Lawyers often spend years of their life and heaps of money earning a law degree only to find themselves overworked, highly stressed, and underpaid – or even, in the case of solo practitioners, not paid at all. Then they suffer the indignity of being the butt of numerous jokes in popular culture.
An especially insidious stressor for many lawyers is the frustration of having no idea how to escape career pressures. They can’t change positions because who will take them on unless they come with their own book of business? They can’t leave law because they don’t know how to transfer their skills.
Lawyers, take heart! There is a way forward. You have more transferable skills than you realize. And changes in the legal profession over the past 10 years may well present you with opportunities you never considered.
Evolving Legal Industry
The legal industry is a different world compared to just ten years ago. New legal technologies, for one, have dramatically changed the way legal services are delivered. eDiscovery automation software has slashed the time it takes lawyers to sift through documents for relevant evidence. Digital business management platforms allow lawyers to automate many processes of case management. And new companies like LegalZoom offer customers standardized, professionally vetted, legal documents at a cost-effective rate for simple contracts.
In addition to technological efficiencies, cost-conscious clients and the pressures of globalization and business have drawn law work from many firms towards corporate legal departments and non-law firms. The result has been the downsizing or merging of traditional law firms.
Others favor a position at a modern mid-size law firm. The resistance of traditional law firms to industry changes has prompted many to pop up. Leaving the law industry for a non-law company where legal expertise is valued is another valuable option.
Legal delivery is no longer just about lawyers and the practice of law – it involves a host of non-lawyers who work in business and technology, conjointly, with legal professionals in a newly developing field. “The practice of law has morphed into the delivery of legal services,” writes legal business consultant, Mark Cohen. Cohen sees this evolution as akin to the way the practice of medicine morphed into the field of healthcare. “Legal expertise is now but one leg supporting legal delivery’s three-legged stool that also includes technology and business,” he writes.
The job market has changed quite a bit, and good attorneys will find that they have many skills that can benefit them as they consider a career change. Some skills are inherent to the profession, such as being organized, logical, and a good communicator.
“They have to work well with clients, opposing counsel, and judges. They are also good at looking at large amounts of data and building a coherent argument.” Add in negotiating, public speaking, and a facility for giving presentations – these are skills that translate well into many areas of business.
Many other transferable skills are developed throughout a career. Lawyers who focus on certain industries, for example, become de facto specialists in those industries. “Solo practitioners representing small businesses don’t realize they have learned a lot and contributed to those businesses,” says Donna Mase. “They could easily go in and take on roles that would be enjoyable to them, beneficial to the company, and play upon skills they have.”
How to Parlay Your Skills into Opportunity
lawyers seeking a job change struggle to figure out how to parlay their skills
into a new opportunity. They exhaust the formal side of the job market speaking
to recruiters who tell them they must have X years of experience and Y degrees
if they want a new job, and they come to the wrong conclusion that “those are
the rules.” They are stuck with their lot.
“I’ve seen some truly amazing things happen – not because of who the lawyer knows, but because of who the people they know know. One client thought he had no experience with the nonprofit world, but 75 people in his LinkedIn profile were directly connected to nonprofits. He leveraged his social capital to land a job there. Your social connections are the most important asset!”
Even before leveraging your social capital, however, you should thoughtfully consider what you want and what you can offer. This is your value proposition. Why do you want a change? What are your core drivers and values? People for whom this isn’t clear might consider hiring a career coach who can guide them through a self-discovery process. Once you know what your ideal work environment is and what your strengths and weaknesses are, you will be ready to search for your ideal job.
you do, do NOT send 300 resumes into cyberspace. This is akin to throwing stuff
against the wall to see what sticks. You will not get a job this way. Start by
picking up the phone and being social. If you’re willing to put in the work and
think outside the box, these baby steps will get you to the summit of Mount
Life is not easy for the owners of small law firms. They
have to wear many hats: be an attorney, bring in the business, manage
employees, and run the firm. In this video, law firm growth expert Alay Yajnik talks
about his passion for helping attorneys increase their income and take more
It’s Monday morning. How do you feel about getting out of bed to go to work?
With luck, you are among the 51% of U.S. workers who are satisfied with their jobs. This figure, reported last fall by the Conference Board, a business-research group, represents the highest level of job satisfaction since 2005. If you are among the remaining 49% of Americans, however, whose feelings range from a lack of passion to dread about starting a new week at work, it’s time to consider a change in your life.
