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| Study Reveals Tale of Two Job Markets | |||||||||||||
| While many workers are having a tough time finding suitable employment in today's uncertain economy, companies also face challenges finding highly skilled people. According to the fourth annual Employment Dynamics and Growth Expectations (EDGE) Report by Robert Half International and CareerBuilder.com, employees rated the level of challenge in finding a job at 3.56 on a one-to-five sliding scale; similarly, employers rated the level of challenge in finding qualified candidates at 3.47. Key Findings: The shortage of qualified workers has grown more acute, with 59 percent of hiring managers citing it as their primary recruiting challenge, up from 52 percent in 2007. Six out of 10 employers estimate that at least a quarter of the applicants who contact them are not qualified. Thirty-one percent report more than half of applicants are not qualified. Complicating the task of finding qualified talent are spiraling energy costs, hiring managers said. Twenty-nine percent said the rise in fuel prices and commuting expenses has negatively impacted their ability to attract skilled candidates who may want to limit their travel distance to and from the office. As employers manage through these challenges, recruiting has become time consuming, taking anywhere from four to 14 weeks to fill open positions. More than half of hiring managers (56 percent) said Generation Y employees (those born between 1979 and 1999) are the most difficult to recruit, perhaps because of high expectations around pay, career advancement, flexible schedules and overall work environment. When they find qualified professionals, firms appear anxious to win them over. Nearly two-thirds (65 percent) of hiring managers said they are willing to negotiate compensation for top candidates; 19 percent are very willing. Despite not feeling overly confident in job prospects, professionals are increasingly inclined to negotiate better compensation levels as fuel, food, healthcare and other expenses grow. Sixty-three percent said they are more likely to try to negotiate a better compensation package with a new employer compared to 12 months ago. This contrasts with 58 percent in 2007. Companies also expressed an interest in retaining employees nearing retirement age to manage through the exodus of the baby boomers from the workforce. Forty-seven percent are likely to offer reduced work schedules as an alternative to retirement. Thirty-nine percent are likely to offer “bridge” jobs, while 37 percent are likely to offer consulting arrangements. | |||||||||||||
| [Full Article] Sep-18-2008 | |||||||||||||
| Over Half of Global IT Execs Cite Employees as Companies' Prime Source Of Innovation | |||||||||||||
| Survey results from 288 IT professionals in global companies show that 53 percent cite employees as the primary source of innovation for their companies, according to a new survey by Syntel. The data reflects the drive by businesses to stay innovative by charging everyone in the company with the responsibility to come up with new ideas -- ideas that will be taken seriously by management as it looks for every edge in an increasingly competitive global economy. Syntel's survey asked, "What is your company's primary source of innovation?” Responses: In today's global organizations, employees have the advantage of advanced communications to keep them in touch with customers, consultants, vendors and business partners wherever they reside. Employees at all levels of companies hear about and share innovative approaches, learn what works and what doesn't, and have windows into new thinking not possible before globalization. Companies are tapping these employees' observations and insights to inform the development of new products and services. In addition, all other sources of innovation listed in respondents' choices remain valid and important. The urgency to stay innovative in the face of global competition drives management to tap the source of new ideas closest to them. Employees are a powerful source of innovative ideas, and smart companies understand and exploit their unique perspective. | |||||||||||||
| [Full Article] Sep-18-2008 | |||||||||||||
| Fraud up 22% with Companies Losing an Average $8.2 Million over Past Three Years | |||||||||||||
