Tag: Recruiting & Selection

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Job Search in the “Latest” New Normal – Know Your Options

Cutters Cigar Bar

This was a good week.  It was not a good week because I recruited a new consultant, which I did.  It was not because I accomplished all of my planned tasks, but I did.  And, it was not a good week because I had several very productive meetings.  All these activities are noteworthy of course, but it was my ability to mix these activities with my favorite personal pastimes that made the week so enjoyable.  Yes, I accomplished quite a bit and had a lot of fun in the process.

The high point of my week was my meeting with Walt.  I was introduced to him, three weeks ago by Dave, a mutual friend.  Dave reached out to me to see if I would be interested in talking with him as he needed help with his job search.  I have great confidence in Dave’s recommendations, so I invited him to make the introductions.  Shortly after that, Walt and I were having a telephone conversation.

Our first conversation was relatively brief.  I learned that he had a background in the food distribution segment with experience in business development and as a category manager. Walt advised me that he had been terminated within the past two weeks, having been furloughed by the pandemic.  He did not have a current resume to share, at that time, but promised to send a copy when it was ready.  He said that it has been a long time since he has had to look for a job.  Actually, this may be the first time he has been in a job search since he began his career.  I also learned that he is a cigar aficionado, familiar with my favorite cigar bar.  We ended the conversation with my commitment to follow up after I review his resume.

We met mid-afternoon, Thursday at the cigar bar.  After making our cigar and beverage selections we found seats at a table in a private meeting room.  We made a toast and got down to business.  He handed me his resume as he began to recap his background.  Walt is an extrovert.  He is friendly, engaging, and interesting.  We are about the same age and have much in common.  Our meeting was off to a great start.  He laid out his history as a Category Manager and Business Development Professional in the food distribution industry segment.  He explained that he was furloughed at the beginning of the lockdown, then recently terminated.

We spent the better part of two hours together.  I noted that he is better off than most job seekers.  He has a severance package including a non-compete clause.  He has a solid network and excellent references.  Already, he has reached out to make them aware of his situation so they can be helpful.  He admitted that he is not savvy about networking groups or how to find them. He said he is open to new opportunities.

When Walt finished presenting his background he asked for my advice.  I commended him on his positive outlook and his willingness to consider new opportunities.  We discussed the obvious difficulty in the foodservice segment; however, I foresee opportunities helping his prior customers with their purchasing and supply chain issues.  We also discussed pursuing opportunities in non-food distribution.  I told him that many are finding success by taking freelance consulting projects as a bridge strategy to find full-time employment.  Finally, I suggested that his search should include smaller companies with upside potential.

His resume, hot off the presses, was prepared by an HR professional, not a professional resume writer.  Although it is well organized and easy to read, it is bland and lacks a call to action.  It does not reflect the contributions he has made to his employers and his positioning statement lacks clarity.   I can help him with that issue.

His final question was about my program.  Could I be helpful, and how I was paid for my services?  I explained how the three parts of my business, (New Century Dynamics Executive Search, ITB Partners, and Executive Career Coaching) operated and how each could be helpful to him.

At the end of our conversation I agreed to the following deliverables:

  • Help him plug into the market via networking groups.
  • Review his resume and LinkedIn Profile – make recommendations.
  • Provide clearer background information about our capabilities.
  • Make Strategic Introductions to my network.

Walt is hitting the market at a difficult time.  The economy is coming out of recession, it is the middle of summer, and his industry segment is under pressure.  As a Baby Boomer,  he has demographic challenges. On the plus side, he has a solid skill stack and a positive mindset.  His severance package is a plus.  He has a good network and great references.  Most importantly, he is coach-able and open to new opportunities.  Walt will adapt to the realities of this market as he has a better understanding of his options.  I am confident that it won’t be long until he will be gainfully employed.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner,  ITB Partners

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Job Search in the Latest “New Normal” – Recruiting and Selection Dynamics

Networking is still key!