Maybe some event has happened, like an illness in the family or a merger at work, that has turned your normal upside down. Maybe you feel under-appreciated by your boss. Maybe you feel that you are doing a good job with what’s within your control, but things outside of your control are preventing you from feeling successful.
Or maybe you just have a gnawing sensation that you want to do something different with your life.
Any of these situations should trigger you to re-balance your life so that you can approach your work with new energy.
Even if you’re satisfied, don’t wait until things go south at work to figure out how to improve your career prospects. It’s hard to understand why things are going wrong when you’re reacting to a bad situation. NOW is always the right time to think about your career strategically.
Before making any professional move, you need to figure out where you want to go. That’s harder than it sounds because there are many underlying factors to consider. For most people, work and every other aspect of life are closely tied together. It’s crucial, therefore, to find balance in your life.
The key to finding balance is, first, ascertaining what your non-negotiable goals are; these will be your beacon as you chart the course of your career.
Start by reflecting on what is right and wrong about your life – not just your work life, but every aspect of your life. What makes you happy and unhappy? How do you define a successful life for yourself? What do you most value?
There are no wrong answers to these questions as long as you are being honest with yourself.
Next, ask yourself what obstacles you face in achieving your goals. What will it take to overcome them? Warning: You may need to dig deep for that answer and you may not like what you discover (because sometimes the biggest obstacle you face is you). But if your goals are valuable enough to you, the pursuit of them is worth the challenge.
If this first step sounds more like life coaching than career advice, you aren’t wrong. “Life coaching is a foundational process because I can’t help people with their careers if they don’t have that foundation,” says Dan Resendes, Chief Consulting Officer at career management firm, The Barrett Group.
Resendes touts the merits of The Barrett Group’s well-developed Clarity methodology, which calls on clients to rank their overall happiness, on a scale of 1-10, in four categories: financial independence, business success, family and relationships, and health and fitness.
“We ask our clients to set short- and long-term goals to get the highest score possible in all four areas. This process gives people clarity on how to see what is right and wrong about their lives and helps them make informed decisions. It gives them a roadmap.”
Create a Roadmap for Your Career
Once you have clarity about where you want to go, you can plan your path to get there. Know your core competencies – where are you an expert? This includes both hard skills (e.g. specifically learned skills) and soft skills (e.g. naturally acquired skills, such as ability to communicate or work in a team setting). You should also know your weaknesses. Are there gaps between your skillset and those in demand in your target career? If so, figure out how to acquire them.
Whenever possible, ramp up your skills. Read books, join professional groups, take courses, attend conferences and talk to people who do what you want to do. In the fast-paced business world of today you will lose your competitive edge if you don’t make upskilling a regular focus of your career strategy.
The value of networking cannot be overstated when it comes to career changes.
Most new jobs are landed when people leverage their social capital, according to Resendes. “Of our clients, 75% land a job through social networks – and many of those are unpublished jobs,” he said. No wonder then that The Barrett Group urges all clients to kickstart a career change by reconnecting with friends, family and business acquaintances.
That doesn’t mean floating your resume around or asking people for jobs. It means focusing on nurturing relationships – spending time to catch up and strengthen social connections. At some point the conversation may come back to you – your work and aspirations – and could yield some benefits. It may not happen immediately, but at some point in the future your friend may talk to someone about a topic related to you and will think of you.
If you are very serious about making a career change, you should consider working with a professional career coach. A coach can reframe things differently, help drive and navigate the process, and hold you accountable, like a trainer.
A coach can be more objective and ask hard questions that you won’t ask yourself. She can help you think outside your comfort zone and stretch your perspective. Once you do, you may stretch more than you ever thought you could – and change more than you ever thought you would.
Of course, a coach can also be invaluable in offering best practices when it comes to resume and cover letter preparation, interviewing, and job offer negotiations among other things.
What to Expect from Getting Unstuck
Be prepared for some discomfort as you travel your new career path. There will be highs and lows and the process may be fast or slow – it all depends on your circumstances and how much time and effort you put into it.
Indeed, you should be prepared to spend at least three hours per week working on your career plan. Treat your career with the same importance you do your work and your family by scheduling time on your calendar to work on it.
For many, time management will be a bear, especially during the self-reflection part of the process. Not only is it hard to make time to ask yourself uncomfortable questions, but also there is no immediate gratification.
Still, the biggest obstacle to achieving success is spending 100% of your time taking care of your family and job. Sure, it seems honorable, but if you aren’t committed to working on your career, nothing will change.
