BLS Employment Situation Report - for July 2018

The job gains initially estimated by the U.S. Bureau of Labor Statistics for June were recalculated from 213,000 to 248,000. As such, some economists consider the total increase in nonfarm payroll employment for July - 157,000 jobs - an even more significant decline from June's numbers. Other analysts see it more as a regression to the mean: a more typical and sustainable pace of healthy job growth than the almost hyper-real gains that long stretches of 2017 and 2018 have seen.

That said, the July figure is considerably less than what some experts predicted: Economists surveyed by Bloomberg expected a mean increase of 193,000 jobs, while a similar questionnaire from Reuters came up with an average prediction of 190,000 new positions. The unemployment rate, by contrast, was widely expected to fall from June's 4.0 percent - which it did, to reach 3.9 percent in July. The labor force participation rate held steady at 62.9 percent.

Many of the industries that saw notable increases in positions added were the same between June and July: Professional and business services once again took the No. 1 spot, with 51,000 new positions created, while manufacturing took second place with 37,000 jobs added. Both of these sectors also saw a month-to-month uptick of exactly 1,000 jobs from June to July. Healthcare came in third again this July, but with stronger numbers than what was seen in June - 34,000 new roles created as opposed to 26,000 the month prior.

Food services and drinking places was a new addition to the list of statistically significant job gains, with 26,000 new workers added to its payrolls. Seasonal factors likely drove this, given the tendency of July and August to serve as primary vacation time. Construction and retail trade were the last two sectors to see any notable uptick in employment, with 19,000 and 7,000 jobs added, respectively.

No broad sector of the American economy experienced significant labor force decline, though retail's gain would've been much greater if not for a loss of 32,000 positions in sporting goods, hobby, book and music stores. Clothing, general merchandise and food and beverage stores offset that drop with healthy job growth.

Speaking with Reuters, Omair Sharif, senior U.S. economist at the New York branch of the multinational bank Societe Generale, expressed a sentiment common among various experts: slight disappointment, tempered by broader optimism.

"The story is pretty much the same," Sharif said to the news provider. "Job growth is still very strong. It's still a disappointment on wages still with the unemployment rate this low. We are still fluctuating between 2.5 percent and 2.8 percent in year-over-year wage growth. The labor story hasn't changed very much. Everything else looks pretty solid. We are just waiting for wages to accelerate. We can't seem to budge out of this range."

BLS figures show that wage growth increased from June to July, jumping from 5 to 7 cents in terms of additions to average hourly earnings - a 0.3 percent jump, as predicted by the economists Bloomberg surveyed. Measured year-over -year, it's not quite as positive, with a 2.7 percent increase between July 2017 and 2018, identical to June's year-on-year wage gain.

The Federal Reserve increased federal benchmark interest rates in July, as expected, with many predicting another rate hike in September. Sharif cautioned against assuming this was "a done deal," however, noting that the Fed will examine "more than just the labor market to determine further hikes."

In big-picture terms, the U.S. economy remains considerably solvent, but this could change somewhat if trade tensions with other nations - especially China - become more intense.

The Trevi Group
Executive Search For Technology Professionals
www.TheTreviGroup.com

Video: 4 Ways to Plan the Growth of Your Company in the Instant Information Era

Today’s senior business managers face not only traditional business planning tasks when driving growth within their organization, but also the need to understand new marketing challenges and opportunities presented by technologies that were not taught in business schools even five or ten years ago.

Click to watch the video.

Key among those business planning elements are marketing and public relations planning that leverages the latest technologies to communicate your company’s mission, focus and differentiated, competitive advantages. Leaders also need to plan digital defenses against issues that can arise virtually overnight even as they deploy new marketing tools and techniques.

Here are four ways you can promote your business more effectively using the latest marketing and public relations techniques:

1. Stick to the 1 in 7 posting principle

A spin on the "Rule of Seven," which stipulates that a buyer should hear a marketing message at least seven times before buying, the 1 in 7 rule relates to social media. As noted by American Express, whenever you post something on Facebook, Twitter or other social media website, one out of every seven of the posts should promote your business. The other posts should be some piece of content that your customers will consider interesting or valuable. This balance helps your customers view your business as an industry thought leader.

