My question on this portion of the financial reform bill is how is it going to affect Enterprise Risk Management going forward. Do you have a robust Applicant tracking system? If not let's talk.
*********************
November 27, 2010 — 10:24am ET
By Jim Kim
One little discussed aspect of the Dodd-Frank reform law is Section 342, which requires the creation of 20 Offices of Minority and Women Inclusion at regulatory agencies, including the SEC, the FDIC, the OCC, the Treasury, all Federal Reserve banks and the new Consumer Financial Protection Bureau.
"Once established, the offices are charged with monitoring the diversity at the agencies as well as at any contractors or subcontractors, including law firms, accounting firms and investment banks," notes the New York Times. "These contracts, totaling in the billions a year, are typically awarded to private firms for services like debt issuances and sales of government assets, as well as more general advisory services."
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The goal, of course, is to provide some leverage for correcting racial and gender imbalances in certain industries. Specifically, the bill holds that if an agency's compliance director concludes that a contractor has not made "a good faith effort to include minorities and women in its work force," contracts could be canceled. The clause also requires agencies to recruit at historically black universities and women's colleges, sponsor job fairs in urban areas and file yearly reports.
This has the potential to arouse some political passions. Some have criticized the Section for its redundancy with other nondiscrimination laws. Others think it is an attempt by the government to impose quotas on banks, law firms and all government contractors, of which there are many. What do you think?
Tuesday, November 30, 2010
Wednesday, October 27, 2010
Congratulations to another PNW bank on it's successful recapitalization!
Congratulations to AmericanWest Bank on its successful recapitalization!
Pat and his team have done a remarkable job!
read the full article:
http://tinyurl.com/28ksub2
Sincerely,
Stan Taylor, CSAM
Pat and his team have done a remarkable job!
read the full article:
http://tinyurl.com/28ksub2
Sincerely,
Stan Taylor, CSAM
Monday, October 25, 2010
Are you making these motivation mistakes?
By the editors of Briefings Media Group
It may be the oldest joke in the workplace: “The beatings will continue until morale improves”
Unfortunately, it’s no laughing matter. Managers with good intentions make bad mistakes as they attempt to boost morale. Ultimately, those actions have the opposite effect: They destroy morale.
Here are some of the most common misguided morale-building tactics:
• Throwing a party. Most people enjoy a good time, but unless you explain the reason for throwing the celebration, the morale boost will be short-lived. If morale is really low, your employees are unlikely to mingle and build bonds. Instead, they will divide into cliques and whisper among themselves about why you are acting out of character.
Better: Any time you treat employees, tie the reward to a tangible achievement. When employees see that meeting Goal A results in a celebration, they understand your expectations for them.
• Giving “fun” awards. On a high-performing, high-morale team, people appreciate it when you hand out rolls of LifeSavers candies to people who saved the day or give Three Musketeer bars to teams that worked together to go above and beyond. When staffers enjoy success and camaraderie, those small gestures are charming.
Warning: When morale is low, employees find small gestures like that trite, or worse, insulting. People who feel disgruntled or underappreciated won’t be charmed by such rewards.
Better: Show that you are a leader who notices and appreciates the small things. Thank employees when you see them doing something well or putting forth extra effort. Praise them in private and in front of others. And create opportunities for employees to share their appreciation with their peers. It may seem like baby steps, but each “Thank you” marks progress toward a high-morale workplace.
• Offering monetary rewards for peak performance. When you hold contests where the winning employee earns a bonus check, you probably think you are motivating staffers to excel. But if your employees are burned out and cynical, they will give up on the rewards almost as soon as you announce them. They will think: “It’s too hard. Everyone knows that Pat’s the best salesperson on the team, so why should I work harder when I know I won’t win?”
Better: Ensure that everyone has a chance to win any contests you hold. If you reward only the top salesperson, for example, few people will feel they have a chance to win. If you set up individual—attainable—targets, everyone is more likely to participate. For example, instead of rewarding people who close 15 sales in a month, reward all employees who increase their monthly sales revenue by 10%.
Employee recognition is a great and inexpensive way to boost productivity, raise morale and improve your bottom line. You can find more strategies for doing that here.
It may be the oldest joke in the workplace: “The beatings will continue until morale improves”
Unfortunately, it’s no laughing matter. Managers with good intentions make bad mistakes as they attempt to boost morale. Ultimately, those actions have the opposite effect: They destroy morale.
Here are some of the most common misguided morale-building tactics:
• Throwing a party. Most people enjoy a good time, but unless you explain the reason for throwing the celebration, the morale boost will be short-lived. If morale is really low, your employees are unlikely to mingle and build bonds. Instead, they will divide into cliques and whisper among themselves about why you are acting out of character.
Better: Any time you treat employees, tie the reward to a tangible achievement. When employees see that meeting Goal A results in a celebration, they understand your expectations for them.
• Giving “fun” awards. On a high-performing, high-morale team, people appreciate it when you hand out rolls of LifeSavers candies to people who saved the day or give Three Musketeer bars to teams that worked together to go above and beyond. When staffers enjoy success and camaraderie, those small gestures are charming.
Warning: When morale is low, employees find small gestures like that trite, or worse, insulting. People who feel disgruntled or underappreciated won’t be charmed by such rewards.
Better: Show that you are a leader who notices and appreciates the small things. Thank employees when you see them doing something well or putting forth extra effort. Praise them in private and in front of others. And create opportunities for employees to share their appreciation with their peers. It may seem like baby steps, but each “Thank you” marks progress toward a high-morale workplace.
• Offering monetary rewards for peak performance. When you hold contests where the winning employee earns a bonus check, you probably think you are motivating staffers to excel. But if your employees are burned out and cynical, they will give up on the rewards almost as soon as you announce them. They will think: “It’s too hard. Everyone knows that Pat’s the best salesperson on the team, so why should I work harder when I know I won’t win?”
Better: Ensure that everyone has a chance to win any contests you hold. If you reward only the top salesperson, for example, few people will feel they have a chance to win. If you set up individual—attainable—targets, everyone is more likely to participate. For example, instead of rewarding people who close 15 sales in a month, reward all employees who increase their monthly sales revenue by 10%.
Employee recognition is a great and inexpensive way to boost productivity, raise morale and improve your bottom line. You can find more strategies for doing that here.
Thursday, October 21, 2010
7 Ways Your Resume Dates You
Porcshe Moran
Monday, September 27, 2010
The turbulent economy has forced many people to go back into the job market for the first time in years. If there is a thick layer of dust on your resume it might be beneficial to learn the new rules of resume writing and presentation before you start submitting applications. Even the most qualified applicant might not get called in for an interview if his resume creates the impression that he is out of touch with the current business environment. Do not assume that an impressive cover letter can serve as a substitute for a poorly written resume.
1. References Upon Request
There is no need to waste valuable resume space on this outdated section. Employers assume that you will provide references if asked. Instead, keep a separate page with the names and contact information of your references ready to supply to the employer once you have advanced in the interview process.
2. One Resume Fits All
While it is smart to keep a master resume on file, you need to customize it to fit each job for which you apply. Job-seekers who take the time to tailor their resume to the employer's needs will stand out from the pack. Eliminate the details that don't apply to the position and emphasize the ones that make you look the most qualified. It might take a little extra time to apply using this technique, but it will be worth it when your interview offers increase.
3. Objective Statement
The professional summary or profile has replaced the objective statement. Employers are focused on what candidates can do for them, not what the business can do for the candidate. You will sell yourself better with a concise bulleted list of the qualifications and accomplishments that make you a match for the position.
4. Single-Page Resume
One of the most touted resume rules is that the document must be one page. Many people will go to extremes to follow this command, resulting in tiny, unreadable font sizes just to avoid having a resume that extends onto the second page.
