Building a Resilient Incident Response Plan for Corporate Security

Corporate security is a top priority when it comes to safeguarding the data systems and communications of your organization. Threat actors continue to develop sophisticated cyber attacks that compromise some of the most well-established cybersecurity infrastructures, with industry studies revealing that millions of data records are exposed to data breaches each quarter. 

(Adi Goldstein/Unsplash)

A resilient incident response plan enables your company to react effectively against the evolving tactics of malicious parties aimed at evading security controls. But how do you build one?

Defining Roles and Responsibilities in Incidence Response

Incidents require swift responses. One crucial aspect of ensuring this lies in clearly defining the roles and responsibilities of your incident response team. A well-established set of duties enables teams to focus on their respective roles efficiently in high-pressure environments. 

While resilient incident response teams may comprise different structures, they typically include the following contributors:

• Incident Response Team Leader/Manager: The head of the incident response team with the overall responsibility to oversee the decision-making during a crisis. Leaders ensure that teams follow the outline of a response plan in coordinated efforts to resolve and mitigate ongoing issues. 

• Responders: The team members responsible for handling the operational and technical duties in mitigating the identified issues. 

• Communications Lead/Manager: These team members offer the skills and expertise to handle every aspect of incident response communications. They ensure smooth communication among internal and external stakeholders and strategically release information to the public. 

• Scribe: The team member responsible for logging the comprehensive details of an incident for documentation and investigative purposes. 

• Customer Support Lead: Team members tasked with communicating with the public and providing the assurance of ongoing efforts in fixing the issue. 

• Social Media Lead: These contributors manage the social media channel updates during incident responses, working closely with customer support leads in collecting timely customer feedback and responding strategically. 

• Forensic Analyst/ Problem Manager: Experts who examine the root cause of the incident and brainstorm for strategic measures to prevent reoccurrence. 

Establishing Communication Channels and Escalation Procedures

The next step of a resilient incident response plan involves a clear breakdown of communication procedures and informing each involved role about the expected escalation steps and response times. A robust escalation process should begin with a formal activation procedure for your incident response team. Consider implementing an alerting mechanism that triggers alerts across multiple communication systems to mobilize response teams during a detected incident. 

Communication is Key

Your team’s communication manager should rapidly notify the public to prevent any speculation among external stakeholders. External parties may form foregone conclusions with the lack of data which could compromise your corporate image. As such, it is important to present clear and concise information when presenting the issue to the public. Managers should work closely with technical teams for accurate details and apply strategic language (written and verbal) in managing public concerns. 

Your team should consider implementing a pre-approved communication template to expedite responses during a time-sensitive situation. These templates should outline the general communication details (i.e., quality, channels, response times, and frequency) for an incident response while teams can quickly customize fields based on incident specifics.

Conducting Regular Tabletop Exercises to Test the Effectiveness of the Plan

It is important for your incident response team to constantly test and improve the effectiveness of your plans. Tabletop exercises enact the environment, threats, and considerations in a simulated incident for accurate response. 

Regular tabletop exercises help you identify the response times of individual members and identify weaknesses, mistakes, and areas for improvement that could undermine an actual operation. Your team should also monitor critical incident response metrics to accurately measure the effectiveness of team collaboration. These metrics may include the speed of identifying and responding to the root cause of an incident, the time taken for leaders to reach a specific decision (such as broadcasting information across social media channels), and the quality of documentation. 

Documenting Lessons Learned and Continuously Improving The Plan

Your response team should make a detailed and reliable record of each outlined issue in your tabletop exercises and take proactive measures to prevent them. For example, in a simulated scenario of regulatory and compliance breaches, your team could improve the response times in the reporting and remediation of legal requirements. Similar to a routine fire drill, repeating these exercises minimizes the risk of missteps that might disrupt or delay your crisis response. 

It is crucial to conduct a post-incident meeting with every involved party to discuss the lessons learned and follow-up action to avoid future incidents. These meetings apply to tabletop exercises and actual incidents. Every participant should contribute by highlighting the key learning points and assessing practical methods for strengthening existing security systems. 

Coordinating with External Stakeholders

Finally, your incident response team should discuss and decide if there is a need to involve law enforcement. The decision depends on the severity of the situation, and if the issue can be resolved by internal investigative teams. Your incident response plan should assign the person or parties with the authority to notify law enforcement and the criteria for doing so. Teams should also consider working closely with a trusted external legal advisor to decide the best course of action. 