Professionals that commit themselves to the journey they have charted for themselves are always the first to land new opportunities. And those that continue to focus on their careers in a strategic, not reactionary, way will continue to discover new opportunities going forward.
46% of employers in the U.S. report difficulty recruiting talent. If job searchers or career changers were not successful in their search to date, how did they position themselves? Did prospects hear any of the talent shortage drivers below as reasons why they were not hired?
Relevant drivers of Talent Shortage:
Lack of experience
Applicants lack required hard skills
Applicants lack required soft skills
Applicants expect higher pay than offered
Applicants expecting better benefits than offered man
“The first quarter of 2019 will continue to be tight labor market; it is strong despite uncertainty with Tariffs and trade.”
These trends are sometimes overlooked, hidden in the unemployment figures.
The Baby Boomers will continue to work. They’ve been told for 30 years that Social Security will fail, and they’ve seen the values of their 401(k)’s plummet overnight several times, along with property values.
The Millennials (and now Gen Z) are radically changing the definition of jobs in general, and are ignoring traditional employment, as well as owning cars or houses, or marrying and having children.
So how does this affect those in pursuit of a career or job change?
It’s somewhat counterintuitive: The media tells them there are millions of jobs waiting to be filled, but many career or job changers were either rejected as “not qualified,” or they didn’t want the jobs as advertised.
The executive level jobs in corporate America are either already held by someone who refuses to move on, or, when they do, they are not replaced, as the 40-hour workweek, salaried executive position no longer fits the fixed costs averse, bottom line operational mentality.
Opportunities for executive career or job changers are not that common; but there is hope: The Barrett Group has an excellent track record of finding them.
As the executive job market is a rarified target, those looking for a job will need to “be everywhere at once, all the time, in order to be in the right place at the right time.” That is part of the service The Barrett Group provides.
The Bureau of Labor lists these Fastest Growing Management Occupations from now to 2026, growing at an 8% rate with average median wage of $102,590:
Management (Plan, Direct & Coordinate)
With the “Top Executives” growing at 8%, it seems unlikely that there are enough qualified people ready to move into these emerging opportunities – which is good news for executive career or job changers.
Fast Growth Regions
The area with highest job growth continues to be the Sunshine State of Florida. The strongest growth industries are Hospitality, Transportation and Utilities.
The Barrett Group is a boutique career management firm for
executives with a basic service philosophy focused on serving each unique
client employee uniquely. We do not
believe in a cookie-cutter, one-size-fits-all approach. Our service delivery is designed around this
“The unemployment rate is at a 50-year low, the country has seen eight years of job growth and the market is a job seeker’s dream. So, why is it so challenging to find a job?”
Sound familiar? The answer to the question might be different for you than it is for someone else: Maybe it’s your age; maybe robots are consuming the jobs in your field; or maybe it’s simply that the method for job hunting has dramatically changed since the last time you did it. Despite the seemingly rosy employment picture these days, the search for the perfect job can sometimes seem like a quest for the Holy Grail – you search near and far, for months on end, only to end up wondering whether it actually exists.
Whatever the reason, don’t despair!
And take some comfort in knowing that you’re not alone.
Part of the difficulty is that you’re facing more competition. Thanks to technology, recruiters can now cast a wider net than ever before to find candidates with the right skill set.
What’s more, there are more people in the market because a job seeker’s market entices more workers to re-enter it to look for a better option. A report published in 2017 by nonprofit Mental Health America and the FAAS Foundation found that, of 17,000 U.S. workers surveyed across 19 industries, 71% were “thinking about, or actively looking for new job opportunities.”
It may also be that occupations in your field or industry are in decline.
Many technology-based industries, for example, have gone bust in the wake of recent technological changes. The Data Recovery Services industry, which developed in response to a demand for salvaging data from damaged hard drives, now numbers one of the top 10 dying industries in North American due to the emergence of cloud computing and storage, according to IbisWorld. Also on the list is the Wired Telecommunications Carriers industry, which has been sidelined by the emergence of wireless cellphones and smart phones. If your career was forged in a declining industry, you need to think about how to transfer your skills to a different one.
If you’re over 50, the insidious effects of ageism are an unfortunate reality. According to a recent AARP survey, 61% of respondents reported seeing or experiencing age discrimination on the job. An age bias risks diminishing your career prospects or lengthening the time it takes you to find a new position.
These challenges might seem like “barriers to entry” to prospective jobs, but none of them is insurmountable.
There are steps you can take to increase your value to employers and develop a competitive edge to ensure that it is you who stands out from the crowd.
