continued to grow rapidly over the year. The industry experienced year-over-year growth of 7.5 percent over the last 12 months. And this growth will keep climbing. Healthcare became the largest U.S. employer in 2018, and by 2026, the industry will add nearly 4.0 million jobs.

How to navigate this market

With how competitive the market is, it can be difficult to find the talent your team needs. It’s a candidate’s market and employers cannot afford to drag their feet when making hiring decisions. You must move quickly to ensure you secure top talent.

Have you ever thought of the costs incurred from a vacancy on your team? There are several hidden costs associated with unfilled positions at your organization. According to SHRM, the average open position takes 42 days to fill at a cost of $4,129. The cost of vacancies can certainly add up as good employees take advantage of this hot job market and move onto other opportunities. Many of our clients are incurring these indirect costs and don’t even realize the financial impact of unfilled positions.

If you find yourself in this same boat, have you thought of partnering with a recruiter? A recruiting company, like Johnson Search Group, will help you find the qualified talent your team needs quickly and help you mitigate these costs. We have a huge network of great candidates ready to make a move and make an immediate impact on your organization. Let’s have a conversation and help you fill some of those vacant positions.

searching for a new job

Searching for a New Job? Here’s What You Need to Know

searching for a new job

Are you thinking about searching for a new job? Or are you already actively looking for your next role? If so, now’s a great time to be on the hunt! Whether you’re fresh out of college or looking for the next step in your career, here’s what you need to know about today’s job market.

You have plenty of options to choose from

It’s a candidate’s market. You have plenty of options to choose from. In fact, according to the last JOLTS Report from the BLS, there are currently 7.5 million job openings. Pair that with a near 50-year low unemployment rate (3.6 percent) and you are in an ideal environment for your job hunt.

In this market, you don’t have to worry about a lack of job opportunities. Additionally, March was the 13th consecutive month of available jobs outnumbering the number of unemployed people who are actively searching. So, as a candidate, now is a great time to find an opportunity that’s right for you. You have the ability to take your time and be picky.

Your market value is strong

Your market value is robust (and will keep going up!). With more jobs than available workers to fill them, many employers are in desperate need of qualified candidates. Thus, a lot of hiring managers are willing to sacrifice certain skill sets or experiences because they need talent now. Thus, if you don’t have all the hard skills or background to do the job, you may be considered if you have the right attitude and soft skills to learn.

With such a tight market, you, as a candidate, may even see yourself with stronger compensation packages than you were expecting. Employers need good talent. And they need them immediately. You may be able to get a nice pay bump or better benefits by transitioning to a new employer. To illustrate, over the last 12 months, average hourly wages have increased by 3.2 percent, or $0.88 an hour.

Recruiters are here to help

In this competitive market, the best candidates are often the ones that are still employed. If a recruiter, like one from Johnson Search Group, reaches out to you about a new opportunity, hear them out. A recruiter will be your biggest advocate and help you tackle the hiring process. If find yourself searching for a new job, reach out to one of our recruiters today and let’s see if we can help you find your next opportunity!

Easter

How to Fill Your Easter Basket with Great Candidates

Easter

Today’s competitive job market is a lot like an Easter egg hunt. Many employers are on the hunt for fantastic candidates. And in this competitive market, it can be challenging to find the “golden egg” of a candidate. According to the latest JOLTS Report, there were 7.1 million job openings in the US in February. That’s a lot of job openings! But the tricky part here is that there are currently only 6.2 unemployed Americans. In other words, there are not enough eggs (candidates) to fill your basket.

No matter how hard employers search for qualified candidates to fill their open roles, they are coming up empty-handed. If you want to efficiently find great candidates to join your team, here’s how to ensure your search doesn’t result in an empty basket.

Stop hunting for golden egg candidates

Like with an Easter Egg hunt, there is often a golden egg; an egg that everyone is after because it’s filled with candy or has some grand prize in it. But in this market, employers cannot afford to be searching for that special egg. You can’t wait around for the “perfect” candidate to walk through your door.

If you find some good candidates that cross off most of the requirements on the job description, take a chance on them. If they have the right soft skills and a great attitude, you can easily teach them some of the hard skills that they may need to acquire.

