Things Are Good to Start 2017, but Could Be Better

The Wall Street Journal reported, “The final full month of President Barack Obama’s term was the 75th straight month U.S. employers added jobs.  That extended the longest such stretch on record back to 1939.  The unemployment rate was at the lowest level to end a year since 2006, well down from the 7.8% level recorded when he took office in January 2009, during a deep recession, and from a peak of 10% early in his presidency.” This is certainly positive news, but with reservations.  There is a definite tightening of the overall labor market with some industries struggling to find employees with the necessary skills.  At the same time, a sluggish global economy helped keep business expansion plans in check.  Production numbers at US factories are steadily rebounding from hitting a rough patch in late 2015 and early 2016, which was caused by the decline in energy prices.  The declines led to cutbacks in orders for equipment and pipelines, while a stronger dollar and slower economic growth abroad hurt exports.  As we start a new year, with a new President, it will be interesting to see if the economic recovery will maintain its slow, steady pace.


Bruce Peacock
Vice President of Business Development
The Richmond Group USA



Adjusting Your Hiring To Changing Demographics

2016 went out with a bang, not a wimper on the employment front. The US economy added 156,000 jobs in December, and unemployment hovered at 4.7 percent, close to a nine-year low. In addition,  according to Fierce Biotech, VC funding in the life sciences was on course to be the second highest ever recorded. In a tight labor market with loads of venture money being used to create even more jobs, one might be bewildered on how to attract the best talent when candidates have several opportunities from which to choose.

The answer lies in investing on how to attract the Millennial generation as this generation is now reaching the age of senior scientific, engineering  and middle management positions within the Life Sciences. Those positions are the exact positions that are becoming critical to the continued progress of companies as GenXers move into directorships and Baby Boomers start to leave the upper ranks altogether.

4 Takeaways with Millennials are: (1) Despite what you might think, Cash is King ; (2) You’re online reputation is key to attracting them; (3) Having a clear path forward regarding career growth is key to retaining them; and (4) They are in the driver’s seat regarding the hiring process (at least for now). Hopefully, using these tips we can help you create a hiring process which can attract Millennials and be the start of a great 2017.



Energy efficiency sector employing 1.9 million Americans, report shows

new-report-shows-employment-in-energy-efficiency-sector-_61_40149043_0_14128963_300A report by Environmental Entrepreneurs and E4TheFuture found that nearly 1.9 million Americans work in the energy efficiency sector.

Energy efficiency – which includes the installation, maintenance and management of building insulation and HVAC systems, is the largest sector in terms of employment within the U.S. clean energy industry as a whole, according to the report. Some 3 out of 4 clean energy jobs are in energy efficiency.

The report also found that 70 percent of U.S. energy efficiency workers are employed at small companies with 10 employees or less. There are 165,000 American companies involved in the energy efficiency field.

Around 75 percent of employers surveyed by Environmental Entrepreneurs and E4TheFuture reported that finding qualified workers for open positions in the sector was “very” or “somewhat” difficult in 2015. The top hiring challenge cited by employers was insufficient experience, training or technical skills, followed by lack of qualifications, certification or education.

Energy efficiency employment is particularly strong in California, which has 321,000 jobs in the sector, the most of any state, according to the Press-Enterprise, citing data from the report. California was followed by Florida, Illinois and Massachusetts in terms of number of positions.

Healthcare tops list of industries with largest annual bonuses

Healthcare tops list of industries with largest annual bonusesA recent analysis by LinkedIn revealed that some of the largest annual bonuses are doled out in the healthcare industry, Becker’s Hospital Review reported.

Surgeon, radiologist and medical director were three healthcare positions included in LinkedIn’s ranking of the top 10 jobs with the highest annual cash bonuses. Surgeons, taking the No. 2 spot, commanded bonuses of $60,000, while radiologists received $47,500 and medical directors earned $40,000.

The No. 1 job for annual bonuses was investment banking associate, which received $100,000. The other positions that made the top 10 were investment banking analyst, commercial director, global marketing director, senior portfolio manager, senior corporate counsel and equity research analyst.

Healthcare also had the seventh largest annual cash bonus when the jobs data was categorized by industry, with an average bonus of $5,500, the source noted.

In terms of salary, health IT jobs in particular have seen significant growth in recent years. A report from released in late November found that salaries in this job field rose 7 percent between 2015 and 2016, HealthcareITNews reported.

Executives in IT earned an average salary of $171,000 during 2016 as well as an average bonus of $27,500.

NYC government plans to create 16,000 jobs in life sciences

NYC government plans to create 16,000 jobs in life sciencesThe city government of New York is planning to significantly increase investment in the life sciences industry and create 16,000 jobs, New York Business Journal reported.

Mayor Bill de Blasio recently announced that up to $500 million would be put toward adding jobs in life sciences in New York City through the “LifeSci NYC” program.

The new jobs will span a range of fields within the industry, including vaccine development as well as biotch software design, according to the source. In addition to the direct positions created, 7,000 jobs will be added indirectly in support areas while 7,400 will be gained in construction. Life sciences students will also benefit from 1,000 new paid internships.

“We are creating a springboard into the innovative Life Science economy for our workers, innovators, and startup businesses that will make our whole economy stronger,” said de Blasio in a statement.

A report on the life sciences industry in New York City by CBRE noted that the metropolitan center is a prime location for the field to flourish, thanks to its availability of commercial laboratories and premier universities and medical and research centers.

The Department of Labor forecast that the number of life sciences employees in the U.S. would grow 20 percent by 2020, the report noted.

IBM CEO urges talent development for ‘new collar’ positions

IBM CEO urges talent development for 'new collar' positionsIn an article for USA Today, IBM CEO Ginni Rometty urged U.S. business leaders to develop “new collar” talent that will drive the next phase of industry in the technological age.

As opposed to blue collar or white collar jobs, these “new collar” positions require advanced tech skills in areas such as cloud computing and data analysis, according to Rometty, and many companies have been facing a shortage of workers with abilities in these areas.

To help boost employment and productivity in these innovative technology fields, Rometty wrote that IBM plans to hire 6,000 employees in the U.S. in 2017 and an additionall19,000 workers over the following three years.

“We are hiring because the nature of work is evolving – and that is also why so many of these jobs remain hard to fill,” she wrote. “As industries from manufacturing to agriculture are reshaped by data science and cloud computing, jobs are being created that demand new skills – which in turn requires new approaches to education, training and recruiting.”

Rometty is on an advisory panel of business leaders assembled by President-elect Donald Trump and joins other major figures like Jeff Bezos of Inc., Bloomberg reported.