An experienced counsel can assess the situation from a legal perspective to justify the cost, efforts, and potential complications involved in pursuing law enforcement. It is important to note that law enforcement could increase public attention toward the incident, which would require strategic stakeholder communications. 

Closing Thoughts - Optimizing Corporate Preparedness With Incident Response Plans 

Ultimately, it is important to recognize cybersecurity issues as more than a technical issue but one that undermines an organization as a whole. Preparing your corporate team for the unexpected ensures the swiftest and most coordinated responses in the worst-case cybersecurity scenarios. By doing so, your company can stay resilient and productive in a digital landscape of constant cyber concerns. 

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

Embracing AI: The Future of Network Engineering

The AI era is revolutionizing network engineering, and it’s time to jump on this tech wave! As networks become more complex, AI and automation are the game-changers we need. This transformation means network engineers must evolve, too. Learning AI, machine learning, and network automation isn't just a trend – it's a career boost.

Imagine managing dynamic networks with ease and stepping into innovative roles that were once unthinkable. It’s like getting a superpower upgrade for your career. So, why not dive in, get those new skills, and lead the charge in this exciting new landscape?

Why AI Skills Matter for Network Engineers

AI is no longer the future; it's the present. For network engineers, understanding AI and automation is akin to having a secret weapon. These skills will help you handle increasingly complex networks, predict and solve problems before they happen, and make your job a lot more exciting. Plus, it positions you as a leader in the tech community, driving innovation and efficiency.

Tips to Get Started

  1. Learn the Basics: Start with online courses on AI, machine learning, and network automation.

  2. Get Certified: Certifications from credible sources like Cisco can boost your resume.

  3. Hands-On Practice: Work on projects or contribute to open-source communities to get practical experience.

  4. Stay Updated: Follow industry news and trends to keep your skills sharp and relevant.

Posted by KAREL LUKAS

The AI era is here, and it’s packed with opportunities for those ready to embrace change. So, let’s get learning and transform network engineering together!

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

The Coolest MSP Tools of 2024: What Hiring Managers Need to Know

In the fast-paced world of IT, keeping up with the latest tools and technologies is crucial. As we look at 2024, the Managed Service Provider (MSP) landscape is brimming with innovative solutions designed to streamline operations, enhance security, and boost efficiency. Whether you're already familiar with these tools or just starting to explore their potential, here's a look at some of the coolest MSP tools right now and how hiring managers can leverage this information.

Top 10 MSP Tools Making Waves in 2024

  1. ConnectWise: A comprehensive suite of Remote Monitoring and Management (RMM) and Professional Services Automation (PSA) tools.

  2. NinjaOne: Known for its unified IT management platform that simplifies complex processes.

  3. Atera: Combines RMM, PSA, and remote access functionalities in a single platform.

  4. ThreatLocker: Offers robust cybersecurity measures to protect against evolving threats.

  5. Rewst: Specializes in automation, streamlining MSP workflows to enhance efficiency.

  6. CyberQP: Provides advanced cybersecurity solutions tailored for MSPs.

  7. Kaseya/Datto: Renowned for backup and disaster recovery solutions.

  8. N-able: Offers a comprehensive range of IT management and security tools.

  9. MSPbots: Utilizes AI to drive operational efficiency and smarter decision-making.

  10. LogicMonitor: Known for its powerful and comprehensive monitoring capabilities.

How These Tools Impact Hiring Managers

As a hiring manager in the IT sector, understanding and leveraging the latest MSP tools can significantly impact your recruitment strategy and team development. Here’s how:

  1. Identify Skill Gaps

    Staying updated on trending tools allows you to spot skill gaps within your current team. For example, if AI-driven automation tools like Rewst are gaining traction, ensure your team has the necessary skills to utilize them effectively.

  2. Tailored Training Programs

    Use your knowledge of these tools to design or recommend training programs for your existing employees. If your team isn’t yet familiar with advanced cybersecurity solutions like ThreatLocker, prioritize training in this area to stay ahead of potential security threats.

  3. Optimized Job Descriptions

    Crafting job descriptions that include specific tools your company is adopting or planning to adopt can attract candidates who are already proficient with these technologies. This reduces onboarding time and ensures a smoother transition.

  4. Competitive Advantage

    Highlighting your use of cutting-edge MSP tools in your recruitment process can make your company more appealing to top talent. It signals that your company is innovative, forward-thinking, and invests in the latest technologies.