2. Target your audience with search engine optimization

What are your customers searching for when they log on? What websites are they going to for information? Search engine optimization can help you decipher the type of questions your customers want answered and what key search terms they're using to find them.

"Find out who's talking about what, where they're talking about it, and then start listening there," Amy Vernon, marketing consultant at Predictable.ly, told Fast Company.

3. Form a crisis management team

How would your company respond if an employee mistake or a cyber security attack tarnished the organization’s image? Time is of the essence in today's digital world where word travels fast, and the immediate strategy you employ determines how you'll bounce back. You may want to appoint some of your existing employees to serve as crisis managers. The team should consist of individuals who have a knack for staying cool under pressure and thrive at problem-solving in a digital environment. Once the team is assembled, map out a process that can be followed, should a crisis arise.

4. Connect with influencers

Influencers are the people who move the needle and whose endorsement of your product - or contribution to your blog - elicits more clicks. That’s the social media component of leveraging influencers. However, your association with influencers goes far beyond the online world. Connecting with industry influencers can lead to additional marketing opportunities, such as guest speaking at your corporate conferences or appearances in promotional content.

“From guest blog posts to interviews to podcasts, influencers can legitimize your organization and significantly raise the company’s profile,” explained Vince Webb, vice president of marketing for MRINetwork. “Influencers allow you to reach target audiences, as well as those that you might never have expected, through a vast assortment of interactive mediums.”

Establishing a solid brand and spreading the word about your company has never been easier, thanks to cost-effective measures like social media, digital marketing and public relations. The key is striking the right balance between traditional and new marketing and public relations techniques that can propel your business to new heights.

The Trevi Group
Executive Search For Technology Professionals
www.TheTreviGroup.com

Employment Summary for June 2018

The U.S. saw yet another considerable monthly surge in the size of its labor force in June 2018. According to the Employment Situation Summary from the Bureau of Labor Statistics, nonfarm payroll across all American industries added 213,000 jobs during the month.

This is slightly less than May's tally of 223,000 new positions, but a strong number exceeding the median figure projected by a Bloomberg survey of economic experts, who expected approximately 195,000 jobs added.

Although the unemployment rate rose from May to June - coming in at 4 percent after May's remarkably low figure of 3.8 percent - many are attributing this to growth in the labor force participation rate, which most recently jumped 0.2 percent to reach 62.9 percent. This indicates an uptick in jobless individuals actively seeking work, particularly among prime-age workers (Americans between the ages of 25 and 54). Brookings Institution senior fellow Gary Burtless confirmed as much in an interview with The Washington Post.

"This trend has been well underway," Burtless told the news provider. "We had a very, very long recovery from an extremely deep recession. It wasn’t spectacularly fast, but it has been spectacularly long.”

The field of professional and business services stood well above other sectors of the U.S. economy in terms of increased employment for the month, adding a total of 50,000 jobs. Manufacturing saw the second largest gains, creating 36,000 new positions once again on the back of durable goods manufacturing. This smaller category of the field has reaped major overall benefits for the American manufacturing industry, in terms of both revenue and employment.

Healthcare - another consistent performer on the U.S. job market and general economy over the past few years - added 25,000 new positions to its labor force in June. Meanwhile, construction rounded out the group of sectors with five-figure job gains due to the 13,000 new roles it created, and mining was the only other industry with statistically significant employment growth for the month, adding 5,000 jobs altogether.

The only notable drop in total jobs for June occurred within the sector of retail trade - a loss of 22,000 positions. However, because this field of the American labor force added 25,000 jobs during May, any impact on the businesses within it would be minimal. Additionally, seasonal labor shifts, which are common in retail, are almost undoubtedly responsible for some of June's job losses. This reduces the likelihood that the drop-off is the beginning of any alarming trend - though it's too early to know all of the exact causes.

Speaking with Bloomberg, Michael Feroli, chief U.S. economist at JPMorgan Chase & Co., offered a largely positive but nuanced take on the newest numbers from the BLS.