The Many Benefits of Networking
For many reasons, a successful job search begins with networking. Most jobs are filled through networking. Job board postings usually happen only after someone has been earmarked for that position. Professional connections, however, enable you to learn about potential opportunities before they become available.
Get out of the house, attend networking events and professional conferences, especially those where you will meet professionals that can refer you to influential people inside your target company.
If you do learn about a great opportunity on your own, do not send a cover letter and resume until you figure out an “in” at the company. The first thing you should ALWAYS do, according to Dan Resendes, Chief Consulting Officer of the Barrett Group, it to consider whether you have social capital that connects you to that company, and whether that person would advocate to the company on your behalf.
Leveraging social connections is the most effective way to get your foot in the door.
Sometimes a social connection is reason enough for a company to create an opportunity. Employers understand that current employees, who know the company culture and mission, are uniquely qualified to identify excellent candidates. So, they are more receptive to employee references. With a good enough pitch, you might convince a hiring manager that hiring you will solve a problem he didn’t know he had!
Keep Your Skills Current
Whether its industry-specific professional development, knowing the latest digital productivity tools used by your company or just embracing new work modes, it is incumbent on you to continually develop yourself. If you don’t evolve, you will be left behind. Companies value most the employees that can keep up with new skills. And doing so is crucial if you want to get a leg up on the competition. Today, having top-notch skills is a more valuable currency than an impressive resume.
Virtually all job communications today, including sending resumes, happens electronically. If your resume submissions seem to be going into a black hole, they may be getting punted out of contention by ATS, or Applicant Tracking Systems. ATS software offers hiring managers numerous filters to quickly scan thousands of resumes for keywords that match the job description. If your resume doesn’t include those keywords, it won’t be seen by human eyes.
Therefore, you must tailor your resume for every single job, structured according to what the company’s known needs are and including all the right keywords. The success of your application might hinge on one word. The length can be as long as necessary to show employers that you offer tremendous value, but limit the content to that which will make you appear like the perfect fit.
If you haven’t gotten a response in a week or two, follow up. Sometimes that extra effort, demonstrating your interest and attention, is enough to move your resume to the next round.
Engage a Career Management Firm
There are innumerable benefits to hiring a career expert to help you navigate the waters of your job search. These professionals can give you a fresh perspective on shortcomings you need to work on, the value that you offer, and suggestions on how to parlay your skill set into opportunities that you may not have thought about. They can also offer support to rejigger your job hunt and professional profile that will turbo-charge your efforts.
Are you a victim of ageism? A career professional will coach you on how to leverage your experience to your advantage and convince employers that companies that value mature workers make for more successful companies.
Stuck in a dead-end field? A career professional will help you translate your skills and previous work experience into another field.
Lacking confidence? A career professional will help you understand the rules of the game, give you the tools that you need to market yourself, and advise you on the best way to focus your efforts so that you can attain the optimal position. She will review your resume, coach you on interviewing skills – perhaps even suggest a wardrobe refresh (ever so delicately, of course!).
Above all, if you are to convince an employer that you will be successful, you must believe it yourself. Armed with the help that a career management firm offers, you can commit yourself with confidence to your job search.
By Dan Resendes, Chief Consulting Officer at the Barrett Group
Most job seekers are concerned with finding out about the company, opportunity, the compensation and individuals with whom they will work. All interviewers are concerned with finding the most qualified candidate.
The most important strategy when preparing for interviews is
to focus on qualifying yourself for the opportunity. Any concerns about the company, opportunity,
compensation and the team should always be deferred until you receive an offer.
It may seem odd, but it is critically important to focus the limited about of time you have during the interview to ensure the interviewer feels that you are expertly qualified. Even when they ask you for any questions you may have.
When asked for their questions, most job seekers will ask questions related to the company’s plans for growth. Some will ask questions about how employees are treated.
Many people ask about the culture of the company, the opportunity for advancement, tools they will have at their disposal or even dive into questions about salary or compensation. This is a BAD strategy.
Remember the famous quote from John F. Kennedy?
Ask not what your country can do for you – ask what you can do for your country.
By asking questions that prove to the interviewer that you are concerned with their needs, you will uniquely qualify yourself as the only job seeker who is on the same page as the company.
Considering you have approximately 35-60 minutes to prove you are a
perfect fit, you should instead ask the following questions:
What are the major challenges my department is facing?
Are there any burning issues that need to be addressed?
What will be my #1 priority?
What are the successes that my department is most proud of?
What are the department’s weaknesses?
If you were in my shoes, what would you focus on for the first 30 days?