It is normal for me to talk with a lot of job seekers and this week was no exception.  One conversation was remarkable, albeit in a disappointing way.  Steve was referred to me by a colleague as his job search has been ineffective.  Happy to help, I scheduled a phone call to exchange information and to learn about his career interests.  The gist of our conversation is that Steve is having difficulty generating interest from employers.  He is an experienced professional with an advanced degree, but he is uncomfortable networking.  He is reticent about making even a small effort in that direction.  The bulk of his search has been about submitting his resume to company portals and online job boards.  He has not done much research into other resources, tools, and techniques to leverage his efforts.   I explained that up to 85% of people find their jobs through networking, while online applications account for about 10%.  I encouraged him to spend his time accordingly.  It was a difficult conversation. My advice did not seem to resonate.  The best I could do was offer suggestions and encourage him to check in from time to time.

My last post was the first in a series of articles to explore Job Search in the Latest “New Normal.”  In that post, I discussed the importance of situational awareness to understand the dynamics of the job market.  One must have three hundred and sixty-degree understanding of playing field to ensure a successful outcome.  The impact of Covid-19 has accelerated many trends already evident in the market. In this post, I explore evolutionary aspects of recruiting and selection processes the job seeker may encounter.

Although the economy is improving and companies are rehiring, it is unclear as to the continued pace of the recovery.   Women are said to be hardest hit by the pandemic related layoffs.  They are concerned about the economic impact on their family’s well-being.  They wonder how much time will pass before they begin earning a regular paycheck again.  If they have school-age children at home, their careers may be put on hold as school systems opt for virtual education.  For many, their concentration is short-term survival, less so for the long term.  This is reasonable and probably good thinking.

If you believe the economic forecasts, employers are planning for a favorable fourth quarter.  Their recruiting activity must begin now if they expect to be staffed by Fall.  They are using virtual tools to facilitate more of their recruiting, selection, and onboarding processes. Most employers are soliciting applications through online portals.  Additionally, they are likely to use applicant tracking systems (ATS) to make the process more efficient. Video interviews have gained greater acceptance, especially for senior-level positions.  Now, I am hearing that these tools are becoming commonplace across a wider range of job categories.  This makes sense to me as video conferencing is an obvious solution for recruiters who may be working from home.   These tools are effective, affordable, and easy to use.  The job seeker must become adept with the virtual interview.

The pace of hiring is not uniform across all industry segments.  The media has reported several stories about iconic brands that have announced plans to hire a significant number of new employees.  On the other hand, many smaller businesses are struggling to survive or planning to close.  Many of the latter are service-sector operations, including restaurants.  Finding job opportunities in this segment is problematic.  One can reasonably expect six months to a year or more before the economy reaches the pre-pandemic staffing level for this segment.  You should consider redeploying your skillset for opportunities in growing industry segments.

Tips to Improve your search:

  • Networking is still the key
  • Embrace Social Media
  • Think creatively – consider your transferable skills
  • Become comfortable with video interviews
  • Consider freelance work as a bridge strategy

We cannot fully appreciate the potential economic downside or the possible upside as we adapt to Covid-19.  Assuming that surrender is not an option, we must adapt.  The recruiting and selection process has gone virtual, so we must become proficient with virtual tools and processes.  Networking is still the most viable way to find a new job, so embrace that activity.  Become a confident networker if not an expert.  Include virtual networking in your portfolio via LinkedIn, email outreach, and other social media platforms.  Consider the value of your skill-stack to support a career move to a high-performing industry segment.  Be open to freelance work as a bridge strategy to a full-time situation, or maybe a new career.  We cannot predict the jobs that may go away or those that will be created.  It is safe to say, however, that new career opportunities will be available to you if you do your research and seek them out.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner,  ITB Partners

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Job Search in the Latest New Normal

ITB Partners Members Meeting

We have reached the halfway point for 2020, which may be the strangest year of my life.  Your’s too, most likely. Working through the challenges presented by Covid-19 is certainly remarkable.  Few if anyone I know, has ever experienced a pandemic of this nature or the measures required to moderate its spread.  And then, the follow-on weeks of civil unrest. Yes, this year has been surreal.

