Bullish Jobs Prediction: Bank Of America Says Employment Will Return To Pre-Pandemic Levels By Year’s End

Daily Life in New York City Around The One-year Anniversary of The COVID-19 Shut Down

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.

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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.

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All those factors could lead to dangerous overheating and inflation, which could destabilize an already fragile economic recovery and rattle investors.

Crucial Quote

“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.

Big Number

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.

Key Background

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.

Further Reading

The U.S. Added 916,000 Jobs In March As Labor Market Comes Roaring Back (Forbes)

The Economy Doesn’t Need The Fed’s Easy Monetary Policy To Keep Booming, BofA Says (Forbes)

$1,400 Stimulus Checks Are Already Working As Credit, Debit Spending Surges 45%, BofA Says (Forbes)

Powell And Yellen Praise Aggressive Stimulus Spending, Acknowledge Incomplete Economic Recovery In Congressional Testimony (Forbes)

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.

Source: Bullish Jobs Prediction: Bank Of America Says Employment Will Return To Pre-Pandemic Levels By Year’s End.

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How Being A Certified Woman Owned Business Can Help Grow Your Company

How Being A Certified Woman Owned Business Can Help Grow Your Company

Looking for a community to have your back? You’re in luck. Ellevate Network is the largest community of women at work. We show up for each other, helping everyone — no matter their background or aspirations — build a career they love. And, more importantly, we mobilize our collective power to change the culture of business. Join Ellevate for free today.

If you’re a woman who owns a business — congrats! It’s fantastic to hang your shingle and go off on your own. There is another advantage to being a Woman Owned Business: getting officially certified as one on federal and local levels. The government and large corporations are the largest buyers of goods and services and often award contracts specifically to women. These contracts can be constant, reliable sources of income.

In her recent webinar, Jean Kristensen of Jean Kristensen Associates explained what it takes to get certified and how to navigate securing government and corporate contracts. Kristensen has started three businesses that have been successful thanks in large part to being a Woman Owned Business and winning government contracts. She now advises women on how to understand the system.

[Related: Join Ellevate virtually for our Inclusive Managers and Leading With Empathy Series Capstone Event, our final discussion about the next steps we all can take to create Inclusive Workplaces. During the 2014 fiscal year, the U.S. government awarded 267,168 contracts to Woman Owned Businesses for approximately two billion dollars. The top contacts were awarded for professional services, medical and surgical supplies and administrative support.

Some businesses also have a 5% goal for subcontracting work to Women Owned Businesses once they win a contract. This can be as high as 30% in some state and local jurisdictions. So even if a Woman Owned Business doesn’t directly win a government contract, they can still gain business through subcontracting. But you have to know how to find these opportunities in the first place.

What Is The Purpose of Certification?

Being a certified Woman Owned Business is a tool designed to increase opportunities for women. It’s not a charity program nor does it give women special treatment. It’s designed to increase visibility. It’s also a way for government and corporations that have the aforementioned subcontracting goals worked into their contacts to meet directly with Women Owned Businesses.

There are two kinds of certifications: Women Owned Small Business and Woman Business Enterprise. A Woman Owned Small Business (WOSB) is a program that provides greater access to federal contracting opportunities for Woman Owned and Economically Disadvantaged Women Owned Small Business. (EDWOSB).

The program allows contracting officers to set aside specific contracts for WOSB and EDWOSB that will help federal agencies achieve the existing statutory goal of 5% of federal contracting dollars being awarded to WOSB. An EDWOSB meets a certain financial criteria. The owner’s assets, excluding their business and their home, is under $250,000. That woman, and her business, in considered economically disadvantaged.

WOSB certification is overseen by the Small Business Association (SBA).
In order to be considered to be a WOSB the company must:

The SBA will verify this information by collecting documents such as tax returns, bank statements, operating agreements, etc. They will also ask for birth certificates and passports to prove citizenship. WOSB is unique to the Federal government. It is a program that a person can self-certify for. As long as you can prove that your company is owned by women you can start marketing your company, almost immediately, as a Woman Owned Small Business while the documents are being verified.