Which liaison partnerships are the most important for success in this position?
Given the makeup of the team and individuals I will be working with, what type of management style would you suggest as being most effective?
What is the “customers” expectation?
What is the most important area that you will view when judging my success?
Ask your boss: “Let’s say that you hired me 6 months ago and you feel that I am the best hire you have ever made. What would I have had to accomplish during that time to make you feel that way?
AND… FINALLY, THE MOST IMPORTANT QUESTION:
Do you feel my background and experience are a good fit for your needs?
Asking the last question above
is critically important. “Do you
feel my background and experience are a good fit for your needs?”, allows
you to know where you stand and offers the opportunity for you to correct any
misperceptions as well as providing additional critical information. You will
be able to clearly define next steps and timing. You will always end the
interview knowing how well you did.
If asked, “Don’t you have any questions about the company, the pay or the people with whom you will work?” You can simply state, “Sure, but I am more interested in qualifying myself for the job.”
Once the top candidate has been selected, then the timing for questions about what is in it for you would be appropriate.
The Barrett Group is a boutique career management firm for
executives with a basic service philosophy focused on serving each unique
client employee uniquely. We do not
believe in a cookie-cutter, one-size-fits-all approach. Our service delivery is designed around this
The job market is conducive to finding a job. The unemployment rate is down, there are more jobs open than potential candidates available to fill those roles. If you have been job searching for a while and with limited success, it is reasonable to ask yourself why that is, and what you can do to succeed in finding a job in 2019.
With many online job search tools available today, it is easy and convenient to find job postings and apply. It is a surefire way to keep busy. Some people believe it is a numbers game – you submit so many applications, one will eventually lead to an interview, possibly to an offer and a new job. But there is a better way!
Have you ever considered going about your job search strategically?
Treating it as a work project? If not, why not? “The definition of insanity is doing the same thing over and over again but expecting different results.” (Albert Einstein) If you want different results in your job search than what you’re currently getting, you may need to try different approaches. Some of these techniques include networking, job fairs, research, cold calling, informal interviews and working with recruiters, headhunters, and a personal career management consultant.
Networking as part of your job search – think outside the box!
Of course, you want to include your family and friends, neighbors, college alumni, co-members of associations, co-board members and your professional connections… in addition to asking them for support, also ask whether they have relevant contacts in your desired job role, industry, company, or geographic area and whether they would introduce you. Then add new contacts to your network, either by attending events, researching and connecting with contacts at companies you admire, or networking sites like LinkedIn.
They offer an excellent opportunity to network, much like industry-association meetings. At job fairs, everyone talks about the job market – you can find out which companies are hiring, laying people off, or looking for specific skill sets.
Recruiters attend career fairs – a great way to mingle with the recruiting community and practice interviewing skills.
Save time by attending online job fairs. Always research job fairs, attend those that are most relevant for your skill set and prepare well before you show up.
Research should be a cornerstone of your job search!
Research all companies you would like to work for, visit their websites. Review the job roles you would like to apply for and find out who at those organizations works in your areas of interest and reach out to them. Continue with national, regional and local professional organizations in your field, connect with peer professionals and find field-specific job listings on their websites or printed publications. Apply out-of-the-box thinking to your job search and be strategic about how you invest your time.
Once you know where you want to work and found out who may be in a position to hire you, reach out to them. When calling, be prepared and have your pitch ready to launch. This will give you the chance to make yourself known to the employer, make a connection, build a relationship and inquire about what skills and qualities are required to work within the company.
Make informal interviews or exploratory sessions part of your job search strategy – they are a great way to get to know and learn more about a potential employer – keep in mind, of course, that this is a two-way street! Come prepared with research about the company and your contact, be ready to discuss your career path and goals, as well as ideas on how and on which level you could fit within the company. Working with a personal career consultant can help you with all types of scenarios you encounter during your job search.
Work with recruiters and/or head hunters
First, understand that recruiters, etc. are paid by their corporate client companies, either by retainer, contingency – or salary, in case of internal recruiters. In all cases, the service they provide is filling open job orders. Accordingly, a great deal of their effort is expended on obtaining these job orders and winning favor with the HR department and hiring executives so the stream of job orders continues. They do not get paid to get people jobs; indeed, a private individual can’t “hire” a recruiter, as they only work for companies, not job seekers. For more information on how to effectively work with the recruiting community, click the button below.
