2015-04-15 - Job Market Perspectives 2015 WP

Insights and Intelligence to Manage Your Career

2015 Job Market Perspectives

2 | 2015 Job Market Perspectives

With accelerated growth anticipated in 2015 and job openings climbing to highs not seen since the recovery began five years ago, a more optimistic outlook may lead to increased competition in the job market with more employees seeking to change jobs as opportunities begin to open up.

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2015 Job Market Perspectives

Lee Hecht Harrison’s 2015 Job Market Perspectives report explores key events that influenced employers and employees in 2014 and identifies emerging trends in 2015 that are changing today’s workplace. We hope you find this report helpful in understanding the job market.

A Look Back .....................................................................................................................2

The Economy and the Job Market ..................................................................6

The Global Climate .....................................................................................................8

Economic Trends ........................................................................................................ 10

Regional Insights ........................................................................................................ 12

Career Trends ............................................................................................................... 13

Recruiting Trends ........................................................................................................ 17

Where the Jobs Are ................................................................................................. 18

The Path Forward ................................................................................................... IBC

Lee Hecht Harrison’s 2015 Job Market Perspectives report explores key events that influenced employers and employees in 2014 and identifies emerging trends in the year ahead that are changing today’s workplace.


Steady growth and renewed optimism define 2014

A Look Back

It was a good year for the market in 2014 with many signs pointing to continued growth and increased job market opportunity. As employers continued to grapple with organizational mobility to maintain alignment with market fluctuations, they also began to witness the exodus of valued employees as the job market improved and Baby Boomers reached retirement age. Unemployment rates continued to slowly decline and fueled renewed optimism.1 In fact, in an online end-of-year 2014 LHH survey,2 nearly one half (48%) of respondents reported they were ready for a career change and only 13% were not prepared at all. With the increase in jobs and with wages on the rise, worker mobility will hit its stride in 2015. Employees are reassessing their outlook, looking for dynamic ways to develop their skills and preparing to take advantage of the opportunities that lie ahead. Employers, on the other hand, are ramping up hiring, engagement and retention efforts, so they’ll have a workforce that can quickly adjust to market demands and maintain high levels of performance.

After six years of sustained growth, the US GDP and stock market have recovered. Still, the path toward economic recovery was slow and steady in 2014 as both workers and employers were still facing a variety of challenges. In December 2014, the national unemployment rate declined to 5.6%, the lowest rate since 2008 and down from 6.7% in December 2013. Job gains were widespread, led by increases in professional and business services, retail trade, healthcare and manufacturing.3 With hiring on the rise and job openings at a near-record level, layoffs have diminished, private company revenue and profitability are up, and consumer spending is expected to increase with a corresponding increase in wages. As a result, attracting and retaining talent will continue to be a major concern for employers focused on business growth.

Lee Hecht Harrison’s 2015 Job Market Perspectives report explores key trends that will impact employers and employees in the next year. We hope you find this report helpful in understanding the job market and its impact on employment.

Employees are reassessing their outlook, looking for dynamic ways to develop their skills and preparing to take advantage of the opportunities that lie ahead.

In December 2014, the national unemployment rate declined to 5.6%, the lowest rate since 2008 and down from 6.7% in December 2013.

5.6%

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Job seekers who rate their perception of the job market as “good” or “excellent” going into 2015.

Employees who felt prepared and ready for a career change at the end of 2014.

Job seekers who are utilizing mobile devices to conduct key functions of their job search.

60%

48%

90%

01 : January

The World Bank reports that economies affected by the Great Recession are beginning to recover; the US Senate confirms Janet Yellen as the first woman chair of the Federal Reserve.

04 : April

According to the Labor Department, the US economy adds 288,000 jobs in April 2014, an increase from the 192,000 positions added in March. The unemployment rate decreases from 6.7% in March to 6.3% in April, suggesting that the economic recovery is picking up speed.

05 : May

After a decade of discussion, Russia’s Gazprom signs a deal to sell natural gas to China’s National Petroleum Corporation. The supply will start in 2018, and the fuel will come from a new pipeline in eastern Siberia.

06 : June

The US economy adds 298,000 jobs in June 2014, and the unemployment rate falls to 6.1%, its lowest level since September 2008.

02 : February

The pro-Russian unrest in Ukraine leads to the annexation of Crimea by the Russian Federation and an insurgency in the Donetsk and Luhansk oblasts. The European Union imposes sanctions against Ukraine, including asset freezes and visa bans.

03 : March

Citizens in Crimea vote overwhelmingly to leave Ukraine and rejoin Russia amid international condemnation of its design; Malaysia Airlines Flight 370 with 239 people aboard loses contact and disappears, prompting the most expensive search effort in history.

2014 Timeline: A look back at some of the key economic and geopolitical moments in 2014.

07 : July

American officials announce that Chinese hackers breached the computer network of the Office of Personnel Management, targeting employees applying for top security clearances. This announcement comes weeks after the US Justice Department indicted five members of Shanghai-based Unit 61398, the cyber division of the Chinese People’s Liberation Army, charging them with hacking into the computer networks of Westinghouse Electric, US Steel Corp. and other companies.

10 : October

The first person to be diagnosed in the United States with Ebola, Thomas Eric Duncan, dies. The Obama administration announces that passengers from all countries affected by the virus must travel through one of five US airports prepared to screen them for the disease.

08 : August

Goldman Sachs agrees to purchase back the $3.15 billion in mortgage bonds it unloaded onto Fannie Mae and Freddie Mac before the 2008 financial crisis. In Ferguson, Missouri, a police officer shoots and kills Michael Brown, an unarmed 18-year-old teenager, setting off local protests and looting which expanded to a national call for police reform.

11 : November

In the US midterm elections, Republicans take back the majority in the Senate for the first time since 2006, while also adding to their majority in the House.

09 : September

In an independence referendum, Scottish citizens vote to remain part of the United Kingdom by a margin of 10%. British leaders promise to listen to the 1.6 million people who voted for independence.

12 : December

The recovery takes hold: The December jobs report indicates an increase of 321,000 jobs in November 2014, with the national unemployment rate declining to 5.8%, down 1.2 percentage points from November 2013.