The second classification is Woman Business Enterprise. This certification is used by local, state, and other quasi-government agencies such as authorities, airlines and in the private sector. The qualifications for a WBE are similar to those of a WOSB. The company must:

It’s also important to know about:

What Does It Take to Succeed As A Certified Woman Owned Business?
Just because you get certified doesn’t mean that government contracts will magically start appearing at your door. Kristensen said the key is to have a plan when it comes to winning bids.

The Ability To Do Business And The Power Of Teaming Up

It’s important to know what type of project could you take on. Contractors will likely ask about the last project that you worked on that is similar to what they are looking for. Buyers often say that inexperienced companies are not going to cut their teeth with them. You need to have some level of experience in their space in order to be a contender. One way to get around this is to team up with someone who has experience for either a full contract or a subcontract.

Kristensen did this with a cleaning company whose contract with a large bank also needed to supply security. Kristensen ran a security company, and it was a great fit. She then went on to pitch her company’s security services to other banks and in turn won many more contracts.

Let Buyers Know Who You Are

Once you research what groups are buying in your area, make sure they know who you are. Research shows that it takes 18 months of continual effort before you score your first contract. That said, a commitment to marketing yourself is key to staying on buyers’ radars. Kristensen recommends consistent but meaningful communication with buyers.

Good public relations such as a professional website, social media, direct mail, email blasts, etc. are all tools to let people know about your services. Make sure your target audience sees you and knows you. Highlight your unique unique service offering and position yourself as thought leader.

Looking for a community to have your back? You’re in luck. Ellevate Network is the largest community of women at work. We show up for each other, helping everyone — no matter their background or aspirations — build a career they love. And, more importantly, we mobilize our collective power to change the culture of business. Join Ellevatefor free today. Read the rest of this article here

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Employers Must Act Now To Mitigate The Impacts Of The Pandemic On Women’s Careers

It may be years before we comprehend the full ramifications of COVID-19 on our society and places of work. But while we are still learning to navigate the pandemic, we each have had to adapt our daily lives to respond to it.

Working women, in particular, are being impacted in profound ways, facing tremendous challenges and commonly taking on expanded duties at home while continuing to juggle their careers.

In order to understand how and to what degree women’s day-to-day lives have changed – and how they feel these changes could impact their careers – we recently conducted a survey of nearly 400 working women around the globe at a variety of career levels and spanning various industries.

The pandemic is taking a heavy toll on the daily lives of working women

What these women shared sheds light on the extent to which the pandemic is affecting their work/life balance, mental and physical health, and confidence in their long-term career prospects.

Over 80% of the women we surveyed said their lives have been negatively disrupted since the onset of COVID-19. Additional care giving responsibilities, extra household responsibilities, and heavier workloads were cited as common impacts, causing many women to experience negative tolls on their mental or physical well-being or feel unable to balance their work/life commitments.

Alarmingly, nearly 70% of women who have experienced these disruptions are concerned about their ability to progress in their career. And 60% questioned whether they actually want to progress when considering what they perceive is currently required to move up in their organization.

We should be concerned about these results in terms of the immediate impacts on women’s daily lives, the potential long-term effects on their future careers, and the broader threat to the progress made in recent years in achieving gender equality in the workplace. But our research also reveals how leaders can take action to mitigate these impacts.

Actions taken by employers will be critical in ensuring women continue to thrive

Our survey asked women what employers could do to support them in progressing during and beyond the pandemic. Using their answers and other insights from our research around key barriers and enablers, we believe there are six important steps organizations can take to ensure women continue to progress:

1) Make flexible working the norm. Going beyond “working from home” to offer a range of options that enable everyone (not just working parents) to have a manageable work/life balance is critical for making progress on gender equality. Of the 60% of women surveyed who said they questioned whether they want to progress in their organizations, more than 40% cited lack of work/life balance as a reason. Moreover, just under half of those surveyed cited having more flexible working options as something their employer can do to help them stay longer term. But this is not just about policies – these options must also be underpinned by a workplace culture that supports employees in taking advantage of them without any fear of career penalty.

