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Category: Job Market

The Power of Culture in the Workplace

Filed under: company culture, Job Market, Job Statistics, Professional Development, Work-Life Balance

Corporate culture is a concept at the forefront of the employment marketplace—professionals want to feel valued as individuals, not just for their professional contributions.

In order to ensure a fulfilled and productive workforce, employers should build a strong culture to enhance employee morale; this translates to defining the organization’s mission and core values, as well as creating a sense of community amongst employees through professional and personal development.

Our 2018 Market Insights Report shows the impact culture has on professionals from the moment they consider a position through the lifecycle of employment.

1. The Offer: Our study shows that following compensation, corporate culture and work-life balance are the most important factors to consider in a job offer. And while respondents agree that salary is the most significant determinant in accepting an offer, nearly half (40%) of jobseekers would take a position that did not meet their financial expectations but with a company that promotes culture and professional development.

2. Engagement: In this candidate-driven market—the U.S. unemployment rate is below 4%, the lowest in 18 years—hiring quality professionals is only the beginning. In addition to attracting talent, companies must keep their workforce engaged. Our study shows that while people value the financial and tangible aspects of employment—compensation, insurance, 401(k)—they equally value professional growth and fulfillment.

3. Job Satisfaction: We can assume that, to jobseekers and tenured employees alike, culture may not be regarded as the most important aspect of a job, but it is certainly an unequivocal determinant. 93% of all respondents agree that it is important to have a sense of belonging and shared values with their organization. Our results show there is strong correlation between culture and job satisfaction:

    • of the professionals who claimed they fit in ‘very well’ with their culture, 77% were satisfied at their job;
    • of the respondents who fit in ‘somewhat,’ 62% were satisfied;
    • and of the people who didn’t fit in, only 33% were happy in their roles.

4. Retention: As challenging as it is to attract talented professionals, retention is equally as essential. In today’s competitive marketplace companies must invest in retaining top talent, as turnover is not only costly but impacts morale and employee engagement. Culture is a key factor in employee retention—of the people we surveyed who were planning a job change within the next year, only half (50%) noted a positive company culture, compared to the professionals who weren’t planning a job change, of which 90% reported alignment with company culture.

Our study concludes that positive company culture vastly benefits both employers and employees—your external brand is only as strong as your internal culture. In order to perform well employees need to feel appreciated, engaged, and aligned with their company’s mission and core values.

It’s crucial for companies to build and enhance culture for the well-being and productivity of their workforce, as clients will never love a company until the employees love it first. Ultimately, business improves along with employee morale: low turnover, as well as increased motivation, translates to positive results.

 

Stay tuned for more insights where we will reveal steps employers can take to successfully implement a positive company culture and productive work environment.

Jobs with the Biggest Salary Increases in 2018

Filed under: Economy, Job Market, Job Statistics

You would think some of the more sophisticated job titles would realize the biggest increases in wages, but according to Glassdoor’s latest ranking of jobs showing the fastest wage gains over the past year, it is job positions in lower-skill, lower-paying fields that are seeing the most growth.

Andrew Chamberlain, chief economist of Glassdoor said: “Today’s strong labor market may be starting to improve pay across the income spectrum.” He also noted, “April’s pay gains are the fastest we’ve seen in 2018 so far.”

Out of 84 job titles, here are the Top 10 jobs with the fastest year-over-year growth in median base pay for full-time employees:

  1. Financial Advisor: $55,296 (up 6.4%)
  2. Bank Teller: $30,066 (up 5.5%)
  3. Attorney: $101,817 (up 4.7%)
  4. Truck Driver: $53,878 (up 4.5%)
  5. Delivery Driver: $38,955 (up 4.4%)
  6. Web Developer: $65,414 (up 3.9%)
  7. Network Engineer: $71,433 (up 3.6%)
  8. Cashier: $27,923 (up 3.4%)
  9. Web Designer: $51,875 (up 3.4%)
  10. Security Officer: $35,321 (up 3.3%)

As you can see, the wage growth for lower-paying positions like cashier and delivery driver saw very healthy increases. Financial advisor managed to stay in the top spot as those positions require a lot of communication and people skills (which is harder to automate), according to the report.

As for jobs with the least amount of wage growth, here’s what took last place:

  1. Professor: $86,166 (down 3.3%)
  2. Communications Manager: $65,882 (down 2.5%)
  3. Quality Engineer: $71,467 (down 1.5%)
  4. Bartender: $31,668 (down 1.4%)
  5. Maintenance Worker: $39,907 (down 1.4%)
  6. Research Assistant: $30,391 (down 1.2%)
  7. Technician: $45,318 (down 1.1%)
  8. UX Designer: $76,003 (down 0.9%)
  9. Project Manager: $73,575 (down 0.6%)
  10. Consultant: $72,120 (down 0.6%)

The decrease in pay for professors shows the financially unfortunate state of higher education institutions in this country.