Growth accelerates in 2015

The Economy and the Job Market

With the US leading the way, global economies are finally beginning to crawl out from under the burden of the Great Recession. The latest national job report was healthier than even the experts expected, and worker confidence in the job market has returned. Hiring is increasing and layoffs are less frequent as indicated by the low rate of initial unemployment claims since spring 2014.4 Consumer confidence has improved, albeit slowly, and it remains somewhat fragile. According to Gallup’s Economic Confidence Index for the US, consumer confidence improved in November 2014, registering an 18-month high, but then slipped a bit in December.5 The fact that wages are struggling to keep up with inflation is hampering any significant increase in consumer spending. Another factor inhibiting capital spending on housing and big-ticket items is the financial drain student loans impose on younger workers. Here are some key indicators to watch as the economy gains steam:

Housing and Auto Sales

The housing sector is improving gradually with housing prices going up—primarily in the high-end range. As employment and wages increase and credit conditions ease, younger workers who previously couldn’t afford a house may be able to invest in homeownership. Growth in new housing is good news for construction firms and landscaping, appliance, furniture and other related businesses. An increase in interest rates, however, has stalled the lucrative housing refinancing market, resulting in recent layoffs in the mortgage servicing industry.6 It’s estimated that new home sales will increase 20% in 2015, compared to a 7% increase in 2014, and that prices will rise 3.5%. Auto and truck sales have increased to prerecession levels, but thanks to longer-term auto loans, people are also keeping their cars longer, which could adversely affect the market long term.

It’s estimated that new home sales will increase 20% in 2015, compared to a 7% increase in 2014, and that prices will rise 3.5%.

20%

of consumers said they’d be reluctant to be completely forthcoming about their medical conditions due to security concerns about the storage of personal health and financial information.10

56%

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Retail

The future of retailing is dependent on retailers embracing omnichannels and connecting with their customers via online, brick and mortar, and mobile channels. Black Friday, which still draws the biggest numbers at 87 million customers, has also given birth to Cyber Monday (and even Cyber Week), where retailers offer deeply discounted merchandise on the heels of Thanksgiving.7 Nevertheless, 2014’s Black Friday numbers were less than anticipated. With the economy improving and gas prices lowering, consumers are still seeking value, but in new ways. They’re looking for deals that come with free shipping or other ways to heighten convenience. The recession has taught shoppers a lesson about consumer spending, and they’ve become savvier and more sophisticated in their spending habits.8

Healthcare

The healthcare sector is moving beyond the Affordable Care Act and onto consumer-centered, digitally enabled care, with US physicians and consumers accepting growth of the personal medical kit—including wearable tech, smartphone-linked devices and mobile apps that will become increasingly valuable in delivering services. Mobile health apps will increase in 2015 as the US Food and Drug Administration (FDA) is poised to review a record number in response to a demand for more advanced products. Still, while many patients are willing to share their health information via technology and would appreciate the convenience, concern about cybersecurity looms.9 In fact, 56% of consumers said they’d be reluctant to be completely forthcoming about their medical conditions due to security concerns about the storage of personal health and financial information.10 The Affordable Care Act will continue to impact

hiring with increases in many functions to accommodate the 10 million newly insured individuals. Meanwhile, physicians are turning to “physician extenders”—physician assistants and nurse practitioners—to handle patient loads.11

Technology

Rapid growth will continue in the computer technology sector as consumer demand for innovative software and new applications for mobile devices increases. Changes within the healthcare sector will also increase demand for secure patient data applications.12 Headline-making cyber-attacks compromised not only business intelligence, but customer and employee personal information, leaving them vulnerable to identity theft and threats of physical harm. It’s expected that such attacks will increase in frequency if there’s not more focus placed on identifying and overcoming system weaknesses. Consequently, the field of information security will take on increased importance in 2015.

Black Friday, which still draws the biggest numbers at 87 million customers, has also given birth to Cyber Monday where retailers offer deeply discounted merchandise on the heels of Thanksgiving.7

The Affordable Care Act will continue to impact hiring with increases in many functions to accommodate the 10 million newly insured individuals.

87M

10M


While the US economy is building steam, the global economy is also showing signs of recovery, but at an uneven pace. Geopolitical tensions and a reversal of recent credit spread in financial markets pose short-term risks to economic development. Other factors affecting global growth include low potential growth in advanced economies and a decline in emerging markets. The threat of Ebola, the increase in Islamic State terrorism and political tensions in Eastern Europe continue to promote uncertainty. Global economic growth in 2015 is expected to hold at a rate of 3.4%, driven by policy and investments in people designed to raise productivity and rebuild trust and confidence. Emerging economies should see increased growth in 2015, due in large part to cheaper oil, global liquidity and growth in the US and Europe. The largest growth increases will take place in emerging Europe, Latin America, the Middle East and North Africa, and Sub-Saharan Africa.13

Europe

Economic growth in the Euro nations is projected to increase 1.6% in 2015, twice the growth of 2014, but nevertheless weak in comparison to other advanced recoveries. The United Kingdom will continue to enjoy healthy growth reflected in a rejuvenated housing market.14 Once some of Germany’s strict budget policies are loosened, economic growth will resume, with the support of a strong labor market, improved financing conditions and continued demand for exports. Germany’s manufacturing sector has suffered over the year as a result of ongoing geopolitical tensions between Russia and Ukraine and the subsequent sanctions placed on trade.15 European job creation has been moderate, and unemployment rates have fallen slightly from high levels. The unemployment rate is set to fall to 9.5% in the EU and 10.8% in the Euro area in 2016.16 Within this weak forecast, economic prospects vary—stronger in Germany and Spain, weaker in France and Italy.17 In Russia, geopolitical tensions have further weakened already-subdued business confidence, and Ukraine’s crisis deepened further, driven by falling industrial production and exports.18 The economic crisis in Russia involves the devaluation of the ruble, low oil prices and economic sanctions. Sanctions are costing Russia’s economy about $40B per year and are plunging Russia’s working poor into abject poverty. Continuation of Greece’s relatively robust level of growth depends on what specific concessions the country had to make in exchange for bailout funding. However, the political unrest and lingering debt crisis will likely threaten consumer and business confidence. Greece’s 2014 unemployment rate of 25.8% is expected to drop to 23% in 2015.19

A look at the world economic situation

The Global Climate

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Asia-Pacific

Regardless of its softening growth rates, the Asia-Pacific region remains the leader for global growth. Growth in the region (excluding China) is expected to increase to 5.3% as a gradual recovery boosts demand for its exports and domestic economic reforms progress in the large Southeast Asian economies. China’s industrial-output expansion has been at its weakest since the global financial crisis, and a slumping property market could indicate the risk of a deepening economic slowdown. Economic growth could also be stunted by downside risks in the euro and Japanese yen, a tightening in global financing, and regional and international geopolitical tensions. Protests for democracy in Hong Kong may slow future growth there this year, but have not had a significant impact on China’s recovery thus far.20 It’s anticipated that the growth rates of China and India will reach 5.5% from 2015–2019. In Japan, private consumption is still offset by sluggish wage growth.

