'SHIFT May Report - Trending Topics in the World of Work_

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Our May issue of SHIFT covers input from HR execs on the important issues affecting the workforce today; tackling the mental health workforce shortage; conducting a skills gap analysis; and embracing the new-collar workforce.

HR Executives Open Up About the Challenges They Face

Business Insider surveyed eight talent leaders, including consultants and HR chiefs across a range of industries, about the most pressing workplace challenges they are currently facing. They talked about "keeping the fire lit" around keeping people safe, healthy, engaged and productive.

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Tackling the Mental Health Workforce Shortage

Improving the mental health workforce shortage is one of the Substance Abuse and Mental Health Services Administration's top priorities. To tackle this, SAMHSA has several resources and grant programs in place to recruit more providers and support primary care physicians in treating mental health.

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Conducting a Skills Gap Analysis

While skills gaps have always existed, workforces are currently undergoing dramatic changes that have exposed the shortage of expertise required for the new digital economy. A skills gap is the difference between an employee's current abilities and the skillset best suited for their job. Skills gaps can lead to workplace inefficiency, with staff struggling to handle their responsibilities or perform assigned tasks. In addition, severe skill gaps may lead to employees being unable to perform their roles.

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The New-Collar Workforce

Many workers today are stuck in low-paying jobs, unable to advance simply because they don’t have a bachelor's degree. At the same time, many companies are desperate for workers and not meeting the diversity goals that could help them perform better while also reducing social and economic inequality. All these problems could be alleviated, according to an article in the Harvard Business Review, if employers focused on job candidates’ skills instead of their degree status.

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

#thetrevigroup

'BLS Employment Situation Report (April-2023)

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Employment Summary for March 2023

U.S. employment market growth continues, at a slightly lower pace, a full year after the Federal Reserve began its efforts to reduce inflation by applying brakes to the economy. Today’s U.S. Bureau of Labor Statistics (BLS) March report indicated non-farm payroll increased by 236,000, compared to an average monthly gain of 334,000 over the past 6 months.

Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million, changed little in March. These measures have shown little net movement since early 2022. Unemployment among the college educated labor force remained at what is essentially full-employment at 2.0 percent.

“Data from this month’s BLS report continue to show a stubborn resilience in the employment marketplace. Our internal metrics also reflect this steady hiring strength. The demand for executive, professional, technical and managerial talent continues in the broad range of industries served by our over 200 executive recruitment offices,” noted Nancy Halverson vice president, MRINetwork. “Within that positive trend, our talent consultants are seeing growing tension between many employers like Walt Disney Co. and Starbucks Corp. who are asking office staff to report in person more often versus a solid segment of talented workers who prefer a more liberal work from home option. Our recruitment teams generally play the role of an honest broker as we coach our client companies to focus on a top candidate’s cultural fit, growth potential, track record of success and work ethic versus an arbitrary insistence on 100% in-office requirement.”

Initial reporting by the Wall Street Journal’s Sarah Chaney Cambon characterized today’s data as “gradually cooling.” She quoted Robert Frick, corporate economist at Navy Federal Credit Union, “The great labor market machine is finally slowing down some, but it’s still got a lot of strength left.”

Fox Business reporter, Ken Martin noted, “While the overall pace of job growth is slowing, the labor market is still very tight with many employers hesitant to lay off workers.” He reached out to Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, who observed, “For the economy, more jobs are good: more workers, more wage income, more spending ability, and so forth. There’s no real downside. For financial markets, however, a strong report would be problematic. Those workers—earning and spending their wages—add to demand, which adds to inflation. So, a strong report would be bad news for the Fed, for interest rates, and for markets."

Employment continued to trend up in many of the industries that have fueled growth in recent months.

Leisure and hospitality added 72,000 jobs in March, however at a rate lower than the average monthly gain of 95,000 over the prior 6 months. Most of the job growth occurred in food services and drinking places, where employment rose by 50,000 in March.