  5. Collaboration and Innovation

    Encourage your team to collaborate on exploring these tools. Sometimes, the best insights come from hands-on experience. This approach not only improves your team's proficiency but also fosters a culture of continuous learning and innovation.

Conclusion

Posted by KAREL LUKAS

As the IT landscape continues to evolve, staying informed about the latest MSP tools is essential for hiring managers. By leveraging this information, you can ensure your team is equipped with the right skills and tools to stay competitive. From identifying skill gaps and optimizing job descriptions to fostering a culture of innovation, these tools offer numerous benefits that can significantly enhance your recruitment and team development strategies. Stay ahead of the curve and make the most of these cutting-edge MSP solutions in 2024.

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT Report - Trending Topics in the World of Work_ (June 2024)

Our June issue of SHIFT stresses the importance of aligning employment with health drivers; using human-work models to boost employee performance; how "quiet quitting" has evolved into "resenteeism"; and how "shift shock" is sweeping social media.


Working to Thrive

According to U.S. News, a pattern known as "shift shock" was one of the top 10 workplace trends of 2023, and it has risen in 2024. So, what is "shift shock?" It's the realization that your new role is not what you expected it to be, and it’s sparking conversation online, mainly among younger job seekers. A recent Muse Shift Shock Survey found that 72% of the Muse audience say they've experienced "shift shock," and 80% of the respondents said it's acceptable to leave a new job before six months if it doesn't live up to your expectations.

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Using Human-centric Work Models to Boost Employee Experience and Performance

According to a recent Gartner survey, employees operating in human-centric work models are three times more likely to both enjoy high intent to stay in their organisation and see low levels of fatigue. Fatigue, often associated with diminished employee engagement, can significantly impact organisational productivity and engagement. All this can lead to increased stress, burn out and poor talent retention. In light of this, organisations need to optimise their workplace, regardless of the model (remote, hybrid, on-site) with a compelling work culture value proposition that will enhance the overall employee experience and in return, drive productivity. They also must navigate competing priorities, ensuring that initiatives aimed at enhancing the employee processes that will drive tangible business results.

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 'Quiet Quitting' Has Evolved into 'Resenteeism'

Millennials are growing up - they are now managers in our workforce. It's time to talk about Gen Z, the generation born between 1997 and 2012. When it comes to workplace engagement, Gen Z gets a bad rap. Members of the generation are accused of being too casual in professional settings and have been declared "the most challenging generation to work with." So perhaps it's no surprise that workplace dissatisfaction is such a hot topic of conversation.

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'Shift Shock' Among the Top 10 Workplace Trends Sweeping Social Media

According to U.S. News, a pattern known as "shift shock" was one of the top 10 workplace trends of 2023, and it has risen in 2024. So, what is "shift shock?" It's the realization that your new role is not what you expected it to be, and it’s sparking conversation online, mainly among younger job seekers. A recent Muse Shift Shock Survey found that 72% of the Muse audience say they've experienced "shift shock," and 80% of the respondents said it's acceptable to leave a new job before six months if it doesn't live up to your expectations.

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends


BLS Employment Situation Report -- published June 7, 2024

Employment Summary for May 2024

Most labor market watchers from Wall Street to Main Street and in Washington DC were expecting to see a modest uptick in job growth in today’s data released by the Bureau of Labor Statistics monthly payroll report (BLS).

The 272,000 job gain was a bit more than the experts’ “modest” expectations, indicating a still growing economy and reducing the likelihood of a short-term cut in interest rates by the Fed. May’s growth was higher than the average gain of 232,000 over the past twelve months and saw gains in a broader range of industries verses the past few months.

The unemployment rate ticked up to 4.0 percent. A year earlier the rate was 3.7 percent.

“An underlying driver of not only today’s job market data but of the overall economy has been the anticipated impact of artificial intelligence on business productivity in virtually every industry. Our talent sourcing industry is no exception and in fact today we see benefits from AI not only in technology jobs but in talent search assignments ranging from healthcare and medical devices to engineering, finance and cyber security firms.

In May, forty of our franchise owners gathered to share best practices and to gain insight on technology trends from leading industry suppliers. A key topic from the Charleston, SC meeting was to better understand how AI, and its application on digital technology platforms, can enhance talent delivery effectiveness for search professionals and for clients and candidates,” noted Rick Hermanns, president and chief executive officer of HireQuest Inc., parent company of MRINetwork.