Unless you are a newcomer to the job market, it is entirely possible that you'll need more than a page to adequately showcase your skills and qualifications. If you have enough job experience that fits the position, it is acceptable to extend your resume length to two pages. Keep your resume succinct and relevant, but don't go under a 10-pt. font size.
5. Lack of Social Networking
Websites such as Facebook and Twitter might be considered distractions in the workplace, but they can be an asset on a resume. Employers want to know that applicants are up-to-date with current technology and communication trends. Links to a professional online portfolio, blog or LinkedIn page should be included in your resume header. There is a good chance that employers will do an internet search to find out more about potential employees, so make sure that all of your social networking profiles project a professional image.
6. Too Much Information
It is not necessary to give your life story on a resume. In fact, providing an employer with too much information can be detrimental to your chances of employment. Delete information about where and when you graduated high school. Ditch irrelevant jobs from 15 years ago. Although it was standard practice in some industries years ago, it is now inappropriate to include personal details in a resume such as information about your hobbies, religion, age and family status. Not only does it look unprofessional, but that information could be used to discriminate against you.
An employer will ask if they want to know why you left previous positions, so don't mention it on your resume. The rule of thumb is to pare down your resume to only include things that show why you are the perfect fit for the specific position for which you are applying.
7. Outdated Terminology and Skills
Skills in obsolete computer software and systems should be removed from your resume. Technical experience is critical in nearly every industry and employers often use technology keywords to find resumes in electronic databases. Listing basic computer skills such as word processing and using an internet browser is not recommended because employers will assume that you have those proficiencies. The job description is the best guide to determine the terminology and technology skills that should show up on your resume.
The Bottom Line
In a fast-paced and competitive job market the parameters for writing a resume continue to change. Resumes that do not reflect knowledge of the current needs in the workplace and the new rules of how to present yourself to an employer will likely end up in the trash.
This article is part of a series related to being Financially Fit
Monday, September 27, 2010
The turbulent economy has forced many people to go back into the job market for the first time in years. If there is a thick layer of dust on your resume it might be beneficial to learn the new rules of resume writing and presentation before you start submitting applications. Even the most qualified applicant might not get called in for an interview if his resume creates the impression that he is out of touch with the current business environment. Do not assume that an impressive cover letter can serve as a substitute for a poorly written resume.
1. References Upon Request
There is no need to waste valuable resume space on this outdated section. Employers assume that you will provide references if asked. Instead, keep a separate page with the names and contact information of your references ready to supply to the employer once you have advanced in the interview process.
2. One Resume Fits All
While it is smart to keep a master resume on file, you need to customize it to fit each job for which you apply. Job-seekers who take the time to tailor their resume to the employer's needs will stand out from the pack. Eliminate the details that don't apply to the position and emphasize the ones that make you look the most qualified. It might take a little extra time to apply using this technique, but it will be worth it when your interview offers increase.
3. Objective Statement
The professional summary or profile has replaced the objective statement. Employers are focused on what candidates can do for them, not what the business can do for the candidate. You will sell yourself better with a concise bulleted list of the qualifications and accomplishments that make you a match for the position.
4. Single-Page Resume
One of the most touted resume rules is that the document must be one page. Many people will go to extremes to follow this command, resulting in tiny, unreadable font sizes just to avoid having a resume that extends onto the second page.
Unless you are a newcomer to the job market, it is entirely possible that you'll need more than a page to adequately showcase your skills and qualifications. If you have enough job experience that fits the position, it is acceptable to extend your resume length to two pages. Keep your resume succinct and relevant, but don't go under a 10-pt. font size.
5. Lack of Social Networking
Websites such as Facebook and Twitter might be considered distractions in the workplace, but they can be an asset on a resume. Employers want to know that applicants are up-to-date with current technology and communication trends. Links to a professional online portfolio, blog or LinkedIn page should be included in your resume header. There is a good chance that employers will do an internet search to find out more about potential employees, so make sure that all of your social networking profiles project a professional image.
6. Too Much Information
It is not necessary to give your life story on a resume. In fact, providing an employer with too much information can be detrimental to your chances of employment. Delete information about where and when you graduated high school. Ditch irrelevant jobs from 15 years ago. Although it was standard practice in some industries years ago, it is now inappropriate to include personal details in a resume such as information about your hobbies, religion, age and family status. Not only does it look unprofessional, but that information could be used to discriminate against you.
An employer will ask if they want to know why you left previous positions, so don't mention it on your resume. The rule of thumb is to pare down your resume to only include things that show why you are the perfect fit for the specific position for which you are applying.
7. Outdated Terminology and Skills
Skills in obsolete computer software and systems should be removed from your resume. Technical experience is critical in nearly every industry and employers often use technology keywords to find resumes in electronic databases. Listing basic computer skills such as word processing and using an internet browser is not recommended because employers will assume that you have those proficiencies. The job description is the best guide to determine the terminology and technology skills that should show up on your resume.
The Bottom Line
In a fast-paced and competitive job market the parameters for writing a resume continue to change. Resumes that do not reflect knowledge of the current needs in the workplace and the new rules of how to present yourself to an employer will likely end up in the trash.
This article is part of a series related to being Financially Fit
Wednesday, September 15, 2010
6 Things You Should Never Reveal on Facebook
by Kathy Kristof
Tuesday, September 14, 2010
provided by
CBS moneywatch.com
The whole social networking phenomenon has millions of Americans sharing their photos, favorite songs and details about their class reunions on Facebook, MySpace, Twitter and dozens of similar sites. But there are a handful of personal details that you should never say if you don't want criminals — cyber or otherwise — to rob you blind, according to Beth Givens, executive director of the Privacy Rights Clearinghouse.
The folks at Insure.com also say that ill-advised Facebook postings increasingly can get your insurance cancelled or cause you to pay dramatically more for everything from auto to life insurance coverage. By now almost everybody knows that those drunken party photos could cost you a job, too.
[See 7 Things to Stop Doing Now on Facebook]
You can certainly enjoy networking and sharing photos, but you should know that sharing some information puts you at risk. What should you never say on Facebook, Twitter or any other social networking site?
Your Birth Date and Place
Sure, you can say what day you were born, but if you provide the year and where you were born too, you've just given identity thieves a key to stealing your financial life, said Givens. A study done by Carnegie Mellon showed that a date and place of birth could be used to predict most — and sometimes all — of the numbers in your Social Security number, she said.
Vacation Plans
There may be a better way to say "Rob me, please" than posting something along the lines of: "Count-down to Maui! Two days and Ritz Carlton, here we come!" on Twitter. But it's hard to think of one. Post the photos on Facebook when you return, if you like. But don't invite criminals in by telling them specifically when you'll be gone.
[See Burglars Picked Houses Based on Facebook Updates]
Home Address
Do I have to elaborate? A study recently released by the Ponemon Institute found that users of Social Media sites were at greater risk of physical and identity theft because of the information they were sharing. Some 40% listed their home address on the sites; 65% didn't even attempt to block out strangers with privacy settings. And 60% said they weren't confident that their "friends" were really just people they know.
Confessionals
You may hate your job; lie on your taxes; or be a recreational user of illicit drugs, but this is no place to confess. Employers commonly peruse social networking sites to determine who to hire — and, sometimes, who to fire. Need proof? In just the past few weeks, an emergency dispatcher was fired in Wisconsin for revealing drug use; a waitress got canned for complaining about customers and the Pittsburgh Pirate's mascot was dumped for bashing the team on Facebook. One study done last year estimated that 8% of companies fired someone for "misuse" of social media.
Password Clues
If you've got online accounts, you've probably answered a dozen different security questions, telling your bank or brokerage firm your Mom's maiden name; the church you were married in; or the name of your favorite song. Got that same stuff on the information page of your Facebook profile? You're giving crooks an easy way to guess your passwords.