"This is a good job-creation number, but on the other hand we see still continued soft wage growth," Feroli said. "It's positive in the sense that we still have some capacity to grow above trend without triggering too much inflation worry." He added that the Federal Reserve could interpret these indicators as reasons to maintain its current schedule of increases to federal benchmark interest rates, rather than expanding to four rate hikes for 2018 as many economists have anticipated.

Growth in average hourly earnings did slow somewhat during June, with the month's 5 cent increase representing a 0.2 percent decline from May's wage gains. Also, concerns persist among some American businesses regarding potential adverse effects of the recent U.S. tariffs on numerous imports, including $34 billion in new levies placed on goods from China as of July 6, 2018. Yet the full effect of those measures remains to be seen, and in the meantime, the American economy is in a positive place, as it has generally been for the past several years.

The Trevi Group
"Executive Search for Technology Professionals"

IT job creation sizzling this summer

The U.S. economy is in the black in terms of job creation for 92 months in a row, according to The New York Times, and the unemployment rate hovers at lows not witnessed in nearly 20 years. Virtually every industry is in hiring mode, and this is particularly true in the information technology sector - where employers are filling positions at breakneck speed.

With the summer's arrival, approximately 25 percent of business are hiring for their IT departments, according to a newly released survey conducted by The Harris Poll for CareerBuilder. That's tied with customer service and office support for the highest percentage among individual employment sectors. Engineering came in second at 18 percent and manufacturing at 16 percent.

Irina Novoselsky, CareerBuilder president and chief operating officer, noted that given companies are competing with one another to woo an increasingly smaller pool of job-seekers, they're dialing up the incentives.

"Employers are becoming more competitive with pay and offering more long-term employment opportunities to summer workers," Novoselsky explained. "It's a great way for workers to add new skills, build up their resumes and expand their professional network."

Most companies expect seasonal jobs to turn permanent
Although no two hiring environments are the same, the summer is traditionally a hot period for recruitment, both for seasonal help as well as for positions businesses are looking to fill for the long haul. The survey found that 41 percent of employers intend to hire seasonal workers during the summer, with 88 percent expecting these positions to segue into permanent roles by the time late September rolls around. That's up from 79 percent in 2017.

Businesses are looking to shore up their cybersecurity with IT professionals as permanent staff members.

The IT sector is one of the more dynamic out there. Technology is developing rapidly and becoming cheaper for consumers to purchase, making lives more comfortable and easier to manage. At the same time, the internet of things era has led to a dramatic uptick in security breaches, fueled by identity thieves looking to steal consumers' personal information. They're also after the sensitive data of businesses, as seemingly not a week goes by without hearing about a company experiencing a cyberattack.

IT employee demand to outstrip supply within four years
It's these security concerns that have contributed to the uptick in IT-related hiring. As reported by The Wall Street Journal, the demand for cybersecurity professionals in outpacing supply. Indeed, by 2022, the U.S. is expected to have 265,000 more data security jobs than skilled workers available to fill them, based on estimates from Frost & Sullivan.

The need is so great that job-seekers don't necessarily need to be specialists. Recruitment expert Ryan Sutton told the Journal that what businesses really want from hired help is superior critical-thinking skills, but a basic knowledge of computer networks and programming are big pluses also.

"There are just not enough certified professionals out there to fulfill the needs," Sutton further stated.

Meanwhile, the Department of Homeland Security has developed an online tool that techies can use to sharpen their skills. The National Initiative for Cybersecurity Careers and Studies offers formal education programs, training utilities and how-to articles that help individuals apply some of their knowledge to managing their data.

In short, if you're looking for work in IT, your dream job may be waiting for you.

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

Video: Ensuring Your Company has Strong Leaders, Not Bosses

Are leaders born or made? It's an interesting question that produces a plethora of answers. But here's something that isn't up for debate: People are naturally attracted to leaders.

Click to watch the video.

Leaders possess capabilities that can inspire others to become their best, something that business owners eagerly seek in the people they hire and the individuals they currently employ. When you recognize leadership qualities in your workforce, you can't afford to let them get away. As a result, companies are always looking to identify leadership skills within potential hires to ensure they have a strong base of leaders that can drive the organization forward. These skills include the ability to motivate staff and drive innovation, while doing so with a sense of integrity, transparency and diplomacy.