North America

After a slow start to 2014, growth is now stronger in the United States and Canada. In the US, the stock market has increased dramatically with the S&P 500 posting numbers approximately 200% higher than when the stock market plunged in March 2009. The NYSE is up 165%, NASDAQ is up over 260% and the Dow Jones has climbed more than 165% over the same period. An unusually harsh winter in early 2014 negatively impacted consumer spending in the first quarter, and civil disruptions had the same impact in the fourth quarter. Nevertheless, with unemployment dropping and a higher-than-expected end-of-year jobs report, the rebound appears to be sustainable.21 In Canada, stronger exports and business investment will translate into more balanced growth, but the housing market should continue to be closely monitored for risk. Canadian exports should benefit from the US recovery, subsequently stimulating investment. However, high Canadian household debt and an overvalued housing market remain important domestic vulnerabilities.22

Latin America

A modest recovery is projected for Latin America as Brazil will have to tackle slow growth and high inflation while slashing the high cost of doing business in Latin America’s biggest economy. Mexico’s economy is gaining steam, but not fast enough to offset earlier weaknesses driven by lower external demand and slower-than-expected construction activity. Escalating drug violence could also have a detrimental effect on Mexico’s recovery. In Chile, a modest rebound will likely result from the recent easing of monetary and fiscal constraints, while Peru’s prospects should improve as metal production increases and growth policy initiatives take effect. In Colombia, growth is expected to remain solid, led by strong construction activity. Latin America’s growth will be built on investment, improved business confidence and a better-educated labor force.23

Africa and Middle East

New geographies for growth, such as Africa, offer opportunities to build sustainable growth models, but they also bring challenges on economic, legal and institutional fronts. GDP growth in Africa in 2015 is projected at 4.4% with Nigeria in the forefront at 6.7%, but heavily dependent on natural resources and vulnerable to global demand. A positive growth outlook for Africa also relies on improved institutional performance and better governance. Internal factors, such as Ebola, pose risks to the outlook for the entire region should the outbreak fail to be contained. This would have dramatic consequences for economic activity in the West African region. Likewise, security concerns in several parts of Sub-Saharan Africa remain tenuous, including in the Central African Republic and South Sudan. The ongoing commitment to provide Internet access to even remote areas of Africa will continue to transform the continent.24 In the Middle East, economic growth in Lebanon has been adversely affected by the civil war in Syria and the influx of refugees to Lebanon. The violent conflicts in Syria, Iraq, Gaza, Yemen and Libya have negatively impacted economic stability in the region, as has the continued threat of Islamic State terrorism.


The changing corporate landscape

The demographic shift resulting from the exiting of the Baby Boomer generation and the entree of Millennials has challenged organizations to adapt their cultures to fit new expectations. In 2015, Millennials (born between 1981 and 1996) will become the new workforce majority, eventually remaking the workplace to reflect their own image. That means your corporate culture could be in for big changes.25 Millennials approach work very differently from their predecessors, and employers must adapt to this new way of thinking. Millennials value flexibility, informality, convenience and technologies that meet their needs and emphasize well-being.26 If an organization isn’t changing its outdated culture, hiring and retention efforts will suffer—making it difficult to thrive in the revitalized job market.

The Independent Worker

In an Elance-oDesk survey, 80% of the Millennials surveyed say they would quit their jobs for the opportunity to work for themselves. Organizations that value “intrapreneurship” will be the most attractive to the best and brightest Millennials. As Elance-oDesk’s senior vice president of marketing Jaleh Bisharat puts it, “I think job security is being replaced by income security.” Bisharat maintains that Millennials create varying streams of income as a way to insulate themselves from a more “merciless corporate environment.”27 In fact, with portable health insurance now available through the Affordable Care Act, it’s becoming more common for job seekers to reevaluate their employment options, with many fashioning legitimate portfolio careers, i.e., making a conscious attempt to stitch together short-term contract positions with permanent part-time positions or freelance jobs to create full-time work. Because these assignments are generally selected around an employee’s strengths or preferences—screening out the least-favored aspects of a full-time job—individuals are finding that they enjoy the flexibility, variety and satisfaction gained from a portfolio career.

The Casual Culture

The new generation of workers is drawn to a workplace that reflects the face and the behaviors of society. Generally speaking, Millennials are more open-minded than their parents and expect to be part of a diverse workforce. They also prefer a more casual, transparent culture that may require a company loosening its ties and instituting a more relaxed corporate dress code, an open-office design, perks such as full-service employee dining rooms with restaurant-quality options, and increased transparency

Economic Trends

80%

of the Millennials surveyed say they would quit their jobs for the opportunity to work for themselves.

Millennials value flexibility, informality, convenience and technologies that meet their needs and emphasize well-being.

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such as the sharing of salary information. Traditional hierarchical structures are being replaced by work teams with less importance placed on titles. Going forward, the candidate’s personality and organizational fit will have greater influence on career opportunities.

Increased Focus on Fitness

As technology tests traditional work/life boundaries, companies are beginning to consider implementing additional personal services and health-related alternatives. For example, researchers have found that “sitting is the new smoking,” raising the risk of disability, heart disease, diabetes and cancer.28 Employees are looking to organizations for solutions and have embraced health-related technology such as treadmill and standing desks, mobile apps and fitness trackers. Fitness centers, outdoor walking paths and inter-company sports teams have become expectations rather than unique benefits. Many organizations are recognizing the restorative benefits of relaxation, encouraging employees to use vacation time and “power-down” while away from the office. Sleep deprivation diminishes productivity, which is why some companies have even created rooms devoted to employee napping. Overall, company programs designed to improve employee health are a win-win: employees develop the sustainable habits of a healthy lifestyle, and companies can boost productivity while often lowering their health insurance expenditures.

