Even in tough times, we all have things to be thankful for. Happy Thanksgiving from the Astron Solutions team!
Thursday, November 27, 2008
Happy Thanksgiving
Even in tough times, we all have things to be thankful for. Happy Thanksgiving from the Astron Solutions team!
Tuesday, November 25, 2008
more articles
They keep on following in on this Tuesday...
First, from HealthDay Reporter via Yahoo! News, bad bosses are bad on the heart: http://news.yahoo.com/s/hsn/20081125/hl_hsn/badbossesarehardontheheart;_ylt=AgraowgOwN0cMborRlwYrrqs0NUE
And, from the Wall Street Journal via Yahoo! Finance, an interesting article about job seekers going undercover to check out employers: http://finance.yahoo.com/career-work/article/106206/Job-Seekers-Go-Undercover-to-Check-Out-Employers
25 Best Cities to Find a Job
CNN and Careerbuilder.com bring you the 25 best cities in the US to find a job: http://www.cnn.com/2008/LIVING/worklife/11/24/cb.best.cities.find.jobs/index.html
Monday, November 24, 2008
Mapping a Career Path for Attracting & Retaining Talent
Mapping a Career Path for Attracting & Retaining Talent
Robert L Jr Siegfried
1369 words
11/01/2008
Financial Executive
52
Volume 24; Issue 9; ISSN: 08954186
English
© 2008 Financial Executive. Provided by ProQuest Information and Learning. All Rights Reserved.
Robert L Jr Siegfried
1369 words
11/01/2008
Financial Executive
52
Volume 24; Issue 9; ISSN: 08954186
English
© 2008 Financial Executive. Provided by ProQuest Information and Learning. All Rights Reserved.
The stakes for finding and keeping finance employees have never been higher. Here are some key stategies to consider.
Demographic trends are likely to keep the world of accounting and financial recruitment highly competitive, as some 64 million baby boomers reach retirement age in the next two years.
The stakes for finding and retaining talent have never been higher. The Sarbanes-Oxley Act of 2002 made the work of finance departments more technical, stringent and deadline-focused.
And the demand for accountants is expected to grow by 18 to 26 percent by 2014, according to Business Journal, which also found that threequarters of the American Institute of Certified Public Accountants' members could retire by 2022.
Meanwhile, almost a third of financial executives surveyed by Deloitte said they were barely able to meet the demand for finance talent, and 8 percent said they could not meet it at all.
Indeed, meeting the demand isn't easy. A PricewaterhouseCoopers LLC survey found that 32 percent of internal auditors are recruiting for openings that have been vacant more than six months.
Until recently, accounting and finance graduates were lured to higher-paying jobs in other areas of financial services. And these graduates have legitimate concerns about corporate scandals and two decades of "right-sizing" in accounting and finance departments.
Alan Blinder, a Princeton University professor of economics and former member of the White House Council of Economic Advisers, says powerful social, economic and political forces are reshaping the world in a manner some have deemed "the new industrial revolution."
Companies that remain anchored to past ways of doing business will be quickly outpaced. The alternative, according to Blinder, is to organize people and processes around the unknown, using a new talent-management model where a smaller, but highly productive and talented workforces, are supplemented by a flexible, just-in-time labor force.
Following the implementation of Sarbanes-Oxley, PwC increased hiring to more than 6,000 annually, a figure that Bob Daugherty - U.S. sourcing leader for the firm - anticipates will remain fairly flat for the next several years.
Key to PwCs recruitment success has been 10 years of quality tracking that enabled it to set measurement standards that ensure the quality of campus hires. "Beyond just looking at the [grade point averages] in schools that we go to, we look heavily at a values and behaviors framework to see who best fits into our organization," Daugherty explains.
The Siegfried Group looks for people who identify with the firm's culture and are experienced. In return it promises that its workplace will provide the following attributes:
1. a compelling business strategy;
2. a distinctive culture that balances career and life;
3. work that is both challenging and personally gratifying;
4. attractive compensation; and
5. enhanced marketability through expertise-enhancing accounting assignments at Fortune 1000 firms.
These promises inspire a passion that is often missing in the accounting industry. They also help to motivate employees as they explore industries and types of work at an accelerated pace.
External benchmarks help PwC attract higher-tier talent. Benchmarks also help with retention because the choice by the management committee and CEO to seek out benchmarks inspired changes in decision making and employee relations. Turnover decreased substantially, with 2007 showing the lowest rates in the firm's history.
"There's not a decision we've made that hasn't been aligned with the attitude and philosophy that we want to be a great place to work," says Daugherty, adding that companies considering benchmarks must be fully committed to the process for the long term because it's bad press to fall from the top.