The sudden transition from a booming economy to a voluntary lockdown has been jarring.  Overnight, we have gone from historically low to depression-level unemployment.  The relief provided by the Federal Government is unprecedented. It has helped employers and employees survive the lockdown.  To some extent, however, it may have been counterproductive as minimum wage earners lack the incentive to return to work before their benefits expire.  Nevertheless, many furloughed at the beginning of ‘shelter in place,’ lost their jobs as employers face the realities of survival.  Some of these people have reached out to me for help.

The underlying structure of the economy is still intact.

Even though many jobs are gone, at least temporarily, the underlying structure of the economy is still intact. This has not been a traditional recession where a bubble in the economy collapses.  It is closer to a natural disaster save for the destruction of infrastructure. The manufacturing, supply chain, logistics network has suffered a minimal impact.  The financial services sector has fared well.  The Service Sector has been hardest hit as the need for social distancing directly impacts their business model.  By design, the Service Sector is based on close personal contact. Even so, the road back to prosperity has not been closed.  The level of employment is rapidly improving.  There is a reason for guarded optimism.

My neighbor is a good case study.  He was furloughed from a senior-level construction and development position for a major restaurant brand.  By the end of the lockdown, his position was eliminated as his employer decided to reduce their development plans for 2020.

The good news is that he is a licensed Architect.   He has other options.  In fact, he has landed freelance work with architectural firms.  Additionally, he has found that positions, like the one he lost, are available locally.

I have received a significant uptick in calls from job seekers requiring help.  A few have not had to look for a job for many years and want to understand the changes in the recruiting and selection process.  Others are looking to become more competitive by improving their job search skills, resume, and other collateral material.  Most find the process confusing.  They seek clarity and direction.

Questions for The Job Seeker:

    • How is Your Situational awareness?
    • Are you savvy about the labor market dynamics?
    • Do you have a full appreciation for your options?
    • Do you understand the needs of your audience, employer risk?
    • Do you think and behave like a brand?  Be the product/brand!
    • How are your communication skills?
    • Do you understand how to navigate interview traps and pitfalls?

Situational Awareness:

The first step in the job search process is to gain situational awareness.  Job seekers face a dynamic market, especially for senior management. Employers are working mightily to remain relevant.  They face intense pressure from traditional and disruptive competition. Even the strongest brands can become distracted by mergers, acquisitions, downsizing, right-sizing, productivity improvement initiatives, etc. The newest challenge is, of course, a heightened concern for employers’ ability to survive the devastating impact of the pandemic driven lock-down.  Brands must not only survive the lock-down, they must learn to thrive in an environment requiring a greater focus on sanitation and hygiene.  They are forced to adapt, in real-time, as humanity suffers the first wave of the Covid-19 pandemic. Employers have cause to substitute technology for human capital.  Many companies will never reopen. This is not all bad.  Successful companies will become stronger, increasing demand for employees.

Conclusions and Recommendations:

What is your evaluation of the situation?  Are you working in an industry sector more, or less impacted by the virus?  Are your skills still in demand?   Do you need new skills or a tune-up?   What opportunities have been revealed?  How should you adjust your strategy?  Relevancy is a fundamental issue for job seekers.  If you need help, seek out professionals who understand the situation.  Remember, you are the product.  Be the product!  You must adjust and adapt to the “Latest New Normal.”

I will explore the remainder of these challenges in the next few weeks.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner,  ITB Partners

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April 14 ZOOM Meeting of The BENG Atlanta Chapter

The BENG Atlanta Chapter April 14 Meeting Will Be Held Via ZOOM!  To join the meeting, follow this link:  https://zoom.us/j/334822051

Register for The BENG April 14 ZOOM Meeting!

Email To:  Jim.Weber@itbpartners   Subject: Yes, Reserve My Place for The BENG Atlanta Chapter April Meeting viaZOOM

Remove What’s NOT Working from Your Networking

Description:

According to a LinkedIn survey in 2017, almost 80 percent of professionals consider networking to be important to their career success. Not only that, but 70 percent of respondents said they were hired at a company where they had a connection.

Whether you are networking to find new clients, a better job, or the love of your life, your results will definitely improve if you remove what’s not working and replace it with more effective actions.