Sharing Office Space Gains in Popularity

The days where cubicles fanned across floors of office buildings are fading as more innovative office space solutions take hold. By reducing their onsite workforces through the use of independent contractors and temporary workers—and offering employees telecommuting options—organizations have gained significant savings on long-term real estate commitments. Still, an offsite team is not always an optimum arrangement for collaboration and team productivity—for either the organization or the individual. In response, a variety of flexible office solutions have become more commonplace: co-working environments, daily rental, shared space, subletting of vacant offices and bartering services for space. In New York City and Montreal, a new app called Breather allows self-employed travelers to rent private rooms on an hourly basis. Rooms come furnished with free Wi-Fi and can be shared with up to five other customers for meetings, working or passing time between appointments. The use of shared-space solutions is likely to increase as workers and organizations seek out environments that offer opportunities for professional collaboration.29

2014 Annual Unemployment Rate (through Dec.): 5.6%

Hot SectorsEducation and health services, professional and business services, mining

Strongest Metropolitan AreasBoston; Baltimore; Nashua, NH; Pittsburgh; New York

Northeast Region


Hot SectorsMining, engineering, retail, trade and transportation, professional and business services, education/healthservices, hospitality

Strongest Metropolitan AreasDallas-Fort Worth; Austin; Midland, TX; Oklahoma City; Miami; Raleigh-Durham, NC; Tampa-St. Petersburg; Santa Fe


Hot SectorsMining, manufacturing, professional and business services, education/health services, hospitality

Strongest Metropolitan AreasMilwaukee; Minneapolis-St. Paul; Kansas City; Bismarck, ND; Des Moines-West Des Moines; Indianapolis

Midwest Region South Region


Hot SectorsIT, professional and business services, leisure and hospitality

Strongest Metropolitan AreasSan Francisco; Seattle; Phoenix; Salt Lake City; Portland, OR; Boulder; Boise City-Nampa, ID

West Region

Regional insights

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Salary transparency: consider the benefits

Career Trends

Salaries—closely guarded secrets in many organizations—are beginning to see the light of day in an era of increased transparency. The drumbeat for pay disclosure has been fueled by headline-making stories of salary inequities and the disparity between C-level compensation and that of the average employee. Many private-sector employees long for the transparency of the public sector—where teachers and other public workers have access to co-workers’ salaries. Public-sector employees can often find their salaries posted online—meaning their earnings are not just available to co-workers, but to neighbors, friends and total strangers. While some private-sector employees say they’d find such information liberating, others would prefer to keep salary information private.

The movement toward salary transparency has been largely attributed to the plethora of information available on the Internet, including websites such as Glassdoor.com, PayScale.com and Salary.com. Also furthering the trend are Millennials, who openly share personal information through social networks.30

What’s the advantage of salary transparency? Won’t making salaries public ignite hostilities and petty jealousies in the workplace? Perhaps surprisingly, recent research indicates that pay transparency can have a positive impact on productivity. In one study, productivity was increased by 10% when employees were informed of their earnings relative to the earnings of their co-workers.31 This effect is thought to be the result of the employees analyzing their status as compared to their co-workers and striving to achieve more. Salary transparency can also reduce gender- or race-based salary inequities, fostering trust in the organization and its values.

While some organizations have instituted a measured approach to transparency by publishing only the salary ranges for positions, the most beneficial factor in shedding light on pay is explaining the value of each position. “Process transparency” is an approach whereby employees are informed as to how salaries are calculated, the ranges for each position and how employees can increase earnings. With this approach, people know how salaries are derived, what the ranges are for each position and what it takes to earn more.32 With such information, employees can see their earning potential and what it takes to move into another position, and can manage their careers accordingly.

Complete disclosure should never be just a list of employees and salaries. Instead, salaries must be put in context. Pay grades can be streamlined to increase understanding, and employees can be educated on how to weigh the total compensation package, understand current salary trends and recognize the specific qualifications taken into consideration when salaries are determined.33

.


Honest leaders are not afraid to tell the truth or acknowledge mistakes. They behave with the highest levels of integrity even when no one is watching.

Integrity regains its status as a key business value (honestly)

Career Trends

Effective leaders know that integrity is the bedrock on which all other leadership values are developed. But as recent history has shown us, some executives, perhaps succumbing to shareholder pressure or ethical failings, chose expediency over integrity. Cutting corners and circumventing compliance resulted in the demise of longstanding institutions, with some leaders and corporations paying the price through hefty fines, tarnished reputations or even jail time. Corporate scandal can also become a social media nightmare, sometimes creating long-lasting damage and destroying years of brand-building efforts. Acting with integrity is now a strategic imperative.

As professional business coach and author Brian Tracy says, “Leaders with integrity may not be the most famous or flashy of leaders, and they don’t care. Integrity means doing the right thing because it is the right thing to do. And that’s what makes success.”34 Integrity at the top of an organization sets the standard of expected behavior for the team. Honest leaders are not afraid to tell the truth or acknowledge mistakes. They behave with the highest levels of integrity even when no one is watching.

Today, personal information is readily available free (or for a nominal charge) through websites that tap into government and credit sites nationally or globally. It’s easy for individuals to source information on their own or to work with a third party to verify data. A CareerBuilder survey, conducted online by the Harris Poll last year, revealed that 58% of hiring managers have caught a lie on a résumé. Half of employers (51%) said they’d automatically dismiss a candidate for lying and found that embellishing skill sets and responsibilities led the list of falsifications at 57% and 42%, respectively, followed by dates of employment at 42%.35

The consequences of getting caught in a lie can be harsh. Job offers have been rescinded; careers have been cut short. The best advice: just don’t do it. A strong, productive relationship between employee, employer and client is built on trust, and a culture of integrity promotes trust. Lying or acting deceptively puts that relationship on very shaky ground. Integrity costs nothing, but even a momentary lapse of integrity can cost a lot.

58%

A CareerBuilder survey, conducted online by the Harris Poll last year, revealed that 58% of hiring managers have caught a lie on a résumé.

