Introduction To Todays Job Market


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Introduction To Todays Job Market

  1. 1. Introduction to Today’s Job Market Presented by LaunchPad Careers © 2009 LaunchPad Careers, Inc.
  2. 2. Overview <ul><li>Understand the job market of the past: GDP drivers, hiring trends, and the workforce. </li></ul><ul><li>Analyze the changes in the market and workplace. </li></ul><ul><li>Learn how these changes affect you and your job search. </li></ul><ul><li>Position yourself to take advantage of recent technological advances: personal branding, social networking, and searching and applying for jobs. </li></ul>© 2009 LaunchPad Careers, Inc.
  3. 3. “ For tomorrow belongs to the people who prepare for it today.” – African Proverb © 2009 LaunchPad Careers, Inc.
  4. 4. Basic Facts About the Job Market <ul><li>Unemployment is currently at 8.9% nationwide and at 11.3% in California. </li></ul><ul><li>Employment is a trailing indicator of economy. </li></ul><ul><li>Globalization and trade impacts the job market. </li></ul><ul><li>The US economy of today is a service and financially driven economy. </li></ul>© 2009 LaunchPad Careers, Inc.
  5. 5. Who Moved the Cheese ? <ul><li>Learn to adapt to change. </li></ul><ul><li>Learn to anticipate change. </li></ul><ul><li>Don’t get complacent as you move along your career path. </li></ul><ul><li>Continually seek out new opportunities. </li></ul>© 2009 LaunchPad Careers, Inc. “ If you do not change, you can become extinct.” − Spencer Johnson, M.D.
  6. 6. The Job Market of the Past © 2009 LaunchPad Careers, Inc.
  7. 7. Job Market of the Past <ul><li>Economy of yesterday was built on goods we grew, manufactured, exported, etc. </li></ul><ul><li>Wealth creation was based on tangible ownership. </li></ul><ul><li>The educational system developed employees. </li></ul><ul><li>Companies and businesses had defined benefit plans. </li></ul>© 2009 LaunchPad Careers, Inc.
  8. 8. Current GDP Drivers © 2009 LaunchPad Careers, Inc.
  9. 9. GDP Drivers <ul><li>Manufacturing output has continued to decrease as a percentage of the GDP. </li></ul><ul><li>Economy increasingly reliant on finance related industries and the service sector. </li></ul><ul><li>Current recession is directly related to a natural deleveraging of the economy and was caused by a collapse of the financial sector. </li></ul><ul><li>Globalization has shifted our competitive advantage. </li></ul>© 2009 LaunchPad Careers, Inc.
  10. 10. Approach to Hiring <ul><li>Economy more self-contained. </li></ul><ul><li>Businesses hired unskilled workers and trained them. </li></ul><ul><li>Companies provided more benefits and sought to cultivate employee loyalty. </li></ul><ul><li>Unions formed to protect workers’ rights and ensure a measure of safety. </li></ul>© 2009 LaunchPad Careers, Inc.
  11. 11. <ul><li>The 60s, 70s, 80s, and 90s brought a wave of company consolidations. </li></ul><ul><li>Conglomerates emerged. </li></ul><ul><li>$2 trillion worth of corp. assets changed hands from 1993-1999. </li></ul><ul><li>Consolidations were often fueled by cheap and easy money. </li></ul><ul><ul><li>Junk Bonds </li></ul></ul><ul><ul><li>Easy Credit </li></ul></ul><ul><ul><li>Inflated Stock Market </li></ul></ul>Industry Consolidation © 2009 LaunchPad Careers, Inc.
  12. 12. Famous Too Big to Fails (The Past) © 2009 LaunchPad Careers, Inc.
  13. 13. Famous Too Big to Fails (The Present) © 2009 LaunchPad Careers, Inc.
  14. 14. The Crash Bernard Ebbers CEO of WorldCom Ken Lay, CEO of Enron Dennis Kozlowski CEO of Tyco © 2009 LaunchPad Careers, Inc.
  15. 15. Causes and Effects of Consolidations <ul><li>Causes </li></ul><ul><li>Business seek larger market share </li></ul><ul><li>More opportunity to buy competition </li></ul><ul><li>Seek to reduce costs through leveraging efficiencies </li></ul><ul><li>Effects </li></ul><ul><li>Productivity gains </li></ul><ul><li>Cost savings </li></ul><ul><li>Higher prices for products or services </li></ul><ul><li>Elimination of redundancies cause reduction in workforce </li></ul>© 2009 LaunchPad Careers, Inc.