One of the best ways to identify promising candidates is through employee referral programs, such as one that State Street Corp. has established.
Adrien Deberghes Jr., a senior vice president of Mutual Fund Administration at State Street, estimates that his firm gets 60 percent of its hires at this point from referrals. "You need to be actively involved in these programs, though. We have staff meetings and ask, 'If you're not referring somebody, why aren't you?' We're not pressuring them, we're asking so we can understand what's holding them back."
Retention is crucial. Successful firms have creative means for inspiring employee loyalty, such as keeping staff challenged and emotionally invested in the company's success. A recent PwC publication noted:
"Rather than focusing on incentives and perks to entice and retain employees, organizations operating on this new model will hold on to the most talented workers in their permanent corps by offering them a range of professional experiences, broad functional and geographic exposure within the organization, and more targeted leadership opportunities. In essence, this new talent structure will offer the most desirable incentive of all: challenging opportunities that stretch people's skills and help them build up their personal market value."
State Street also offers leadership training programs coupled with manager mentoring to prepare junior employees for leadership roles.
It is also important to protect employees from being poached by competitors. When State Street acquired Investor Financial in July, competitors started to call employees, warning of dire outcomes if they didn't jump ship.
State Street responded by focusing on retention bonuses and communication to eliminate uncertainty. "If there is bad news, be honest and let people know what the plan is as soon as possible," advises Deberghes. "The longer people sit in an uncertain situation, the more likely they are to start taking those phone calls and start looking around."
The merger has led to growth, and with it, the challenge of integrating existing staff from two corporate environments while adding new hires. "There are two different cultures, but we were in the same line of business, so we're looking for the same basic skill sets," Deberghes adds.
Creating the Right Environment
It is not uncommon for accounting and finance professionals at top firms to receive outside job offers on a monthly basis.
Though higher pay from current employers may appear to be the solution, fair pay actually keeps people hooked. Siegfried Group relies on a "threshold of fairness" that aims to match an employee's contributions to appropriate compensation and career development.
Rebecca Ryan of Next Generation Consulting says her firm's research has found that for 20- to 40-year olds, "pay may be a maintainer but it's not a retainer." The survey found that Generation X (those between the ages of 31 and 41) believe work should not define their lives.
Generation Y or "Millennials" (those between the ages of 13 to 20) are devoted to their own careers, but not to specific companies. They want to "work my way," so recruiters need to identify whether an applicant is a road warrior or not, among other preferences.
State Street's Deberghes says: "Probably the most important thing is to understand what kind of career path your employees are looking for. Some might want to be on the fast track; others might be happy doing what they're doing. Managers have to be open-minded about allowing employees to go to other parts of their company to continue to grow or else employees are going to vote with their feet."
The point was echoed by PwCsDaugherty. "Everybody's on a different career path at various points during their life and career, but what they come to us for, what they need and want to have, is a developmental model. If we talk about it and don't deliver, they'll leave," he says.
The bottom line is that when employers identify, engage and retain people who enjoy what they do, employees will work with integrity and passion.
The new talent structure will offer the most desirable incentive: challenging opportunities that stretch people's skills and help them build up their personal market value.
Friday, November 21, 2008
Pension Relief Bill
Some word from yesterday's vote on easing pension obligations which died in the lame-duck Senate...
First, the International Herald Tribune (the international edition of the New York Times) gives us a summary of the bill: click here
Next, WorkForce Management gives some analysis of the failed vote: click here
Lastly, from FundFire (free subscription required), an article about the disappointment in the Pension Relief Bill: click here
And in job loss news...
Associated Press (according to Reuters) to cut 10 percent of jobs in 2009: click here
And the Weather Channel (according to the Atlanta Journal-Constitution will be laying off staff: click here
BREAKING NEWS: Bush signs law extending unemployment insurance
Breaking news from this morning from Reuters: click here
Thursday, November 20, 2008
What I'm Hearing...Performance Reviews as Job Security
First, my apologies for being off line for a while. The fourth quarter shuffle is in full swing here at Astron!
I read an interesting article on jobsinthemoney.com regarding performance reviews. Specifically, making them work for you. You can read the full article here: http://www.jobsinthemoney.com/news.php?articleID=713 The main gist of the story is that employees should consider performance reviews not as events to be dreaded, but rather ways to demonstrate additional value and initiative to employers by actively seeking ways to improve themselves.
With all the gloom and doom on the news, each day more people are thankful to have a job. Undoubtedly, though, these same people are worried that they might have to face the reality of a layoff in the coming months. One of the best ways to avoid being in that painful situation is to demonstrate with concrete deliverables and actions how you as an employee showed initiative and rendered yourself invaluable to your employer.