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Millennials grow into leadership roles

1 Set boundaries. Relationships evolve, and new leaders need to be aware that, when moving up in a leadership

role, some colleagues may not be as open as they were prior to the shift in power. New leaders need to stay above the fray and not engage in gossip or make disparaging comments about the organization or other team members.

2 Be open to ideas. A young leader won’t have all the answers, so it’s smart not to pretend. Older workers have

more experience, so new leaders would be wise to seek their counsel to learn as much as possible.

Develop executive presence. Leadership success often hinges on the ability to communicate effectively, command

respect and persuade a team to follow. This requires maturity, strong presentation skills and authenticity. Millennial leaders should strive to use clear language and positive body language that convey passion and enthusiasm.

3

Identify a mentor. New leaders should discuss team challenges with an impartial outsider who is at their level or

above. A mentor can act as a sounding board to help new leaders resolve touchy interpersonal situations, as well as provide some constructive coaching.

4

Model admired behavior. Novice leaders should make a list of the characteristics they admired in previous

managers and then emulate that behavior. Self-awareness is critical, so it helps to reflect on and eliminate management behaviors that may be detrimental to leadership development.

5

Ask for leadership training. Many managers are promoted without any leadership training. If training or

coaching isn’t available through the employer, new leaders should take it upon themselves to follow top leadership experts.

6

Work on soft skills. Key soft skills add value to an organization—and make managers more effective. Never

underestimate the importance of adaptability, listening, empathy, open-mindedness and positivity. Beyond skill and knowledge, these attributes can define a manager and will either enhance or weaken one’s ability to lead.

7

SEvEN TIPS FOR NEW LEADERS:

The Millennial population is expected to become the largest percentage of the workforce in 2015, with 34% already in managerial roles.36 Astute organizations are scrambling to prepare this generation for leadership roles. Making the transition from one of the youngest in the department to team leader can present some unique challenges. Millennials can make the transition to leadership easier by honing their executive presence, arming themselves with knowledge, respecting cultural and age differences, developing their leadership skills and acting with integrity.

The Millennial population is expected to become the largest percentage of the workforce in 2015, with 34% already in managerial roles.

Productivity increased by 10% when employees were informed of their earnings relative to the earnings of their co-workers.

34%

10%


Opportunity comes knocking

Career Trends

Whether you’ve just landed your job or have been in your position for 10 years, a move to yet another position is undoubtedly in your future. Keeping pace with today’s rapidly evolving organizations requires career agility—the ability to adapt to changing circumstances, identify opportunities, maintain employment marketability, commit to ongoing networking and display social media acumen—all in an effort to heighten preparedness for what comes next.

Typically, job candidates fall into two distinct categories: active and passive. An active job seeker is one who currently needs a job and is actively pursuing positions by a variety of search strategies: posting résumés, networking through industry and professional groups, creating an Internet footprint through social media sites and smartphone apps, attending job fairs, setting job alerts, etc. Passive candidates, on the other hand, are individuals who are employed—often happily—and somewhat indifferent about changing jobs. Still, they’re generally open to receiving inquiries from recruiters and hiring managers.

Today, however, the line between passive and active job seekers is not quite as clear. LHH research reveals that the search for passive candidates is a significant component in an organization’s talent acquisition strategy; therefore, even a passive candidate requires a robust, up-to-date online presence.

1 Is your résumé up to date and ready to go (including a summary and list of accomplishments related to your present position)?

2 Are your social media profiles current, and have you incorporated search terms so you are findable?

3 Do you regularly participate in online discussions to broaden your influence and increase your visibility?

4 Is your skill set diverse and currently in demand? If not, are you taking steps to fill the gaps?

5 Do you work your network—suggesting ideas, sending articles of interest, extending congratulations, providing endorsements, etc.?

6 Have you kept yourself informed about your local job market?

7 Do you know what organizations are hiring, downsizing, outsourcing, expanding or moving?

8 If your “dream” job was posted on your company website, would you be able to apply for it immediately?

Recruiters and hiring managers are actively looking for the best talent; they aren’t waiting for talent to come to them. The following questions will help you determine if you’re ready when opportunity comes looking for you. See if you can answer yes to these questions.

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Talent acquisition continues its transformation

Talent acquisition continues its transformation brought on by the acceleration of technological advancements and the preference for convenience and mobility. Chief among the recruiting trends for 2015 are the following:

Start with a strong talent brand.

Whether representing a small or large organization, investment in developing a strong talent brand should be a priority when establishing a recruiting strategy. The brand must be consistent across all company online platforms and collateral. Candidates are looking for a corporate message that clearly articulates the organization’s mission, values and culture. Social media platforms such as LinkedIn, Twitter and Facebook offer a unique opportunity to directly influence and interact with prospective employees. It’s estimated that a strong talent brand reduces cost per hire by up to 50% and lowers turnover rates by 28%.37

Compensation counts. Salaries stalled during the Great Recession, and employees accepted small merit increases and reductions in benefits in exchange for merely having a job in the midst of massive layoffs. A recent Jobvite survey reported that 61% of employees who leave a job do so for higher compensation.38 Salary is a critical factor for any talent strategy, and organizations must take a fresh look at what they’re paying their workforces to determine if they’re going to remain an employer of choice or lose their top talent to a newly invigorated market. Both candidates and recruiters must have a sound grasp on salary issues to remain competitive. Check out LHH’s 2015 Salary Guide at www.lhh.com for the latest salary data.

Recruiting has gone mobile. As the role of social media in hiring and recruiting practices expands, many jobs are no longer being advertised via traditional channels. Employers are increasingly turning to social networks to interact with potential candidates even before positions become available. These days, sourcing talent requires staying on top of the technology-driven trends that are profoundly altering the ways candidates and employers are finding one another. Not only has social media transformed hiring and recruiting trends, but the move to mobile is enabling employers and employees to search smarter, connect faster and hunt anywhere, anytime. Still, it seems that organizations are lagging behind demand. Eighty-three percent of job seekers currently use smartphones to search for job openings, yet only 20% of the Fortune 500 companies have a mobile-friendly career site.39 To remain relevant in the hiring game, organizations must be prepared to accommodate on-the-go job seekers.