Employment in professional and business services continued to trend up in March (+39,000), in line with the average monthly growth over the prior 6 months (+34,000).

Over the month, healthcare added 34,000 jobs, lower than the average monthly gain of 54,000 over the prior 6 months. In March, job growth occurred in home healthcare services (+15,000) and hospitals (+11,000).

In March, employment in transportation and warehousing changed little (+10,000). Couriers and messengers (+7,000) and air transportation (+6,000) added jobs, while warehousing and storage lost jobs (-12,000). Employment in transportation and warehousing has shown little net change in recent months.

Employment in retail trade changed little in March (-15,000). Job losses in building material and garden equipment and supplies dealers (-9,000) and in furniture, home furnishings, electronics, and appliance retailers (-9,000) were partially offset by a job gain in department stores (+15,000).

Jobs showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; information; financial activities; and other services.

Adding to her comments on the work from home trend Halverson noted, “I have personally seen top senior management talent and their multi-office organizations thrive with leaders who are in 75 percent to 100 percent hybrid roles as long as they regularly and effectively travel to team centers at least six or seven times a year. Is that the right mix for every business? Certainly not. But we urge those making hiring decisions to recognize different paths to improving productivity, team building, mentoring, training and talent attraction.”

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

#thetrevigroup

'SHIFT April Report - Trending Topics in the World of Work_

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Our April issue of SHIFT looks at what's causing the labor market to act the way it is; why the traditional concept of the job may be on its way out; how to identify and cope with nine common business problems that stand in the way of success; and what's ahead for D&I efforts.

Where does hiring stand this year?

Chris Forman, the founder and CEO of Appcast, offered his view on what's going on in the economy that's causing the labor market to act the way it is and proposed strategies to deal with current trends in recruiting. Forman maintains that the participation rate in the labor force is now really high and that demand for workers is also really high. At the same time inflation has gone up, the stock market has gone down and the housing market has contracted. So, he says, we’re in an unusual situation where there is a downturn in the economy with a huge demand for workers and not enough workers to go around.

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Navigating the end of jobs

The concept of the job — a predefined set of functional responsibilities assigned to a particular worker — is so ingrained in how organizations operate that it's hard to imagine any other way of managing work and workers. According to a recent study by Deloitte, however, many leaders are recognizing that this traditional construct is failing to serve our boundaryless world. The study revealed that only 19% of business executives and 23% of workers say work is best structured through jobs. As a result, a growing number of organizations are beginning to imagine work outside of the job — turning workforce management on its head by increasingly basing work and workforce decisions on skills — not formal job definitions, titles or degrees.

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Nine most common business problems

Tony Robbins, founder, chairman and CEO of Salesforce as well as an author and coach, observes that every business experiences problems, regardless of your industry, business size or the phase of the business cycle you are in. If your business is stagnant, you feel stuck or you're not experiencing the growth you desire, he advises that you should be on the lookout for these nine common business problems.

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Ten best diversity and inclusion trends in 2023

Vantage Circle, which provides employee engagement, recognition and wellness platforms to its customers, looked into the significant factors they see as determining upcoming and ongoing D&I trends for 2023. Their report notes that companies have to rethink, update and revamp their diversity and inclusion strategies and initiatives to create an equal and inclusive workspace, where employees feel appreciated and valued. This will push company growth and help them be on the right side of history.

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

#thetrevigroup

How to determine if a company’s culture is right for you

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Before accepting the job offer, you’ve carefully considered the title, the job description and the salary to make sure that the position aligns with your skills, interests, and career goals. But did you consider the impact the company’s culture could have on your satisfaction with your new job?

The importance of cultural fit is often underestimated when people are embarking on a new job, which can be a costly mistake when there’s a discrepancy between personal work preferences and the existing company culture. If the fit isn’t right, you may find yourself job hunting again – much sooner than you anticipated.

But how can you actively and deliberately figure out whether an environment is right for you?