  16. 16. Not the Great Depression Historical Unemployment Rate © 2009 LaunchPad Careers, Inc.
  17. 17. Effects on the Workforce <ul><li>Businesses viewed employees as valuable “human capital.” </li></ul><ul><li>During consolidations, companies look for cost savings from combining operations. </li></ul><ul><ul><li>Human capital is service industry’s biggest overhead. </li></ul></ul><ul><ul><li>Layoffs fastest way to reduce overhead costs. </li></ul></ul>© 2009 LaunchPad Careers, Inc.
  18. 18. Human Capital <ul><li>Human capital is a measure of the economic value of an employee’s skill set. </li></ul><ul><li>The term was coined by economist Theodore Schultz in the 1960s. </li></ul><ul><li>Service-oriented economy requires companies to continually improve human capital and leverage it to enhance productivity gains. </li></ul><ul><li>Not always considered a real asset. </li></ul>© 2009 LaunchPad Careers, Inc.
  19. 19. Contingent Workforce <ul><li>Contingent worker is someone who works for a staffing company or as a 1099 contractor. </li></ul><ul><li>This workforce has seen significant growth over past 20 years. </li></ul><ul><li>Started with large companies and moved to small businesses. </li></ul>© 2009 LaunchPad Careers, Inc.
  20. 20. New Working World Order © 2009 LaunchPad Careers, Inc. Old World New World Large corporations were stable, provided longevity and great benefits. Too big to fail just failed. Layoffs are used to maintain shareholder value. Companies provided training and a path for career growth. Companies use human capital just as other resources. Just in time. People placed an emphasis on stability and loyalty over personal growth and development. Companies are loyal to their shareholders and “worker-preneurs” are loyal to their personal goals. Employees worked hard and were rewarded for that hard work. Employees work hard, but will continue to look for greener pastures. Career path was well defined. Career path may change numerous times, and is not defined by the corporation. Job duties had a narrow and defined focus. Job description is undefined, and will change often and at times without notice.
  21. 21. How These Changes Affect You and Your Job Search © 2009 LaunchPad Careers, Inc.
  22. 22. How This Affects You <ul><li>Career Mapping and Planning </li></ul><ul><li>Industries and Professions </li></ul><ul><li>Personal Branding and Marketing </li></ul><ul><li>Resume and CV Writing </li></ul><ul><li>Identifying Opportunities </li></ul><ul><li>Networking </li></ul><ul><li>Pursuing Opportunities and Applying </li></ul><ul><li>Interviewing </li></ul>© 2009 LaunchPad Careers, Inc.
  23. 23. Career Mapping and Planning <ul><li>Past: Paradigm of having long career with one company no longer exists. </li></ul><ul><li>Present: Likely you will work at 3-5 companies over 15 years. </li></ul><ul><li>Future: Expect to work for dozens of companies, and to change specializations a couple of times. </li></ul>© 2009 LaunchPad Careers, Inc.
  24. 24. “ As organizations reshape themselves to survive and compete in a global economy, the familiar employee-employer contract has been broken. The drastically changing world of work demands a new social contract – one that says we are all self-employed whether we work inside or outside of the organization.” – Cliff Hakim We Are All Self-Employed © 2009 LaunchPad Careers, Inc.
  25. 25. The “Worker-preneur” <ul><li>Contingent worker, 1099 contractor or business owner who provides specialized services to one or multiple companies at a time. </li></ul><ul><li>Focused on increasing their value to companies. </li></ul><ul><li>Invests in education and knowledge to stay competitive. </li></ul><ul><li>Specialized and flexible. </li></ul>© 2009 LaunchPad Careers, Inc.
  26. 26. Industries and Professions <ul><li>Low-skilled manufacturing careers outsourced. </li></ul><ul><li>Professions related to outdated industries phased out. </li></ul><ul><li>Expansion of highly-skilled and global careers. </li></ul><ul><li>Explosion of green jobs. </li></ul>© 2009 LaunchPad Careers, Inc.
  27. 27. Slowing Industries Source: “Eight Endangered Industries,” by Ernest Beck © 2009 LaunchPad Careers, Inc.
  28. 28. Growing Industries Source: Bureau of Labor Statistics © 2009 LaunchPad Careers, Inc.
  29. 29. The Future Is Green <ul><li>Potential for the next boom. </li></ul><ul><li>Cuts across many industries: </li></ul><ul><li>Agriculture </li></ul><ul><li>Automotive </li></ul><ul><ul><li>Construction </li></ul></ul><ul><ul><li>Finance </li></ul></ul><ul><ul><li>Manufacturing </li></ul></ul><ul><li>Green innovation could attract private and public investment. </li></ul><ul><li>More difficult to outsource. </li></ul>© 2009 LaunchPad Careers, Inc.