Recruiting Trends


Dec. 2013 – Dec. 2014 change in workforce ..................+54,000 jobs

Number of American workers ................................................ 969,000

Regions in demand ............................................Northeast & Midwest

Unemployment rate (as of Dec. 2014) .......................................... 2.1%

Accounting Jobs Forecast Always closely aligned with the overall health of the US economy, growth in accounting and auditing is expected to reach 13% over the next seven years, according to the Bureau of Labor Statistics (BLS). New laws and regulations, especially in the financial sector, will increase the demand for accounting services, especially in regard to stricter lending standards and the increased importance of audits. The continued globalization of business will also lead to increased demand for accounting expertise and services specifically pertaining to international trade, mergers and acquisitions. Audits will continue to increase in importance as restricted lending standards force organizations to prove their creditworthiness.

While the versatility of the accounting degree can heighten opportunities for accountants in various industry sectors (government, retail trade, finance, manufacturing, insurance, real estate, etc.), competition will still be fierce for positions in the most prestigious accounting and/or consulting firms. Accountants and auditors with professional certifications, especially as Certified Public Accountants (CPA) or Certified Management Accountants (CMA) and those with a master’s degree, will have the best job prospects, as will candidates with experience in International Financial Reporting Standards (IFRS). The continued focus on curtailing corporate fraud will also provide increased opportunities for internal auditors and forensic accountants with the Certified Fraud Examiner (CFE) credential. Employment of actuaries is expected to grow at 26% over the next seven years, much faster than the average for all occupations, and 19% for management analysts. Demand for consulting services will increase as organizations continue to improve efficiency and control costs. Government accountants

will also continue to be in demand at the federal, state and local levels.40

Dec. 2013 – Dec. 2014 change in workforce ..................+52,000 jobs

Number of American workers ..............................................1.4 million

Regions in demand ...................................... Northeast, South & West

Unemployment rate (as of Dec. 2014) ..........................................3.4%

Engineering Jobs Forecast Employment opportunities in engineering vary widely based on specialty and on the individual’s commitment to staying current on the latest advances in technology. However, overall growth of employment may be tempered by a decrease in employment in manufacturing sectors. The aging of the large Baby Boomer population will increase demand for medical devices and scientific research, driving employment of biomedical engineers up 27% over the next seven years, much faster than the average for all occupations. Biomedical engineers can also improve their prospects by earning a master’s degree. Employment of environmental engineers is also projected to grow (15% over the next seven years) with state and local governments’ efforts to increase the efficiency of water use and the federal government’s requirement to clean up contaminated sites. The area of wastewater treatment will also remain strong, especially as it relates to the increase in drilling for shale gas.

Employment of chemical engineers is projected to grow 4%, slower than the average for all occupations, and largely dependent on demand for various manufactured products. Those employees who have managed to remain on the forefront of emerging technologies will have the best prospects. Demand will also be sustained by an increase in innovative fields such as nanotechnology, alternative energies and biotechnology. Employment of mechanical engineers is projected to grow 5% over the next seven years. While this growth is slower than the average for all occupations, contracting will be strong in architectural services, remanufacturing and some manufacturing as machinery continues to replace human labor. Transportation equipment will remain a growth area as the need for hybrid-electric cars and clean diesel automobiles increases. Employment of aerospace engineers is expected to grow 7%, primarily in national defense.41

Accounting Engineering

2015 jobs forecast

Where the Jobs Are


www.lhh.com | 19

Dec. 2013 – Dec. 2014 change in workforce ...................+15,000 jobs

Number of American workers .............................................2.7 million

Regions in demand ..................................................Northeast & West


Information Jobs Forecast Employment categories within the wide-ranging information sector include publishing, motion picture and sound recording, broadcasting and data processing. Competition for newspaper and magazine jobs will decline as the traditional publishing industry gives way to digital media. Nevertheless, job opportunities for editors and writers familiar with social media, news writing and podcasts will continue to grow. Employment of reporters and correspondents is expected to decline 14% over the next seven years as readership and circulation diminish and television news viewership dwindles. On a positive note, the field of technical writing is projected to grow by 15%, driven primarily by the expansion of scientific, technical and web-based products.

The global economy and the diverse nature of the US population have increased the demand for interpreters and translators. The field of translation is projected to grow 46% over the next seven years with demand especially strong for translators of Arabic, French, German, Portuguese, Russian, Spanish and the principal Asian languages. Opportunities for American Sign Language interpreters are also expected to grow as the population increases use of video relay services, which allow people to conduct online video calls and use a sign language interpreter.

Employment of information clerks is projected to show little or no change over the next seven years. As Baby Boomers retire and as access to health insurance increases, the prospects for clerks to handle documentation will improve. And while some positions will be eliminated due to consumer demand for online applications, job opportunities in the immediate future

should be best in hotels and other lodging establishments.42

Dec. 2013 – Dec. 2014 change in workforce ................. +121,000 jobs

Number of American workers ................................................8 million

Regions in demand ..................................................Northeast & West


Finance Jobs Forecast Depending on an individual’s skill set and experience, the financial services field is expected to offer additional opportunities as the country continues to recover from the recession. In general, candidates holding dual degrees (e.g., Finance/IT; Accounting/MBA) will have the inside track for the top jobs in the financial sector. As the population ages and Baby Boomers enter (or near) retirement, employment of personal financial advisors is projected to grow 27% over the next seven years, much faster than the average for all occupations.

Jobs for financial analysts are projected to increase 23%, faster than the average, due primarily to the introduction of new financial products and the expansion into global markets. Financial analysts with IT experience will continue to be in demand as will financial examiners and auditors who ensure compliance with the continuation of financial regulatory reform. Some analyst positions will be adversely affected by restrictions on trading by banks, which may shift employment of financial analysts from investment banks to hedge funds and private equity groups.

As the need for loan officers fluctuates with interest rates and the economy in general, employment of loan officers is expected to grow only 8% over the next seven years. Opportunities for commercial and mortgage lenders should increase as the economy rebounds and businesses once again

begin to invest in maintenance, improvements and expansion.43

Information Finance

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Dec. 2013 – Dec. 2014 change in workforce ................+426,000 jobs

Number of American workers ........................................... 18.3 million

Regions in demand ...........................................................................All


Healthcare Jobs ForecastWith federal health legislation increasing access to health insurance and as a result of an aging population, longer life expectancies and new treatments/technologies, the BLS estimates that healthcare and its related industries are projected to create about 28% of all new jobs in the US. In fact, six of the top 10 fastest-growing occupations are healthcare related. This includes home health aides, personal care aides, physical therapy assistants, sonographers, occupational therapy assistants, physical therapy aides, physical therapists and genetic counselors.