Risky Behaviors
You take your classic Camaro out for street racing, soar above the hills in a hang glider, or smoke like a chimney? Insurers are increasingly turning to the web to figure out whether their applicants and customers are putting their lives or property at risk, according to Insure.com. So far, there's no efficient way to collect the data, so cancellations and rate hikes are rare. But the technology is fast evolving, according to a paper written by Celent, a financial services research and consulting firm.
___
Tuesday, September 14, 2010
provided by
CBS moneywatch.com
The whole social networking phenomenon has millions of Americans sharing their photos, favorite songs and details about their class reunions on Facebook, MySpace, Twitter and dozens of similar sites. But there are a handful of personal details that you should never say if you don't want criminals — cyber or otherwise — to rob you blind, according to Beth Givens, executive director of the Privacy Rights Clearinghouse.
The folks at Insure.com also say that ill-advised Facebook postings increasingly can get your insurance cancelled or cause you to pay dramatically more for everything from auto to life insurance coverage. By now almost everybody knows that those drunken party photos could cost you a job, too.
[See 7 Things to Stop Doing Now on Facebook]
You can certainly enjoy networking and sharing photos, but you should know that sharing some information puts you at risk. What should you never say on Facebook, Twitter or any other social networking site?
Your Birth Date and Place
Sure, you can say what day you were born, but if you provide the year and where you were born too, you've just given identity thieves a key to stealing your financial life, said Givens. A study done by Carnegie Mellon showed that a date and place of birth could be used to predict most — and sometimes all — of the numbers in your Social Security number, she said.
Vacation Plans
There may be a better way to say "Rob me, please" than posting something along the lines of: "Count-down to Maui! Two days and Ritz Carlton, here we come!" on Twitter. But it's hard to think of one. Post the photos on Facebook when you return, if you like. But don't invite criminals in by telling them specifically when you'll be gone.
[See Burglars Picked Houses Based on Facebook Updates]
Home Address
Do I have to elaborate? A study recently released by the Ponemon Institute found that users of Social Media sites were at greater risk of physical and identity theft because of the information they were sharing. Some 40% listed their home address on the sites; 65% didn't even attempt to block out strangers with privacy settings. And 60% said they weren't confident that their "friends" were really just people they know.
Confessionals
You may hate your job; lie on your taxes; or be a recreational user of illicit drugs, but this is no place to confess. Employers commonly peruse social networking sites to determine who to hire — and, sometimes, who to fire. Need proof? In just the past few weeks, an emergency dispatcher was fired in Wisconsin for revealing drug use; a waitress got canned for complaining about customers and the Pittsburgh Pirate's mascot was dumped for bashing the team on Facebook. One study done last year estimated that 8% of companies fired someone for "misuse" of social media.
Password Clues
If you've got online accounts, you've probably answered a dozen different security questions, telling your bank or brokerage firm your Mom's maiden name; the church you were married in; or the name of your favorite song. Got that same stuff on the information page of your Facebook profile? You're giving crooks an easy way to guess your passwords.
Risky Behaviors
You take your classic Camaro out for street racing, soar above the hills in a hang glider, or smoke like a chimney? Insurers are increasingly turning to the web to figure out whether their applicants and customers are putting their lives or property at risk, according to Insure.com. So far, there's no efficient way to collect the data, so cancellations and rate hikes are rare. But the technology is fast evolving, according to a paper written by Celent, a financial services research and consulting firm.
___
Friday, September 3, 2010
FIRST FRIDAY PREVIEW - September 2010
MANAGEMENT RECRUITERS OF VANCOUVER | |
 September 2010 | Volume IV | Issue 9 | |
|---|---|
UNITED STATESIt’s That Quantity/Quality Thing Again With the sheer size of the U.S. labor market, there really isn’t an easy way to talk about it other than by the numbers. Four-hundred and seventy-three thousand unemployment claims last week, 14.6 million people unemployed in the United States, 46 million workers with bachelor’s degrees in the country. The use of these figures makes workers sound like commodities, easily comparable and easily interchangeable pieces. Nearly one in ten people who want to work don’t have a job. It would seem that hiring a great candidate would take no more than putting up a help wanted shingle for an afternoon. You might even believe that, unless you’ve tried to hire someone in the last year. “Regardless of the state of the economy, there is nothing easy about identifying great candidates,” says Tony McKinnon, president of MRINetwork. “Trying to find that impact player who you begin every search looking for, is like trying to find a popular toy on Christmas Eve. You can go to a big toy store with a thousand different options, but that doesn’t make your search any easier.” The Bureau of Labor Statistics obviously can’t give figures about the quality of workers. They can, however, report on one of the most basic indicators of quality: education. Workers who have completed a bachelor’s degree have an unemployment rate of 4.5 percent, less than half the national average and down .3 percent from just three months ago. “Employers look at how many applicants there are for every job and assume they’ll be able to have their pick of quality people,” says Mickey Kampsen, president of Management Recruiters of Charlottesville. “What once would have been interviews of a few highly qualified candidates can turn into cattle calls as employers cast wider nets. With so many candidates, more stages are added to the interview process. People who truly are the top candidates aren’t given the personalised attention that would encourage them to take a position. Employers don’t always know how to tango.” With a 2.2 percent job-opening rate, there are currently nearly four unemployed people for every position. In 2006, when the  | Recent MRINetwork® Analysis “It’s almost like social media has replaced the white pages,” Ms. Halverson said. “Recruiters don’t even know how to find you if you don’t have a presence online. It’s nonnegotiable — you have to have a profile on a social networking site.” - Nancy Halverson MRINetwork SVP of Learning and Talent Development As quoted in the New York Times, August 25, 2010  Notable International Events • Despite austerity measures in the United Kingdom, GDP grew at 1.2 percent in the second quarter, beating estimates of 1.1 percent. Expectations are for growth to reach 2.2 percent in 2011. • The Chilean economy mostly sidestepped the depths of the recession by the government releasing capital reserves to prop up its banking system. After a devastating earthquake in February, GDP growth is on track to exceed 5 percent in 2010. • After contracting by 1.8 percent in 2009, South Africa’s economy is on track to grow by 2.9 percent in 2010. unemployment rate was 4.4 percent, the job opening rate was 3.3 percent, almost a one to one ratio. “The truth is that the top candidate you want coming out of a recession is the person who has been battle tested, so by definition, these candidates are usually employed, and they are elusive,” notes McKinnon. “They are often risking the job they already have just by talking to you, and if they don’t feel like they are being personally sought out, their motivation to participate can evaporate and the candidates you are left with aren’t the best you could have had.” Employee confidence in the job market continues to teeter with shifting news. The recent bounce back of the quit rate from 1.3 to 1.5 percent seems to be remaining stable, though well below its rate from a few years ago. After a .1 percent fall in consumer spending in June helped fuel talk of potential deflation, spending rose .4 percent in July, beating expectations. “Estimates now say unemployment won’t significantly decrease until mid-2011, but before that happens employers are obviously going to have to ramp-up hiring,” says McKinnon. “The attitude employers take when approaching candidates after such a long downturn is going to be as important as any other factor in the recruiting cycle.” |
 UNITED ARAB EMIRATES Country Proves Both Stability and Agility in Maneuvering Global Financial Crisis | |