Conduct company research

First check out the company website to see their mission statement and get a feel for their culture and core values. Pay attention to the language and the photos they use on their career pages, which will give you an idea of how the company wants to portray itself. Take a look at the company’s social media presence, too, as that can help you learn about their employee and company engagement. 

Visit sites like Glassdoor to see how employee reviews stack up against the company’s portrayal of itself. You won’t hear about a lack of diversity from a hiring manager, but an anonymous employee might have something to say about it. While this first-hand feedback can give you insight into what it’s like to work at a company, though, remember to consider that it might be biased or resentful.

You can also reach out to present and former employees on LinkedIn. Whether their views are positive or negative, you’ll find that most people are willing to share some insights about the company’s culture.

Ask the right questions

Your research not only offers you a clear view of the company, but it also arms you with questions and observations that highlight your interest in the company and demonstrate your diligence, attention to detail, and care for the future of the organization – all qualities of a great employee. As you prepare for these conversations, consider how the questions you pose will shape your interviewer’s perspective of your personal, professional, and financial objectives.  

Pose open-ended questions that spark a natural, honest discussion. Ask things like:

  • How would you describe your current organization and senior leadership team?

  • How long have your senior leaders been a part of the company and what range of perspectives do they bring to the table?  

  • What attracted you to the organization? Why do you stay?

  • How do you celebrate as an organization? What are some examples of recent achievements and who contributed to those milestones?

  • What sorts of professional development opportunities do you offer? 

  • Does the company encourage and support employee participation in community and philanthropic endeavors?

Keep an open mind 

Take the time to assemble all of the information and observations you’ve made before, during and after the hiring process into a cohesive picture, and think about the aspects of the culture that make you want – or not want – to work for that company. Think back to your deal breakers – the cultural values that are non-negotiable – and make sure the new opportunity passes the test.

At the same time, keep in mind that there’s a difference between points of view that challenge your own and values that completely conflict with yours. It isn’t ideal for anyone’s growth – personally or professionally – to limit themselves to only confirming opinions and perspectives. If you’re passionate about contributing to an organization’s culture and effecting change, you may find that you can consider a position with a company that needs improvement if you think you can enrich the company’s positioning, brand and overall culture.

No matter the environment, there will be times in any company culture when you’ll face challenges and experience some doubt. But by seeking out a company whose overall values and core beliefs align with yours, you’ll be more likely to find long-term satisfaction.

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

#thetrevigroup

5 Simple Steps to Strengthen Your Team Bench

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Here are "5 Simple Steps to Strengthen Your Team Bench" according to MRINetwork:

1. Document Your Processes...

Documenting processes, procedures, tools, passwords, and internal/external resources gives you a powerful reference guide and manual in the event someone can no longer fulfill their role. Begin by mapping out how your workflows get done. Who does what, and what information do they access regularly to succeed in that role? What knowledge transfer is needed to keep critical functions running? This exercise will help you to gain visibility across your company, while also identifying gaps and weaknesses.


2. Cross-Train Within Your Company...

Cross-training is an effective way to mitigate risks, while also boosting morale, development opportunities, engagement, and retention. People want to see a clear path for advancement, while also feeling that their company and job are safe should they be away. Let people stretch and shine in new roles, while also providing opportunities for mentoring and coaching. Not only will you improve your company in the near future, you’ll also see a positive impact in the long game.


3. Build in Support Resources...

It may not be feasible to hire more than one person to fill a role, but that doesn’t mean you can’t shore up specialized support. Hiring interns can be a simple way to keep entry-level tasks humming, or you can look to contractors to augment your team. This approach is helpful in any area where it takes a certain person to fulfill a role; for example, marketing, IT, or operations.


4. Bring on Successors Early...

In any role, growth is often limited to that person’s capacity: how many hours they can work, their passion for certain tasks, different work experiences, and expertise. Bringing on successors early makes it possible to assess long-term capability, and enhance capacity while removing inhibitors to growth.


