Expert Perspective by Grahall’s OmniMedia Editorial Board
Elizabeth Hester’s article (JPMorgan’s Dimon Says He Won’t Recruit Rivals’ Staff) published in Bloomberg on October 27, 2009 shares that Jamie Dimon, JPMorgan’s CEO has gallantly stated that “…he won’t actively recruit the best employees from competitors operating under pay restrictions imposed after federal bailouts.”
Continue reading “Reading Between the Lines” »
Published in The New York Times November 7, 2009by David Leonhardt
For all the pain caused by the Great Recession, the job market still was not in as bad shape as it had been during the depths of the early 1980s recession — until now.
With the release of the jobs report on Friday, the broadest measure of unemployment and underemployment tracked by the Labor Department has reached its highest level in decades. If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression.
Published in World at Work November 4, 2009
As the economy begins a slow recovery and executives start to cautiously think about hiring again, senior leaders are focused on hiring and developing talent, according to a new survey.
The survey of more than 450 senior executives on LinkedIn by Right Management, the talent and career management expert within Manpower, found that employers are preparing themselves for growth opportunities: one-third of respondents will be hiring new talent in 2010, while 36% will focus on developing current talent, and 20% reported that increasing engagement is a top priority.
Published in CNN Money October 23, 2009 by Colin Barr
There’s no need to fear a Wall Street brain drain — despite the crackdown on pay by Washington.
On Thursday, White House pay czar Kenneth Feinberg outlined compensation restrictions at seven firms that got special bailouts, and the Federal Reserve proposed to review pay practices at 28 unnamed giant banks.
Published in Reuters October 22, 2009 by Ross Kerber
More Americans plan to delay retirement following steep drops in the value of their savings accounts, data from several new surveys show.
A study to be released on Thursday by Canadian insurer Sun Life Financial Inc found 65 percent of U.S. workers plan to stay on the job at least one more year than planned, an 11 percentage point increase from a similar survey in January.
Published in Reuters October 20, 2009 by Ellen Wulfhorst
Employers and employees have dramatically different opinions of why workers remain in their jobs, says research released on Tuesday showing U.S. companies may struggle to retain employees in an improved job market.
Employees cite benefits, financial compensation, and their career growth and earnings potential as the top three reasons they stay in their jobs, according to a survey by Spherion Corp. (SFN.N: Quote, Profile, Research, Stock Buzz), a recruiting and staffing company.
Published in The Wall Street Journal October 20, 2009 by Timothy Aeppel and Conor Dougherty
Companies across the economy are holding off on hiring even as the profit outlook improves, amid economic uncertainty and their own success at raising productivity in rough waters.
Hiring always lags behind in economic recoveries, but the outlook this time is worse, many economists say. Most forecasters now expect a prolonged period of high unemployment, even though the government is expected to report next week that the economy grew in the third quarter, after four quarters of contraction. That is sure to frustrate the jobless and could be a problem for the Obama administration.
Published in The Wall Street Journal October 20, 2009 by Phred Dvorak and Scott Thrum
Since the downturn began, thousands of employers have cut pay, increased workers’ share of health-care costs or reduced the employer contribution to retirement plans.
Two-thirds of big companies that cut health-care benefits don’t plan to restore them to pre-recession levels, they recently told consulting firm Watson Wyatt. When the firm asked companies that have trimmed retirement benefits when they expect to restore them, fewer than half said they would do so within a year, and 8% said they didn’t expect to ever.
Expert Perspective by Grahall’s OmniMedia Editorial Board
As Bloomberg’s Peter Eichenbaum shares (in his September 24, 2009 article “American Express Plans to Reverse Compensation Cuts“) “American Express Co., the credit-card issuer that repaid the U.S. bank bailout program, plans to reverse compensation cuts imposed seven months ago because the economic outlook has improved. Annual merit increases and contributions to retirement plans will resume in January, and a 10 percent salary reduction for managers in the senior vice president ranks and above will be rescinded, according to a memo from Chief Executive Officer Kenneth Chenault to employees.”
That announcement likely put smiles on the faces of many American Express employees. And as a public relations move it might also have eased some investors’ minds with its suggestion that American Express’s financial outlook has improved. But we wonder if the “same dance in the same old shoes ” really is the right step for American Express? Is the company missing a great opportunity?
Continue reading “Same Dances in the Same Old Shoes – The Eagles” »
Published in Business Standard October 07, 2009
Most US companies are not planning to reverse the pay cuts made in executive salaries during the economic crisis in the next six months despite the improving economic climate, a survey by HR consultancy Watson Wyatt says.