The revelation that Dubai, one of the United Arab Emirates’ flashiest states, was near default on its debt late last year was a surprise to the world and signaled a new phase of the global economic crisis. Abu Dhabi, its wealthier cousin state, had to step in to help Dubai remain solvent. While the terms under which Abu Dhabi received its aid weren’t made public—and rumors have suggested the terms weren’t very favorable—the move has been enough to push the issue off the front page. “It happened. But in this part of the world, people still want to do business in Dubai and the UAE. There might be rumors about the debt crisis, but that doesn’t really affect the viability of doing business in the region,” says Praveen Manghnani, managing director of MRI Worldwide United Arab Emirates. Manghnani says that Dubai has become a clearinghouse for talent in the Arabian Peninsula. Employers from neighboring Saudi Arabia will often find talent in Dubai, bring the employees to Saudi Arabia for a job and as the job wraps up, they return to Dubai looking for their next assignment. Saudi Arabia itself is undergoing impressive population growth at a rate of over 2 percent per year fueled by a fertility rate almost twice that of Western European countries. | By comparison, in 2008 the world grew by just 1.17 percent and the United States by .92 percent. As the UAE continues to establish itself as the business hubof the Middle East, the prevalence of rumors over transparency has become of concern. The UAE Minister of Economy, Sultan Bin Saeed Al Mansouri, recently laid out the beginnings of a rewrite—and often Westernization—of many of the nation’s business laws including arbitration rules. Such rules, the UAE hopes, will help make the country more attractive not just to foreign companies but to entrepreneurs and potential investors. In addition to businesses though, the UAE is working to attract more educational opportunities. Beginning this fall, a class of 150 hand-selected students from around the world will be starting at the new NYU Abu Dhabi Institute. But as the school takes pains to point out, it is a university unto itself, not just a satellite campus. “The quality of talent on the peninsula for both local workers and ex-pats remains phenomenal. Through the recession, employers have become more selective, yet the talent pool has risen to their expectations,” says Manghnani. |
CALIFORNIA Taking The Steps Towards Stability | |
The story of the California economy has never been one of straight lines. California has perhaps had more booms than any other state in the country. There was the gold rush, the oil boom, a hi-tech boom first of hardware, then of dot-coms. And most recently what might be considered a boom-boom: the collision of so many booms that the price of real estate inflated even more than the rest of the country. And then it burst. “Late last year was maybe the darkest period that we had seen in California since I started recruiting here,” says Trent Overholt, president of Management Recruiters of Los Angeles-South Bay. “Both in terms of activity and just feeling.” Perhaps the most visible effect of the recession in California is a budget deficit nearing $20 billion and the cantankerous fight it has caused in Sacramento. Governor Schwarzenegger, a Republican, recently announced his intention to pay all 200,000 state workers minimum wage until a budget was passed. The State Treasurer, Bill Lockyer, a Democrat, resisted the Governor’s order claiming he didn’t have the authority, a position that has not yet been resolved in the courts. California’s budget issues, while triggered by the recession, can be almost as easily blamed on the taxpayer revolt of the late 1970s resulting in some of the tightest restrictions on a state’s ability to raise taxes in the country. Proposition 13, passed in 1978, prevented reassessing home values | for tax purposes unless a property is sold or remodeled. Adjustments for inflation were also capped at just 2 percent, well below increases in real estate market values. While the state had learned to live with the restrictions to some degree, when the real estate bubble popped the prices of property plummeted—in some areas as much as 50 percent—homeowners requested reassessments, locking in steeply lower property taxes. Institutional budget issues will give the recession long coattails in the government’s revenue, but in the broader economy, Californians seem to be becoming more optimistic. “The biggest demand we are seeing right now is for regional sales managers,” says Overholt. “That doesn’t necessarily mean that companies are seeing increased sales, but it does show that they have growing confidence. The fact that this confidence is becoming more widespread indicates it is not just wishful thinking.” The Federal Reserve’s Beige Book reported that retail trade and services have firmed over the last six weeks in its San Francisco district. Many businesses reported an uptick in requests for bids, even though those requests have not yet turned into sales. Hi-tech manufacturers saw outright growth in orders for semiconductors and other IT products. According to the Beige Book though, capacity utilization has remained low, meaning companies won’t need to make large capital expenditures to be able to start hiring.  |
Provided by MRINetwork http://www.mrvancouver.com/ | Edited by Stan Taylor, CSAM staylor@mrvancouver.com .JPG){kind=small} | |
| ©2010 Management Recruiters International, Inc. An Equal Opportunity Employer. Each office is independently owned and operated. | |
Monday, August 30, 2010
SPECIAL ASSET MANAGER, SVP
SPECIAL ASSET MANAGER & OFFICER:
· Are you a WORK OUT PRO?
· Do you have a PASSION for Special Assets?
· Do you have CRE and A&D experience/emphasis?
I am looking for true workout pro’s for my client, those with a true passion for this field of banking. Which I think we all know will retain its importance for a number of years to come.
SPECIAL ASSET MANAGER, SVP
· At least 10 yrs dedicated Special Assets.
· 5+ of those years in a senior leadership role.
· Compensation is strong for this position. This bank recognizes the importance and value of this key individual.
· For the right candidate there will be relocation assistance provided.
Special Assets Officer, VP.
· Minimum of 5 years dedicated Special Assets.
· Demonstrable leadership skills that would allow you to step up an lead a special assets team within a couple of years.
· Compensation BOE, competitive+
This client is a very professional bank, I must admit they are truly a class act. You will find that this is a team dedicated to success and exiting these challenging times a strong vibrant player in the PNW!
They are located in a scenic beautiful part of the Pacific North West.
Please contact:
Stan Taylor, CSAM
360-695-4688
staylor@mrvancouver.com
· Are you a WORK OUT PRO?
· Do you have a PASSION for Special Assets?
· Do you have CRE and A&D experience/emphasis?
I am looking for true workout pro’s for my client, those with a true passion for this field of banking. Which I think we all know will retain its importance for a number of years to come.
SPECIAL ASSET MANAGER, SVP
· At least 10 yrs dedicated Special Assets.
· 5+ of those years in a senior leadership role.
· Compensation is strong for this position. This bank recognizes the importance and value of this key individual.
· For the right candidate there will be relocation assistance provided.
Special Assets Officer, VP.
· Minimum of 5 years dedicated Special Assets.
· Demonstrable leadership skills that would allow you to step up an lead a special assets team within a couple of years.
· Compensation BOE, competitive+
This client is a very professional bank, I must admit they are truly a class act. You will find that this is a team dedicated to success and exiting these challenging times a strong vibrant player in the PNW!
They are located in a scenic beautiful part of the Pacific North West.
Please contact:
Stan Taylor, CSAM
360-695-4688
staylor@mrvancouver.com
Thursday, July 29, 2010
Staffing over the next 24 months!
This article was sent to me today; I found it to be very impactful and supports what my colleagues and I have been seeing in the banking industry.
Timeliness of decisions is becoming more critical as demand continues to expand. I have already seen a few cases of "that is the "banker" I want for this position; that banker had already received an offer that had been accepted."
B. Executives Shift From Cost Control To Growth Strategies
More than half (54 percent) of large U.S. businesses that reduced staff in the past 12 months plan to rebuild their workforces to pre-recession levels within two years.
That data point, based on a recent Accenture survey, broadly reinforces ExecuNet data that for months has revealed more American companies are adding executives and fewer are cutting management positions. The survey found only 13 percent of executives said they plan to reduce their employee base over the next 12 months.
"The outlook is improving," said David Smith, managing director of the Accenture Talent and Organization Performance practice. "But as companies grow their staff, it is more critical than ever that they understand their skills needs and approach the expansion of their workforces strategically."
The survey confirmed that companies are shifting their focus away from cost control and returning to growth. The percentage of U.S. companies focused primarily on cost control will decrease from 41 percent in mid-2009 to 18 percent in 2011, according to the study. And the percentage of U.S. companies focused primarily on investment in growth-oriented activities, such as hiring, will increase from 24 percent today to 37 percent within the next 12 months.
However, as companies focus on growth, a shortage of high-quality skills may be cause for concern for many businesses. Fifteen percent of U.S. executives surveyed described the overall skill level of their workforces as 'industry-leading.'