5. Be Honest in Your Approach...

It takes the right culture and mindset to achieve company-wide cross-training and succession planning. People should understand that you’re not trying to push anyone out, or question how people approach their roles. The objective is to strengthen the company, build in backups, and avoid burnout to fuel growth and success. Communicate often and openly, and don’t be afraid to exit out people if you’re not able to reach alignment in your goals

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

#thetrevigroup #TalentAdvisors


'SHIFT March Report - Trending Topics in the World of Work_

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Our March issue of SHIFT looks at what's trending in several segments of the workplace: the aging workforce; women leaders; and Generation Z. Turning to more global concerns, scientists consider the role of rare earth metals in fueling the green energy shift.

Is there value to companies if they engage an aging workforce?

The Harvard Business Review recently addressed this question with unique data covering workforce characteristics, management practices and business performance. Their findings were clear: Employee age had no impact on business performance, whether performance is measured by financial, operational, or customer outcomes. Tenure, however, had a significant positive and sometimes very sizeable impact on financial performance and operational excellence.

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Women leaders are switching jobs in unprecedented numbers

According to the latest Women in the Workplace report from McKinsey, in partnership with LeanIn.Org, women leaders are switching jobs at the highest rates seen in the eight years they've been issuing the report. The research revealed that we're in the midst of a "Great Breakup." Women are demanding more from work, and they're leaving their companies in unprecedented numbers to get it — and at higher rates than men in leadership. That could have serious implications for companies. Women are already significantly underrepresented in leadership. For years, fewer women have risen through the ranks because of the "broken rung" at the first step up to management. Now, companies are struggling to hold onto the relatively few women leaders they have.

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Gen Z job hunters more worried about a company's reputation than layoffs

Generation Z, which represents the majority of undergraduates today and is expected to account for 30 percent of the U.S. workforce by 2030, is entering a job market that is vastly different from those experienced by prior generations. Findings from Adobe's Future Workforce Study reveal how the newest employee cohort is feeling about the economy, current labor market, and job search and application process.

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Study: Enough rare earth minerals to fuel green energy shift

The world has enough rare earth minerals and other critical raw materials to switch from fossil fuels to renewable energy to produce electricity and limit global warming, according to a new study that counters concerns about the supply of such minerals. With a push to get more electricity from solar panels, wind turbines, hydroelectric and nuclear power plants, some people have worried that there won’t be enough key minerals to make the decarbonization switch.

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

#thetrevigroup

BLS Employment Situation Report -- March-2023

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Analysts were looking at today’s U.S. Bureau of Labor Statistics (BLS) February jobs report for clues about the U.S. economy’s health at the start of a new year. Today’s report added a bit of clarity about an economy that keeps producing jobs in spite of economic and geopolitical headwinds. Total nonfarm payroll employment increased by 311,000 in February, compared with the average monthly gain of 343,000 over the prior 6 months. Unemployment edged up to 3.6 percent as more women entered the workforce however overall unemployment has shown little net movement since early 2022.

“While the Fed continues to apply the brakes to the economy in its efforts to lower inflation, the February BLS data continues to show resilience in overall job growth. I’ve just returned from our annual Pacesetter conference with over 100 of the top executive recruiters from our global Network of over 200 offices. The performance of these Pacesetters in the past year confirms that demand for executive, technical, professional, and managerial talent remain strong,” noted Nancy Halverson, vice president MRINetwork. “However, a key theme in discussions among our team centered on the needs of top candidates to avoid career complacency even in a seemingly hot job market. They counsel talented performers to proactively seek out opportunities for growth in their current roles and to ensure they continually understand their growth options in new firms and even in new industries.”