Invest one hour of your time in this session and leave with:

  • A clearly defined goal for your networking
  • Identification of your ineffective networking activities that are holding you back
  • Options for less common activities that have been proven more effective
  • A revised networking “game plan” you can start using today

Our speaker:

Richard Kirby

Richard Kirby is “The K Factor”. His formula for client success is Inspirational+Analytical=Inevitable.

For the past 18 years, Richard has coached corporate executives desiring career improvements inside or outside their current employers. He is also the author of Fast Track Your Job Search (and Career!), an eBook available on amazon.com and barnesandnoble.com. A critical component of his individual coaching programs and his book is business networking. More information can be found about Richard at https://www.richardkirby.net or https://www.linkedin.com/in/richardkirbyatl.

Register for The BENG April 14 ZOOM Meeting!

Email To:  Jim.Weber@itbpartners.com   Subject: Yes, Reserve My Place for The BENG Atlanta Chapter April Meeting viaZOOM

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Jim Weber Completes COO Search for Casual Dining Franchiser

Jim Weber – Managing Partner, ITB Partners

Prior to forming New Century Dynamics Executive Search in 1999, Jim Weber spent 22 years with Fortune 500 companies in the Food Retailing Industry where he developed a broad-based portfolio of “hands-on” line and staff experience in growth and turnaround situations. A proven executive with exceptional leadership skills, Jim has a strong financial background and heavy operations experience in specialty retail stores, quick-service restaurants, manufacturing, and distribution.

For more information about Jim Weber and New Century Dynamics Executive Search, call us at 770-649-7051 or email  JimWeber@NewCenturyDynamics.com

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December 11, BENG Atlanta Meeting featuring Chris Butsch

DATE AND TIME

LOCATION

Bella’s Kitchen

6600 Peachtree Dunwoody

350 Embassy Row

Atlanta, GA 30328

View Map

$10 Fee

Join Us for the December Business Executives Networking Group, (BENG) Atlanta Chapter Meeting featuring Chris Butsch who will present:

“Executive Speechwriting Secrets: Crafting Killer Content that’ll Make Employees Love to Work Hard for You”

Register Now

Chris Butsch works with organizations who want happier cultures with higher engagement and lower turnover. He is the author of The Millennial’s Guide to Making Happiness and is considered a global expert on applying positive psychology to the workplace and classroom.

A $10 Registration fee includes a sumptuous breakfast buffet.  Register Now!

BENG Mission

BENG provides mid- to senior-level professionals with a platform to enhance their networking activities and skills.

Members in-transition benefit from tools to accelerate their job search (including opportunities for networking), targeted employment information and emotional support.

Employed and self-employed members benefit from a platform to network and cultivate relationships with community leaders and professionals interested in expanding a business.

We rely upon the generosity and cooperation of our members – whether in-transition, employed or self-employed – to accomplish the mission of “Members Helping Members.”

Register Now!

 

Monthly meetings are structured to help each member get the maximum benefit.

BENG Networking Meetings:

  • Are approximately two hours in length.
  • Are typically held monthly.
  • Range from 10 to 30 attendees, but the average is 20.
  • A skill building presentation.
  • Allows each attendee 30 seconds to introduce themselves, talk about their background and expertise, and to present their Target Companies and networking needs.
  • Please bring business cards and your marketing plan if you have one.

Networking meetings provide members with an opportunity to sharpen their networking skills, meet peers from various disciplines and share business opportunities and job leads.

Register Now!

To register or for more information:

R.S.V.P required. For more information about The BENG, go to www.thebeng.org.


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Stay Focused: Avoid Time Sucks!

I give a lot of consideration to the way I use my time.  Often, these assessments lead to significant adjustments.  A decision this week reminded me of a similar situation a decade ago.

 

In 2003 I joined a club to conduct business and entertain clients and prospects. This club provided excellent food and beverage service to accommodate breakfast and luncheon meetings.  It had enough rooms of varied sizes for private meetings.  Because of its commanding view from the top floor of a high-rise office building, it was a popular place for many events, including weddings, and holiday parties.  It was a good location for political functions.  I made good use of the club’s amenities, especially during the holidays.  I hosted an Annual Company Meeting and facilitated the use of the club for a major alumni event and a few smaller gatherings.  My middle daughter chose the club for her wedding and reception.  The club was good about giving back to its members as well, hosting a free members appreciation gala during the holiday season.  It wasn’t the most convenient location, but I met a lot of great people and significantly improved my networking skills.