2) Lead with empathy and trust. The need for leaders and managers to have open and supportive conversations with their teams has never been stronger, and 44% of women surveyed said that having more regular team check-ins to understand how individuals are doing is a key action leaders can take. Open dialogue can help leaders understand any short-term constraints their employees face and make sure their long-term prospects within the organization are secured.

3) Promote networking, mentorship and sponsorship as ways to learn and grow. 46% of women surveyed told us that the provision of such opportunities would entice them stay with their employer longer-term.These resources can be meaningful platforms for career growth, provided they are offered in ways and at times that accommodate different schedules and needs.  

4) Create learning opportunities that fit within employees’ daily lives. With 40% of women saying they want more learning and development opportunities,introducing approaches to learning and development that provide access to expertise and skills in flexible and practical ways can be key to supporting women, many of whom remain keen to take on more responsibilities despite the constraints imposed on them by the pandemic.

5) Ensure that reward, succession, and promotion processes address unconscious bias. With over half of those surveyed citing getting a promotion and/or a pay raise as actions employers can take to make them stay longer-term, it remains critical that organizations address unconscious bias in their reward and succession processes. This includes looking at these processes in the context of remote working and addressing any negative perceptions of unavoidable commitments outside work, such as caregiving responsibilities.

6) Above all, make diversity, respect, and inclusion non-negotiable. Of those women who said they were questioning whether they wanted to progress in their organizations, around a quarter cited lack of diversity, poor or no role models, and poor culture, and 30% cited non-inclusive behaviors experienced (e.g., microaggressions, exclusion from meetings/projects) as reasons. Beyond having the right policies and processes in place to advance gender diversity, leaders must address these non-inclusive “every day” behaviors, such as microaggressions and exclusion, through clear and visible action since this is clearly still a significant factor to ensure women remain engaged.

We are at an inflection point. With no end to the pandemic currently in sight, organizations must meet the call to support the women in their workforce and ensure they can thrive both personally and professionally—or our economy and society could face long-standing repercussions.

Emma Codd

Emma Codd

Emma Codd is Global Inclusion Leader for Deloitte and leads on the development and delivery of the global inclusion strategy.

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CBS Sunday Morning 808K subscribers The pandemic has put many working moms in an impossible situation — doing their own jobs as well as those of teachers and childcare workers, on top of housework — and some women are finding their careers in jeopardy as they balance the demands from employers with their children’s needs.

Correspondent Rita Braver hears from working mothers who describe a climate of discrimination, and examines how this challenging new work dynamic may actually set back advances that have been made in bringing equality to the workplace. Subscribe to the “CBS Sunday Morning” Channel HERE: http://bit.ly/20gXwJT Get more of “CBS Sunday Morning” HERE: http://cbsn.ws/1PlMmAz Follow “CBS Sunday Morning” on Instagram HERE: http://bit.ly/23XunIh Like “CBS Sunday Morning” on Facebook HERE: https://www.facebook.com/CBSSundayMor… Follow “CBS Sunday Morning” on Twitter HERE: http://bit.ly/1RquoQb Get the latest news and best in original reporting from CBS News delivered to your inbox. Subscribe to newsletters HERE: http://cbsn.ws/1RqHw7T Get your news on the go! Download CBS News mobile apps HERE: http://cbsn.ws/1Xb1WC8 Get new episodes of shows you love across devices the next day, stream local news live, and watch full seasons of CBS fan favorites anytime, anywhere with CBS All Access. Try it free! http://bit.ly/1OQA29B

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