Providing a longer-term view on how  today’s BLS numbers may impact the Federal Reserve Bank’s efforts to cool inflation, KPMG chief economist Diane Swonk said, “The real issue is what kind of threshold would the Fed need to really stop the rate hiking cycle or stop from going up 50 basis points,” she said. “You really need to get to below 100,000 to think 25 basis points is okay. They need to see signs of a major chill.”

Wall Street Journal reporter Sarah Chaney Cambon noted, “A hot job market has emerged as one of the biggest economic surprises among many twists since the Covid-19 pandemic hit three years ago. With the Federal Reserve aggressively raising interest rates to tame inflation, many economists had expected job gains would cool or even turn into losses by now.” She also quoted Veronica Clark, economist at Citigroup, “The labor market’s definitely been stronger at this point than we would have thought maybe six months ago.”

In February, the labor force participation rate was little changed at 62.5 percent, and the employment-population ratio held at 60.2 percent. These measures have shown little net change since early 2022 and remain below their pre-pandemic February 2020 levels (63.3 percent and 61.1 percent, respectively).

Leisure and hospitality added 105,000 jobs in February, similar to the average monthly gain of 91,000 over the prior 6 months. Food services and drinking places added 70,000 jobs in February, and employment continued to trend up in accommodation (+14,000).

Employment in retail trade rose by 50,000 in February, reflecting a gain in general merchandise retailers (+39,000). Retail trade employment is little changed on net over the year.

Employment in professional and business services continued to trend up in February (+45,000), with a gain of 12,000 in management, scientific, and technical consulting services.

Healthcare added 44,000 jobs in February, compared with the average monthly increase of 54,000 over the prior 6 months. In February, job growth occurred in hospitals (+19,000) and in nursing and residential care facilities (+14,000).

Construction employment grew by 24,000 in February, in line with the average monthly growth of 20,000 over the prior 6 months.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; financial activities; and other services.

In February, the information industry lost 25,000 jobs. Reflecting news of recent social media industry layoffs, employment in information has decreased by 54,000 since November 2022.

Transportation and warehousing lost 22,000 jobs in February, including 9,000 in truck transportation. Employment in transportation and warehousing is down by 42,000 since October 2022.

“The business workscape has changed dramatically in the past few years and the best workers have begun to view themselves as ‘free agents.’ Our recruiters seek out people who are self-reflective with a good sense when the time is right to make a move. They have developed a track record of success, acquired high-demand skills and are consistently building their workplace brand. In spite of today’s solid job market complacency is not a career option,” noted Halverson.

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

#thetrevigroup

BLS Employment Situation Report (Feb 2023)

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The labor market remains historically tight. On Wednesday, the Labor Department noted U.S. employers had 11 million job openings at year-end, 600,000 more than the prior month. Today’s U.S. Bureau of Labor Statistics (BLS) January jobs survey reinforced that data point, reporting a surprisingly robust gain of 517,000 non-farm jobs. Both the unemployment rate, at 3.4 percent, and the number of unemployed persons, at 5.7 million, changed little in January versus the prior month. However, with the slight decrease in unemployment the jobless level is at its lowest level since May 1969.

It is worth noting that January's employment report includes its annual "benchmark" revisions and update to formulas used to smooth seasonal fluctuation data in the establishment survey. It also incorporates new population estimates in the household survey, which makes January’s unemployment data somewhat difficult to compare to December’s results.

“The BLS monthly employment report continues to report solid job growth in the face of growing economic headwinds. Executive recruiters throughout our MRINetwork of over 250 offices also see consistent client demand for top talent to drive organizational goals,” noted Nancy Halverson vice president, MRINetwork. “But our top performing clients are looking beyond month-to-month talent needs as they strategically address the challenges of economic headwinds, balancing onsite versus remote working, and controlling costs while still growing the business. Our consultants help these forward-looking clients to focus on creating and maintaining a strong hiring brand and company culture. We challenge business leaders to strengthen the interview process, improve candidate communication touch points, enhance negotiation tactics, and establish robust employee on-boarding processes. Organizations that aren’t willing to disrupt their talent acquisition strategies will struggle to thrive in the new world of work.”