“Our professionals recognized that AI is significantly impacting search and recruitment processes right now. Many owners and managers throughout the global MRINetwork are using AI-driven tools to streamline various stages of the hiring process; from sourcing candidates, to resume screening, to analyzing initial assessments. We are finding not only obvious advantages including improved search efficiency and faster speed to hire but are seeing exciting potential in evaluating job requirements and more accurately aligning candidate skills, experience, and cultural fit to that job description.”

Providing an overview of today’s surprising uptick in the BLS data, The Wall Street Journal’s Sam Goldfarb noted, “Friday’s release comes after several recent reports have hinted at some unexpected weakness in the economy. Recent data on retail sales, overall consumer spending, construction and industrial production have all come in below economists’ expectations. Demand for workers has also appeared to be ebbing. There has been a modest uptick in the number of people applying for unemployment benefits after losing a job. Listed job openings have declined faster than economists had anticipated.” He further noted, “Most economists have remained optimistic about the near-term outlook, believing the economy is normalizing after a surprisingly hot stretch last year, rather than deteriorating in a more concerning fashion. Any anxieties on Wall Street that the economy might be cooling too fast were also mitigated earlier this week with the release of a stronger-than-expected report on the U.S. services sector.”

A possible explanation of the divergence between big increases in the payroll while also seeing a growth in unemployment, Ali Jaffery at CIBC Capital Markets noted, “We have tended to favor payrolls data given it better captures the impact of immigration.”

Employment continued to advance in several industries.

Healthcare added 68,000 jobs in May, in line with the average monthly gain of 64,000 over the prior 12 months.

Government employment continued to grow in May (+43,000), in line with the average monthly growth over the prior 12 months (+52,000).

Employment in leisure and hospitality continued to trend up in May (+42,000), similar to the average monthly gain over the prior 12 months (+35,000). Employment in food services and drinking places continued to trend up over the month (+25,000).

Professional, scientific, and technical services added 32,000 jobs in May, higher than the average monthly gain of 19,000 over the prior 12 months. Over the month, employment increased in management, scientific, and technical consulting services (+14,000) and in architectural, engineering, and related services (+10,000).

In May, employment in retail trade continued to trend up (+13,000), about in line with the average monthly gain over the prior 12 months (+8,000). Building material and garden equipment and supplies dealers provided most of that growth (+12,000).

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; and other services. The transportation sector had added 22,000 jobs in April possibly indicating a slowdown in growth in that key industry.

“AI has already had a significant influence on many industries, and we’ve seen a significant impact within the healthcare segment which was the leading sector in today’s BLS data. The new technology promises improvements to mundane tasks such as taking notes and adding data to electronic health records without intense oversight from busy healthcare professionals. But it has only begun to show its value in collecting and analyzing data from diverse technologies and sources to provide a holistic view of a patient’s health and even treatment options.

MRINetwork talent professionals in our healthcare practices are helping both clients and candidates to understand how this wave of AI innovation will change every facet of healthcare recruitment. We advise candidates to embrace computer literacy to stand out as top performers and we work with clients to apply AI solutions to their workforce planning, recruitment and hiring processes. We look forward to the exciting evolution changing the healthcare talent landscape,” noted Hermanns.

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

Podcast: Every Industry Has Its Dips: How to Deal With Demand Drops w/Karel Lukas

Just like many industries, recruiting isn’t immune to market highs and lows. Every sector is going to have its dips, and that can affect both demand and supply.

When there’s uncertainty in the economy, no one wants to rock the boat. Candidates want to stay where they are, and companies decide to cut back on hiring.

Over the last year, tech has found itself in this position. Between layoffs and concerns around AI, there has been a dip in demand, and it can leave a recruiter in a tough spot. How do recruiters deal with these pullbacks and survive to see the inevitable market upswing?

This is where tenacity and persistence really come into play. A post-and-pray approach won’t take you far in this market, a shaking-the-trees mentality will.

How do you make your business market-proof? What’s the secret to finding those hidden gem candidates? In this hashtag

#TalentHunters episode hosted by Vince Holt, president and managing director of The Trevi Group, Karel Lukas talks about what attracted him to recruiting, what makes his team stand out and his mindset on demand dips.

