Following blockbuster data showing the U.S. added 917,000 jobs in March, analysts from Bank of America said they expect jobs to return to pre-pandemic levels by the end of the year if that pace of improvement continues.
It’s a much more aggressive prediction than other experts, including the Federal Reserve and Treasury Department, have taken so far this year.
Federal Reserve chair Jerome Powell has said that while he’s optimistic that hiring will pick up in the coming months, it’s “not at all likely” the U.S. will reach maximum employment this year.
In a hearing before Congress last month, Treasury Secretary Janet Yellen said she believes the economy may return to full employment next year.
Bank of America’s analysts said they expect “considerably more job creation” in the leisure and hospitality sectors—two areas hit hardest by the pandemic—in the months ahead as the U.S. economy reopens.
The growth Bank of America is predicting also comes with a risk, the analysts said: jobs could continue to accelerate beyond pre-pandemic levels right as trillions of dollars in stimulus spending kick in and the economy reopens in earnest.
Employment Lawyer Alex Lucifero answers questions about Employee Rights When Businesses Reopen during the COVID-19 Pandemic in Canada. Can my employer discipline or fire me if I don’t feel safe returning to work when the business reopens? Can my employer recall me from work and put me in a different job, or give me different responsibilities? Can my employer recall younger employees before older employees, in an effort to protect the latter from COVID-19? Lucifero, an Ottawa employment lawyer and partner at Samfiru Tumarkin LLP, joined Annette Goerner on CTV Ottawa Morning Live, where he answered those questions and more.
All those factors could lead to dangerous overheating and inflation, which could destabilize an already fragile economic recovery and rattle investors.
“We saw the economy gain traction in March as the American Rescue Plan moved and got passed, bringing new hope to our country,” President Biden said during prepared remarks on Friday. Biden’s flagship pandemic relief bill authorized another $1.9 trillion in federal stimulus spending.
9.7 million. That’s how many people are now unemployed across the country, according to the Labor Department, down from 22 million at the onset of the crisis last spring.
Biden unveiled his next legislative effort, the $2+ trillion American Jobs Plan, earlier this week. That plan is designed to revitalize American infrastructure and manufacturing and jumpstart the transition to clean energy and industry. The Georgetown University’s Center on Education and the Workforce estimated that the plan would create or save 15 million jobs over a decade and that three-quarters of the infrastructure jobs it creates would be for workers with no more than a high school diploma.
I’m a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.
[…] Yet despite the fact that many immigrants have increased exposure to COVID-19 due to their employment in pandemic-response occupations, their reduced connectivity and familiarity with digital tools may preven […]
Fit in, or stand out? Serve existing markets, or serve those in untapped markets? As the online marketplace becomes increasingly saturated for entrepreneurs, and the amount of information available to us online leaves us feeling increasingly overwhelmed, we reach a point where we have no choice but to pull back and reassess what is important to us.
What is commonly referred to as the red or blue ocean strategy, business owners can create an offer so unique and differentiated that they can stand out in the market instead of drowning in a blood-stained red ocean.
Here are 3 ways you can stand out in a saturated market online, more so from a humane level rather than a strategic level.
Realize what is true for you, not what is true for others
It is easy for people to follow the cookie-cutter strategies of how things have always been done. But as the world, society, and humans evolve, so does the way we do business.
Many find this challenging because they lack a deep level of awareness and trust in themselves. They’re afraid that if they tapped into their own intuition and deep inner-knowing, it might not bring them the success they see everyone else achieving.
Long-lasting and sustainable success in business comes from doing what feels good to you, every step of the way. While you can achieve success following other strategies, if it doesn’t feel good to you, it will leave you feeling uninspired and unfulfilled.
As humanity evolves into heightened levels of awareness and consciousness, we naturally begin to create a new paradigm of business.
Challenging the status quo is not a common desire amongst leaders. According to Harvard Business Review, 72 percent of leaders say they rarely, or never or rarely challenge their status quo in business.
Leading and serving from the inside out means we learn to know ourselves first and foremost. This can be a fulfilling journey of self-discovery for many, finding their own purpose and truth, which can become largely suppressed when we work in a typical traditional job that isn’t aligned with our highest desires.