Federal Reserve Chair Jerome Powell, suggesting that the Fed’s effort to cool inflation appear to be working so far, told reporters following their Wednesday meeting, “It is a good thing that the disinflation that we have seen so far has not come at the expense of a weaker labor market, despite the slowdown in growth, the labor market remains extremely tight.” It remains to be seen if the robust January BLS jobs report changes his viewpoint.

Characterizing the surprising BLS report Daniel Zhao, lead economist for job review site Glassdoor noted, “Today’s report is an echo of 2022's surprisingly resilient job market, beating back recession fears, the Fed has a New Year’s resolution to cool down the labor market, and so far, the labor market is pushing back.”

Total nonfarm payroll employment rose by 517,000 in January, compared with an average monthly gain of 401,000 in 2022 and well above analysts’ expectations.

Leisure and hospitality added 128,000 jobs in January compared with an average of 89,000 jobs per month in 2022. Over the month, food services and drinking places added 99,000 jobs, while employment continued to trend up in accommodation (+15,000).

In January, employment in professional and business services rose by 82,000, led by gains in professional, scientific, and technical services (+41,000).

Healthcare added 58,000 jobs in January. Job growth occurred in ambulatory healthcare services (+30,000), nursing and residential care facilities (+17,000), and hospitals (+11,000).

Employment in retail trade rose by 30,000 in January, following little net growth in 2022 (an average of +7,000 per month).

Construction added 25,000 jobs in January, reflecting an employment gain in specialty trade contractors (+22,000).

In January, transportation and warehousing added 23,000 jobs, the same as the industry's average monthly gain in 2022.

The full Bureau of Labor Statistics report can be downloaded here:

Manufacturing employment continued to trend up in January (+19,000) but was slower than 2022, when manufacturing added an average of 33,000 jobs per month.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; information; financial activities; and other services.

“Companies must constantly rethink how they approach the changing external talent market. They need to look into other industries, consider hidden talent sources, look at skillsets versus simple resume check marks, consider deployment of contract and interim professionals and beef-up the often overlooked on-boarding process. Welcome to the new normal,” noted Halverson.

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

#thetrevigroup

'SHIFT February Report - Trending Topics in the World of Work_

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Our February issue of SHIFT examines what's important to today's C-suite; uncovers optimism about the future among business leaders; tracks job cuts in corporate America; and reviews a recent book on managing workplace burnout.

What's important to the C-suite - how leaders are turning strategy in action in 2023

Today’s executives face an unprecedented level of economic and geopolitical volatility. Despite concerns about the impact of these macroeconomic conditions on their businesses, many remain confident they can achieve their growth goals, according to a recent study conducted by PwC. It will take an agile, collaborative approach to do so, it concludes, based not on traditional three-year plans, but as financial circumstances evolve over the next 12 to 18 months.

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Business leaders optimistic about the future

A survey conducted by Chase also found that businesses are remarkably optimistic. Decision-makers makers were polled at more than 1,000 businesses with annual revenues spanning $100,000 to $20 million across key industries, including restaurant, retail, construction and professional services. Results of the survey reveal that businesses feel more resilient as they march forward into 2023. Their confidence, in large part, is based on the realization that committed employees and supportive communities are critical to their survival in difficult social and economic times.

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Tech firms, Wall Street lead job cuts in corporate America

Despite optimism about the future, big tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn, according to an article published by Reuters. Rapid interest rate hikes, weak consumer demand and an economic slowdown in China have forced firms such as Amazon, Walt Disney, Facebook-owner Meta and American banks to trim their workforces.

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Dealing with workplace stress and burnout

A recently published book called The Burnout Challenge by Christina Maslach, co-creator of the widely used metric the Maslach Burnout Inventory, and organizational psychologist and consultant Michael P. Leiter advises on how to manage people’s relationships with their jobs. One of the authors’ key messages is that burnout should not be seen as a personal issue to be overcome by the individual through such means as obtaining therapy, engaging in relaxation techniques or changing jobs. Instead, they say that it is a workplace issue that needs to be managed like anything else.

