Job growth, talent demand predicted in engineering

Employment in engineering is expected to grow over the next decade, according to data from the U.S. Bureau of Labor Statistics. 

The agency forecast that employment in the industry will rise 3 percent over the next 10 years, with the addition of 67,200 jobs, Design News reported. 

While the projected growth rate is slower than that predicted for other industries, engineers have a higher median annual wage. It is currently at $76,870 - more than double the median annual wage for all occupations in the U.S. economy, which stands at $36,200, the source noted. 

Analysts are also predicting a higher demand for engineering skills and graduates in the field, according to GoodCall. Engineering workers were named as one of the five hardest positions to fill by the source, with the other positions including information technology workers, manufacturing and logistics staff, executive leadership and sales and marketing professionals. 

Said Jim Link, chief human resources officer at Randstad North America: 

"Due to an aging engineering workforce, and a smaller pipeline of engineering students in some sectors, the need for talent will only rise as the sector continues to rebound."

Civil engineers were predicted to be in especially high demand, according to Juli Smith, president of Smith Consulting Group, citing a "large vacuum for talent in the market for civil engineers with five to 10 years of experience."

The Trevi Group
www.TheTreviGroup.com

(Video) Workforce Planning: Does your company have the bench strength to sustain top performance?

In sports, a team’s success is linked to its bench strength - the players on the bench who can seamlessly jump in and replace a player who is pulled due to injury or some other reason. Professional football teams don’t go into games with only one quarterback and baseball teams have players on the bench in case someone goes on the disabled list. It should be the same in business, where bench strength refers to the capabilities and readiness of potential successors to move into key professional and leadership positions. It is critically important because organizations continuously go through turnover, restructuring and changes in business strategy.

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Whenever a key person leaves - whether in leadership, management, or line operations - the organization should have a ready successor or a plan for replacement that will avoid business interruption. “Knowing where to build a bench lineup in your organization requires a systematic effort to ensure continuity, retain and develop intellectual and knowledge capital for the future, and encourage individual advancement,” says Anne Hayden, vice president of human resources for MRINetwork. “That means identifying positions that are critical to the company’s competitive advantage or are specific to your industry niche, and those with lengthy learning curves or reliance on experiential learning.”

Hayden offers these suggestions to ensure that your team is ready when it’s time to call on your bench:

Set your strategic direction. Start with your current mission. Is your company able to achieve its stated goals and objectives with your current team? Consider carefully your one-, three- and five-year plan and assess the talent you have on board in light of those plans. Your organization needs a game plan outlining processes, deadlines and directions for completing tasks. Ideally, departments should identify critical functions and have a game plan for each. Fostering strategic thinking in your people can help them increase their effectiveness in their current roles, while also preparing them to take on more responsibility in the future.

Make knowledge sharing routine. Encourage participation in projects, teams, task forces and committees. Develop a methodology for cross-functional training, which really pays off when a key player is absent, making it easier for other team members to step in. These tactics have the added benefit of providing your team with fresh perspectives and encouraging process improvement. Additionally, when routine knowledge sharing becomes part of the company’s culture, it breaks down silos and employees learn from others across the company, resulting in a stronger, more cohesive workforce. This will be especially important as we approach a labor market that is increasingly comprised of Millennials who seek mentorship and knowledge transfer from senior colleagues. Millennials will be most attracted to employers that can demonstrate a culture of collaboration and the opportunity to interact with different people at various levels in the organization.

Develop succession plans. Succession planning is especially important not only because of senior leadership that will eventually retire, but also because your most valued employees make up the group most at risk of leaving for another opportunity, particularly in today’s candidate-driven market. This process may involve both hiring fresh talent, and identifying and nurturing high-potential employees. Analyze the strengths and weaknesses of your current organization, including the available talent pool. Put in place a formal evaluation process that allows all levels to communicate their interests, strengths and areas that need improvement. This will help you to understand your bench strength - or lack of it - and determine whether critical positions have one or more persons ready to successfully assume the role and responsibility of each position.