Keep in mind that 60%-80% of all jobs are never advertised. Tapping into the unpublished market is completely different than working through job postings, creating job feeds, dealing with 3rd party recruiters and head hunters. It takes about two to three months to successfully market your reputation and leverage your value/social capital to targeted companies. This approach requires more personal investment and you may need to step out of your comfort zone, but it supplements every job search and possibly offers greater rewards in a shorter time span.
Career Management by The Barrett Group
The Barrett Group is a professional career management firm
that specializes is helping clients land at their dream jobs faster and at a
higher compensation package than they would be able to achieve without our team
of career management specialists by their side.
We’re proud of our 90% success rate and invite
you to introduce yourself to our team and tell us about your background and
where you want to go next.
By Dan Resendes, Chief Consulting Officer at the Barrett Group
The U.S. workforce isn’t expected to age particularly well over the next decade. Though much ado has been made over the millennial generation sweeping into the labor market and supplanting both those in Generation X and baby boomers as the largest active age demographic in the domestic workforce, the average U.S. employee is still getting older, and what that means for the future of American employment is complicated.
The Pew Research Center earlier this year estimated the labor force held nearly 54 million millennials, or individuals who in 2015 were between the ages of 18 and 34 years old. That number for the first time eclipsed the pool of workers from Generation X, or those between 35 and 50 years old. Millennials were also expected to unseat baby boomers as the largest living generation in the general population at some point before year’s end.
But while it would be easy to assume that millennials’ meteoric rise would naturally drag down the median age of American workers, that’s not exactly how the last several years have played out. It’s also not a trend that’s likely to crop up in the foreseeable future. Back in 1996, the median age of U.S. employees was 38.3 years old, according to the Bureau of Labor Statistics. That metric climbed to 40.8 years old by 2006 and to 42.0 years by 2016. By 2026, the median age of U.S. workers is expected to be 42.3 years old.
So why is it that America’s workforce isn’t getting younger as millennials reach working age? Part of the reason is that a greater share of older Americans are bucking traditional retirement and staying in the labor force longer than has historically been the case. Between 2006 and 2016, the number of Americans at least 55 years old who were active in the civilian labor force ballooned by 47.1 percent, according to the BLS. And that number is expected to grow nearly 20 percent over the next 10 years.
“The labor force will continue to age, with the average annual growth rate of the 55-years-and-older group projected to be 1.8 percent, more than three times the rate of growth of the overall labor force,” a BLS report released earlier this month said. “The group’s share of the labor force is anticipated to increase from 21.7 percent in 2016 to nearly 25 percent in 2026.”
by Julie NorwellIf you’re a spectator on the sidelines of the of the job market waiting for a good time to jump into the game, now is the time. Conditions couldn’t be better for job seekers at the moment. If you wait, however, some indicators suggest that the economy may not look so rosy by this time next year.
To be sure, the current labor market is every job seekers dream. The US has seen eight years of job growth, and the unemployment rate at 3.7 is the lowest it’s been in about 50 years. In early December the Fed reported that labor markets have tightened further across a broad range of occupations. Conditions are so tight, in fact, that some emboldened employees in Chicago have “simply quit – with no notice nor means of contact.” To address the challenge of finding and retaining qualified workers, companies are raising wages and offering better nonwage benefits. Talk about a job seeker’s ideal market!
The Bureau of Labor tells a similar story. Since 2000 the Bureau of Labor has tracked monthly job openings, new hires and separations (which includes terminations, both voluntary and involuntary), in a report called the Job Openings and Labor Turnover Survey. Voluntary quits have been rising since 2012 and have surpassed prerecession levels.
Several statistics demonstrate the remarkably constrained labor market.
According to the report, for most of its history, the number of hires (measured throughout the month) has exceeded the number of job openings (measured only on the last business day of the month). Since January 2015, however, this relationship has reversed with job openings outnumbering hires in most months. At the end of September there were 7.0 million open jobs versus 5.7 million hires.
Even more telling is the chart in the same report that measures the number of unemployed persons per job opening. The chart shows a sharp drop from a peak in 2009 of over 6.5 to less than one today. In other words, in September 2018 there were 0.9 unemployed persons per job opening – a series low.
Other parts of the economy now seem to be coming under a cloud, too. The government budget deficit is growing. And the stock market, which often heralds economic downturns, has been roiling recently as investors react to plunging oil prices and mixed messages coming out of the White House about a lasting trade deal with China. Meanwhile, ominous signs are visible in the bond markets where investors are signaling concern about the long-term economic outlook.
Tatyana Shumsky, a deputy editor at the Wall Street Journal, reports that corporate optimism about the U.S. economy
Which Industries Are Hiring?