A great way to gain insight on whether someone is more of a boss or a leader is to do your homework during the hiring process. For example, if you're interviewing an applicant for a management opening, asking them a few questions about how they led various projects or initiatives will tell you a lot about their leadership style.

Additionally, calling one or two of the candidate’s references can give you an idea of whether the person was highly regarded for their leadership capabilities in their previous position. The length of their relationship can also provide insight.

“When candidates portray admirable leadership qualities in the interview process, appointing them to supervisory roles can help motivate your other staff members to perform well or seek to become leaders in their own right,” said Nancy Halverson, general manager for MRINetwork.

For the most part, employees think rather highly of their managers. In fact, a 2016 poll conducted by CareerBuilder, found nearly two-thirds of respondents gave their bosses an "A" or "B." However, in those instances where bosses received an average or failing grade, it frequently led to employee losses. Almost 40 percent of respondents in the poll said they'd left at least one job due to the management style of their bosses.

In short, as noted in a report by the Society for Human Resource Management, dissatisfied workers don't leave their jobs - they leave their bosses.

How do you ensure you have leaders who inspire instead of bosses who discourage? Here are a few suggestions:

1. Leaders avoid micromanaging and consider others their equals

As discussed in The Muse, even though managers may be authority figures, they shouldn't see themselves as "better than" the workers who are in their charge. The best managers view their relationship as more of a partnership, rather than a one-way street where the manager directs and workers perform. Additionally, leaders give their staff autonomy, adopting a more "hands-off" approach to management. In the 2016 CareerBuilder survey, respondents who gave their managers a high letter grade were more likely to work for leaders who they didn't consider to be a micromanager.

2. Leaders take a genuine interest in their team members

Employees have lives beyond the office, spending their time with family members, friends, projects at home or activities within their community. Leaders aim to get to know their team on an individual basis, forming a more personal relationship while at the same time learning about qualities that can contribute to the growth of the business, like expertise that isn’t currently be utilized, or traits such as patience or perseverance that would lend themselves well on a special project. Knowing someone at an individual fosters trust and encourages people to give it their all.

3. Leaders prioritize relationships and results

Managers in leadership positions are responsible for ensuring work is completed effectively so growth never ceases. Overbearing bosses may still be able to achieve solid results, but it may produce diminishing returns if employees are at their wits' end and ultimately decide to quit in search of greener pastures. Leaders recognize the value of relationships. They prioritize finding solutions to issues that may be troubling workers and ultimately impeding their work output. Leaders also put greater emphasis on results that are achieved through demanding yet, reasonable processes rather than processes that are tedious and unnecessarily taxing.

“Whether it comes naturally or develops over time, leadership is an indispensable asset that can help your business reach its goals,” said Halverson. “Fostering strong leadership and leveraging it to drive the organization forward can be the difference between a run-of-the-mill operation and a truly extraordinary one.”

The Trevi Group 
www.TheTreviGroup.com 
"Executive Search for Technology Professionals"

BLS Employment Situation Report for May 2018

Considerable spikes in employment characterized the U.S. economy in May - more than enough to offset an April jobs report viewed as underwhelming in numerous respects. According to the latest Employment Situation Summary from the Bureau of Labor Statistics, nonfarm payroll employment in America rose by 223,000 through May. This was nearly 100,000 more than the 159,000 positions created during April (according to revised figures) and ahead of numerous economic analysts surveyed by both Bloomberg and Reuters, who predicted median gains of 190,000 and 188,000 jobs, respectively.

Additionally, the unemployment rate fell to 3.8 percent from the previous month, which, at 3.9 percent in April, was the lowest rate seen in almost 20 years. May's figure represents an almost half-century low.

Retail trade, the dependably robust field of healthcare and construction led the way for job increases, respectively gaining 31,000, 29,000 and 25,000 jobs in May.

Professional and technical services added 23,000 positions for the month, transportation and warehousing created 19,000 jobs and manufacturing continued its trend of expansion driven by durable goods production, with 18,000 roles added to its ranks. Mining brought up the rear in terms of statistically significant employment gains for May, creating 6,000 new positions largely in the niche of support services.