You can read the rest of the article here on Ladders.

Women.NYC is Launched as Career Resource to Help Women Succeed

Filed under: Job Market, Professional Development, Professional Women, Social Impact, Technology, Women Leaders

In New York City, women earn about 89 cents on the dollar compared to men, and out of the 55 Fortune 500 companies in the five boroughs, only one has a female CEO.

But a new website that aims to support women in their careers hopes to change that. Women.NYC, launched on May 16th by New York’s Deputy Mayor of Housing and Economic Development Alicia Glen, is a one-stop-shop for women seeking information, resources, and tools on everything from finding a job, starting and running a business, and getting legal help, to accessing health services and money management.

“Women have waited long enough for equal pay, power and respect. In New York City, we aren’t going to wait any longer,” Glen explained in a statement. “That’s why we are launching Women.NYC. We know women can do it alone. But we don’t have to. Women now have concrete tools for concrete success, all in one, easy-to-navigate place. New York City is already the best city in the world for women. Today, we’re making it even better.”

The initiative is accompanied by a thought-provoking marketing campaign, which aims to encourage women to share their experiences, advice, and goals with the hashtag #NYCPowerMove.

“Power means something different for every woman, but we are all better off when every woman can tap into her power,” noted New York’s First Lady Chirlane McCray, co-chair for the Commission on Gender Equity. “New York City cannot continue as a successful city if women cannot succeed too. And now, for the first time in history, the women of New York City have all the tools they need to succeed in one place with Women.NYC.”

You can read the rest of the article here on Harper’s Bazaar.

April 2018 Jobs Report Shows Promising Market for Jobseekers

Filed under: Economy, Job Market, Job Statistics

The U.S. Department of Labor released statistics about the current job market on May 4th. The results pointed to a more promising situation for jobseekers than in recent months or years. Some highlights are as follows:

 

UNEMPLOYMENT RATE

3.9%

The jobless rate in the U.S. fell to 3.9% in April, touching the lowest mark since December 2000. The rate had been stuck at 4.1% the previous six months. The economy looks different today than it did in the last days of the tech boom. In 2018, interest rates are lower, economic growth is more moderate and the stock market—while preforming well—hasn’t had nearly the same run-up it had in the 1990s

 

JOBS

164,000

U.S. employers added 164,000 jobs to nonfarm payrolls in April. That was slightly weaker than the 195,000 economists surveyed by The Wall Street Journal had expected. But revised figures showed employers added a net 30,000 more jobs than previously estimated in February and March. The monthly pace of hiring this year is 200,000. That’s a healthy clip and stronger than 2017’s average of 182,000 per month.

 

LABOR-FORCE PARTICIPATION

62.8%

The labor-force participation rate fell for the second straight month to 62.8% in April. The rate is near the lowest level recorded since the 1970s, when women were entering the workforce in larger numbers. Friday’s data showed 236,000 Americans exited the labor force in April. That left employers with a smaller pool of available workers and helps explain why the unemployment rate fell

 

You can read the rest of the article here on the Wall Street Journal. 

Market Insights Report: 2018 Job Satisfaction Survey and Salary Analysis

Filed under: Career Advice, Job Market, Research, Strategy, Thought Leadership

The Solomon Page Market Insights Report: 2018 Job Satisfaction Survey and Salary Analysis is now available for download. Get your copy here.

This is the inaugural study of this scope for Solomon Page—and we are very proud to be sharing it with you. Solomon Page has been a leader in staffing and executive search since our inception in 1990, and we continually strive to raise the bar and add value for both our candidates and clients. For job seekers, this study will provide insight into how you rank versus your peers in both job satisfaction and compensation. For companies, you will learn what makes a job offer attractive, and key factors in the retention, growth, and satisfaction of your workforce.

As we set out on our mission to produce this study, we partnered with Inavero, a market research firm specializing in the staffing industry, to conduct research and analysis on relevant trends for both candidates and clients in today’s employment market. We gathered close to 1000 responses from a cross-section of junior-, mid-, and senior-level employees.

The methodology of the study was to evaluate the lifecycle of a job search and analyze findings throughout each stage of the process: search drivers, the offer, retention, and contemplating a change. We have coupled this with market sentiment and perceptions of temporary vs. full-time work to create the Market Insights Report Part One: Job Satisfaction Survey. We then gathered and analyzed current information from the Solomon Page database to compile Part Two: Salary Analysis.

Our findings suggest a positive perception of the current job market, and that this optimism will most likely increase in the three years to come. Considering that the unemployment rate is the lowest it has been in 18 years, we are not surprised. More intriguing findings include the fact that training / continuing education ranks as the most impactful engagement factor, and that company culture and work / life balance have the largest impact on retention and satisfaction.

We hope this report helps you gain insight and perspective while you strive to achieve your job search or hiring goals.