Don’t go it alone. If you have to look beyond your organization to find qualified talent, consider engaging a search firm that specializes in your niche. This will give you access to their roster of potential candidates and to passive candidates you cannot easily reach on your own. Be prepared for more competition for the best people. Scrutinize your current hiring practices and procedures and overhaul them if they are cumbersome and prolong the hiring process. It’s also important to be interviewing top talent even when you don’t have a specific need. This will ensure that you aren’t starting from scratch when the need arises. You may even find that you want to create a position for a potential leader before the need is critical.

Clearly, building sustainable bench strength must be part of an organization-wide talent management program with career planning woven into the process. It sets the growth course, makes employee transitions less stressful, mends gaps and develops future leaders for success. It is an ongoing, dynamic process that helps an organization keep pace with changes in the business, industry, and overall marketplace.

“To stay ahead of the game, current leadership must continually have its finger on the pulse of business needs and make talent pipeline management part of the company culture,” says Hayden. “They must concentrate on developing a strategy for an ongoing, flexible talent management process. By doing this, organizations can ensure they have the right talent in the right place at the right time with a committed bench of players that will keep them on top of their game for seasons to come.”

The Trevi Group
www.TheTreviGroup.com

IT employment bounces back in August

IT employment figures bounced backed in August after a lower-than-expected July showing.

According to CompTIA, which conducted an analysis of recently released data from the Bureau of Labor Statistics, found that U.S. employers added 205,000 IT workers last month, The Wall Street Journal reported. 

The gains help offset July jobs activity in the industry, which saw 88,000 jobs lost, as well as losses in April and May, when IT hiring dropped to its lowest rate in five years, the news source noted. 

The August figures help bring total employment in IT for the year to more than 4.6 million. 

CompTIA found that the strongest gains within the IT industry were in computer systems design and IT software and services, together adding 6,100 jobs in August. Jobs related to search portals and data processing, hosting and related services also experienced small employment boosts. 

"Despite the limitations and volatility of monthly BLS data, the figures are useful in gauging net job growth for the year," said Tim Herbert, CompTIA senior vice president, research and market intelligence, in a press release. "Last year we had 3.1 percent job growth in IT occupations. Conditions suggest a growth rate on par with that in 2016."

The Trevi Group
www.TheTreviGroup.com

(Video) Not Receiving Enough Quality Applicants? It's Likely Your Employer Brand.

Your company is hiring, which means you’ve likely done the groundwork and communicated the job opening externally. So why aren’t there more A-player candidates knocking on your door?

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A recent LinkedIn survey of 26,000 professionals found that the main reason people don’t apply to a job is because they don’t have enough background about the company or even the position itself. If your company isn’t able to attract suitable candidates, it’s likely that your employer brand is lacking. Effective employment branding is able to attract even those who are not actively looking. Establishing a unique and compelling employer brand is one of the most effective ways to attract and keep top talent in your company.

According to Entrepreneur, out of more than 100 HR professionals and executives surveyed by Brandemix, 80 percent said they believe employer branding is effective. So, before you start your hiring efforts, consider the following steps for strengthening your employer brand:

Make a great first impression with a mobile, quick-apply process
In today’s world, there isn’t much that hasn’t become mobile-friendly for consumers, and applying for a job is no different. Fueled by increasing candidate demand for simple, quick-apply processes that can be completed on the go, mobile-friendly applicant tracking systems are increasingly being used by recruiting firms and talent acquisition teams at companies to transform the job search experience. In fact, according to LinkedIn’s 2015 Global Recruiting Trends Report, 34 percent of respondents said their career sites were mobile-optimized, a 14 percentage-point increase from 2014.

Recognizing the need to attract the best talent with a quick, mobile-apply process, The Trevi Group recently launched a new mobile-friendly, candidate job board on TheTreviGroup.info .

Leverage existing employee advocacy and leadership 
The focus of the employer brand has changed with the times, and the evolution of social media especially has made companies more transparent. As a result, potential candidates are more likely to listen to what a company’s employees have to say than its advertising tactics. Today, attracting talent relies much more on the advocacy and engagement of your employees.

“It’s important to keep in mind that your employees can either be your company’s strongest brand ambassadors or your biggest critics,” says Scott Bass, director of marketing & communications forMRINetwork. “These are the individuals who truly represent your company culture and brand. It’s their voice that potential candidates will trust most.”

