Get Going While the Going’s Good
If you are familiar with the theory of the sigmoid curve, you know that whenever you start a new job or activity you need to put in more energy then you get back. At some point your competence and the energy you have put in begin to earn a reward and the job or activity gets easier. However, ultimately, entropy sets in and you start to lose enthusiasm or find yourself putting in more energy then your getting back. Now you are on that slippery downward slope and you will only have to work harder to stay where you are.
That’s why it’s better to make a change at the top of the curve, at the top of your game… to get going while the going’s good.
The executive job market is a case in point.
The Bureau of Labor Statistics’ recent good news about job growth indicates that this 9-year old expansion still has some steam, and even those recalcitrant underemployed older men are starting to reengage as the labor participation rate nudged up to 63%.
Regionally, the US coasts continue to prosper as does the Western heartland, but the Eastern heartland (from Mississippi to Michigan) continue to suffer higher unemployment, opioid addiction, as well as rising disability and mortality rates.
What about the market for senior managers and executives in the US?
The Bureau of Labor Statistics (BLS) reports that this pool included about 2.6 million positions in 2016 with an expected job growth of 8% through 2026, adding another 190,000-plus senior jobs. Median pay for the most senior jobs stood at about $180,000 in 2016 while general or operations managers’ median pay stood at about $99,000.
Not surprisingly the states NY, MA, RI, CT, NJ, DE, MD, DC, VA, NC, FL, TX, CO, and CA showed the highest annual mean wage for the operations and general management echelons ($130,00-$168,000) as of 2016. CEOs showed a similarly higher mean wage at $212,000-$242,000 in NY, MA, RI, CT, NJ, NC, GA, FL TX, CO, NE, SD, and CA n the same year.
A recent study by the National Bureau of Economic Research suggests that the ability of a senior executive to capitalize on globalization, i.e., to help his or her company expand in the global market place most directly impacts the manager’s financial success.
From an industrial perspective, BLS reports that health care leads the way in total job growth predictions with a compound annual rate of change of 4.4% for all health care jobs through 2026, followed closely by Information Services and Individual and Family Services at 4.0% and 3.4% respectively. The list of industries with fast-declining employment will look familiar and should remind us all that the US economy now derives less than 15% of GDP from manufacturing activity.
If you have ever looked for an executive job before, you know what you’re facing… so brace yourself. The Barrett Group helps hundreds of executives find the right job every year, people in all kinds of situations. We understand what you are up against. Which of these describes you?
- 1. Best in class but under-appreciated
- 2. Expecting a re-org
- 3. Exhausted
- 4. Bored
- 5. Feeling like a dinosaur
Wouldn’t it be great to have a helping hand, a guide, and some moral and very practical support during your six-figure (or more) career change journey?
The Barrett Group has served more than 2,000 executives in the last 2.5 decades in practically every industry as they reflected on their career trajectory, chose their targets, selected their tactics, sharpened their skills, and launched their career change initiative with confidence. Here are a few examples:
- ■ Partnering with the Barrett Group was the most important investment that I have made in my career. I strongly recommend their services to anyone interested in advancing their career.
- ~ Kevin Baker, Regional Director, Metamark Genetics
- ■ I could not have done this without my consultant because she kept me on track for my entire career search, and helped me to understand what type of opportunities and geographical areas to focus on.
- ~ Svetlana Tikhonov, Senior Director of Corporate Strategy, SAP
- ■ TBG delivers exactly what they promise! I would NEVER have been able to do this or to get the same results on my own. Without TBG, I would still be searching!
- ~ Lee Price, Arkansas State Director, US Department of Labor