When I was working in industry, I always kept a folder with copies of any e-mails I received saying that I did a great job, demonstrated positive ROI, etc. So if there was ever talk of a layoff or a less than stellar performance review, I was ready to defend my case. Thankfully, I never needed to dip into that folder. This technique, however, is one you might consider doing to help ensure your job security in this rocky economic climate.
I read an interesting article on jobsinthemoney.com regarding performance reviews. Specifically, making them work for you. You can read the full article here: http://www.jobsinthemoney.com/news.php?articleID=713 The main gist of the story is that employees should consider performance reviews not as events to be dreaded, but rather ways to demonstrate additional value and initiative to employers by actively seeking ways to improve themselves.
With all the gloom and doom on the news, each day more people are thankful to have a job. Undoubtedly, though, these same people are worried that they might have to face the reality of a layoff in the coming months. One of the best ways to avoid being in that painful situation is to demonstrate with concrete deliverables and actions how you as an employee showed initiative and rendered yourself invaluable to your employer.
When I was working in industry, I always kept a folder with copies of any e-mails I received saying that I did a great job, demonstrated positive ROI, etc. So if there was ever talk of a layoff or a less than stellar performance review, I was ready to defend my case. Thankfully, I never needed to dip into that folder. This technique, however, is one you might consider doing to help ensure your job security in this rocky economic climate.
The good and the bad (including new jobless data)
I'll start you off with some fun articles (or at least interesting) before we get to the bad news...
Here are the headlines:
Blind woman threatened with suit over 1 cent: click here
Top anti-drink cop caught drunk driving: click here
Iowa zoo recaptures flamingo that flew the coop: click here
And now on to the not so fun...
Jobless claims jump unexpectedly to 16-year high: click here
Citi announced on Monday they were going to shed another 53,000 jobs: click here
Time Inc. calls for "voluntary" buyouts: click here
China, which some say are stealing all our jobs, is now hit by growing fears of job losses there: click here
Forbes says that it may not be that easy to lay off workers in China in order to cut costs: click here
And, lastly, top corporate pensions take $120 billion dive: click here (free subscription required)
Wednesday, November 19, 2008
Bloomberg Law on Employee Benefits
Bloomberg Law's take on Employee Benefits for this week: http://media.bloomberg.com/bb/blawreport/kMzY3NzA2NjA/EBLR.pdf
Tuesday, November 18, 2008
Astronology Special Edition - Revised 2009 Compensation Budgets
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Over the past few weeks Astron Solutions has received inquiries regarding the impact of the current economic downturn on 2009 compensation budget planning. Initially we had heard very little from the field. In the past week, however, a number of Human Resource organizations have published "instant survey'" results from their client bases. The following is a summary of these findings along with a link to their website for further review...
Monday, November 10, 2008
Snake-bitten
Even baseball teams have to cut employees in this sluggish economy: http://www.azcentral.com/sports/diamondbacks/articles/2008/11/08/20081108spt-dbacks.html#comments
Going Postal
For the first time in history, the postal office will be cutting jobs: http://www.ksla.com/global/story.asp?s=9247633
DHL Cuts Jobs
Every industry is being hit: http://money.cnn.com/2008/11/10/news/companies/dhl/?postversion=2008111009
Saturday, November 08, 2008
Friday, November 07, 2008
Wednesday, November 05, 2008
Morgan Stanley Reacts to Obama's Election
Here's some snippets from Morgan Stanley's analysis this morning of the Obama Election as it pertains to Human Resources:
Cost of Labor
Senator Obama would impose a new payroll tax (between 2% and 4%) on incomes above $250,000. The tax would be imposed on both the employee and the employer, increasing the cost of labor. However, some employers would qualify for the new worker tax credit (up to $3,000 per employee) for firms that are increasing their number of employees.
Miscellaneous Business, Labor and Manufacturing
A handful of other commercial issues currently dominate the attention of lawmakers and federal officials –payday lending reform, credit card abuse, union elections, infrastructure improvements – and Obama has identified each as a priority in 2009. In general, Obama supports a more consumer protection-oriented approach than McCain would have. A good example was the Obama campaign’s focus on payday lending abuses. To protect lower-income individuals, Obama has announced his intention to cap interest rates on payday loans at 36 percent, while seeking to provide borrowers with clearer, simplified disclosures on loan fees, payments and penalties. He would encourage banks and credit unions to increase small-denomination, short-term consumer loans.