To challenge the status quo of business comes with making one fearless and courageous decision at a time.
Gay Hendricks identifies 4 different zones of genius in his book, The Big Leap.
In the “zone of genius,” we can zone in on and capitalize on our innate gifts and abilities that come naturally to us. In this zone, we become in flow and realize what we are uniquely gifted at, often finding ourselves skilled in a specific area more so than others.
In Hendricks’ book, he prompts you to ask yourself what you do you do that doesn’t seem like work, and what brings you ultimate joy, satisfaction, and abundance at the same time.
Ultimately, standing out in a saturated market online is about identifying what comes naturally to you and capitalizing on that unique gift and skill. We often attempt to do things that come naturally to other people, mimicking their steps and strategies while ignoring or denying our truest and inner-most skills and gifts.
To live a whole and fulfilling life, we must enjoy what we do, including how we run our business on a day-to-day basis. By focusing on what feels good to you (and not others), we can ultimately achieve the levels of joy and freedom we are all seeking.
Kelly Wing Entrepreneur Leadership Network Contributor
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To paraphrase Walter Cronkite, it was, and remains to this day, the greatest adventure in the history of mankind.
The 50th anniversary of the Apollo 11 lunar landing says much about the capability of our country, the miracles of science and engineering and the commitment of the NASA team. But it also offers important lessons on leadership, which are as relevant today as they were in July, 1969.
These are leadership lessons that transcend time and circumstance, which corporate executives and board members may well want to consider as they commemorate this great event.
Lesson #1: Visions Can Come True. JFK’s memorable 1962 “Moon Speech” set forth the vision of Apollo. It included the famous “…because it is hard” acknowledgment, and the equally inspiring charge that “…to do all this, and do it right, and do it first before this decade is out—then we must be bold.” Some 57 years later, vision, boldness and the motivation they generate in others remain essential tools by which leaders take organizations to great heights. Their absence can create insurmountable barriers to growth.
Lesson #2: Teamwork Matters. The three Apollo 11 astronauts were not close friends. They had different personalities. Armstrong was emotionally remote. Aldrin acerbic and abrasive. Collins more “happy go lucky.” But they made it work; they interacted successfully under the most extreme circumstances. For leaders don’t need to be BFFs with their colleagues in order to be effective. They do, however, need to be accepting and respectful of who their colleagues are, and the contributions they offer.
Lesson #3: Confidence. They believed in their systems in spite of the risks: the Saturn V liftoff, the LM ascent engine firing, trans-earth injection, the re-entry and splashdown. Even at NASA’s famous 99.9% reliability standard, much could still go wrong. Yet they moved forward in reliance on confidence in the technical competency of the workforce and the efforts to remove risk from the conceptual design. Where leaders can establish an organizational commitment to quality, safety and risk management, managers can more comfortably implement even the most aggressive of products.
Lesson #4: We Need The Michael Collinses. It was not for Collins to land on the moon. It was for him to orbit the moon in solitude, waiting/hoping for the return of Armstrong and Aldrin from the lunar surface. His glory would be less; history would not treat him nearly as prominently. And he was good with it. Indeed, every organization needs leaders content to do their job, who are willing to be part of a larger effort and not likely to complain or worry about more glamorous tasks being assigned to others.
Lesson #5: Command Decisions Count. The legend is indeed the fact. Armstrong really did land the Lunar Module, manually, with just 16 seconds of fuel remaining. Aborting the descent was not an option. Like all good leaders, Armstrong was in charge. He knew the terrain. He knew his machine. He knew the stakes and he was going to get the job done. The absolute ultimate command decision. Leaders who “sit in the left seat” must be prepared to “make the call,” to make the most difficult of decisions, often in the most trying of circumstances.
Lesson #6: Encourage Ideas. It wasn’t store-bought. There wasn’t a model or prototype. The enormous “crawler” that transported the Saturn V from the Vehicle Assembly Plant to the launchpad was the brainchild of a member of the launch operations team, whose name is now lost to history. He reportedly got the idea from watching the strip-mining process. Ingenuity and creativity often have wildly diverse parentage, and smart leaders will encourage ideas from all elements of the workforce, starting with the mailroom and continuing up the ladder.