Job growth in other industries such as wholesale trade, information, financial activities, leisure and hospitality, and government was relatively unchanged.

Other indicators within the May BLS report, such as wage growth, provided stronger evidence of sustainable expansion than what were seen in April. Average hourly earnings increased 8 cents to reach $26.92, representing a 0.3 percent uptick that outshone April's 0.1 percent jump. Additionally, while April's decline in the labor force participation rate - to 62.7 percent from 62.8 - made it clear that some of 2018's earlier unemployment decline came from people who stopped actively looking for work, May had no movement in this metric, indicating that the U.S. gained at least enough positions for labor force participation to break even.

Michael Feroli, the chief U.S. economist at JPMorgan Chase & Co., provided a balanced examination of the employment report's conclusions in an interview with Bloomberg.

"Demand for labor remains pretty vigorous," Feroli told the news provider. "There isn't a whole lot to dislike in this report." He then admitted that the rate of expansion was likely too strong to continue quite as it had, saying, "Job growth is running in excess of the sustainable pace of the demographically determined supply of labor. This report, in and of itself, definitely strengthens the case for four hikes by the [Federal Reserve] this year. The question is, will policymakers have the confidence that global developments won't adversely affect U.S. growth?"

In its direct statements, the Fed remains noncommittal thus far regarding the specific schedule of federal benchmark interest rate hikes, but Feroli's opinion echoes the belief of many on Wall Street and the broader American financial sector who expect three more increases by 2018's end. Current inflation stands just below 2 percent, the desired level for the national bank, according to Reuters.

The White House's controversial imposition of metals tariffs on previously exempt trade partners including Canada, Mexico and the European Union, as well as other global socioeconomic unrest, could be problematic in the near future for the U.S. Yet at present, American domestic labor occupies an undeniably strong position based on the latest numbers.

The Trevi Group  |  www.TheTreviGroup.com  |  "Executive Search for IT Professionals"

Video: The Importance of Strong Employer Branding During the Interview Process

In today's competitive hiring landscape, companies need a cohesive and well-defined brand to help them stand out from other businesses that are also hoping to attract top talent.

Many companies spend considerable resources developing their corporate website and social media presence to reflect their brand. However, what some organizations don't realize is that a company's employer brand - their reputation as an employer - can be observed as early as the interview process. If your interview process reflects and strengthens your company's brand - instead of detracting from it - you can gain a competitive edge in recruitment.

Click to watch the video.

Here are some ways that companies can strengthen their employer branding through the interview process:

Revamp your careers page

Nearly every company has a careers/jobs page on its website, or even a separate careers site, but few take the time to create one that spotlights their employer brand. Don't miss this important opportunity to reflect your organization's mission and values through the copy, voice and design of the site. This can be further demonstrated by highlighting top performers within the organization, allowing jobs seekers to learn about featured employees' career growth and overall experience working for the company. Ultimately, every element of the careers page/site and its linked job descriptions should mesh with your company's brand.

Your company website and company review sites such as Glassdoor play an increasingly important role in the way candidates assess your organization. The 2018 MRINetwork Reputation Management Studyfound top methods for evaluating an employer brand were employee referrals (59 percent), company website (56 percent), Glassdoor (38 percent) with employee testimonials ranking 4th (at 28 percent). “Your employer and external brands need to be closely aligned in order to present your organization consistently and effectively,” advises Vince Webb, vice president of marketing for MRINetwork. “If there is a disconnect between how you present yourself to the outside world and how your employees view the company, your brand will suffer from a confusing message that fails to attract top candidates.”

Use technology to make scheduling and follow-up easier

If the interview scheduling process is too complicated or it takes a long time for a hiring manager to contact applicants to set up an interview, top candidates can develop a negative perception of your business. To prevent this, some companies are speeding up the process by using technology to make interview scheduling easier.

For example, PricewaterhouseCoopers started using a new online platform that enables candidates to select a time for their interviews, as a LinkedIn Pulse article explained. The platform features a calendar that notes the availability of internal interviewers and then auto-updates after candidates choose their time. Before the process, it took an average of six days to schedule an interview. The online tool, however, has shortened it to just one day.