Take a page out of Peter Cottontail’s book

There’s no time to casually stroll down the bunny trail. You have to swiftly hop down the trail to find the talent your team needs. In other words, you must move candidates along quickly. With more jobs than people to fill them, it’s a candidate’s market. Your team doesn’t have the ability to take your time throughout the hiring process.

Put together a competitive offer

In this market, you have to put together an attractive offer. You have to offer a competitive wage to ensure you keep your prospective candidates on the hook. According to the Bureau of Labor Statistics, hourly wages have increased 3.2 percent over the last 12 months, for a total hourly rate of $27.70. Wages have steadily been increasing the last year and if your company isn’t offering a strong compensation package, you may be missing out.

Now, we understand that you may have budgetary constraints when putting together offer letters. However, there are other things you can offer besides money to entice candidates. If you can’t offer more money, try offering better benefits, including more vacation days or better work flexibility. In fact, Millennials, the largest growing workforce population, are willing to take an annual pay cut of $7,600 for a more desirable work-life balance and better work culture. So, if offering more money is out of the question, there are other ways to gain the interest of candidates.

Don’t go hunting alone

In this market, it may be difficult to fill your basket with the candidates your team needs. But you don’t have to go hunting alone. Partner up with a professional! Johnson Search Group is here to assist you with your search. Team up with a recruiter who knows the ins and outs of your industry, your organization, and your community. Let’s work together. Happy hunting!

labor market

2019 First Quarter Labor Market Roundup

labor market

In 2018, the labor market was intense, for both candidates and employers. Last year, the unemployment rate nearly fell to a 50-year low, more than 2 million jobs were added, and wages continued to grow month over month.

However, before we entered 2019, there was a lot of mixed projections for the labor market this year. Many people were feeling discouraged about what is yet to come. And some economists were even predicting a downturn or a possible recession.

But over the last three months, the labor market has continued to look strong! In the latest JOLTS Report, it was reported that there were 7.6 million job openings across the country, but there are only 6.2 million people unemployed. And in March, the average hourly wages rose $0.11 to $27.66. The unemployment rate is also back below 3.8%, another strong indication that the labor market is fierce.

We had the opportunity to sit down with the three divisional managers of Johnson Search Group and hear how the first quarter of 2019 was for the Healthcare, Mining, and Banking industries.

First Quarter Labor Market Roundup

Speed up your hiring process

Regardless of what industry you’re in, the biggest trend our teams are seeing is the need for employers to move quickly. Many employers are missing out on fantastic candidates because their hiring process is too slow. If you have an inefficient process, you may be getting edged out by your competition.

In fact, all three of our Division Managers have worked with clients this year who lost out on a candidate to their competitor because they didn’t move fast enough. In this candidate-driven market, employers don’t have the luxury to drag their feet with making hiring decisions. You need to streamline your processes because if you take too long to pull the trigger, your candidates will move onto the next offer.

Throughout the first quarter of 2019, the market was busy and it’s looking like it will be even more competitive than last year. If you need help identifying inadequacies in your hiring process, let’s work together to see how we can improve that.

It won’t be a candidate-driven market forever

The labor market is sure hot right now. But it’s not going to be that way forever. We understand that as a candidate, you may be entertaining multiple offers. You have many options at the tip of your fingers. We don’t see the market dying down anytime soon. But when it does, we caution you to remember that it’s a small world.

If you ghost an interview or completely fail to show up on your scheduled start day after going through the entire hiring process, it will catch up with you one day. Hiring managers and recruiters will remember you if you leave them hanging. And there may be a time in the future where you need to rely on them to help you find your next position.

If you need help finding your next career move, check out our job board. We have dozens of fantastic opportunities that may be perfect for you and your career.

laid off

Laid Off – Now What?

laid off

A large percentage of us will experience being laid off from a position in our lifetime. We never want to think about it, but it does happen. I, personally, have experienced four such events during my career and each return into the job market has held a different experience. I will not lie and say it got easier with “practice.” With Millennials on the heels of the Baby Boomers as being the largest living adult generation, there is fierce competition for available jobs.