#recruitinglife #executivesearch #technology #entrepreneur #thetrevigroup #informationtechnology

https://lnkd.in/ekGiJWGF

'SHIFT Report - Trending Topics in the World of Work_ (May 2024)

Our May issue of SHIFT considers complications the 2024 election may bring to the workplace; explains a US labor board rule on contract and franchise workers; highlights emerging business intelligence trends; and reports on Microsoft's latest moves on the AI front.


Managers can't escape politics in the workplace in the 2024 election year

Politics often makes for fraught office situations. With the presidential primaries in progress and the November general election quickly approaching, employers have already started bracing for a divisive election that will almost certainly impact their workforce. As reported by Yahoo Finance, dozens of executives and workplace experts Fortune spoke with say that business leaders should devise a policy rooted in the company's values sooner rather than later. Waiting until election season is in full swing to figure out what to say to workers is the wrong move.

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Judge blocks US labor board rule on contract and franchise workers

A federal judge in Texas has struck down a U.S. National Labor Relations Board (NLRB) rule that would treat many companies as employers of certain contract and franchise workers and require them to bargain with unions representing them, according to a report by Reuters. U.S. District Judge J. Campbell Barker agreed with the challengers to the "joint employers" rule, including the U.S. Chamber of Commerce, that it is too broad and violates federal labor law.

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Future of Business Intelligence

The world of business intelligence (BI) is giving rise to a future where data unfolds with fresh perspectives and unexplored potential. It's no longer just a question of whether you need business analytics, but rather, how to find the best BI solution tailored to specific needs. By staying up to date with emerging trends, you’ll ensure your BI solution continues to provide the most value to your business. The article from ThoughtSpot provides more details about these trends and highlights additional business intelligence trends you can expect to see going forward.

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Microsoft Hires Influential AI Figure to Head up Consumer AI Business

In more news on the AI front from US News & World Report, Microsoft has hired Mustafa Suleyman to head up its consumer artificial intelligence business, adding to its ranks an influential figure to cement its position at the forefront of the booming AI industry. Suleyman, co-founder of AI research lab DeepMind, will become CEO of Microsoft AI, leading all of the company's consumer AI products and research, including its generative AI service Copilot as well as its Bing search engine and Edge browser.

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

BLS Employment Summary for April 2024 (published 5/3/2024)

Once again, the Bureau of Labor Statistics monthly payroll report (BLS) takes center stage as investors, business executives, politicians and economists look for clues on the direction of the all-important jobs market. Today’s data had a little something for each of these audiences.

The report may indicate the first sign of a cooling job market as the BLS reported a gain of 175,000 jobs in April, lower than the average monthly gain of 242,000 over the prior 12 months. Analysts’ estimates had forecasted gains of about 250,000 jobs. The figures give hope to investors for possible fourth quarter Fed rates cuts, to business for easing of the skilled labor crunch, and to politicians for whatever spin they want to apply to the data.

The unemployment rate ticked up to 3.9 percent.

“Once again today’s data demonstrated the resilience of the small and large businesses’ that employ over 150 million Americans. Analysts pour over this monthly data to understand trends that might point to the overall health of the economy or to future actions by the Federal Reserve or, in this election season, to develop themes that might be advantageous to their favored candidate.

Leaders in our global MRINetwork of over 200 executive recruitment offices and the over 2500 talent search professionals look at the data to better understand trends within the industry groups reported by the BLS. We look for employment data and try to understand business drivers in the dozens of BLS industry sectors — from accommodation and food services to finance and insurance to semiconductor manufacturing and even warehousing and storage industries — where our teams operate in,” noted Rick Hermanns, president and chief executive officer of HireQuest Inc., parent company of MRINetwork.

“Shortly before I was preparing my comments on the BLS report this morning, I was reviewing the agenda for our firm’s annual American Hero Awards program. It is our nineteenth year of honoring U.S. servicemen and women who have fought for our freedom. Each year in mid-May, we gather aboard the USS Yorktown in Charleston, SC and present the American Hero Award to a veteran who exemplifies the values of the U.S. armed forces and to salute the Ultimate Hero Award honoree presented to the family of an individual who made the ultimate sacrifice in meritorious combat. It reminded me of the debt we owe to our veterans. Our U.S. offices strive to identify opportunities for those who have served in the armed services, and in fact some are veteran-owned and focused on the many industries who leverage candidate skills acquired in military service.

I’d urge all of our clients to ensure they have an understanding of the value that a seasoned military veteran can add to their talent mix. They bring not just technical skills but tangible attributes in leadership, teamwork, problem solving, and are top performers in stressful situations. It’s a win-win opportunity than every organization needs to consider.”