Job opportunities for registered nurses are projected to grow 19% from 2012 to 2022, faster than the average for all occupations. In response to the aging Baby Boomer population, job growth is expected in facilities that provide long-term rehabilitation for stroke and head injuries and in outpatient centers where patients have same-day surgery, rehab or chemotherapy. Nurses who have earned a bachelor’s degree will be most in demand. Physician assistants, another healthcare occupation that requires a college degree, will gain in popularity (increasing 38%) as a dwindling pool of primary care physicians struggle to care for growing patient loads.

While many hot jobs in the healthcare industry require advanced degrees (e.g., primary care physicians, audiologists, physical therapists), others such as medical technologists (14% increase) require only an associate’s degree or postsecondary certification. Diagnostic medical sonographers (an occupation expected to grow by 46%) require only an associate’s degree or postsecondary certification. Other in-demand positions which require limited education and/or training include home health aides (projected to grow by 48%), occupational

therapy assistants (43%) and physical therapy aides (40%).44

Dec. 2013 – Dec. 2014 change in workforce ......................-1,000 jobs

Number of American workers .............................................. 1.1 million

Regions in demand .................................................Northwest & West

Unemployment rate (as of Dec. 2014) .......................................... 1.8%

Legal Jobs Forecast Demand in the legal profession is closely aligned with the general economy as budget-strapped companies and individuals postpone some discretionary legal services. After weathering the worst job market in over 20 years, lawyers will continue to face tough competition, with law schools graduating more attorneys than there are jobs available. Employment for lawyers is projected to grow only 10% as practice areas become more specialized in response to more complex laws. Although law firms will continue to be the largest employers of lawyers, many large corporations are reducing legal expenses by shifting to in-house legal counsel with paralegals and legal assistants handling document review and other work that was previously assigned to lawyers. In addition, some routine legal work may be outsourced to other low-cost legal providers overseas.

The aging population will increase demand for attorneys in elder law, estate planning and trusts, while additional attorneys will be required for the corresponding growth of the healthcare sector and to counsel organizations on changing ERISA issues. The employment outlook for paralegals and legal assistants is favorable as jobs are projected to grow by 17% over the next decade, slightly faster than the average for all occupations. Those formally trained with a certificate in paralegal studies or an associate’s degree will have the competitive edge in the job market.

Employment of court reporters, arbitrators and mediators is projected to grow 10% over the next seven years, slightly below the average for all occupations. Court reporters with experience and training in techniques for helping the deaf or hard-of-hearing, such as real-time captioning and Communication

Access Real-Time Translation (CART), will have the best job prospects.45

Healthcare Legal

2015 jobs forecast

Where the Jobs Are


www.lhh.com | 21





Leisure and Hospitality Jobs Forecast As the global economy improves, leisure travel has begun to grow in both the luxury hotel and less-expensive segments. In the US domestic market, airline consolidation has reduced competition and is pushing up airfares in some markets. However, other airlines are being cautious out of fear that excessively high price increases could negatively impact demand. Hotels are increasing corporate rates by 6% to 8% on average.46 The industry is facing stiffer competition and informed consumers with access to search-engine reviews, comparison sites and online booking. As a result, employment of travel agents is projected to decline 12% over the next seven years.

It’s expected that people will continue to eat out and order carry-out meals, but the settings will shift from fast food and casual restaurants to other venues with prepared meals like grocery stores. Job opportunities for food preparation workers are projected to grow less than the national average at 5% and for chefs and head cooks at 5%. Because of the high turnover in these jobs each year and the high volume of jobs in food prep, most opportunities will be the result of turnover. Employment for waiters and waitresses is expected to grow at 6%, more slowly than the national average of 11%, primarily because of the large number of workers who leave the occupation each year. Job seekers with a combination of work experience in food service and a bachelor’s degree in hospitality, restaurant or food service management should have an edge when competing for jobs at upscale restaurants.47

The jobs outlook for meeting, convention and event planners is expected to grow 33%, much faster than the average for all occupations. As the economy picks up, organizations will once again begin to provide face-to-face meetings with their international employee and customer base. Event candidates with a bachelor’s degree in hospitality or tourism management, experience with virtual meeting software and/or a Certified Meeting

Professional (CMP) credential will have the advantage in hiring.

Dec. 2013 – Dec. 2014 change in workforce ................ +186,000 jobs


Regions in demand .........................................Midwest, South & West


Manufacturing Jobs Forecast According to Manufacturers Alliance for Productivity and Innovation (MAPI), in 2015, 23 industries will show manufacturing gains, but it’s anticipated that housing starts will lead with an increase of 30%, followed by both electric lighting equipment and aerospace products manufacturing at 11%. Motor vehicles and parts production will also grow faster than the average.48

As automation replaces workers, employment for lower-skilled employees will continue to decline. On the other hand, demand for highly skilled workers will increase. Many employers currently report shortages of qualified, trained production workers for available positions. Thousands of positions will become available over the next 10 years due to the retirement of Baby Boomers; however, these jobs will require knowledge of team production, computer-controlled machinery and robotics, as well as certifications from trade organizations or schools. Gains in the healthcare industry will have a positive effect on healthcare-related manufacturing, including pharmaceutical and medical technology. Employment is also expected to grow in fabricated metal product manufacturing, plastics and rubber products manufacturing.49

Despite the demand for semiconductors in many electronic products, employment of semiconductor processors is projected to decline 27% over the next seven years due to the use of robots in the sensitive clean-room environment. Other positions will be adversely affected by automation, including model makers (-40.8%), pattern makers (-39.9%), textile machine operators (-24%), bookbinders and bindery workers (-21.8%), machine tool cutting setters and operators (-14.9%) and coating, painting and spraying machine setters and operators (-12.9%). Employment of machinists and tool and die makers with multiple skills is projected to grow 7%, and employment of quality control inspectors is projected to grow 6%, both still

under the national average of 11%.50

Leisure and Hospitality Manufacturing

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2015 jobs forecast

Where the Jobs Are





Professional and Business Services Jobs ForecastWith over 19 million workers, this is one of the largest and most diverse occupational groups. In addition to accounting and engineering services, this large sector includes employees in computer systems and design. Computer technology job growth in this sector will primarily occur in positions that support social networking, mobile technology, big data and predictive analytics, cloud computing and the healthcare industry. Software development, a job that frequently lands at or near the top of the “best jobs” lists and consistently registers low unemployment rates, is projected to grow by 22% over the next seven years, driven by the demand for new computer software and mobile applications. The expanding reach of healthcare reform will also result in the need for additional security software to protect patient information.