According to Pew Research, 71 million adult Millennials and 74 million Boomers were registered in 2016. With 2019 being the anticipated break out year, Millennials should surpass the Boomer generation – reaching 73 million – with Boomers declining to 72 million.

The Dreaded Day

You show up for work like any other day and at some point throughout the day, you are notified that your services are no longer needed. Now what? You are most likely going to immediately experience shock and will go into autopilot as you reluctantly leave the premises. Here is what you may experience once you get home. Some take a few days to work through it and others get through it quickly. Everyone is different, but just remember to take the time to understand, acknowledge, and process what you are going through.

The Five Stages of Grief

  • Denial and Isolation
  • Anger
  • Bargaining
  • Depression
  • Acceptance

Once you reach the acceptance stage, you are ready to tackle the job market. The two biggest hurdles of the stages are avoiding putting yourself into isolation and falling into a depression that stymies you getting back into the workforce.

Remember this

You are not alone! LinkedIn is an incredible platform to keep you connected and in charge of your destiny. A good LinkedIn page will get you noticed by recruiters! Make sure you take the time to create a professional and completed profile!

  • Network, network, network! Don’t be ashamed – get the word out – you are on the market, and ready for the next chapter in your life.
  • Update that resume. Resumes are your first interview. Remember to list all your experience, skills, certifications, and degrees. Don’t go into that first interview underdressed!
  • Look at job openings and sign up for job alerts.
  • Update all of your social media sites! If your Facebook profile is a memory lane of a wild Vegas weekend, beer bongs, and crazy nights, you might want to swap it out to something more job search friendly.
  • Avoid dating yourself. You do not need to put the year you graduated high school or college on your resume.  There is debate as to how far back you should go with your career history, but remember this: could you be leaving off vital work experience by only going back 10 years? I personally like to see 15 to 25 years’ experience, where applicable.
  • Above all else, believe in yourself!

Losing a job is extremely stressful and can be life-changing. These are some steps to help you get back into the workforce and on track. It’s okay to have a small pity party, but don’t extend it into a recurring event that overcomes you. Take charge of your life and future. Reinvent yourself if you need to and remember: sometimes a step back will get you five steps ahead.

Pride, ego, and stubbornness are not friends in your job search. Believe in yourself, be humble, take your experience, talent and great attitude and make it happen – I know you can!

If you’re in this unfortunate situation right now, let’s connect! My team and I may be able to help you find your next career move and get you back to work.

job market

2019 Job Market Outlook with SVP Perry Paden

job market

Job growth in 2018 ended on a high note with U.S. employers adding a whopping 312,000 jobs in the month of December. Over the last three months (after adjustments), employers have generated an average of 254,000 jobs per month. The 4th Quarter of 2018 ended strongly, and all indications look like 2019 is poised for another big year of job growth.

We sat down with Perry Paden, Senior Vice President of Johnson Search Group, and discussed how the job market is looking in 2019.

2019 Job Market Outlook with Perry Paden

The jobs report for December 2018 just released showing signs of strong growth for the job market. Do you think the job market will continue to strengthen in 2019?

2018 was a fantastic year for job growth and economists expect the labor market’s historically tight trend to continue throughout 2019. In fact, economists project the job market to reach highs not seen since before the Great Recession.

If we maintain 2 to 3 percent of growth throughout 2019, the U.S. has the opportunity to have an even stronger year in 2019. Moreover, the unemployment rate remained steady in 2018 and economists are predicting that the unemployment rate will decline below 3.5 percent. As a result, employers will continue to face hardships when it comes to attracting (and retaining) top talent.

The Healthcare, Mining, and Banking industries experienced tremendous growth throughout 2018. Will we see this growth continue in 2019?

The three industries Johnson Search Group operates in (Mining, Healthcare, and Banking) illustrated strong growth throughout the entire year of 2018.

Mining and Heavy Industrial

One of the biggest trends in the Mining industry is the aging workforce. As we see more and more workers retire, employers will continue to face difficulties finding qualified workers for open positions.

Job growth in the Mining industry started out strong and slowed down a bit towards the 4th Quarter. However, over the year, the Mining industry added 62,000 jobs.

Healthcare

We will start to see more opportunities as healthcare organizations continue to incorporate artificial intelligence into everyday working lives.