The Wall Street Journal’s Sam Goldfarb summarized today’s report, “Stock futures climbed, suggesting investors were pleased with the data, which could increase optimism about the outlook for inflation. Before Friday, recent data had shown remarkable stability in the labor market. Despite the Fed’s efforts to fight inflation by lifting borrowing costs, businesses have continued to hire at a robust clip, the unemployment rate has ticked up only modestly, and a report on Tuesday suggested that a slowdown in wage growth has stalled. Economists have noted that conditions could shift quickly. Past surges in unemployment have often arrived with little warning. Demand for workers has already cooled, with declines in the number of job openings and in the share of workers voluntarily leaving their jobs.”

Last week, Citi economists Veronica Clark and Andrew Hollenhorst wrote in a preview note, “Another upside surprise to payrolls would further the recent narrative of few or no rate cuts from the Fed. But Fed officials have been downplaying any hawkish reaction to stronger employment, and a downside surprise to employment would lead to a sharp pricing-in of more Fed rate cuts.”  It remains to be seen how the Fed interprets the April figures.

There were no outstanding industry sector performers as the data reported moderate growth in most areas.

Healthcare added 56,000 jobs in April, in line with the average monthly gain of 63,000 over the prior 12 months.

In April, transportation and warehousing added 22,000 jobs, with gains in couriers and messengers (+8,000) and warehousing and storage (+8,000). Over the prior 12 months, employment in transportation and warehousing had shown little net change.

Employment in retail trade continued to trend up in April (+20,000). Over the prior 12 months, the industry had added an average of 7,000 jobs per month.

Construction employment improved slightly in April (+9,000), following an increase of 40,000 in March. Over the prior 12 months, construction had added an average of 22,000 jobs per month.

Notably growth in government employment cooled in April as 8,000 jobs were added versus an average job addition of 55,000 per month over the past 12 months.

Employment was little changed over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; professional and business services; leisure and hospitality; and other services.

“If you will be in the low country of Charleston, SC area on May 14, please feel free to join us on the USS Yorktown as we honor two courageous Americans. Or you are invited to join the event via live streaming. Let us know and we will welcome you aboard,” noted Hermanns.

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT Report - Trending Topics in the World of Work_ (April 2024)

Our April issue of SHIFT examines the shift away from long-term employment; identifies the world's most influential CEOs in 2024; looks at the high demand for labor in the construction industry; and explores the workforce trends leaders are following this year.


Job for life? Not anymore.

The shift from stable, long-term employment and single-employer careers to a world where frequent job changes are the norm comes directly from globalization, rapid technological advancements and the changing ideas about work.

Career paths have become fluid and multi-directional. It’s no longer just about climbing the corporate ladder and getting a regular paycheck; it’s about exploring different paths, switching jobs and industries and sometimes even venturing into freelancing and the gig economy.

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The World's Most Influential CEOs of 2024

Brian Moynihan, Chairman and CEO of Bank of America, has topped the global ranking of the world’s best CEOs across all industries for 2024, according to CEOWorld Magazine. Jamie Dimon, Chairman and CEO of JPMorgan Chase, has secured the second spot, followed by Amin H. Nasser, CEO of Saudi Aramco, at No. 3, Darren W. Woods, CEO of Exxon Mobil, at No. 4, Satya Nadella, CEO of Microsoft, at No. 5, and Tim Cook, CEO of Apple, at No. 6. The CEO of Shell, Wael Sawan, has been ranked seventh among the world's top 10 best CEOs and business executives for 2024. Akio Toyoda, who leads Toyota Motor, has been ranked eighth. Liao Lin of the Industrial and Commercial Bank of China and Kyung-Kye Hyun, the chief executive of Samsung Electronics, hold the ninth and tenth positions.

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2024 Construction Workforce Shortage Tops Half a Million

The construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring in 2024 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors. In 2025, the industry will need to bring in nearly 454,000 new workers on top of normal hiring to meet industry demand, and that’s presuming that construction spending growth slows significantly next year.

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Workforce Trends Leaders Are Following This Year

Thanks in part to what some are calling a forever labor shortage, more employers will turn to skills-based hiring, according to Forbes. The pandemic left a permanent mark on hiring trends, leading companies to look toward alternative solutions when it comes to growing their staff. Whether it’s the newer generations’ shift in workplace values, or job seekers finding other means to upskill rather than relying on secondary education, companies will need to adapt to the ever-changing workforce landscape.