Information security analyst positions are expected to increase 37% over the next few years as cyber attacks have increased in both the private and public sectors. Job opportunities for web developers are projected to grow 20% over the next seven years, faster than the average for all occupations, driven by the growing popularity of mobile devices and e-commerce. Employment of computer systems analysts is projected to grow 25% due in large part to the growth in cloud computing, cybersecurity and mobile technology.

Medical secretarial positions are projected to grow 36% to accommodate the number of new patients who now have access to healthcare. Opportunities for legal secretaries will decline 3% as many firms have shifted their work to paralegals and legal assistants. It’s anticipated that employment of customer service representatives will grow 13%, with the best opportunities for those candidates who have strong computer skills.

Many secretarial and administrative duties are of a personal, interactive nature. Because technology cannot substitute for interpersonal skills, secretaries and

administrative assistants will continue to play a role in most organizations.51

Nov. 2013 – Nov. 2014 change in workforce ................+249,000 jobs




Retail Trade Jobs Forecast Employment in the large retail sector is projected to increase by 10% over the next seven years due to the continued rise in personal consumption. While online sales have had a detrimental effect on some brick-and-mortar retailers, high turnover in this category will allow for myriad job openings. Retail sales jobs at warehouse clubs and supercenters are expected to grow 28% while sales jobs at department stores will grow only 5%. In other retail segments, employment in automobile dealerships and in food and beverage stores will continue to increase with an improved economy. Retailers can’t rely on old business strategies to gain new customers and retain existing ones. Instead, they’re using big data to monitor customers’ social media activities, analyzing customers’ in-store traffic patterns and soliciting feedback on store quality and employee performance.

Employment of cashiers is projected to grow 3%, slower than the average for all occupations. Inasmuch as retail sales are expected to grow, there will be a greater need for cashiers, but this could be curtailed by the increased use of online vendors and self-service checkout stands in retail stores. About one

half of all cashiers are under 24 years old.52

Professional and Business Services Retail Trade


www.lhh.com | 23

Dec. 2013 – Dec. 2014 change in workforce ...................+12,000 jobs

Number of American workers ................................................ 870,000



Telecommunications Jobs ForecastAs consumers move from residential land lines to wireless phones, the demand for some positions in the telecom sector will decline while others will grow—primarily in the areas of Internet connections, cable television and voice over Internet (VoIP) networks. Technologies such as video on demand require high data transfer rates in telecom systems, thereby increasing demand for central office workers, PBX installers and head-end technicians to upgrade switches and routers. While the job opportunities for workers who build, maintain and upgrade these networks will increase, telecom maintenance occupations may decline as equipment becomes stronger, more reliable and easier to repair. Job opportunities in the telecommunications sector will increase, however, with the need to replace retiring Baby Boomers. The volume of employment opportunities will vary by area of expertise and the employee’s ability to stay current with technical skills. In order to remain marketable, telecommunications employees must invest in postsecondary education and/or formal training in areas such as computer programming, software development, laser and fiber optic

technology, and wireless technology.53

Nov. 2013 to Nov. 2014 change in workforce ................+217,600 jobs

Number of American workers .............................................2.9 million


Temporary Services Jobs ForecastToday’s ever-evolving market demands have resulted in a major increase in the number of contingent workers within organizations of all sizes. Employers are turning to contingent and contract workers to fill in skill gaps and provide the flexibility needed to quickly shift talent across an organization’s projects, departments and locations.

Hiring managers seeking a quick and cost-effective means to augment their workforce frequently turn to temporary agencies, resulting in an increase of 217,600 jobs in this sector over the past year.

Among job seekers, temporary jobs are now considered a viable option for gaining work experience and possibly transitioning into a permanent position. High-demand temporary jobs have traditionally included those in finance, administrative support, healthcare, engineering, telecommunications and information technology. But the temporary services segment is expected to continue growing as manufacturers increasingly draw from a temporary pool to control expenses and adapt to staffing fluctuations. Other organizations are turning to staffing agencies for a wide variety of nontraditional temporary positions, including attorneys, providing valuable experience to new law school graduates unable to secure permanent employment. In a growing economy, temporary jobs also have more potential to turn into full-time opportunities, which could be a good sign for

future improvements to the employment picture.54

Telecommunications Temporary Services

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End notes


www.lhh.com | 25

In 2014, the economy continued to rebound with the US stock market hitting record highs and unemployment dropping to its lowest level in seven years. Despite sluggish global economic expansion and heightened geopolitical conflicts, US market conditions improved, portending continued growth and increased job opportunities for 2015.

Looking ahead, the US is poised for stronger business growth, hiring and expansion, with the GDP predicted to reach 3.3% in 2015—and with leading economic indicators pointing to continued expansion. Jobless claims are down, and it’s estimated that unemployment will fall to 5.3% by the end of 2015. Cheaper gasoline prices and slight wage increases could lift consumer spending, while new single-family home starts and sales are expected to increase by 25%.

Optimism about the US economy is high as revenue forecasts and profitability are up, fueling job creation. A rise in US job creation will provide expanded opportunities for workers and increased competition for skilled talent. Companies will be focused on attracting, developing and retaining talent to ensure they have the workers they need to meet growth objectives.

The path forward

About Lee Hecht Harrison (LHH)

Lee Hecht Harrison (www.lhh.com) is the global talent mobility leader. We connect people to jobs through innovative career transition services and help individuals improve performance through career and leadership development. LHH assists organizations in supporting restructuring efforts, developing leaders at all levels, engaging and retaining critical talent, and maintaining productivity through change—helping organizations increase profitability by maximizing their return on investment in developing people, while assisting individuals to achieve their full potential.

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