Banking, Financial Services, Lending Services, Monthly BLS Report

No Longer the Only Bank in Town

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In the third quarter, we saw banking become an increasingly customer-driven market.  Some may argue that it has always been customer-driven, but it’s more evident these days that your bank is far from the only one in town, with an average of three or more banks vying for the same deal.

At a glance, It’s easy to see this as a problem.  If you look closer, however, you will find that this is actually an exciting opportunity.

These days, more important than rates, many customers want to know they will have a banker that is responsive and proactive. More people than you think are willing to pay a premium for the right service.

For the success of your team, it is imperative to take a look at who is contributing to growth and who isn’t.  Only the right team of bankers can help you win business and continue to grow in this environment.

With a deep database of candidates in every region of the US, The Richmond Group has the ability to go directly to your competition and bring you candidates that are currently successful in doing exactly what you need to have done on your team.

We enjoyed helping our clients grow their teams in the third quarter, and look forward to continuing that work to ensure a strong finish to 2014 for everyone.

Computers, Software, US News

Technology sector outside of Silicon Valley growing

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technology

Technology

People seeking work in the technology sector have traditionally gravitated toward one of the coasts, but that doesn’t mean that those are the only places to find a job in the industry. Recently, there have been reports that show regions not traditionally associated with high-tech work are beginning to emerge as major players in the industry.

Using data from the U.S. Bureau of Labor Statistics, Dice News showed that many of the states with the fastest-growing technology sectors are located in the South, Northeast and Midwest. Although traditional tech hubs such as California may still employ the most people, states such as Texas, New Jersey and Michigan have added workers at a much higher pace in the last year.

North to South 
Texas was the biggest performer in the tech sector last year, adding nearly 6 percent to its workforce, or 8,100 employees. According to Dice News, that makes it the country’s second-largest tech employer, next to California.

After Texas came Florida, which grew its technology market around 5.6 percent. With 3.8 percent growth, North Carolina rounded out the top three states, all of which were Southern. New York, Massachusetts and New Jersey showed that expansion is also occurring in the Northeast, while Michigan and Missouri represented the Midwest. Two Pacific states, Washington and Oregon also made the top 10.

Expansion in some states, such as Missouri, actually slowed from previous years, but in others growth picked up. Florida, for instance, hired more technology workers in the first half of 2014 than it did in all of 2013.

Challenging conventions 
Tech employment growth in these states may be due to a stronger economic environment in general, but some of the expansion could also be due to a shift in perceptions. IDG News Service reported on the growth of the Midwest technology job market, but said that some people still don’t view the region as a viable home for tech workers. Companies such as Madison, Wisconsin’s Epic Systems, an electronic health record manager, could be changing that, although technology jobs in the Midwest may still be different from those on the coasts.

“Consumer technology has taken root and grown on the coasts, but the opportunity for enterprise software is a differentiator for the Midwest,” Zach Brandon, president of the Greater Madison Chamber of Commerce, told the source.

Tech workers interested in the business sector may find the Midwest an attractive source. IDG reported that many are drawn to the region’s growing startup scene and low cost of living.

Banking, Financial Services, Lending Services, Placement Annoucements

Jon Burkhart & TRG Commercial Banking Complete Successful SVP of Commercial Lending Search

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(Richmond, VA) September 17, 2014 –  Jon Burkhart and the Commercial Banking Team of The Richmond Group USA (TRG) are pleased to announce the successful conclusion of a Senior Vice President, Commercial Lending search in Austin, TX for a successful and established Texas-based community bank.

Three months ago, our client-company reached out to us with an expansion opportunity in North Austin.  They had been looking for over a year for seasoned C&I lender with little success, as Austin is traditionally a Commercial Real Estate-focused market.  The commercial lender they were looking for not only needed to have a very strong credit background combined with excellent business development skills, but they also needed to be established in the Austin market with C&I-specific relationships that would allow them to immediately hit the ground running.  

Due to the specific qualifications this role required, a comprehensive search was conducted to uncover and attract a pool of qualified candidates in Austin and its surrounding suburbs and communities.  Because of our deep, already-existing relationships in Central Texas, we were able to identify and qualify the right candidate in less than two weeks.  

The bank now has a senior commercial lender who has over $6MM in new loans in the pipeline to close before the end of the year and will be instrumental in growing the bank’s presence quickly in Austin, while the senior commercial lender now has the ability to make larger loans and a clear path to becoming a market leader for the bank in the near future. 