Healthcare job growth was outstanding in 2018. Last year, the Healthcare industry added 346,000 jobs compared to the 284,000 jobs in 2017. The Healthcare industry is continuing to expand and will look to continue this trend in 2019.

Banking

Despite the fluctuating stock market over the last month or so, the Banking/Financial industry continued to add jobs in December. Throughout 2018, the Finance and Banking Industry grew by 110,000 jobs.

banking

Now’s the Time for a Change in the Banking Industry

banking

Now that the elections are done, we can get back to somewhat normalcy in our lives. Thank goodness! Those ads were getting really annoying on every radio station, billboard, and tv station constantly.

So, how is the banking industry going you ask? Great question. The recruiting in the banking/credit union space is fantastic, but not on all fronts. Overall, banks are hiring like crazy. They are expanding divisions, growing departments, and of course, replacing those that leave. Right now is the best time to be looking if you have been with your bank for some years and you are ready to grow even more in your career.

The banking industry is hot

This is fantastic for candidates that are looking to make a move before January 1st. The unemployment rate is at a 48-year low and the number of unemployed persons has declined by 449,000 workers. If you are in the banking industry, your options are abundant. But for hiring managers, this is a different story. Employers are struggling to find qualified candidates as the market gets tighter and tighter.

I wouldn’t recommend looking if you have been with your current organization for less than two years unless there are extenuating circumstances (bank changes credit box, leadership changes, bank selling, etc). 2018 was such a great year for growth. Banks are needing more people then they can find. Your skills are wanted and needed and you get to decide what you want to do.

Get the help you need before the new year

2019 will allow you to grow the way you want and put you in the place you need to be to grow into the next phase of your career. I have never been so excited about what lies ahead for the banking industry. As you are looking, answer that call from the recruiter; they might just have the opportunity that you are looking for. Reach out to me if you are looking for a change of scenery in 2019. I can help you find the next step in your career.

And if you’re a hiring manager and having a difficult time finding the candidates your organization needs, let’s have a conversation. I want to work with you to fill some of those vacant roles before the new year begins.

hiring trends

Hiring Trends Heading Into 2019

hiring trends

The Labor Department reported that there were over 7 million job openings in the month of August 2018. The unemployment rate remained at 3.7 percent in October 2018, marking a 48-year low. The nation currently has more than one job opening for every unemployed person. This is quite the difference from the Great Recession when there was over six unemployed Americans for every job opening.

In other words, the job market is on fire right now and there are no signs of it cooling down as we get closer and closer to the new year. This is fantastic for candidates! Workers in all industries have their pick of new opportunities. They have the chance to test the waters and see what else is out there; to find their next stepping stone in their career.

However, this is a nightmare for many hiring managers. The competition for talented candidates is fierce and many employers are struggling to fill critical roles as a result. Candidates are ghosting interviews, or in some cases, completely failing to show up for the first day of work. And with the lowest level of unemployment claims since December of 1969, teams are becoming depleted and hiring managers are desperate to find the talent they need to keep operations running smoothly.

Need help? You’re not alone!

All of these jobs are creating opportunities for workers around the country. However, there are simply not enough workers to fill them. Current market conditions have placed job seekers and new employees in the driver seat. Candidates have complete control and if you’re onboarding or hiring process is inefficient, chances are, candidates will move on to other opportunities. Even if they already accepted an offer from your organization.

Many employers are feeling the struggle of these hiring trends. In fact, 60 percent of employers across industries are experiencing longer fill times for vacant positions due to the tight hiring environment. And to make matters worse, almost a quarter (23 percent) of employers have seen delays in filled positions up to three weeks or even longer.

This is a hard pill to swallow for many hiring managers. Especially since 55 percent of candidates are giving up and pursuing other opportunities if they haven’t heard from a prospective employer within two weeks of applying for a job. And even when a candidate accepts a job offer, the market is so good right now that 51 percent of candidates continue to search for other job opportunities after they’ve accepted a job and are currently finishing up pre-employment screening. In this crazy job market, one in seven candidates walks away after accepting an offer.