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

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

BLS Employment Situation Report -- published April 5, 2024

Analysts were anticipating a slight cooling in overall labor market conditions with non-farm payroll hiring expected near the 2000,000-mark in this month’s Bureau of Labor Statistics (BLS) payroll report. Once again, today’s BLS data, indicating a jobs gain of 303,000, surprised the experts. March results are higher than the average gain of 231,000 over the prior 12 months, partially driven by an uptick in government hiring.

Unemployment at 3.8 percent remained in the same range narrow range of between 3.7 to 3.9 percent since August 2023.

“As experts analyze today’s BLS employment data and try to model future trends in the overall U.S. jobs market, I’d like to drill down to a key segment of the employment landscape. Our global Network of over 200 executive recruitment offices focus on top talent primarily within the college educated segment of the U.S. labor force. That segment is experiencing what amounts to full employment with jobless rates of 2.2% or lower. Our teams provide clients with access to a highly sought after sub-segment of this cohort with even lower rates of unemployment, experienced executive, professional, technical and managerial talent,” noted Rick Hermanns, president and chief executive officer of HireQuest Inc., parent company of MRINetwork.

“A recent article in the Wall Street Journal draws attention to a critical talent recruitment and onboarding skill that many clients tend to undervalue or even ignore. The reporters address the particular recruiting challenges in the high-flying world of Nvidia, one of the most desired employers in the tech world. They note ‘a sense of urgency’ drives Nvidia managers in both the hiring and onboarding processes. Not a reckless desire to get things done quickly, but a carefully thought-out process integrated into the company’s culture where the reporters noted, ‘Nvidia would usually wait no longer than two weeks from first interviewing a candidate to making a decision.’ They report the brief but intense hiring process is followed by a quick immersion of the new employee into a world where new hires, ‘are quickly thrown into big projects with real responsibilities.’ In today’s business climate, highly talented candidates expect to be treated with respect indicated by a focused interviewing process with tightly targeted questions, followed by immediate feedback and a transparent decision-making process. When hired the best performers then thrive on immediate involvement in meaningful projects.”

CNBC reporter Jeff Cox provided an overview of today’s results in an era of higher interest rates, “The job market’s resilience has confounded many economists who spent the past two years searching for a jobs-led recession that never happened.” Cox noted Luke Tilley’s (chief economist at Wilmington Trust) comments, “Firms are seeing strong demand. They’ve dramatically increased their productivity, and so they’re hiring for different kinds of jobs, that has enabled them to deal with the high-rate environment.”

Paul Nolte, market strategist from Murphy & Sylvest Wealth Management, provided interest rate insight on the BLS data, "Everything in today’s numbers look good. Participation rate was up, hours worked were up. The reason the unemployment rate came down was because of more people coming into the labor force. With this number and the prior numbers we've seen, it still indicates that the labor market is strong. We’ve been in the camp that the Fed doesn't cut rates at all because the economy is strong so this still fits within our framework of good employment data that should keep the Fed on the sidelines."

Healthcare added 72,000 jobs in March, above the average monthly gain of 60,000 over the prior 12 months. Also increasing was government hiring with federal and local government positions increasing by 71,000 jobs.

Employment in leisure and hospitality trended up in March (+49,000) and has returned to its pre-pandemic February 2020 level. Over the prior 12 months, job growth in the industry had averaged 37,000 per month.

Construction added 39,000 jobs in March, about double the average monthly gain of 19,000 over the prior 12 months. Over the month, employment increased in nonresidential specialty trade contractors (+16,000).

Employment in the other services industry continued its upward trend in March (+16,000). The industry had added an average of 8,000 jobs per month over the prior 12 months.

In March, employment in retail trade was up slightly (+18,000). A job gain in general merchandise retailers (+20,000) was partially offset by job losses in building material and garden equipment and supplies dealers (-10,000) and in automotive parts, accessories, and tire retailers (-3,000).

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; and professional and business services.

“Our talent advisory teams bring expert advice to clients every day on how to structure a winning recruitment and onboarding environment aligned with a client’s culture. Each MRINetwork office is led by a franchise owner who brings deep industry experience and talent knowledge to source the top performers our clients need to grow and thrive in any business environment,” noted Hermanns.

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

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