An efficient, streamlined interview process that engages candidates and keeps them in the loop on the status of their application can also help companies create a more positive applicant experience and, in turn, a more positive employer brand. According to the Reputation Management Study, almost half of candidates (47 percent) feel lack of communication through the interview process is one of the biggest turnoffs during the interview process. “The details of the interview coordination and process reveal volumes about operating priorities and corporate values,” observes an applicant that responded to the Study. Ultimately astute candidates want a hiring experience that’s high-tech, but also high-touch and personal. If they’re left hanging in limbo, they’re likely to move on.

Ask more relevant interview questions

Scrap the cookie-cutter questions during interviews and instead see the conversation as a way to share insight with the candidate on your company's culture. Ask questions that require critical thinking and that relate to your company's mission and values to gain a better sense of whether the candidate is a good fit for the role. For example, you can ask interviewees to describe a time they overcame a work challenge that is relevant to your company's ethics. Or, if collaboration is important to your organization, you can ask them about whether they prefer to solve problems on their own or with the help of others.

It’s also important that everyone involved in the interview process has the same understanding of the position’s requirements. Thirty-six percent of candidates in the Reputation Management Study said that discovering discrepancies among interviewers about job duties was the second biggest turnoff they encountered while interviewing. “Consistency is critical,” said an employer responding to the survey. “The messages that are portrayed during the interview process are such an important piece of the selection process that we’ve hired an HR manager to focus on that aspect in our hiring processes.” Ultimately, the bottom-line requirements of the job should be discussed among the interviewing team in advance, to ensure that candidates will be asked job-related questions built around critical job competencies. Interviewers who have a clear picture of the skills that the candidates need to have in order to be successful are more likely to identify the best person for the position.

Create a positive interview environment

When candidates come into your office to interview, be sure they're entering an environment that's indicative of a positive work culture. Ensure hiring managers or HR professionals start the interview on time, they have already reviewed the candidate's resume and drafted pertinent questions before the interview begins. Leave ample time for the interview to avoid a rushed experience, and be sure to cover issues that are important to sought-after candidates.

Creating a positive interview environment also means selling candidates on the things that make your organization great. Applicants are very clear about the factors that influence their perception of your employer brand. The MRINetwork Study revealed that emphasis on work-life balance and advancement opportunities were highly ranked, at 47 and 40 percent respectively.

“Companies that offer flexible work arrangements and career pathing programs create an employee-centric vibe where staff feel they are a top priority,” says Anne Hayden, vice president of human resources for MRINetwork. “Promoting these types of offerings to candidates, is just one more thing your team can do to leave a lasting impression during interviews.”

The interview process is a critical opportunity for companies to present a strong, unified brand identity. Organizations that fail to recognize the importance of their employer brand and the need to monitor it accordingly, are likely to find themselves losing out on the best talent while companies that have great employer branding and offer an excellent candidate experience have no problem attracting the best and brightest.

The Trevi Group  |  www.TheTreviGroup.com  |  "Executive Search for IT Professionals" 

BLS Employment Situation Report - for April 2018

Nonfarm payrolls in the U.S. added 164,000 jobs in April 2018, according to the latest release of the Employment Situation Summary from the Bureau of Labor Statistics. While below expectations of just over 192,000 new jobs, this expansion of the labor force exceeded the previous month's figures, even when accounting for upward revisions bringing the March total to 135,000 new positions as opposed to the original 103,000.

Additionally, the unemployment rate slid to 3.9 percent during April. Reuters reported that this new percentage represents the lowest unemployment figure seen since December 2000.

When unemployment fell to 4.1 percent more than six months ago, that contraction itself represented a near-record low and provided strong evidence of how robust the American job market has been in the last few years. The metric's stability at this level for nearly half a year was arguably even more remarkable. As such, April's added drop in the joblessness rate could back up some economists' predictions that the second quarter of 2018 will feature better performance across multiple economic metrics than what was seen in the year's first quarter.

Professional and business services led the pack in terms of job growth-producing industries, with 54,000 jobs added in April. No other sector even came close to this level of employment gains.