 

Among the members, I came to know, were a few cigar aficionados.  Although the club was a non-smoking venue, there was a cigar bar in an adjacent hotel.  One thing led to another, and eventually, we formed a poker group. We met once a month, enjoying a cigar and a beer or two before the game.  Poker night was not as much about poker as it was camaraderie among friends.  Fifteen years later, the game is still going. It is still less about the poker and more about spending time with friends. Only two of us are left from the original group, as members have come and gone.

 

Toward the end of 2008, as the economy slipped into recession, I chose not to renew my membership with the club.  The recession put a lot of things into perspective.  A crisis will do that.  I came to realize that I was not meeting the type of people I needed to build my business.  Additionally, the location caused me to spend too much time traveling to and from the club.  It wasn’t necessarily a happy decision as I was very fond of the club.  I had made some lasting friendships and had gained the respect of the management and staff.  Sadly, continued membership at the club was not aligned with my objectives.   I realized the need to refocus my efforts as the economy became more unstable and unpredictable.  It wasn’t easy leaving the club, but it was necessary.

 

I had a similar epiphany Friday morning conducting a very successful ITB Partners meeting. I was with twenty highly accomplished professionals, with two or three more participating by telephone. We were discussing plans for a strategic review for our company.  It was quite exhilarating. I’ve always enjoyed leading bright people through the process of chartering business strategy. You could say that it is in my DNA. I was in the zone.

 

On the other hand, I’ve come to realize that I no longer have the same level of anticipation for poker night. In fact, I’ve noticed a certain level of trepidation.  I know it’s pointless to continue playing if it isn’t enjoyable. I have far too many other responsibilities to occupy my time.

 

When I compared Friday’s meeting to the monthly poker game, the implication was clear. The thrill is gone. I have been going through the motions. It is no longer a productive use of my time, even for recreation.  It’s time to move on.  My decision won’t affect the relationships I have with close friends in the group which are solid.

 

It’s important to reassess from time to time.  Successful companies have a process to review their annual progress against plans, adjusting as needed.  As individuals, we make New Year’s Resolutions at the beginning of each year.  Many of those resolutions are never achieved, however, we understand their intrinsic value.  I find it useful to assess the way I use my time in connection with my goals and objectives.  I think you will too.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

 

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LFPR and the Demand for Labor Paradox

 

On November 2nd, the Friday before the midterm elections, the U.S. Department of Labor presented its initial report for October.  The report showed that employment increased by 250,000, a 1.7% year-over-year improvement.

 

On Tuesday, November 6,  The Bureau of Labor Statistics released its Job Openings and Labor Turnover Summary,

The report reflected an unemployment of 3.7% and a Labor Force Participation Rate (LFPR) of 62.9%.  Job Openings were reported at 7.0 million, down from 7.3 million the prior month.

 

The bulk of October’s hiring came from three major industry segments; healthcare and social assistance added 46,700 jobs, leisure and hospitality added 42,000 jobs, and manufacturing added 32,000 jobs. The only sector to record a decline was the education sector which dropped 2,500 jobs. On a year over year basis, the manufacturing sector increased employment by 9.4%, construction employment increased by 4.7%, and transportation/warehousing increased 3.5%. The information sector lost a half a point.

 

The September employment figure was revised downward from 134,000 to 118,000, whereas the August figure was revised upward from 270,00 to 286,000.  During the third quarter, GDP increased by 3.5% as compared to 4.2% in the second quarter. The consensus is that the economy is on track for a full year GDP increase of 3%.

 

The economy remains strong, without clear evidence of slowing. We have seen some wage increases which supports the belief that the labor market is tightening.  I find it interesting that employers are trying to fill 7 million jobs, and The Labor Force Participation Rate (LFPR) is at a historic low.  In fact, the ratio of people looking for work to jobs available is .9.  In other words, for every 100 available jobs, 90 people are actively seeking employment.  The U.S. labor market has enough slack to accommodate the demand for labor, or so it seems.  So, why haven’t those jobs been filled by the people looking for work?   There is an obvious disconnect between the demand for labor, unemployment, and the LFPR.  Call it a Demand-Unemployment-LFPR Paradox.

