As the economy recovers the unemployment rates drops, albeit slightly, but the real information underneath that declining unemployment isn’t so good for the chronically under-employed. The percentage of part time jobs has increased as full time positions have decreased. And that situation looks like it may be here to stay. Michael Graham examines this new “workscape” and what it means for the economy overall.
Posts Tagged ‘Economic recovery’
For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different.
The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation’s growth.
It was, according to a wide range of data, a lost decade for American workers. A decade that began in a moment of triumphalism and the idea among some economists that recessions were a thing of the past has included two of them — bookends to a debt-driven expansion that was neither robust nor sustainable.
Published in World at Work December 7, 2009
Despite signs of economic recovery, many employers plan to maintain a conservative stance well into 2010, with 31% of those polled in a recent Towers Perrin survey indicating they plan to reduce head count on a targeted basis in the coming year and another 6% planning for a significant reduction in staff.
The results of the new survey are improved over 2009 reports (42% and 35%, respectively), yet they reflect a continued level of concern among America’s businesses on the speed of recovery from the recent recession. In contrast to this projected employment contraction, 21% of the companies surveyed actually plan to increase hiring in the coming year, compared with just 3% that did so in 2009. In addition, 16% of companies that froze or reduced hiring in 2009 are planning to increase hiring next year. At the same time, companies are also expressing increased concern about keeping their critical talent as the recovery picks up steam and jobs become more available to top performers.
David Saltzman, executive director of the Robin Hood Foundation, may be one of the few people who refuses to demonize a Wall Street recovering from record losses with earnings that may include record bonuses.
“Let me be emphatic about that one: ‘Hell yeah,’” Saltzman said during an interview at Bloomberg News headquarters. “It’s clear that New York City is better off in all sorts of ways if there’s a healthy financial community.”
Published in The New York Times November 11, 2009 by Maureen Dowd
The Great Vampire Squid has gotten religion.
In an interview with The Sunday Times of London, the cocky chief of Goldman Sachs said he understands that a lot of people are “mad and bent out of shape” at blood-sucking banks.
“I know I could slit my wrists and people would cheer,” Lloyd Blankfein, the C.E.O., told the reporter John Arlidge.
But the little people who are boiling simply don’t understand. And Rolling Stone’s Matt Taibbi, who unforgettably labeled Goldman “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” doesn’t understand.
Banks, Blankfein explained, are really serving the greater good.
Published in Financial Times November 10, 2009 by Greg Farrell
Goldman Sachs pays its employees more than other financial groups because its employees are more productive, declared Lloyd Blankfein, Goldman chief executive, at an industry conference on Tuesday.
Mr Blankfein offered a wide-ranging defence of his company on Tuesday to an audience of banking analysts at a conference sponsored by Bank of America. His comments came as public debate continues over Goldman’s power and bonuses, prompting the comedy programme Saturday Night Live to ask the bank: “Can you not read how mad people are at you?”.
Published in Bloomberg October 30, 2009 by Alison Fitzgerald
New York has withstood the worst economic crisis in seven decades and remains the leading global financial center, followed by Singapore, which topped London as investors’ preferred place for doing business, according to Bloomberg Global Poll.
Twenty-nine percent of respondents in the quarterly poll of investors, traders and analysts who subscribe to the Bloomberg terminal say New York will be the best place for financial services two years from now. Singapore is chosen by 17 percent of respondents and London is the pick of 16 percent. Shanghai has 11 percent, while Tokyo, once considered a global hub, gets the nod from only 1 percent.
Expert Perspective by Grahall’s OmniMedia Editorial Board
In early October, World at Work reported (Most Companies Actively Recruiting as Economy Improves) that a survey by BenchmarkPro showed “More than 90% of surveyed companies are actively recruiting personnel as the unemployment rate begins to level off and the economy begins to show signs of improvement.”
Continue reading “Can We Breath A Sigh of Relief … YET?” »
Published in SHRM October 22, 2009 by Steve Bates
HR professionals are gaining confidence in the U.S. job market. They hope to start hiring again. They just don’t know when.
One-third of HR professionals surveyed by the Society for Human Resource Management (SHRM) have some level of concern about the U.S. job market for the fourth quarter of 2009, with 35 percent saying that they are somewhat optimistic and 4 percent declaring themselves very optimistic about job growth in the nation for the last three months of the year. That’s a big change from the first quarter of 2009, when 73 percent of survey respondents expressed some level of pessimism.
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.