JSG is here to help

If you find yourself in a similar boat, it may be time to reach out to a professional for help. At Johnson Search Group, we have a proven track record that will help you streamline your hiring process and get you the right candidates when your team needs them. Partner with an executive recruiter today that is a professional in your industry. The thoroughness of our process ensures when a candidate accepts your offer, they’ll show up on the first day, ready to make an impact.

Banking Trends

Banking Trends Heading Into 2019

Banking Trends

With the end of the year fastly approaching, it’s hard to think that 2019 is right around the corner. Especially, because this year we’ve seen such a big growth in the banking industry. And well, in all career’s as a whole it’s been a record-breaking year. Even though it may be nerve-racking to think about next year, it looks like the trends we’re seeing now will continue.

In 2019, it looks like there are several trends financial institutions will continue to see into the new year. These are the three banking trends that are projected to grow throughout the 4th Quarter and into 2019 in the banking and financial services industry.

Customer Experience

Organizations will need to continue to keep up with the ever-changing digitization and needs by consumers. Consumers want easy access to their accounts and the flexibility to engage with the institutions when it’s convenient for them.

Consumers are geared more towards digital experiences rather than physical or in-person interactions, even when dealing with their money. Banks are closing branches at a higher rate than ever before. According to CBS, “Only 66 percent of Millennials visited a brick-and-mortar branch within the past six months, compared to 81 percent of Baby Boomers and 80 percent of Traditionalists.” To attract the younger generations, financial institutions must continue to innovate and enhance the user experience for all consumers.

Cybersecurity risks

As threats from hackers become more sophisticated, institutions will need to continue to be aware of these factors and try to anticipate the risk involved with the adaptation of new technologies. According to the Global Banking Outlook for 2018, banks and financial institutions place cybersecurity as their top priority for 2018. We anticipate this trend will continue to increase throughout 2019 as more and more banking functions digitalize.

Tight-talent market

There are more open positions than candidates on the market. Institutions will need to find new ways to attract and retain talent if they want to compete in the marketplace. According to Forbes, salary may not matter as much as employers think.

Yes, it is a big factor in whether a candidate will accept the position or not, but the culture of the company is crucial. Conveying the benefit of working for your institution and telling candidates why they should come work for you is an essential piece of attracting new candidates. No longer is it the bank picking the right candidate; in this tight job market, candidates are now picking the right institution for them.

Get the help you need

One thing that is for certain is the market is intense. And there are no indications of that changing as we get closer to entering the new year. If your banking or finance institution is struggling to attract qualified candidates to your organization, let’s have a conversation. I can help your team find the right candidates that are ready to make an immediate impact on your bottom line.

future of mining

The Future of Mining: 4th Quarter and Beyond

future of mining

It’s been quite an exciting year so far in the mining industry. We have seen West Texas and the Permian Basin blow up as prime real estate for Frac companies. We’ve seen mines and mills reopen across the country and a documented 55,000 new jobs created this year alone in the mining industry.

Recruiting in mining and heavy industrial gives me a unique perspective on things. While I’m not in a mine every day like some of my candidates, I get to experience industry trends. I hear first-hand from candidates and hiring managers on their wants, needs, and changes within their organization.

The future of mining

The most significant trend I’ve noticed throughout the year is the growing number of mining jobs. With more mining jobs being created, the talent market begins to tighten. And companies that aren’t preparing to follow this trend are finding it harder and harder to attract top talent. I have witnessed first-hand candidates receiving significantly higher salaries for the same positions than previous years.

Progressive companies are landing candidates by noticing these trends and going after the candidates they desperately need. I have also seen companies take months to extend offers to candidates, and as a result, they seem to be consistently losing out on the best candidates on the market.

This year has flown by, but it’s not too late for companies to adapt to fast-pace hiring. In fact, during the Fourth Quarter, this is an ideal time for organizations to change hiring processes to match the competing companies and start preparing for 2019. The mining industry added over 106,000 jobs since October 2016, and by the looks of things, it doesn’t appear mining and heavy industrial companies will be slowing down anytime soon. As I wrap up a few continuous improvement engineering positions, I can’t help but urge employers to reduce downtime in their hiring process in an effort to boost their overall production.

If your organization needs help finding talent in this tight market, let’s have a conversation. I can help your team find the qualified candidate you need to finish the year off strong.