As your business continues to grow, so does your need for talented individuals. What are you doing today to secure the future talent needs?

Should you desire additional information about this successful search or about our firm please contact Jon Burkhart and the Commercial Banking division at 804-285-2071 or email Jon at jonb@richgroupusa.com

Pacific US, US News

UCLA: Sunny future for California jobs

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ucla California

UCLA California

Employment in the U.S. has been on the upswing over the past few years, but not every region of the country is providing the same opportunities. According to a report from the University of California, Los Angeles, job seekers may have reason to head for the coast. The university found that California is expected to experience faster job gains than most of the country through 2016, expanding 2.2 percent as the nation grows 1.9 percent.

Although California’s unemployment rate was above the national average, at 7.4 percent, as of July 2014, it’s expected to drop in the next couple of years, mostly closing the gap. By 2016, unemployment in the state is predicted to be 5.7 percent, 0.3 percent higher than the average rate for the U.S.

Increased trade with Asia – and other nations, to a lesser extent – is forecasted to provide a major boost for California’s employment. In particular, trade, warehousing and manufacturing exports are expected to provide a wealth of new jobs.

Data from the U.S. Bureau of Labor Statistics show that the trade, transportation and utilities sector is already California’s largest employer, according to nearly 3 million jobs in the state.

Manufacturing

Tesla’s Gigafactory could create thousands of jobs in Nevada

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tesla-factory-Nevada

Tesla Gigafactory – Nevada

After months of competition and planning, electric car maker Tesla has finally chosen the site of the massive plant it’s calling the Gigafactory. Once finished, the facility would cover 5 million square feet and could create nearly 10,000 temporary and permanent jobs and support thousands more, Reuters reported.

Possible benefits to the state 
Gov. Brian Sandoval said that up to 3,000 jobs could be created building the factory and another 6,500 would be available once the plant is finished. Tesla’s facility could support another 16,000 jobs indirectly, he said. According to MarketWatch, Sandoval has said that jobs at the new facility would pay an average of $25 per hour, a huge leap from the state’s minimum wage of $8.25 per hour.

Sandoval has been optimistic in his announcements of the factory, claiming that the costs of securing the gigantic facility would be more than made up for by the benefits it would bring down the line. According to the governor, the plant could create economic benefits of up to $100 billion for Nevada over the next 20 years. That would be a major boon for Nevada, which has struggled economically in recent years, according to Reuters. The outlet also said that job creation has been one of Gov. Sandoval’s major pursuits.

Tough questions to answer 
Not everyone shared Sandoval’s optimism, however. State officials have criticized the enormous tax breaks being under consideration for Tesla. According to Reuters, the company could receive incentives worth up to $1.3 billion. That package would include $725 million in sales tax relief, a $75 million tax break for creating the job it’s promised and another $300 cut for other taxes, including payroll.

The company said that it would put $37 million into the state’s education system, which, combined with Sandoval’s estimated economic benefits, could help the state come out on top. However, some have questioned whether the governor’s predictions were accurate, and how the state could afford the proposed tax breaks in any case. Bob Fulkerson, executive director of the Progressive Leadership Alliance of Nevada, said that Sandoval was overestimating the financial gains that Tesla would bring and that the company would create a burden on the state.

“Local governments are going to have immediate financial costs of public safety, trash collection, schools and existing residents and taxpayers are going to have to pay for that,” Fulkerson told the source.

Central US, Engineering, Manufacturing, Marketing, Midwest US, North America, Northeast US, Pacific US, Southeast US, Southwest US, US News

August Was Another Good Month for Manufacturing!

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Manufacturing in the US expanded in August and employment in manufacturing grew at its fastest pace since March 2013.  The Institute for Supply Management (ISM) said its index of national factory activity rose to 59.0 from 57.1 the month before.  In a recent article Tim Moore, senior economist at Markit, was quoted as saying, “The US manufacturing sector has gone from strength to strength this summer, with August’s improvement in business conditions the sharpest for over four years.”  He also said that, “Impressive new business and output gains were matched by a solid rebound in employment growth.  The latest survey points to the fastest upturn in payroll numbers for around a year-and-a-half, highlighting that the manufacturing sector continues to have a positive impact on overall labor market conditions.”  This momentum in the market has led to an increase in new career opportunities for management and other salaried professionals.  No one is expecting this trend to slow down in the near future.

 

Bruce Peacock
Vice President of Business Development              
The Richmond Group USA