In the runner-up spot, manufacturing saw the creation of 24,000 roles, stemming in no small part from the continued strength of the durable goods production market. Healthcare, which has been the American economy's brightest star almost without interruption for the past two years, also added 24,000 jobs. The mining industry rounded out April 2018's contingent of fields with noteworthy job growth, with the creation of 8,000 positions. No other fields experienced any statistically significant addition or subtraction to their ranks of employed workers.

Feelings among economic analysts and business leaders regarding the overall American economic situation appear generally positive, if tempered by a number of tangential figures and factors. In a note released ahead of the report, Wells Fargo Securities senior economist Sam Bullard expressed this sort of guarded optimism.

"We believe the U.S. labor market remains on solid footing," Bullard stated, according to the news provider. "That said, as labor market conditions continue to tighten and the pool of skilled workers on the sidelines continues to shrink, future monthly hiring gains are likely to slow from the current hiring pace."

Numbers responsible for uncertainties regarding the labor market include the labor force participation rate, in which the BLS identified a slight decline, falling to 62.8 percent. Some economists consider this metric a better barometer of American employment due to its measurement of people who are actively working and its ability to account for individuals who've ceased seeking work in any measurable manner.

Lower than expected wage growth of 0.1 percent may also have contributed to any sense of unease experienced by company leaders, economic experts and workers.

On the other hand, Bloomberg reported that any further drop in the U.S. unemployment rate may prompt the Federal Reserve to view the figure as unsustainable in the long run, thus necessitating further hikes to federal benchmark interest rates - perhaps beyond the increases already expected to occur in 2018. The first of these is tentatively scheduled to take effect sometime in June. Also, expected surges in consumer spending and the possibility of tax cuts provide further hope of continuing overall positive performance across the American economy.

The Trevi Group  |  www.TheTreviGroup.com  |  Executive Search for IT Profressionals

A growing need in the field of cybersecurity engineering

With the rise of cybercrime, which continues to be a rampant threat to government, companies, institutions and individuals, a new role has emerged: cybersecurity engineering. The need for individuals with skills in software and systems engineering, as well as operational security, is growing and as a result, universities and government are being called on to act accordingly.

The need for cybersecurity engineers:
As the Cybersecurity Jobs Report 2018-2021 from Cybersecurity Ventures concluded, within the next three years there will be 3.5 million unfilled cybersecurity jobs globally. The cost of cybercrime has steadily risen from $3 trillion in 2015 to an expected total of $6 trillion by 2021. Leaders in the industry have been unable to keep up with demand, due to a lack of qualified applicants.

"By 2021, cybercrime spend is expected to reach $6 trillion."

The big reason for the lack of skilled workers and available candidates, which is causing the cybersecurity industry to lose out big time, is the booming tech industry, Venture Beat reported. The majority of qualified candidates are skipping further education and training to instead hop on board with innovative startups in Silicon Valley. This leaves the cybersecurity industry with virtually no unemployment and a concerning skills gap.

Competitive compensation and lots of choices:
As eSecurity Planet reported, due to the dire need for skilled workers, active job seekers vying for a shot in the cybersecurity engineering sector can be guaranteed lots of career options and a salary well above that of their peers in other IT industry roles. 

Though hands-on experience and IT security certifications applicable to cybersecurity are preferred, it is likely that organizations will begin to offer on-site training in an effort to fill quotas. However, it is also worth noting that because cybercrime tactics and threats are continuously changing, skill development will need to evolve on a per-need basis as well. As eSecurity Planet highlighted, skills guaranteed to be useful for aspiring cybersecurity engineers include:

• Access/identity management
• Application security development
• Audit and compliance
• Firewall/IDS/IPS skills
• Analytics and intelligence
• Intrusion detection
• SIEM management
• Advanced malware prevention
• Incident handling and response
• Cloud computing/virtualization

Those individuals who can meet the needs of these ventures companies that are struggling with a lack of qualified cybersecurity engineers can reap a highly competitive profit. Cybersecurity engineers are in high demand.

Enhancing education to fill the gap:
In March, leaders and cybersecurity experts from across the country gathered at the University of Florida to discuss the latest trends, needs and developments in the field, the Herbert Wertheim College of Engineering reported. Moving forward, there was agreement that collaboration between industry, academia and government is essential to the future of the industry.