Lesson #7: “Code 1202” Events. It was the Apollo version of a “black swan.” On final lunar descent, an unusual program alarm (code 1202) flashed, indicating a problem with the guidance computer. With the landing in balance, a young control officer in Houston, familiar with the code from earlier simulations, provided the critical “go on that alarm” assurance. No company is immune to a Code 1202 event. The unforeseeable will occur. But leadership can set expectations concerning risk evaluation that will help the company respond in crisis situations.
Lesson #8: It Takes A Village. A very big village, in fact. The Apollo project team was estimated at over 300,000 people. It was an amazing partnership between the government, private industry and the astronauts—and, ultimately the American public. And on their final flight transmission, the Apollo astronauts paid a humble video tribute to that partnership. Effective leadership recognizes that success often requires a combination of management vision and workforce commitment. Rarely is it one or the other, and almost never “just about me.”
Lesson #9: Learn from Mistakes. The great success of Apollo 11 was made possible in large part by the tragic failure of Apollo 1. That catastrophe forced NASA to confront its culture of complacency for risk and safety, and to restructure its entire operations. Indeed, great lessons can be learned from failure as well as success; from accepting responsibility for non-performance and moving forward from there. Even on the largest possible scale, leaders never stop learning-even from their own (or their organization’s) mistakes.
Lesson #10: Otherworldly Commitment. Armstrong attributed Apollo’s success to its nature as “a project in which everybody involved was…interested…involved…and fascinated by the job they were doing.” (“Rocket Men: The Epic Story of the First Men on the Moon” by Craig Nelson (Penguin, 2009) In today’s business environment, when leaders are increasingly focused on workforce culture and satisfaction, major initiatives are more likely to succeed when employees, like the Apollo team, are motivated “to [do] their job a little better than they have to.”
There is an understandable tendency to marginalize important events that happened long ago. Men in a spaceship—how interesting, but of course it was long ago, and we’ve progressed so much since then. It’s hardly relevant to our world today. But as to Apollo 11, that would be a huge mistake; it still matters, very much so.
In his Farewell Address to the nation, President Reagan spoke to the lasting value of the American heritage. He warned of an eradication of the American memory that could result, ultimately, in an erosion of the American spirit. “If we forget what we did, we won’t know who we are.” And, one might add, of what we are capable of achieving, as a nation, as individuals—and as organizations. That’s the transcendent lesson of Apollo 11. And it’s a lesson that is meaningful in the boardroom, and the executive suite.
I wish to acknowledge “Rocket Men: The Epic Story of the First Men on the Moon” by Craig Nelson (Penguin, 2009) as a resource in the preparation of this post.
I am a partner in the Chicago office of international law firm McDermott Will & Emery and earned my law degree at Northwestern University. I represent corporations (and their officers and directors) in connection with governance, corporate structure, fiduciary duties, officer-director liability issues, charitable trust law and corporate alliances. Over the course of my 39-year career, I have served as outside governance counsel to many prominent national corporations. I speak and write on a range of emerging trends and issues in corporate governance to help leaders understand the implications and how they might be relevant to their own circumstances. Writing is a passion of mine and I do my best writing on the porch of my home in Michigan.
Have you ever stopped to think how absurd recruiting is? You meet a company for a total of two hours or at most two days and then you—and the company—basically have to decide if you want to enter a long, committed relationship.
The hiring market is so inefficient that when a firm finds a suitable candidate it’s tempting to extend an offer. Likewise, when a candidate finds an fine job, one for which they may still feel overqualified, they are tempted to sign on the dotted line.
But even when both parties choose to swipe right, the stakes for committing are very high.
The Cost Of Recruiting
Accepting a job is like a legal marriage. You can usually leave at any time, but the associated costs can really add up. Job switching costs for an employee, both in time and money, are high. Firing, for a firm, is equally expensive. There’s the severance cost, the training costs, the cost of the burden placed on existing employees who have to temporarily pick up the slack. And in countries with rigid employee protection regulation, firing costs easily skyrocket.