In the November report by the Department of Labor, nonfarm payroll employment rose by 155,000. The industries with the most gains were health care, manufacturing (largely in the durable goods industries), and transportation and warehousing. Employment in professional and business services, where 561,000 jobs have been added over the year, also continued to be strong.
For professionals, there is, perhaps, an even better source of employment information. LinkedIn, which is used by over 20,000 companies in the U.S. for recruiting and where over 150 million workers have LinkedIn profiles, is now a go-to resource for everything from networking to job searches. Because people actively update their profiles to reflect changes in their employment status, LinkedIn has become a valuable tool in researching job trends.
According to LinkedIn’s November Workforce Report, gross hiring in the U.S. across all industries was up 3.8% from the year before.
The industries with the biggest hiring increases in that time period were Public Safety (up 10.3%), Corporate Services (up 10.2%) and Software and IT Services (up 9.7%). Other industries that round out the top 10 include, Agriculture, Wellness & Fitness, Transportation & Logistics, Finance, Health Care, Design, and Energy and Mining.
LinkedIn reports that national hiring has leveled off since the summer, although it is too soon to say whether this is the start of a trend. The industries that had the greatest hiring increases on a month-to-month basis in October are Legal, Public Safety, Corporate Services Agriculture, Finance.
In general, Health Care, which boasts not only fast job growth for many different occupations but also growth in the overall number of jobs added to the economy, promises to be an industry leader for employment opportunities in the long-term. But some industries will be vulnerable if the trade war worsens, particularly Manufacturing, Transportation and Agriculture.
Which Regions are Hottest?
According to LinkedIn, Austin, Denver and Nashville attract more workers across the U.S. than other cities. For every 10,000 LinkedIn members in Austin, 121 more arrived over the past 12 months. In fact, Austin, along with Denver and San Diego, were the U.S. cities with the most overall migration activity, including workers moving into and out of the city.
Thirty-six states had year-on-year increases in employment in October with the largest gains in Texas, California and Florida.
The labor market has tightened in more than two-thirds of the largest cities compared to a year ago. A tight labor market reflects the limited number of workers to fill the available jobs. But a growing problem for some employers is not a lack of available workers but a lack of workers with the right skills for the job.
San Francisco, New York and Los Angeles top the list of the cities with the greatest shortages of skills. The skills in demand depend on the city. Oral Communication, Business Management, Leadership and Digital Literacy, for example, are in great need in all three cities.
Workers with skills in high demand will find themselves especially sought after by employers who are increasingly desperate to find new talent. But, as long as the economy stays strong, job seekers of all skills are in the driver’s seat.
Diversity is a hot topic in the news these days. The mid-term elections just ushered in a rainbow of newcomers to the House of Representatives, including a record number of women. Events of the past year have galvanized women and their supporters in historic ways, forcing us all to reflect on the fairness of the treatment and representation of women in the business world. It is fair and right to increase the numbers of women at senior levels in the work world. But there is an even better reason to do it: Companies that have more women in leadership positions perform better than those that don’t.
There is a growing body of evidence that correlates companies that prioritize gender diversity with better business performance. Various studies have analyzed different angles to this phenomenon and the results are eye-opening. Companies that promote diversity enjoy higher financial returns, longer-term economic profit, more innovative efficiency, and, ultimately, a competitive advantage over other companies.
Diversity isn’t just about gender, either. It’s about people with a broader range of experiences and backgrounds than the white men who have historically run companies. Research shows that the benefit to companies of hiring people of different races, ethnicities, abilities, and sexual persuasions, is strong financial performance – even stronger than that of gender diversity alone.
If you’re in the job market, naturally, you want to target an employer that is more successful and innovative than others. Therefore, it makes perfect sense to seek out companies that promote inclusion and diversity. As it turns out, companies with diverse workforces tend to be better places to work at the individual level. Because people from different cultures and backgrounds require different accommodations from their employment, diverse companies tend to have more flexible policies – such as remote working, generous time off, or onsite child care – that will enhance your own work-life experience. In the business world, diversity is a winning strategy for everyone.
A Better Bottom Line
There is growing corporate awareness of the value that diversity brings to business. Global Consulting firm, McKinsey & Company, a leader in research about diversity and women in the workplace, has produced some remarkable findings – and companies are taking notice. McKinsey sees a consistent trend over several years confirming that diversity matters.