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

#thetrevigroup

Employment Summary for December 2022

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The U.S. Bureau of Labor Statistics (BLS) December jobs report once again indicated a solid hiring environment in spite of Federal Reserve Bank efforts to slow the economy and tighten the job market. Today the BLS reported a gain of 223,000 non-farm jobs while unemployment edged down to 3.5 percent. Notably, the unemployment rate has remained in a narrow range of 3.5 to 3.7 percent since March 2022.

Viewed across the overall U.S. labor market supply for talent remained historically tight, with many employers competing for a limited pool of workers and bidding up wages. That labor pressure is particularly evident among the civilian workforce with a bachelor’s degree and higher — the primary target of MRINetwork’s recruitment efforts. Unemployment in that cohort at 1.9 percent, suggests virtual full employment.

“Hiring has been pretty resilient in the face of persistent Fed rate hikes and a desire by the Fed to slow down the labor market,” said Michael Gapen, head of U.S. economics at Bank of America. “There’s a lot of jobs out there that remain to be filled and it seems like it’s translating into strong hiring.”

"All indications are that the labor market remains strong," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "Leisure and hospitality employers are not able to get anybody even after wages have been going up. That pattern has and will continue for a while, so that's where the rubber hits the road."

Providing an overview of today’s numbers, Fox Business reporter Megan Henny noted, “The report will likely do little to sway the Federal Reserve in its fight against inflation, which has already seen policymakers raise interest rates at the most aggressive pace since the 1980s in a bid to crush out-of-control consumer prices and cool the labor market.”

The total nonfarm payroll employment increased by 223,000 in December, roughly in line with analysts’ expectations.

In December, employment in leisure and hospitality rose by 67,000. Employment continued to trend up in food services and drinking places (+26,000); amusements, gambling, and recreation (+25,000); and accommodation (+10,000). Employment in the industry remains below its pre-pandemic February 2020 level by 932,000, or 5.5 percent.

Healthcare employment increased by 55,000 in December, with gains primarily in ambulatory healthcare services (+30,000), hospitals (+16,000).

Employment in construction increased by 28,000 in December, as specialty trade contractors added 17,000 jobs. Construction employment increased by an average of 19,000 per month in 2022, little different than the average of 16,000 per month in 2021.

Employment in the “other services” industry continued to trend up in December (+14,000). Monthly job growth in this sector averaged 14,000 in 2022, lower than the average of 24,000 per month in 2021.

In December, employment across a number of industries remained little changed versus the prior month.

Employment in retail trade rose 9,000 in December and mining employment increased by 4,000. Over the month, employment in manufacturing changed little (+8,000), as job gains in durable goods (+24,000) were partially offset by losses in nondurable goods (-16,000).

In December, employment in transportation and warehousing changed little (+5,000). That same pattern was reflected in employment in professional and business services which remained little changed in December (-6,000).

Over the month, employment was flat versus the prior month in other major industries, including wholesale trade, information, and financial activities.

Client demand for talent among the over 250 executive recruitment offices in the MRINetwork reflects this tight labor market. For example, through eleven months in 2022 executive placements in Professional Services, Manufacturing and Distribution, and Construction were significantly higher versus the same period in 2021.

Looking forward, MRINetwork executive recruiters anticipate continued demand for highly-skilled technical, executive, professional and managerial talent despite economic headwinds. Astute clients understand the need to seek and hire transformational talent throughout the business cycle. They seek top performers with not only experience and skillsets but who have ambition, initiative, a bias towards effective action, and an ability to thrive in the client’s corporate culture.

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

#hiringtrends #employmenttrends #employment #jobs #humanresources #jobsreport #thetrevigroup