In a recent Harvard Business Review article on recruiting, the Society for Human Resource Management estimated that firms spend “an average of $4,129 per job in the United States…and many times that amount for managerial roles—and the United States fills a staggering 66 million jobs a year.”
Three Essentials For Building A Strong, Innovative Team
I remember reading a statistic a while back that a recruiter is considered to be really good if ~60% of their hires are successful. That means that a really good recruiter makes a hiring mistake 40% of the time. 40%! Imagine if a doctor made a mistake 40% of the time. Or a pilot made an error 40% of the time. You might find that to be overstated, but hiring bad people can be just as fatal for an organization.
When you’re young, there’s often a taboo around getting a job through a connection. But when you’re old(er), you’re foolish if you try to get a job without a connection. Companies don’t want to risk hiring someone bad; they would much rather hire someone who comes with a reference, a known quantity. But this introduces all sorts of unconscious bias into the process and essentially makes an organization a vehicle for sourcing talent from a small pool of networks.
Many companies try to introduce new hiring practices to address the inherent problems in hiring. Young tech startups, probably with the influence of Google, have introduced a variety of new ways to recruit talent. But I was interested to see the change seep into the psyche of two of the most reputable companies in business: the consulting firm McKinsey and the financial services firm Goldman Sachs.
McKinsey’s Problem Solving Video Game
McKinsey recently introduced a digital assessment gaming tool. The tool is a video game of sorts. It’s 60 minutes long and consists of three separate blocks. Each section simulates a bunch of different scenarios that tests candidates on their way of thinking and decision-making. The assessment explicitly doesn’t test business knowledge. The game was designed to identify “how you think and approach problems regardless of your background.”
In its most basic form, management consulting is the business of problem-solving. Developing a tool that tests candidates on the core of the business while trying to remove cognitive bias is, in my opinion, a great idea. Cognitive psychology has proved that left to our own fallible human devices, we choose to hire people who are most like us, which perpetuates a single-minded culture.
But the test serves another, perhaps unintentional, purpose: it attracts candidates who find this type of assessment appealing. I admit as a consutlant, as soon as I heard about this new simulation, I wanted to apply to McKinsey just so I could take the test. Some people hate the unknown and ambiguity of problem-solving. But as a manager, I need to hire people who are easily captivated by the challenge of that ambiguity.
Goldman Sachs’s Virtual Interviewing Process
Goldman Sachs is another establishment that has rejiggered its recruiting process over the last few years with the introduction of video interviewing.
Historically, Goldman used to send recruiters and hiring managers to top “feeder” schools to recruit―the arguable assumption being that they would find the highest concentration of talented, high-caliber candidates at those schools. This approach is naturally constrained by the number of people you can push out to interview. The big advantage of their new virtual approach is they can conduct video interviews with potential hires from a much broader and more diverse range of schools and backgrounds.
Global Head of Human Capital Management at Goldman Sachs, Danes Homes, wrote in a recent Harvard Business Review article:
In 2015, the year before we rolled out this platform, we interviewed fewer than 20% of all our campus applicants; in 2018 almost 40% of the students who applied to the firm participated in a first-round interview.
Second, we now encounter talent from places we previously didn’t get to. In 2015 we interviewed students from 798 schools around the world, compared with 1,268 for our most recent incoming class. In the United States, where the majority of our student hires historically came from ‘target schools,’ the opposite is now true.”
“Talent Is Everywhere, Opportunity Is Scarce”
I’m not saying that these hiring techniques are necessarily best-in-class, but they are a recognition that more breadth and diversity are needed. It is especially notable that these older, more established companies are adopting hiring changes, usually the last to make changes.
The irony in this shift is that it is also a recognition that intelligence, work ethic, and innovative thinking are not a function of where you went to school or what brand-name firm you work for. But, as the oft-quoted saying goes, while talent is everywhere, opportunity is scarce.
The Bosses don’t mean to waste their employees’ time. Unfortunately, many of them heap unnecessary work on the people below them in the pecking order—and are downright clueless that they’re doing it. They give orders without realizing how much work those directives entail. They make offhand comments and don’t consider that their employees may interpret them as commands. And they solicit opinions without realizing that people will bend over backward to tell them what they want to hear—rather than the whole truth, warts and all…..