According to its newly released 2018 report, companies in the top quartile for gender diversity are 21% more likely to have above-average profitability (compared to 15% in 2015) – as measured in earnings before interest and tax, or EBIT – than companies in the fourth-quartile; and they were 27% more likely to outperform fourth-quartile companies on longer-term value creation. Ethnic and cultural diversity, also, continues to strongly correlate with profitability. Companies with the most ethnically diverse executive teams are 33% more likely to outperform peers on profitability (compared to 35% in 2015).
Interestingly, companies that rank poorly on diversity actually lag behind their industry peers – they are 29% more likely to underperform. The results are clear: when companies commit themselves to diverse leadership, they are more successful.
McKinsey’s work dovetails with the conclusions of other research, such as a recent study that found that corporate policies that promote diversity and a culture of inclusion not only increased a company’s value, but also its innovative efficiency. What’s more, they found that these efforts pay off especially well during economic downturns.
Another interesting report in 2016 found that the impact of female leadership on firm performance increases with the share of female workers, the thinking being that female executives are better equipped at interpreting signals of productivity among female workers.
What’s Good for the Goose is Good for the Gander
Women bring a unique stable of demands to the workplace. Regardless of their employment position or how much money they make compared to their domestic partner, women statistically do the lion’s share of the work managing their home lives. Call it their “second job.” The burden of childcare and eldercare, among many other responsibilities, tends to fall to them, which all too often inhibits their career growth.
Some businesses (albeit, not enough) recognize this and try to offer women – and by extension all of their employees – creative solutions as a means to retain valuable talent and reduce the cost of onboarding. They might offer the option to work from home, take extended leave or work non-traditional business hours.
Even more impressive are the companies that go the extra mile in offering exiting employees an outplacement program, such as the one offered at The Barrett Group, to soften their transition to another more suitable employment.
Men and women, alike, benefit from a more supportive work environment and a better work-life balance. Employees who feel that their needs are respected by the company make for a more engaged workforce. On the flip side, companies that think creatively about accommodating the needs of their employees will find that their workforce is happier, more productive and innovative, and at lower risk of quitting.
Diversity Benefits the Individual, the Company…the World
Diversity makes good sense at a micro and a macro level. At the micro level, it is not necessarily the case that diverse companies perform better because women and minorities are better at running a business, or because they make better business decisions, rather, because they tend to attract a broader range of talent.
Diverse companies are attractive not only to women and minorities, but also to everyone who wants to work for forward-thinking organizations. And workers with a broad range of backgrounds and experiences offer valuable perspectives in the decision-making process, which improves a company’s overall corporate performance.
At the macro level, there is a significant economic implication for countries that underutilize a large segment of their workforce. McKinsey Global Institute estimated in a 2015 report that global GDP would increase $12 trillion if women achieved gender parity with men. The issue of the economic contributions of women is even more salient in countries with aging populations. Countries with graying workforces can’t afford to ignore the underrepresentation of half of their population in the labor market.
In the context of a tight employment market and the competitive demands of the digital age in the U.S., employers must be smart about attracting and retaining talent. Consequently, there is a growing trend for companies to develop Inclusion and Diversity (I&D) programs to tap into the myriad benefits that diversity brings. Smart job seekers will, therefore, focus on such companies because gender parity, diversity, and inclusion are not just women’s or social issues – they are business issues.
by Dan Resendes, Chief Consulting Officer at the Barrett Group
When considering changing careers, keep the following tips from The Barrett Group Legal’s career management professionals in mind to prevent some of the most common mistakes legal professionals make:
1. If you want to get out of litigation, do not focus on litigation as your main competency, billable hours and case work in your value proposition; instead, highlight your marketing or business development skill sets, how you run operations of your own law firm, your community outreach, all of the charities and relationships you built with municipalities and government representatives.
2. When transitioning from a private practice or law firm employer to a corporate in-house or legal services employment, include your competencies in collaboration, leadership, interdepartmental and cross functional communication; as well as best practices and protocol authoring/compliance; customer, community and vendor/3rd party acquisition, outreach, and relationship nurturing.
3. Focus on corporate or company challenges versus cases won and case law.
4. Highlight operational expertise, accounting and financial wellness, marketing and business development efforts, pro bono, community or charity work.
5. Include metrics and quantifiable results – employ workarounds in content authoring if concerned about confidentiality.
6. Get used to working with Word documents versus PDFs for your hiring process.
Are you in a midlife career change? Are you changing careers at 30, 40 or 50 years of age? Do you need a new career? If you are currently experiencing difficulty in your job search, we’re here to help. Please send a message with your information or call.