 

FIVE REASONS FOR THIS PARADOX.

Lack of appropriate skills

Structural unemployment

Disability and chronic illnesses

Opioid epidemic

Baby boomers are retiring

 

I find these reasons interesting if not compelling. I can understand the effect of disability and chronic illness, especially high blood pressure and diabetes.  The effect on the labor pool includes the afflicted and their caregivers. Personally, I would include people who are chronically addicted to drugs, including opioids, as disabled at least temporarily. These issues require Public Policy initiatives at the Federal and State levels.

 

About “lack of appropriate skills,” the issue is clear.  If an employer is looking to hire software engineers, it is unlikely that a middle-aged, displaced factory worker would be a viable candidate.  This is an obvious example however, it doesn’t explain the bulk of the paradox.

 

I find the issue of retiring Baby Boomers most interesting as there are conflicting signals regarding their situation. The first is that we are healthier than previous generations and highly motivated to contribute.  Additionally, I continue to hear reports from financial planners that the average baby boomer has somewhere between $10,000 and $50,000 in savings, hardly enough to support retirement.  The effects of divorce and unemployment have diminished the financial security for many Baby Boomers.  Admittedly, many are leaving the corporate world and government service with pensions. However, Baby Boomers I encounter are not ready to retire even if they have the financial resources to do so.

 

Structural Unemployment is a euphemism for age discrimination, whether real or perceived.  In some cases, it may be due to a perceived lack of relevant skills.  In other situations, it may be due to salary requirements.  The lack of relevant skills is a perception that seniors are not as savvy using technology as younger workers.  I find this questionable.  On the other hand, seniors probably have expectations for a greater wage than the market may support.   A good example is the demand to raise the minimum wage by displaced workers who were forced to find employment in Quick Service Restaurants during the recession.  Hiring older workers carries risk, including health and vitality, and EEO complaints.  Of all the reasons to be disconnected from the workforce, I find this to be the easiest to overcome. As the economy continues to restructure itself to accommodate the digital revolution, employers are becoming more comfortable employing freelancers, or outsourcing job functions. This creates tremendous opportunities for anyone with relevant skills, like Baby Boomers, to create their own employment opportunities.

 

I believe it is a useful goal to create an economy that can employ everyone that wants to work.  I believe in policies that provide incentives for people to work.  Our current economic environment has challenges and opportunities.  The clearest opportunity is for Baby Boomers and those affected by Structural Unemployment to turn perceived weaknesses into strengths and embrace the digital economy.  Corporations may take the lead in addressing the skills gap by providing training and development programs.  Public Health Policy must become more robust to address chronic illness and addiction.  It occurs to me that the Labor Paradox can be bridged, but it will take significant effort.

 

Addendum: Understanding The Bureau of Labor Statistics Reports on Unemployment and LBFR