"A lack of relevant skills may present a hurdle for companies as they position themselves for growth," Smith added. "Companies need to rethink how they equip employees with the skills required to be competitive today. They must also consider new strategies for hiring and developing untapped talent currently available in the market."
Timeliness of decisions is becoming more critical as demand continues to expand. I have already seen a few cases of "that is the "banker" I want for this position; that banker had already received an offer that had been accepted."
B. Executives Shift From Cost Control To Growth Strategies
More than half (54 percent) of large U.S. businesses that reduced staff in the past 12 months plan to rebuild their workforces to pre-recession levels within two years.
That data point, based on a recent Accenture survey, broadly reinforces ExecuNet data that for months has revealed more American companies are adding executives and fewer are cutting management positions. The survey found only 13 percent of executives said they plan to reduce their employee base over the next 12 months.
"The outlook is improving," said David Smith, managing director of the Accenture Talent and Organization Performance practice. "But as companies grow their staff, it is more critical than ever that they understand their skills needs and approach the expansion of their workforces strategically."
The survey confirmed that companies are shifting their focus away from cost control and returning to growth. The percentage of U.S. companies focused primarily on cost control will decrease from 41 percent in mid-2009 to 18 percent in 2011, according to the study. And the percentage of U.S. companies focused primarily on investment in growth-oriented activities, such as hiring, will increase from 24 percent today to 37 percent within the next 12 months.
However, as companies focus on growth, a shortage of high-quality skills may be cause for concern for many businesses. Fifteen percent of U.S. executives surveyed described the overall skill level of their workforces as 'industry-leading.'
"A lack of relevant skills may present a hurdle for companies as they position themselves for growth," Smith added. "Companies need to rethink how they equip employees with the skills required to be competitive today. They must also consider new strategies for hiring and developing untapped talent currently available in the market."
Wednesday, June 30, 2010
Making your Elevator Pitch Work
I saw this today on Reuters and felt it had great value no matter what your product.
In our industry it could be "you"(looking for a position), your bank (looking for the top talent), loan or deposit product.
Stuck in an elevator with a well-known investor, but not sure how to make the most of your two minute ride?
Becky Reuber, a professor of strategic management at Toronto’s Rotman School of Management, has a few tips on how to craft an effective elevator pitch.
Here are Reuber’s four main points you need to get across to get investor attention:
1. What is your product/service?
Don’t launch into a technical explanation of how your product works, said Reuber. Keep it concise and to the point. For example: I make a tool that allows carpenters to hammer nails in hard to reach places.
2. Why are buyers going to buy it?
“The number one concern that people are going to be interested in is, do you have a compelling value proposition for a target market that you understand,” said Reuber.
She pointed out that you can tell someone your market is a billion people, but that alone means nothing. It’s far more valuable to be able to say: these three people purchased my product for this specific reason, and there is an entire market of people out there just like them who will want my product instead of the one offered by the competition.
3. Is it going to make money?
“You have to show that you can make (your product), or provide a service, for less money than you sell it for,” said Reuber, who noted the higher the margin, the better.
4. Do you have the patents, intellectual property or other means to fight off the competition?
“The first thing that’s gonna happen is you’re gonna have imitators come in and you’re gonna have existing competitors move into your space,” said Reuber.
In order to be successful, you need to express how you are going to stay in the lead in the marketplace. Reuber advised, “(launching a business) may be hard at the beginning, but it will only get harder once the competition starts entering.”
Lisa Gabriele, a senior producer with Canada’s CBC television program “Dragons’ Den“, said it’s important to be both passionate and well-prepared when pitching your business to investors.
In our industry it could be "you"(looking for a position), your bank (looking for the top talent), loan or deposit product.
posted on line by: Entrepreneurial
Grow your own
Making your elevator pitch work
Grow your own
Making your elevator pitch work
JUN 24, 2010 16:01 EDT
Stuck in an elevator with a well-known investor, but not sure how to make the most of your two minute ride?
Becky Reuber, a professor of strategic management at Toronto’s Rotman School of Management, has a few tips on how to craft an effective elevator pitch.
Here are Reuber’s four main points you need to get across to get investor attention:
1. What is your product/service?
Don’t launch into a technical explanation of how your product works, said Reuber. Keep it concise and to the point. For example: I make a tool that allows carpenters to hammer nails in hard to reach places.
2. Why are buyers going to buy it?
“The number one concern that people are going to be interested in is, do you have a compelling value proposition for a target market that you understand,” said Reuber.
She pointed out that you can tell someone your market is a billion people, but that alone means nothing. It’s far more valuable to be able to say: these three people purchased my product for this specific reason, and there is an entire market of people out there just like them who will want my product instead of the one offered by the competition.
3. Is it going to make money?
“You have to show that you can make (your product), or provide a service, for less money than you sell it for,” said Reuber, who noted the higher the margin, the better.
4. Do you have the patents, intellectual property or other means to fight off the competition?
“The first thing that’s gonna happen is you’re gonna have imitators come in and you’re gonna have existing competitors move into your space,” said Reuber.
In order to be successful, you need to express how you are going to stay in the lead in the marketplace. Reuber advised, “(launching a business) may be hard at the beginning, but it will only get harder once the competition starts entering.”
Lisa Gabriele, a senior producer with Canada’s CBC television program “Dragons’ Den“, said it’s important to be both passionate and well-prepared when pitching your business to investors.
Monday, April 19, 2010
RESUME suggestions to drive value
The following are some ideas you can use to edit your “resume content”.
I found this artical which would be valuable to review in relationship to YOUR resume. Remember, read it with a critical eye as if you were looking to hire yourself.
Here are ten of the deadliest resume phrases in use ("massive overuse" would be more accurate) and replacements for each one. You'll rewrite the replacement phrases to reflect your own accomplishments--and that's the key! We can't expect a timeworn piece of resume boilerplate to stand in for our own pithy, personal examples.
Kill this: Results-oriented professional
Replace with your own version of this: I love to solve thorny supply-chain problems
Kill this: Excellent team player
Replace with your own version of this: At Acme Dynamite, I partnered with Engineering to cut our product cost in half
Kill this: Bottom-line orientation
Replace with your own version of this: My accounting-process overhaul saved the company $10M in its first year
Kill this: Superior communication skills
Replace with your own version of this: I led a two-day offsite that yielded our 2010 product lineup and a $40K cost savings
Kill this: Possess organizational skills
Replace with your own version of this: Reduced customer-complaint resolution time from three weeks to one by revamping the process
Kill this: Savvy business professional
Replace with your own version of this: I'm a PR manager who's gotten his employers covered by Yahoo! and Time magazine
Kill this: Strong work ethic
Replace with your own version of this: I taught myself HTML over a weekend in order to grab a marketing opportunity
Kill this: Meets or exceeds expectations
Replace with your own version of this: Invited to join our executive staff at a strategy summit during my first year at the company
Kill this: Strong presentation skills
Replace with your own version of this: Was recruited to join Acme Dynamite after my boss heard me speak at a conference
Kill this: Seeking a challenging opportunity
Replace with your own version of this: I'm looking for a midsize manufacturer primed to grow its business in the Pacific Rim
Get the boilerplate lead out of your resume today, and replace it with concrete, visual stories that bring your power to life. Watch employers respond! You can't afford to send out another lifeless, sounds-like-everyone-else resume. Employers want the real you on the page. Try it!
--
Liz Ryan is a 25-year HR veteran, a former Fortune 500 VP, and an internationally recognized expert on careers and the new-millennium workplace. Connect with her at www.asklizryan.com.
I found this artical which would be valuable to review in relationship to YOUR resume. Remember, read it with a critical eye as if you were looking to hire yourself.
Here are ten of the deadliest resume phrases in use ("massive overuse" would be more accurate) and replacements for each one. You'll rewrite the replacement phrases to reflect your own accomplishments--and that's the key! We can't expect a timeworn piece of resume boilerplate to stand in for our own pithy, personal examples.