Make it a team effort
The face of an organization should be well-rounded and include everyone from the top down. Potential applicants are just as interested in learning more about their future peers and co-workers as they are their managers, directors and even C-level executives. Make it a team effort by providing candidates the opportunity to hear from people at various levels in the organization. Whether it’s in the interview process, through employee testimonials on your website, or social media engagement, job seekers should receive the same message about what it’s like to work at your company.

Similarly, just as the messaging should be uniform across all company departments, the entire team should be living out the brand in the same way. This is accomplished through engaging with the community, demonstrating company values and exhibiting company work ethics.

Showcase company culture
Most potential candidates are looking for more than just a job; they’re looking for a career at a forward-thinking company with exciting opportunities and ideas. This is where you can really get creative with video and social media posts that bring to life your company’s culture (i.e. employee recognition, social events and charitable activities). In addition, try to showcase the day-to-day life of your organization, providing a realistic inside glimpse into the organization.

Consider outside perspectives
Sometimes being too close to your employer brand will prevent you from promoting it clearly to prospective candidates. If you’re looking to attract top, passive candidates, collaborating with an external recruiter could highly benefit your employer brand. With expert insight into the industry, a good recruiter will strategically leverage your brand to attract the best talent that is not necessarily on the market. In addition, skilled recruiters have visibility into what competitors are doing to attract the same caliber of talent.

By following these tips, you can build a captivating and sincere employer brand that actively attracts new talent while retaining your current workforce. “Above all, stay true to your brand in both your words and your actions,” says Bass. “Consistent, positive messaging about the employee experience at your company is key in positioning the organization as an employer of choice.”

The Trevi Group
www.TheTreviGroup.com

Wearable devices market expected to reach $612 billion by 2024

The global market for connected health and wellness devices is predicted to reach $612 billion in less than 10 years.

A recently released report by Grand View Research, Inc. states that as the demand for integrated health technology continues, the market will reach new heights by 2024, according to MarketWatch.

The expectation that consumers will continue to move toward healthier livelihoods and adopt wearable healthcare devices is not the only factor driving the growth. A rise in the rate of lifestyle-associated diseases that call for around-the-clock monitoring through connected healthcare devices will also attribute to the expansion over the next eight years, noted the source.

As part of the growing effort to improve quality of care, access to platforms enabling patients to view their own health records and related medical data and communicate with doctors is being increased. In terms of market growth, these advanced products, including adapters and remote sensors, are contributing factors. 

The healthcare industry as a whole is anticipated to become the largest sector in the U.S. in less than three years, reported Becker's Spine Review. In July alone, 43,000 jobs were added, outpacing all other industries.

The Trevi Group
www.TheTreviGroup.com

'Silicon Alley' giving Wall Street a run for its money in job creation

While the finance sector has long been depended upon to support job creation and economic growth in New York, so-called "Silicon Alley" is giving Wall Street a run for its money. 

According to recent findings from the New York Federal Reserve, Silicon Alley - the name given to the booming tech industry in New York City - added more jobs in the state than the finance sector, New York Business Journal reported. 

Specifically, jobs in internet publishing, online shopping and scientific research and development are showing significant growth, according to a statement by William Dudley, president and CEO of the Federal Reserve Bank of New York.

"Growth in these high-paying jobs is picking up much of the slack created by the softness of the securities industry," Dudley said. 

Silicon Alley is also increasingly being seen as a vibrant hub for startups. For three out of four quarters of 2015, New York City had more startup funding requests than any other area in the U.S., noted Forbes. In the final quarter of the year, the city registered 20 percent of all startup funding applications in the country. 

And even the tech industry in the Big Apple is taking finance jobs from Wall Street, thanks to fintech. New York state saw the most fintech funding in the country in the first quarter of 2016, and had deals equal to $201.4 billion, according to New York Business Journal. 

As Silicon Alley grows, state leadership will need to reassess Wall Street. The economy of New York City has traditionally been fueled mostly by the finance sector, Liberty Street Economics explained, and in 2007 was responsible for 12 percent of total employment in the city and 25 percent of wage and salary earnings. 

Dudley stated that there were multiple theories as to why the finance sector in the city is seeing minimal job gains, including unsustainable practices prior to the financial crisis, CNBC reported. 