 
The Labor Force Participation Rate (LFPR) is derived from a survey of the number of people available for work as a percentage of the total population of possible workers. In October 2018, that rate was 62.9%. It measures the amount of labor in an economy, one of the factors of production. The other three are natural resources capital and entrepreneurship. LFPR equals labor force divided by civilian non-institutional population.
As defined by the Bureau of Labor Statistics the civilian noninstitutional population includes everyone living in the United States who is 16 years or older minus inmates of institutions such as prisons, nursing homes and mental hospitals, and active duty military.
“Labor force” is everyone classified as either employed or unemployed.
“Employed” is anyone age 16 or older in the civilian noninstitutional population who worked in the last week, They are those who worked an hour or more is paid employees or 15 hours or more as unpaid workers in a family-owned business or farm,  It also includes those who have jobs or businesses but didn’t work that week because they were on vacation, sick or on maternity leave, on strike, or in training, or had some other family or personal reasons why they did not work. It doesn’t matter whether it was paid time off or not.   Each worker is only counted once even if they hold two or more jobs,  Volunteer work and work around the house do not count.
“Unemployed” are those age 16 or more who weren’t employed but are available for work and were actively looking for a job within the past four weeks.
People who would like to work but have not actively looked for work in the last month are not counted as being in the labor force no matter how much they want to job. They are counted in the total population.
The BLS does not track them.  It calls them “marginally attached to the labor force.” These are people who have looked in the past year but just not the previous month.  These people might have had school or family responsibilities, ill health, or transportation problems that prevented them from working recently.
Some of the marginally attached people in the survey are considered discouraged workers. This term is defined as people who have given up looking for work because they don’t believe there are any jobs available for them. Others have become discouraged because they lack the right schooling or training. They may be concerned that they are too young or too old to be of interest to potential employers. Some have suffered discrimination. They are counted in the real unemployment rate. Others who are included in the labor force are students, homemakers, retired people, and those under 16 who were working. Still, they are counted in the population.
Between 1948 in the 1990s, the LFPR had been increasing. Prior to 1963, the LFPR had been below 60%. As more women entered the labor force, the LFPR gradually increased to 61% by the early 1970s. It reached 63% in the 1980s and peaked at 67.3% in 2000. The LFPR fell to 66% with the onset of the 2001 recession. Following the financial crisis that began in 2008, the LFPR fell below 66% and has continued falling, reaching a low of 62.6% into 2015.
In her recent article, Kimberly Amadeo indicated that economists are divided as to how much of the recent drop in the LFPR was due to the recession.  Estimates range from 30 to 50% and as much as 90%. Many of the workers displaced during the recession never returned to the job market.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Your Elevator Pitch, Part Two

Two weeks ago, I wrote about my preparations for our October monthly Members meeting and my plan for a contest to recognize the best elevator pitch. My objective was two-fold; to support our main speaker and put a spotlight on one of my pet peeves.  I wanted to ensure that it was fun, interesting, and productive for our members.  If they fail to see value in the meeting, attendance will suffer, and our Mission will be compromised. I was also interested in providing an effective introduction to support our speaker, Leslie Kuban, whose presentation was about selling to entrepreneurs.

 

I am pleased to report that the meeting was a great success! The contest for the best elevator pitch was well received and executed. Creating score sheets and ballots prior to the meeting saved time and improved the outcome of the contest.

 

The winner of the contest was Leslie Kuban, the guest speaker.  The attendees noted that her pitch was focused and interesting.  The discussion that followed was energetic, as the room was completely focused on the issue.  They understood the value of her message.  Winning the contest gave Leslie instant credibility in advance of her presentation.

 

At least one member suggested that every meeting should include a contest for the best elevator pitch. That is something to consider. I am pleased that I’m getting through to the folks, but I don’t know that a contest every meeting would have the desired effect. Possibly once a quarter would be a better compromise.

 

Leslie was energized when she began her presentation. Later that afternoon she called me to debrief. I told her I thought she had done an excellent job.  The presentation was well received, and the meeting was one of our best. She was pleased with my assessment and volunteered to participate further with our BENG Chapter.  Also, she indicated an interest in an affiliation with ITB Partners.  A twofer!

 

In the days following our meeting, I received an email from a member who was unable to attend the meeting. She is interested in crafting an effective elevator pitch, sending me a draft for my review and feedback. Frankly, she made an excellent start. The following day I provided her with my thoughts and suggested that we schedule a face-to-face meeting to work on a final product. We agreed to meet for coffee on Halloween.

 

In my earlier post, I discussed the difference between a positioning statement for a resume, and for an elevator pitch. The positioning statement on a resume, or a business plan, should be written in jargon relevant to the reader.   However, jargon for a target audience, may not be relevant for one-on-one personal discourse, especially for someone unfamiliar with your line of work.  An elevator pitch must be easily understood by anyone.

 

An effective elevator pitch goes together with networking activities. It helps recruit evangelists for one’s business, capturing their imagination so that they will spread the word.  As I mentioned in the prior post, a good elevator pitch is memorable, believable, and interesting.  It must make a lasting impression, which means it must make an emotional connection. It is a conversation starter, not the result.