Kill this: Results-oriented professional
Replace with your own version of this: I love to solve thorny supply-chain problems
Kill this: Excellent team player
Replace with your own version of this: At Acme Dynamite, I partnered with Engineering to cut our product cost in half
Kill this: Bottom-line orientation
Replace with your own version of this: My accounting-process overhaul saved the company $10M in its first year
Kill this: Superior communication skills
Replace with your own version of this: I led a two-day offsite that yielded our 2010 product lineup and a $40K cost savings
Kill this: Possess organizational skills
Replace with your own version of this: Reduced customer-complaint resolution time from three weeks to one by revamping the process
Kill this: Savvy business professional
Replace with your own version of this: I'm a PR manager who's gotten his employers covered by Yahoo! and Time magazine
Kill this: Strong work ethic
Replace with your own version of this: I taught myself HTML over a weekend in order to grab a marketing opportunity
Kill this: Meets or exceeds expectations
Replace with your own version of this: Invited to join our executive staff at a strategy summit during my first year at the company
Kill this: Strong presentation skills
Replace with your own version of this: Was recruited to join Acme Dynamite after my boss heard me speak at a conference
Kill this: Seeking a challenging opportunity
Replace with your own version of this: I'm looking for a midsize manufacturer primed to grow its business in the Pacific Rim
Get the boilerplate lead out of your resume today, and replace it with concrete, visual stories that bring your power to life. Watch employers respond! You can't afford to send out another lifeless, sounds-like-everyone-else resume. Employers want the real you on the page. Try it!
--
Liz Ryan is a 25-year HR veteran, a former Fortune 500 VP, and an internationally recognized expert on careers and the new-millennium workplace. Connect with her at www.asklizryan.com.
Thursday, February 11, 2010
Interesting perspective on Work/Life Balance?
Work/Life Integration To Weigh On Executive Retention Risks
Much has been written and researched on the emergence over the past decade of work/life balance and its influence on career management decisions and employee retention.
The results of ExecuNet's recent Executive Retention Report research, conducted jointly with Finnegan Mackenzie — The Retention Firm, reveal that although concerns about work/life balance have abated in the dismal management-hiring environment of the past 18 months, talented executives won't overlook work/life balance when it comes to assessing new career opportunities.
Yet the concept of work/life balance for senior-management executives itself may be somewhat of a misnomer, especially given the demands on their schedules and the increasing influence of technology as a communication- and decision-enabler.
ExecuNet Editor-In-Chief Robyn Greenspan, a leading voice on executive career management issues, contends that it is actually work/life integration rather than balance that will factor into executive decisions about whether to stay in or leave their existing leadership roles.
Greenspan says executives' sense for how they can effectively integrate their management responsibilities with their own personal lives/schedules will, in many cases, help guide their career decisions in 2010 and beyond.
Much has been written and researched on the emergence over the past decade of work/life balance and its influence on career management decisions and employee retention.
The results of ExecuNet's recent Executive Retention Report research, conducted jointly with Finnegan Mackenzie — The Retention Firm, reveal that although concerns about work/life balance have abated in the dismal management-hiring environment of the past 18 months, talented executives won't overlook work/life balance when it comes to assessing new career opportunities.
Yet the concept of work/life balance for senior-management executives itself may be somewhat of a misnomer, especially given the demands on their schedules and the increasing influence of technology as a communication- and decision-enabler.
ExecuNet Editor-In-Chief Robyn Greenspan, a leading voice on executive career management issues, contends that it is actually work/life integration rather than balance that will factor into executive decisions about whether to stay in or leave their existing leadership roles.
Greenspan says executives' sense for how they can effectively integrate their management responsibilities with their own personal lives/schedules will, in many cases, help guide their career decisions in 2010 and beyond.
Sunday, February 7, 2010
CFO opportunities are back.
Stan Taylor, CSAM
877-695-4688, ext 112
staylor@mrvancouver.com
Are you a CFO who is ready for a new challenge, or know one who is? After the last couple of years in the banking industry many are feeling it is time for a change, in fact 60% of employees are dissatisfied to one degree or another with their current company.
Many very good executives are looking for that change, a new challenge where they can be the catalyst, part of a dynamic executive team ready to be at the forefront as we come out of the carnage and uncertainty of the last couple years.
If you are one of those looking to become part of the strategic vision, “the catalyst if you will”, then this might just be the opportunity for you. Reality will still mean rolling up the sleeves as we rebuild and grow those critical functions to their needed levels…..and add the staff & technology to be at the forefront of the recovery.
One of the questions you need to be able to answer is do you know how to make your bank money?
The Ideal candidate will possess many or most of the following traits and experience:
• Strategic Financial Partner “Big Picture Person”, to the CEO.
• Yet still know the technical accounting pieces.
o Good GAAP & FASB knowledge.
• Be a leader to the Finance & Accounting staff.
• Partner to the business lines.
• Excellent Communicator, both written and oral;
o Able to convey complex financial information to the appropriate audience, whether it be the Board, management or staff.
o Good at speaking with the Analyst, Investors, Market Makers & Regulators.
• Be Approvable.
• Must have recent Community Bank CFO experience either in the:
o 300mm-2B or
o 1B-5B range.
• Good Energy level to fit the “team”.
• Regulatory reporting experience.
• Proven Decision Maker.
It would be beneficial if you:
• CPA or comparable experience.
• M&A experience (welcome to 2010).
• Public Offering experience.
• SEC/SOX experience.
• Understanding of Tax ramifications.
• Strong individual who connects well with the rest of the team, someone who adds synergistic value, not just your own skill level.
You know – Someone who has an ability to get things done, Makes a difference.
877-695-4688, ext 112
staylor@mrvancouver.com
Are you a CFO who is ready for a new challenge, or know one who is? After the last couple of years in the banking industry many are feeling it is time for a change, in fact 60% of employees are dissatisfied to one degree or another with their current company.
Many very good executives are looking for that change, a new challenge where they can be the catalyst, part of a dynamic executive team ready to be at the forefront as we come out of the carnage and uncertainty of the last couple years.
If you are one of those looking to become part of the strategic vision, “the catalyst if you will”, then this might just be the opportunity for you. Reality will still mean rolling up the sleeves as we rebuild and grow those critical functions to their needed levels…..and add the staff & technology to be at the forefront of the recovery.
One of the questions you need to be able to answer is do you know how to make your bank money?
The Ideal candidate will possess many or most of the following traits and experience:
• Strategic Financial Partner “Big Picture Person”, to the CEO.
• Yet still know the technical accounting pieces.
o Good GAAP & FASB knowledge.
• Be a leader to the Finance & Accounting staff.
• Partner to the business lines.
• Excellent Communicator, both written and oral;
o Able to convey complex financial information to the appropriate audience, whether it be the Board, management or staff.
o Good at speaking with the Analyst, Investors, Market Makers & Regulators.
• Be Approvable.
• Must have recent Community Bank CFO experience either in the:
o 300mm-2B or
o 1B-5B range.
• Good Energy level to fit the “team”.
• Regulatory reporting experience.
• Proven Decision Maker.
It would be beneficial if you:
• CPA or comparable experience.
• M&A experience (welcome to 2010).
• Public Offering experience.
• SEC/SOX experience.
• Understanding of Tax ramifications.
• Strong individual who connects well with the rest of the team, someone who adds synergistic value, not just your own skill level.
You know – Someone who has an ability to get things done, Makes a difference.
FIRST FRIDAY PREVIEW
As you will see in the First Friday Preview below, the good news is that we have had two quarters of continuous growth, and increasing growth at that. Q3 was 2.2% and Q4 was an impressive 5.7%!
In our industry we are seeing the beginning of the critical staffing recovery beginning across the country as Banks see a glimmer at the end of the tunnel, and need to be prepared to not only survive but begin to thrive.