Understanding that they are losing top candidates to the tech industry, organizations across the cybersecurity sector are turning toward college and university programs, that are actively improving and offering relevant coursework, to develop and hire right-fit employees. Venture Beat was quick to caution, however, that universities are best guided to wait on revamping or creating cybersecurity master's and Ph.D. programs until they have a complete understanding of the industry needs.

The next few years will be indicative of the future of cybersecurity engineering and how the industry will react to the skills gap. One thing is for sure - there are more than enough job openings in the field.

The Trevi Group  |  www.TheTreviGroup.com

How Important is Social Media in the Hiring Process?

Remember when screening a candidate past the interview stage was limited to references and a credit, background or drug test? The growth of social media has introduced another dimension to the hiring process - that while on the surface appears positive, can present challenges in gaining a clear picture of a candidate - both socially and professionally. As social media is increasingly being leveraged to evaluate candidates, employers will need to determine what policies they will put in place to ensure consistency in the hiring process.

According to the 2018 Reputation Management Study conducted by MRINetwork, nearly half (48 percent) of candidates believe their social media presence is important or very important to potential employers. “They are aware that employers can now learn a lot about them prior to meeting with them, or even before contacting them, as they seek out candidates who have the skills and personalities that will be beneficial to their organizations,” says Patrick Convery, marketing manager for MRINetwork. “Consequently, many job seekers are putting more of their social media profiles on private, or even setting up separate professional profiles, so their information can’t be shared with the public.”

While many employers casually review candidate social media profiles, the survey reveals that 18 percent are formalizing the process, and another 17 percent say they’re considering doing so in the future. But what are they looking for? Although they want to learn something about the candidate's social life or the choices they make - 39 percent of hiring managers say questionable content or behavior is the No. 1 thing they look for - they are also looking to see if the job resume is consistent with the information posted on social media by the candidate. “LinkedIn and Facebook users typically add their place of work, the college they graduated from, their hometown, and where they’re currently living,” observes Convery. “Prospective employers can check this information to be sure that the candidate’s resume is lining up correctly with their profile information.”

The Pitfalls of Overreliance on Social Media in Hiring Decisions

Not everyone updates their social media to their current situation and there are still some candidates who do not yet have a social media presence. As employers check out candidates, they may inadvertently ignore someone who is a perfect fit simply due to their lack of a social media presence or inconsistent updating of their information. “If social network users have their profiles set to private, as is becoming more common after recent breaches in security, this means they don’t want the world seeing what they post, which results in an absence of the kind of data employers are looking for to screen job applicants,” says Convery.

Another risk that employers face when using social media information in the hiring process is a legal one. Employers have to be aware of the types of information they are selecting to use in the hiring process; it can be problematic to assess candidates based on their race or gender since this information is protected legally and cannot be taken into account when hiring, according to the Chicago Tribune.

CAUTION - If you learn of a candidate’s protected characteristic(s) (including age, sex, race, color, religion, and national origin) by reviewing the candidate’s social media sites, you may not allow that to influence your willingness to recruit that candidate. Likewise, you should not share that information with your team.

Creating a Consistent Policy on the Use of Social Media in Hiring

If your company reviews social media profiles, it’s best to establish a policy around the use of candidates’ online information in the hiring process that clearly outlines when online searches should and should not be used. “By identifying positions for which searches are an important element of the process, you can develop a standard approach for how these searches will be conducted and how the information will be used,” says Anne Hayden, vice president of human resources for MRINetwork.

Hayden advises that you consider how to incorporate the following components into your policy:

• Clarity on the rationale for the use of searches
• Transparency for those using the policy and for candidates who are the subject of searches
• Consistency in terms of how searches are conducted and who conducts them
• Openness about what impact the findings will have on candidates

“When done correctly - and legally - looking at a candidate’s personal profile can be a great hiring tool, but you will still gather the best insights from the personal interview,” concludes Hayden. “Asking the right questions and encouraging an honest dialogue can help you get to know a candidate better than their latest post on Instagram and prevent you from passing up a great new employee.”

The Trevi Group  |  www.TheTreviGroup.com