 

As I consider adding value to our meetings, I’ve been giving a lot of thought to the subject matter and the type of presentation that will be best received. In pursuit of this goal, I’ve been spending a lot of time on YouTube, listening to speakers talk about the value of storytelling for more effective presentations. This seems to be the preferred style, for brand building, as well as speeches and business presentations. I like the concept, as stories tend to be more effective especially when they make an emotional connection with the audience.

 

In December I have a speaker scheduled for the Atlanta Chapter of BENG about developing more effective speeches. I am confident that we are on the same wavelength with respect to story-telling, but I plan to have a conversation with him to ensure that we are in sync.

 

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Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Craft an Effective Elevator Pitch!

Networking meetings can become stale and boring over time. When this happens attendance will decrease and the networking group risks becoming irrelevant. This point was on my mind as I planned our ITB Partners monthly Members meeting for Friday, October 19.  We have an excellent speaker scheduled to talk about selling skills for small business owners and entrepreneurs.  Her presentation is highly relevant to our members. So, I saw an opportunity to build on that theme and address one of my pet peeves.  I decided to modify our standard agenda to accommodate a contest to reward the best elevator pitch. My thinking is two-fold; first to support salesmanship as the theme of the meeting, and secondly, to reinforce the importance of an effective elevator pitch.

 

Helping our members understand the importance of a well-crafted elevator pitch is important.  Also, its an opportunity to have some fun at our meeting, while ensuring that it’s informative and productive.  So what is an elevator pitch?  The name itself is a metaphor for a short but highly effective positioning statement. The analogy is that if you’re sharing an elevator ride with someone, say for 30 seconds, how would you respond if asked “what do you do?”  An elevator pitch is similar to a positioning statement, also known as an Executive Summary at the beginning of a resume.  It should be memorable, believable, and interesting enough to generate a follow-up discussion or meeting.

 

I’m a big believer in positioning statements; whether it’s for a brand, a resume, or especially as an elevator pitch.  This goes back to my days in corporate planning where I learned the value of a coherent positioning statement. One should never underestimate the ability of a positioning statement to focus the organization on its strategic goals.  It is difficult for me to get past a poorly constructed Executive Summary on a resume. I have my doubts that job seekers fully appreciate the importance of this paragraph. It’s the candidate’s personal positioning statement, indicating their career interest and unique selling proposition.  If the Executive Summary is compelling, the reader will have a greater interest in a closer examination of the resume.  If not, it may wind up in the circular file.

 

When I provide resume coaching advice, I always begin with the Executive Summary. My counsel is to define yourself in the first sentence by stating your career level, your functional discipline, and your principal industry experience. The follow-on sentences can provide additional detail to address one’s particular skill sets. For example, if you are proficient at bringing new products to market, or revitalizing legacy brands, those strengths would be important follow-on statements.

 

 

So, why is an elevator pitch so important? If you are engaged in networking as a means of landing a great job or to generate more sales, you need an effective sales pitch.  When meeting strangers, your elevator pitch is an effective way to establish a connection.  It is a tool to help you recruit evangelists for your brand. Evangelists become a force multiplier, leveraging your business development efforts.  They can connect you with people looking for your services.  It is meant to capture the imagination of a prospective client, and to establish you as a viable referral for people in your network.  If your elevator pitch is memorable, you will be remembered!  Your elevator pitch communicates a rationale to consider you as a potential employee or service provider.   The quality of your sales pitch is a vital component closing the deal. It should be memorable, so the construction of your elevator pitch must be clear, easy to understand.

 

At the most fundamental level, an elevator pitch describes who you are, who you help, and why your services are needed. Your elevator pitch is your personal positioning statement. It is short and to the point, and hopefully interesting. In some respects, it is a conversation starter, intended to generate requests for more information.  A good elevator pitch will identify your target market, the prospective client’s problem, and how your company solves those problems.   Your elevator pitch is important, so make an effort to develop an effective pitch.  Practice your pitch!  Use it! Refine it!

 

Hello, I am Jim Weber.  I connect good people with great job opportunities!  My clients are leaders of mid-cap companies who need C-level professionals to achieve their goals.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com