The Trevi Group
www.TheTreviGroup.com

IT spending forecast to near $3 trillion by 2020

A new report from IDC, an IT research firm, forecast that businesses will spend $2.7 trillion on information technology by 2020, according to Fortune. 

In 2016, IT spending is expected to reach $2.4 trillion, the source noted. 

While sectors like consumer products have typically been most responsible for IT spending, the report showed that the manufacturing, financial services and healthcare sectors will have a larger role in the predicted growth. 

Healthcare in particular will show strong IT investment, with IDC finding that it would continue to the fastest growing industry in terms of tech spending, and will have a compound annual growth rate of 5.7 percent, according to Information Week. 

"In the US, the greatest near-term growth is expected among healthcare providers, professional services firms, banks and securities and investment services organizations," said Jessica Goepfert, program director of customer insights and analysis at IDC, in a statement.

Fueling the increased spending is greater investment in mobile, big data and cloud-based technologies, across industries. 

IDC also noted that large companies - those with more than 1,000 employees - will be responsible for nearly half of global IT spend in 2020, the source reported. 

The Trevi Group
www.TheTreviGroup.com

Launch date for Apple Car pushed back one more year, report reveals

Though many people have most likely never heard of the Apple Car, the rumored release date for this top-secret project may have been pushed back another year.

A new report from technology site The Information has divulged the news on the car that is still yet to be created, reported Fortune magazine. Believed to be called Project Titan, the Apple Car venture was thought to have an original launch date of 2020.

However, according to the report the team has run into several complications and as a result, will push back the introduction until 2021. Though Apple itself has yet to comment on the project one way or another, the company is said to be working on a self-driving electric vehicle.

According to Digital Trends, the delay is said to be due to a turnover in project lead. Recently, Steve Zadesky, who was at the head of the Apple endeavor, stepped down after more than one and a half decades with the company.

As far as collaboration, the lack of discussion on the subject likely means Apple is hoping to use in-house servers, noted the source.

The Trevi Group
www.TheTreviGroup.com

'Big health' on the horizon

Big data is already being used to track consumer trends and support national security - but it is also finding innovative applications in the healthcare industry. 

Analysts are pointing to the potential value of a partnership between the manufacturers of personal fitness tracking devices and health insurance providers. Insurance providers could collect the information gathered by these devices and then use it to provide consumers with personalized health advice, Gadget magazine explained. 

As the use of fitness trackers becomes more widespread, "big health," as the experts are calling it, could be put into practice soon. Currently, Fitbit dominates the U.S. market, selling one third of all activity trackers, according to the source.

And the increasing sophistication of cloud computing is helping to provide the digital architecture needed to support such a partnership. Gadget cited the "wellness tracking platform" launched by Microsoft in 2014 as a model for future systems. 

GPS-manufacturer Garmin is also getting in on the big health game. The company, which sells a line of wearable fitness trackers, recently announced a partnership with biotech startup LifeQ to create a "connected health solution," Ventureburn detailed. The solution is anticipated to involve the provision of personal health data to insurers. 

The Trevi Group
www.TheTreviGroup.com

Macy's to enhance the shopping experience through artificial intelligence

Macy's has teamed up with IBM Watson to introduce an artificial intelligence-powered shopping assistant for its retail stores.

The in-store mobile platform designed to enhance the consumer experience, Macy's On Call, will launch in 10 U.S. stores during a trial phase, reported Forbes. IBM Watson has recently teamed up with Satisfi, an intelligent engagement platform and developer partner, which will only further enhance the new platform of the retailer.

Based on the notion that customers are increasingly more likely to turn to their smartphones than actual store associates, the platform allows shoppers to ask questions in natural language to receive relevant answers.

"The combination of Satisfi's location-based, intelligent engagement software, with the cognitive learning capabilities of IBM's Watson, has helped us build a powerful and comprehensive tool to enhance the in-store shopping environment," said Don White, chief revenue officer at Satisfi.

Eventually the chatbot will learn how to give responses on department, brand and product locations within each specific store, reported The Washington Post. The new feature will be an extension of customer habits on the Macy's existing store ap. Shoppers will now be able to get more detail on products and check prices themselves.

The major clothing store is not the first retailer to incorporate technology and is joining the trend in an effort to improve the shopping experience.

The Trevi Group
www.TheTreviGroup.com