MANAGEMENT RECRUITERS OF VANCOUVER
February 2010 |Volume 4 | Issue 2
GLOBAL
Today’s Proposals May Be Tomorrow’s Staffing Headaches
At the end of January, economists and world leaders converged on Davos, Switzerland for what is commonly labeled as spring break for economists, but more formally called the World Economic Forum’s annual meeting. Last year’s meeting took place in the depths of the worst economic crisis since the 1930s. This year, where we are in the crisis is the job of many of those at Davos to both determine and decide.
One thing that has become apparent is just how globally connected our economies truly are. Everyone from U.S. Representative Barney Frank to French President Nicolas Sarkozy has used Davos to call for initiatives that are global, not just in their thinking, but in their scope.
Frank proposed creating global bank regulations that would help prevent the international game of regulatory arbitrage multi-national banks have been able to play until now. His sentiments were quickly echoed by global central bankers who pronounced that more regulation is coming.
Sarkozy pledged to work towards a much more ambitious goal when France takes the presidency of the G-20 next year. He literally called for “a new Bretton Woods” conference, a reference to the 1944 convention of world economic leaders that set the framework for a new international monetary system after World War II. The boldest element of Sarkozy’s goal is a proposed global currency, removing a need for exchange rates and preventing countries—like China—from artificially altering their currency’s value.
“While Sarkozy’s proposals may be to the extreme of global changes that will actually come to pass in the next few years, there is little doubt that the landscape is in for some fundamental changes that will ripple beyond just banking,” says Tony McKinnon, president of MRINetwork.
“Companies trying to adapt to changes in either an industry or an economy need to be agile in their hiring, especially with so much uncertainty in the global economy today,” says Evan Davis, chief operating officer of MRINetwork. “While internal recruiting efforts may have created a deep catalog of candidates for existing needs, a change of direction or conditions requires a whole new lineup of candidates, something that can take months if not years to develop from scratch.”
In the United States, initial estimates for real GDP growth for the 4th quarter of 2009 released in January showed a 5.7 percent annualized growth rate. The second consecutive positive GDP reading indicates that the Great Recession did in fact end in mid-2009. Yet, with trillions of dollars injected into the U.S. economy, growth rates seem to lack some luster. In inflation adjusted 2005 dollars, U.S. GDP grew to $13.16 trillion, $254 billion more than in the second quarter of 2009, but still $260 billion shy of the GDP’s peak in the second quarter of 2008.
“While it’s impossible to say there is anything wrong with the strongest GDP growth in years, unfortunately it will take another one or two quarters to know if this is a spike or the beginning of something sustained,” notes McKinnon.
Recent MRINetwork® Analysis
Employers that want to retain their talented and skilled workers should be aware of what tends to make their employees happy at work. For some, that may be flexibility with their work schedules. Others cite a friendly, collegial environment. Rarely is compensation listed as what makes people happiest at work.
But with some employers handling layoffs poorly, the attitude is "when this market turns and I'm no longer fearful of losing my job, I'm going to be finding a new job," says Stacy Ethun, president of Park Avenue Group, the Orlando affiliate of MRINetwork.
Stacy Ethun, president, Park Avenue Group
South Florida Sun-Sentinel, January 13, 2010
A significant portion of the 5.7 percent GDP growth came from retailers and manufacturers replacing depleted stocks, not true growth in production or commerce. Whatever remaining growth after that is consumed by the $270 billion of the 2009 recovery package that has already been released into the economy. Once these effects wear off, economists predict real growth could fall to 1.5 percent by the end of the year.
With the amount of liquidity that has been put into the economy, inflation continues to be a concern. Over the last 12 months, the Consumer Price Index has risen by 2.7 percent. While inflation is factored into real GDP growth, a slight increase could wipe out most—if not all—of a small GDP growth.
“All these factors contribute to the vital need for a flexible workforce,” says Davis. “After a prolonged downturn like we’ve just seen, operating reserves for many companies have been drained, allowing little room for error. The firms that will perform best in this environment are those that are able to quickly adjust their workforce to both positive and negative events.”
U.S. Annualized GDP
(in billions of 2005 dollars)
Source: U.S. Labor Department
TURKEY The Eurasian Bridge Sees a Soft Recession
The land that now connects Europe to Asia and the Middle East has had its fair share of history. Around 1100 B.C. the Trojan War, if it in fact took place, was believed to have been fought on what is now Turkish soil. In 334 B.C. the Achaemenid Empire fell to Alexander the Great. The first crusade was launched after the Byzantine emperor appealed for help from Pope Urban II in the 1060s. The modern day Republic of Turkey came into existence with the fall of the 600-year-old Ottoman Empire after World War I.
While Turkey’s predecessors were often placed on the world stage through conflict, in recent decades Turkey has risen to prominence because of its economy. A founding member of the G-20 major economies, Turkey has maintained a strong and resilient global economy over the years.
Despite being hit hard in 2009, the Istanbul Stock Exchange proved to be the second best performing exchange in the world, behind Argentina’s.
Since the start of the Great Recession, unemployment rose just under four points from 9.5 percent to 13.4 percent in the 2nd quarter of 2009. By the 3rd quarter of 2009, the most recent available period, unemployment had already declined to 13 percent.
“The first half of 2009 was when we really felt the recession hit,” says Metin Uludag, owner of Global Danismanlik, an MRINetwork office in Istanbul, Turkey. “But by the end of the year we started to see some real change and now high-level job orders are starting to come in again.”
One stabilizing influence in Turkey’s economy is the Turkish banking system that had minimal subprime exposure and survived the downturn without having to tap government capital. In fact, Turkey is one of the only G-20 nations to have not yet had to prop up any banks, leaving the government better able to provide stimulus funds in other areas.
Recently, declaration of the recovery in Turkey’s economy has come from none other than its most famous native economist, Nouriel Roubini. He notes though, that since much of Turkey’s foreign trade is with European countries, the pace of an E.U. recovery will largely determine the speed of Turkey’s.
On the horizon for close to five years now has been Turkey’s entrance into the European Union itself. Turkey entered into a customs union agreement with the E.U. in 1995. It then began negotiations to join as a full member in 2005. The process has been delayed for many reasons, including immigration concerns, the country’s Islamic heritage and whether Turkey can even be considered a part of Europe.
“For an ever growing number of products, Turkey has become a hub, a logical distribution point between Asia and Europe,” notes Uludag. “Be it FMCG, chemicals, or oil, as soon as the flow of goods increases, we’ll see that impact Turkey. In fact, the process may have already begun.”
FLORIDA Seeking Growth After the Bubble
For a few years now, Florida hasn’t been quite as sunny as people remember it. Home prices that seemed in an eternal upward rise have plummeted and the jobs that were created to support a growing population and tourist market have dried up.
“Florida’s population actually decreased for the first time in memory, as people who had moved here from the North were unable to find work and had to return to the cold,” says Jeff Dentz, president of The Dentz Group, an MRINetwork office in Bradenton, who himself escaped Wisconsin.
The financial crisis has impacted employers of all kinds in the state. Aside from sliding sales, the latest blow is a massive increase in the cost of unemployment insurance. In an effort to stabilize an exhausted unemployment insurance fund, the minimum per employee price of unemployment insurance has risen from $8.40 in 2009 to $100.30 this year.
Nonetheless, Florida’s Governor Charlie Crist is expressing optimism, claiming that Florida’s lull, not just the recession, is nearing its end. In his 2010 budget, he has proposed a 4 percent increase in spending, the first increase since 2006, though he is relying on federal stimulus dollars to bridge a budget gap.
“What is most worrisome for employment on the whole is that companies that have already tightened their belts may be slow to loosen them again,” notes Dentz.