  30. 30. Modernizing Healthcare <ul><li>Congress is preparing to overhaul the healthcare system. </li></ul><ul><li>Aging population of “Baby Boomers.” </li></ul><ul><li>Control costs through modernization and Health IT. </li></ul><ul><li>More difficult to outsource. </li></ul>© 2009 LaunchPad Careers, Inc.
  31. 31. Personal Branding <ul><li>Past: Job seekers didn’t need to create or promote their brand. </li></ul><ul><li>Present and Future: Job seekers need to tailor skills to fit needs of employers. </li></ul><ul><li>Wider reach through technology. </li></ul><ul><ul><li>Web 2.0 </li></ul></ul>© 2009 LaunchPad Careers, Inc.
  32. 32. Resumes Version 1.0 <ul><li>1-2 pages </li></ul><ul><li>Standard white paper </li></ul><ul><li>Emailed, faxed or hand delivered </li></ul><ul><li>Standard formats </li></ul><ul><li>Experience and positions listed chronologically </li></ul><ul><li>Generic, not targeted </li></ul>© 2009 LaunchPad Careers, Inc.
  33. 33. Resume Version 2.0 <ul><li>Incorporates Web 2.0 features </li></ul><ul><ul><li>Graphs, charts </li></ul></ul><ul><ul><li>Photos, video, audio </li></ul></ul><ul><li>Resides on the Internet </li></ul><ul><li>Is a “living” document </li></ul><ul><li>Directly links to websites and blogs </li></ul>© 2009 LaunchPad Careers, Inc.
  34. 34. Searching for Jobs <ul><li>Web 2.0 has changed the way we look for jobs. </li></ul><ul><li>Online job boards have replaced newspaper ads and taken the job search global. </li></ul><ul><li>Many creative tools are freely available. </li></ul><ul><li>Networking is still best way to find jobs. </li></ul>© 2009 LaunchPad Careers, Inc.
  35. 35. Networking <ul><li>Fundamentals are still the same. </li></ul><ul><li>Creates more value in relationships. </li></ul><ul><li>Technology enables you to build fast and vast networks. </li></ul><ul><li>New ways to communicate with your business or social networks, i.e. Twitter. </li></ul>© 2009 LaunchPad Careers, Inc.
  36. 36. The Glass Ceiling <ul><li>Fewer social barriers to success than ever before. </li></ul><ul><li>Businesses are looking to diversity products and services through human capital. </li></ul><ul><li>“ Old boys” network got old. </li></ul><ul><li>Not about where you are from, it’s about what you can do! </li></ul>© 2009 LaunchPad Careers, Inc.
  37. 37. Applying for Jobs <ul><li>More companies are taking the entire application process online. </li></ul><ul><li>Advantage: You have the ability to apply to more jobs, faster. </li></ul><ul><li>Disadvantage: Greater competition for same jobs, places onus on personal branding and marketing. </li></ul><ul><li>Sophisticated screening technologies. </li></ul><ul><li>More personality-based screening. </li></ul><ul><li>Companies are tracking applicants digitally. </li></ul>© 2009 LaunchPad Careers, Inc.
  38. 38. Interviewing <ul><li>Performance, competency based interviews replacing traditional approaches of asking about strengths and weaknesses. </li></ul><ul><li>More intrusive screening and background checks. </li></ul><ul><li>Technological advantage goes to the better informed. </li></ul><ul><li>Success will depend less on I.Q. and more on E.Q. </li></ul>© 2009 LaunchPad Careers, Inc.
  39. 39. Summary <ul><li>Job market reflects changes in the economy as it relates to innovation, technology, and globalization. </li></ul><ul><li>Your success depends on an ability to adapt to changes. </li></ul><ul><li>Industry merger mania, consolidation, and globalization led to evolution in today’s workforce. </li></ul><ul><li>From company, career-employee to “worker-preneur.” </li></ul><ul><li>Marketing and advertising not just for companies. Personal brand will increase your human capital value. </li></ul><ul><ul><li>Throw away generic resume. Develop targeted resume. </li></ul></ul><ul><ul><li>Network to leverage relationships and opportunities. </li></ul></ul>© 2009 LaunchPad Careers, Inc.
  40. 40. Any Questions? © 2009 LaunchPad Careers, Inc.