| The average company loss to fraud has increased by 22% largely driven by the credit crunch and tough economic climate, according to the latest Kroll Global Fraud Report. Companies lost an average of $8.2 million to fraud in the past three years, compared to last year's figure, which stood at $7.6 million. The figures are a result of a survey Kroll commissioned from the Economist Intelligence Unit of 890 senior executives worldwide. More than four out of five companies surveyed (85%) have suffered from corporate fraud in the past three years, up from 80% in last year's survey. For larger companies the proportion suffering from fraud rose to 90%. When you look into the causes of fraud, companies that cited high staff turnover or weak internal controls suffered much higher levels of fraud -- in almost every case increasing their exposure by one-and-a-half times. Companies need to look carefully at how they can address these issues to reduce their risk to fraud and improve their business operations. The fastest growing types of fraud were information theft (27%: up from 22%) and regulatory and compliance breaches (25%: up from 19%), both up by more than five percentage points from last year's survey. The construction and natural resources sectors suffered the most incidents of fraud, due in part to the continuing rise in oil prices and an industry shift to higher-risk areas. Healthcare, pharmaceuticals and biotechnology saw an increase in problems with corruption and theft of stocks or assets, while travel, leisure and transportation reported increases in regulatory and compliance breaches and information theft or loss. Other key findings include: | |||||||||||||
| [Full Article] Sep-18-2008 | |||||||||||||
| Labor Dept: Fewer Workers Killed on Job in 2007 | |||||||||||||
| The number of workers killed on the job annually dropped to a historic low in 2007, the Bureau of Labor Statistics announced Wednesday. The number of worker deaths dropped to 5,488 last year - the fewest since the Bureau of Labor Statistics began keeping track in 1992. That's down 6% from the 5,840 deaths reported in 2006. Still, the government found significant increases in some types of fatal injuries: a record number of workers died from falls and the number of workplace homicides increased 13%. The nation's most dangerous jobs, according to the Bureau of Labor Statistics? Fishers and related fishing workers (with a rate of 111.8 fatal injuries per 100,000 workers), logging workers (86.4), aircraft pilots and flight engineers (66.7) and structural iron and steel workers (45.5). Construction continued to have the most deaths of any private sector industry, with 1,178 in 2007. The overall U.S. rate was 3.7 fatal injuries for every 100,000 workers, the lowest annual rate ever reported by the fatality census. The number of fatal falls on the job rose to a record 835 in 2007, even though the number of deadly falls from roofs decreased. Workplace homicides also increased 13%, to 610, in 2007 after officials recorded an all-time low in 2006. While the construction industry had led the nation's private sector for five years in a row in workplace fatalities, the number of deaths in that industry dropped from 1,239 in 2006 to 1,178 in 2007, a 5% decrease. The 2007 numbers show that there were 10.3 fatal work injuries for every 100,000 construction workers. | |||||||||||||
| [Full Article] Aug-21-2008 | |||||||||||||
| Gen Y Employees Least Engaged | |||||||||||||
| A global study, The State of Employee Engagement 2008, finds that Generation Y employees are the least engaged in the workplace on four continents. The new report was issued by Princeton consultants BlessingWhite. The study explores workplace attitudes among three generations of employees and draws on survey responses from more than 7,500 individuals and interviews with 40 senior human resource and line managers. The findings indicate that at least one quarter of Generation Y employees are disengaged in all key geographic regions except India. Southeast Asia reported the greatest portion of disengaged Gen Y workers with 35%. The research suggests that the more senior the employees the more engaged they are, says BlessingWhite. Around the globe, senior executives are generally more engaged than front-line managers or individual contributors. Gen Y disengagement levels may reflect, to some extent, their low seniority since more Baby Boomers would predictably hold leadership roles. Increased engagement is an expected outcome from power and position. Another contributing factor is that younger employees often do not have a clear picture of what will make them happy. Often, they can't find what they're looking for because they don't have the experience to know what they want. Lack of personal clarity can also influence engagement for Gen Y, in particular. The exception to a general picture of disengagement among Gen Y employees is India, whose younger employees have higher levels of engagement compared to other regions. This probably reflects the expanded opportunities as well as its young, fast-paced, knowledge-based economy. In fact, all generations in India are happier than employees in other regions. Engaged employees are not just committed or passionate or proud. They're enthusiastic and in gear, using their talents to make a difference in their employer's quest for sustainable success. As a rule, increased engagement results in increased productivity and performance. It's a key business issue leaders need to address, particularly in times of economic downturn and uncertainty. Conversely, disengaged employees often feel underutilized, are the most disconnected from the organization's strategy, and may indulge in contagious negativity. | |||||||||||||
| [Full Article] Aug-21-2008 | |||||||||||||
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