In our industry we are seeing the beginning of the critical staffing recovery beginning across the country as Banks see a glimmer at the end of the tunnel, and need to be prepared to not only survive but begin to thrive.
MANAGEMENT RECRUITERS OF VANCOUVER
February 2010 |Volume 4 | Issue 2
GLOBAL
Today’s Proposals May Be Tomorrow’s Staffing Headaches
At the end of January, economists and world leaders converged on Davos, Switzerland for what is commonly labeled as spring break for economists, but more formally called the World Economic Forum’s annual meeting. Last year’s meeting took place in the depths of the worst economic crisis since the 1930s. This year, where we are in the crisis is the job of many of those at Davos to both determine and decide.
One thing that has become apparent is just how globally connected our economies truly are. Everyone from U.S. Representative Barney Frank to French President Nicolas Sarkozy has used Davos to call for initiatives that are global, not just in their thinking, but in their scope.
Frank proposed creating global bank regulations that would help prevent the international game of regulatory arbitrage multi-national banks have been able to play until now. His sentiments were quickly echoed by global central bankers who pronounced that more regulation is coming.
Sarkozy pledged to work towards a much more ambitious goal when France takes the presidency of the G-20 next year. He literally called for “a new Bretton Woods” conference, a reference to the 1944 convention of world economic leaders that set the framework for a new international monetary system after World War II. The boldest element of Sarkozy’s goal is a proposed global currency, removing a need for exchange rates and preventing countries—like China—from artificially altering their currency’s value.
“While Sarkozy’s proposals may be to the extreme of global changes that will actually come to pass in the next few years, there is little doubt that the landscape is in for some fundamental changes that will ripple beyond just banking,” says Tony McKinnon, president of MRINetwork.
“Companies trying to adapt to changes in either an industry or an economy need to be agile in their hiring, especially with so much uncertainty in the global economy today,” says Evan Davis, chief operating officer of MRINetwork. “While internal recruiting efforts may have created a deep catalog of candidates for existing needs, a change of direction or conditions requires a whole new lineup of candidates, something that can take months if not years to develop from scratch.”
In the United States, initial estimates for real GDP growth for the 4th quarter of 2009 released in January showed a 5.7 percent annualized growth rate. The second consecutive positive GDP reading indicates that the Great Recession did in fact end in mid-2009. Yet, with trillions of dollars injected into the U.S. economy, growth rates seem to lack some luster. In inflation adjusted 2005 dollars, U.S. GDP grew to $13.16 trillion, $254 billion more than in the second quarter of 2009, but still $260 billion shy of the GDP’s peak in the second quarter of 2008.
“While it’s impossible to say there is anything wrong with the strongest GDP growth in years, unfortunately it will take another one or two quarters to know if this is a spike or the beginning of something sustained,” notes McKinnon.
Recent MRINetwork® Analysis
Employers that want to retain their talented and skilled workers should be aware of what tends to make their employees happy at work. For some, that may be flexibility with their work schedules. Others cite a friendly, collegial environment. Rarely is compensation listed as what makes people happiest at work.
But with some employers handling layoffs poorly, the attitude is "when this market turns and I'm no longer fearful of losing my job, I'm going to be finding a new job," says Stacy Ethun, president of Park Avenue Group, the Orlando affiliate of MRINetwork.
Stacy Ethun, president, Park Avenue Group
South Florida Sun-Sentinel, January 13, 2010
A significant portion of the 5.7 percent GDP growth came from retailers and manufacturers replacing depleted stocks, not true growth in production or commerce. Whatever remaining growth after that is consumed by the $270 billion of the 2009 recovery package that has already been released into the economy. Once these effects wear off, economists predict real growth could fall to 1.5 percent by the end of the year.
With the amount of liquidity that has been put into the economy, inflation continues to be a concern. Over the last 12 months, the Consumer Price Index has risen by 2.7 percent. While inflation is factored into real GDP growth, a slight increase could wipe out most—if not all—of a small GDP growth.
“All these factors contribute to the vital need for a flexible workforce,” says Davis. “After a prolonged downturn like we’ve just seen, operating reserves for many companies have been drained, allowing little room for error. The firms that will perform best in this environment are those that are able to quickly adjust their workforce to both positive and negative events.”
U.S. Annualized GDP
(in billions of 2005 dollars)
Source: U.S. Labor Department
TURKEY The Eurasian Bridge Sees a Soft Recession
The land that now connects Europe to Asia and the Middle East has had its fair share of history. Around 1100 B.C. the Trojan War, if it in fact took place, was believed to have been fought on what is now Turkish soil. In 334 B.C. the Achaemenid Empire fell to Alexander the Great. The first crusade was launched after the Byzantine emperor appealed for help from Pope Urban II in the 1060s. The modern day Republic of Turkey came into existence with the fall of the 600-year-old Ottoman Empire after World War I.
While Turkey’s predecessors were often placed on the world stage through conflict, in recent decades Turkey has risen to prominence because of its economy. A founding member of the G-20 major economies, Turkey has maintained a strong and resilient global economy over the years.
Despite being hit hard in 2009, the Istanbul Stock Exchange proved to be the second best performing exchange in the world, behind Argentina’s.
Since the start of the Great Recession, unemployment rose just under four points from 9.5 percent to 13.4 percent in the 2nd quarter of 2009. By the 3rd quarter of 2009, the most recent available period, unemployment had already declined to 13 percent.
“The first half of 2009 was when we really felt the recession hit,” says Metin Uludag, owner of Global Danismanlik, an MRINetwork office in Istanbul, Turkey. “But by the end of the year we started to see some real change and now high-level job orders are starting to come in again.”
One stabilizing influence in Turkey’s economy is the Turkish banking system that had minimal subprime exposure and survived the downturn without having to tap government capital. In fact, Turkey is one of the only G-20 nations to have not yet had to prop up any banks, leaving the government better able to provide stimulus funds in other areas.
Recently, declaration of the recovery in Turkey’s economy has come from none other than its most famous native economist, Nouriel Roubini. He notes though, that since much of Turkey’s foreign trade is with European countries, the pace of an E.U. recovery will largely determine the speed of Turkey’s.
On the horizon for close to five years now has been Turkey’s entrance into the European Union itself. Turkey entered into a customs union agreement with the E.U. in 1995. It then began negotiations to join as a full member in 2005. The process has been delayed for many reasons, including immigration concerns, the country’s Islamic heritage and whether Turkey can even be considered a part of Europe.
“For an ever growing number of products, Turkey has become a hub, a logical distribution point between Asia and Europe,” notes Uludag. “Be it FMCG, chemicals, or oil, as soon as the flow of goods increases, we’ll see that impact Turkey. In fact, the process may have already begun.”
FLORIDA Seeking Growth After the Bubble
For a few years now, Florida hasn’t been quite as sunny as people remember it. Home prices that seemed in an eternal upward rise have plummeted and the jobs that were created to support a growing population and tourist market have dried up.
“Florida’s population actually decreased for the first time in memory, as people who had moved here from the North were unable to find work and had to return to the cold,” says Jeff Dentz, president of The Dentz Group, an MRINetwork office in Bradenton, who himself escaped Wisconsin.
The financial crisis has impacted employers of all kinds in the state. Aside from sliding sales, the latest blow is a massive increase in the cost of unemployment insurance. In an effort to stabilize an exhausted unemployment insurance fund, the minimum per employee price of unemployment insurance has risen from $8.40 in 2009 to $100.30 this year.
Nonetheless, Florida’s Governor Charlie Crist is expressing optimism, claiming that Florida’s lull, not just the recession, is nearing its end. In his 2010 budget, he has proposed a 4 percent increase in spending, the first increase since 2006, though he is relying on federal stimulus dollars to bridge a budget gap.
“What is most worrisome for employment on the whole is that companies that have already tightened their belts may be slow to loosen them again,” notes Dentz.
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