Organized labor will see a significantly more receptive White House under Obama than in past years under President Bush. To wit, Obama has received grades of 100 percent from the AFL-CIO and 94 percent from the Service Employees International Union for his labor efforts in the Senate. Increasing the minimum wage has been and will remain an Obama priority. In the 110th Congress, Obama voted in favor of increasing the minimum wage to $7.25/hour. He has announced his intention to continue to seek minimum wage increases and will look to index the minimum wage to inflation.
To reverse the waning influence of unions in American business (union participation has declined from 24 percent of American workers in 1970 to 12 percent in 2006), Obama will look to enact the Employee Free Choice Act, a bill to make union organizing easier by eliminating the secret ballot from union elections. Most businesses have opposed the concept and other efforts to increase the role of unions. If successful, Obama’s labor policies will drastically change the dynamic of labor relations that has characterized the past several decades in American commerce.
Health Care
As polls suggested for months preceding the election, a primary concern on the minds of the American public is health care. This was another issue that painted a deep contrast between Obama and McCain. As a senator, Obama has voted several times to expand funding for health care programs, including the State Children’s Healthcare Insurance Program (SCHIP), which Obama would use to increase health care funding for both children and certain adults, using proceeds from tax increases in other areas. In 2007, he voted in favor of allowing seniors to purchase cheaper prescription drugs from Canada and other developed countries.
Obama has given health care a central position in his domestic agenda for 2009. Seeking to expand coverage to many of the 47 million uninsured Americans, the Obama campaign trumpeted its health care plan that “provides affordable, accessible health care for all Americans, builds on the existing health care system, and uses existing providers, doctors and plans to implement.” Central to the plan is a requirement that all children be covered (coverage would not be mandatory for adults), paid for with aforementioned tax increases on households making over $250,000. He would require employers to pay at least some of employees’ health care costs.
Obama would require insurance companies to cover pre-existing conditions; seek to lower costs for business by creating a small business tax credit to help them provide insurance to employees; prevent insurers from overcharge doctors for malpractice insurance; establish a national insurance exchange that includes a range of private insurance options; and establish a tax credit program to allow low-income families to afford premiums. He continues to support lowering the cost of prescription drugs by allowing importation from other countries and by encouraging the use of generics.
Some of the highlights of Obama’s Healthcare proposals include:
Expanding Access to Coverage
- Require all children, but not adults, to have health insurance
- Require employers to offer health benefits or to pay into a national insurance fund
- Expand Medicare and the State Children's Health Insurance Program
- Create a national health insurance exchange through which individuals and small companies could buy coverage from private insurance plans or a new government insurance option
- Provide people who are currently uninsured an unspecified tax credit to help buy insurance.
Coverage for People With Existing Illnesses
- Require "guaranteed issue," prohibiting insurance companies from denying coverage or charging higher premiums to people who are sick
Controlling Costs
- Aim to improve prevention and management of chronic diseases
- Devote $50 million to promote health information technology
- Promote the use of generic drugs, instead of more expensive brand-name ones
- Reduce payments to private Medicare health plans
Improving Quality
- Support research into medical effectiveness and promotion of the best practices
- Foster more reporting of quality and price data
- Address health disparities for different racial and ethnic groups
Obama should get a quick and early victory in the health care area by expanding those covered by the SCHIP program. He also will look to bring down the eligible coverage age for Medicare to 55, expanding this program from the top down. The federal government’s swelling balance sheet and focus on the credit crunch, however, will likely exhaust the actual and political capital that Obama will need to pursue his more ambitious health care plans. Although Congress will be generally sympathetic, it may be somewhat constrained by the realities of economic turmoil in the short- to medium-term.
Obama
From MSNBC's First Read:
"A century and a half after the Emancipation Proclamation, five decades after Brown v. Board of Education and 40 years after the achievements of the Civil Rights Movement, a black man has been elected president of the United States."
Congrats to our new President-elect!
Tuesday, November 04, 2008
Astronology: Reader's Response: What are Typical Policies Regarding Female Employees with Tattoos and Body Piercings?
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After this summer's Astronology article on Facial Hair in the Workplace, a reader inquired about policies regarding female employees with body piercing and tattoos. In our research, we found that the literature on the topic does not distinguish between male and female employees, as both can have body art. ...
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Monday, November 03, 2008
Baltimore and Job Cuts
From the Baltimore Sun...
Legg Mason division to cut jobs by a third: click here
Baltimore Country voters are going to decide on council jobs: click here
Chrysler is seen likely to cut about 5,000 jobs: click here
From Yahoo News, Circuit City is also announcing US job cuts: click here
And a belated congrats to the Philadelphia Phillies who should be commended by the effort on the field and their effort as an organization to reduce their carbon footprint: click here