Blue Chip Career

Corporate, Start-Up Execs Foresee Hiring Increases in 2012

Tue, 21 Feb 2012 12:45:00 -0500

Executives at companies large and small expect to hire more workers this year.

Executive-search firm Polachi reports this week that a majority of CEOs are planning headcount increases. Fifty-eight percent of the 100 CEOs whom Polachi interviewed said they're anticipating an uptick in hiring, while an additional 18 percent said their firms are considering the possibility of taking on more staff.

Polachi partner Charley Polachi said the optimism is reflective of improved conditions in the broader economy. "Businesses and CEOs are feeling more and more confident and thus adding people to their payroll to support their business growth," he said in a statement.

Corroborating the executive-search firm's findings is the National Venture Capital Association, which reported in December (PDF) that a significant majority of entrepreneurs believe hiring will pick up this year. Eighty-six percent of the venture-backed CEOs whom the NVCA polled plan to expand their payrolls in 2012.

It looks, therefore, as though this year will be a strong one for hiring. With the unemployment rate dipping in January to its lowest level in about two years, 2012 is already off to a good start - and should the predictions put forward in Polachi and the NVCA's surveys come to fruition, the labor market will continue its return to health.

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Concern for 'Presentability' Leads Men to Spend Big on Skin Care

Fri, 17 Feb 2012 14:15:00 -0500

Looking healthy, vigorous and well-moisturized is key to getting a promotion, an increasing number of men seem to believe.

The New York Times reported late last year that men are spending more on skin- and personal-care products - despite the sluggish economy - as they try to make themselves stand out in a still-tight job market.

Sales of men's premium skin-care items rose 5 percent in 2010 and a striking 12 percent in 2011, the Times noted, citing data from The NPD Group. What's behind the trend, the CEO of a cosmetics company explained, is men's desire to look like go-getters who deserve career advancement.

"Men today say they feel they have to look better to be competitive," the exec, Celeste Hilling, said.

It's hard to say whether the professional man's fixation on personal appearance will hold up. As the Times points out, the "metrosexual" trend flamed out rapidly in the middle of the last decade; this latest fling with creams, toners and lotions could have a similarly short shelf life.

But men who work in finance may have a good reason to maintain a personal-care regimen. Just this week, the Wall Street Journal reported on the extremely negative psychological and physiological effects of working as an investment banker. A USC study, the paper said, found that entry-level investment bankers have a high risk for developing health and emotional problems - alcoholism, psoriasis, depression and other maladies.

And, of course, there are the long hours for which i-banking is notorious - as good a reason as any to stock up on eye cream and revitalizing moisturizer. Maybe the popularity of skin-care products for men will hold up on Wall Street, after all.

Capgemini Posts Strong 2011 Growth in North America

Thu, 16 Feb 2012 09:59:00 -0500

Outsourcing and advisory firm Capgemini Group reported its 2011 results today - and North America proved to be the multinational firm's strongest region.

Paris-based Capgemini saw its North American sales surge 11.5 percent last year, largely on the back of increased consulting revenue. Capgemini, which specializes in technology consulting, reported that its North American division was its most profitable.

And, company CEO Paul Hermelin said in an interview with news site EuroBusiness Media, U.S. revenue rose at an even quicker clip in the fourth quarter (17 percent) than 2011's North American average.

"My impression," Hermelin told EuroBusiness Media, "is that 2012 will be a good year for the U.S."

Consulting revenue is rising in America - other major global consultancies have reported sales growth similar to Capgemini's - by U.S. firms eager to optimize their processes and refine their growth strategies. American corporates are sitting on trillions of dollars - Apple alone has about $100 billion in the bank, enough to pay for more than 200 missions to Mars - and are only too happy to pour some of their cash into improving the way they do business.

That's good news for Capgemini and its peers - and for those who want to work in consulting, as well. If the consulting industry continues posting robust growth in North America, hiring will likely increase.

Demand Booming for IT Professionals

Wed, 15 Feb 2012 13:15:00 -0500

Now is a very good time to have a background in information technology.

Employers nationwide are ramping up IT hiring - and it's not just ace programmers who are in demand. ISC2, an information-security industry group, reports this week that the market for cybersecurity professionals is red-hot: Just 7 percent of security workers were unemployed last year, while nearly 70 percent of the employed cohort enjoyed a salary bump.

And, ISC2 found, 62 percent of those surveyed said their firms plan to hire more information-security professionals in 2012.

"Even in tough economic times, information security professionals are in high demand by hiring managers and organizations," ISC2 executive director W. Hord Tipton said in a statement.

It's not just cybersecurity experts who are being snapped up by tech firms: People with Linux experience are also sorely needed. In a study commissioned by online job board Dice.com and The Linux Foundation, 81 percent of hiring managers said they plan to make it a priority to hire Linux professionals this year.

Having a background in Linux is also good for a worker's bottom line, the study found: Linux pros saw their salaries rise 5 percent in 2011, more than twice the IT sector average of 2 percent.

"In the last 10 years, there's been no tech skill that matches Linux in terms of growth in hiring requests and size of demand - and clearly it's not done," Dice.com managing director Alice Hill observed.

As the overall job market picks up steam - new unemployment claims are at a 3.5-year low, a good omen for the broad economy - IT will likely remain one of the nation's hottest industries. And, as the above surveys indicate, some areas of IT are really exploding.

Job Seekers, Companies Embracing Social Media

Tue, 14 Feb 2012 12:51:00 -0500

Both job seekers and corporate executives are cozying up to social media platforms - and that's good news for members of Generation Y.

Gen Ys (a.k.a. Millennials) have grown up around the internet. That means tweeting, Facebook-ing and tumblelogging are second nature for them; Facebook and Tumblr were even founded by Millennial entrepreneurs.

So who are old-line companies (the Hewlett-Packards, GEs and Ogilvy and Mathers of the world) turning to for social-media help and guidance? Not surprisingly, it's people from Generation Y. The Wall Street Journal reported late last year that many large companies are instituting "reverse mentoring" programs whereby twentysomething workers teach older execs about the finer points of social networking.

The programs not only strengthen institutional knowledge but bolster morale, workplace consultant Lois Zachary told the paper. Reverse mentoring, she said, "helps younger people get comfortable in a company. It promotes loyalty, it generates trust."

Social media is finally coming into its own as a job-search tool, as well. Lindsey Pollak, an author and career expert, emphasized the importance of social networking in the latest edition of her bestselling Getting from College to Career.

"The biggest mistake [people make]," she told U.S. News and World Report last month, "is not realizing that social media can and should be used in a professional way." She advises job seekers to make sure their online presence passes muster; enter their employment history into their profiles; and follow employers on Twitter.

The emergence of social networking in the professional world demonstrates that "being social" doesn't always equate to "wasting time." Having accounts on social-media sites can not only improve your chances of getting hired - it can make you a star on the job, as well.

Revealed: Top Cities for IT Work

Mon, 13 Feb 2012 16:10:00 -0500

If you're looking for a job in information technology, the nation's energy capital is the place to be.

For the second year in a row, Houston has topped a technology staffing firm's list of the best metropolitan areas to find IT work. The firm, Modis, reports this week that Toronto and Orlando are also tech-job hubs: Those two cities rounded out the podium in Modis' study.

Not surprisingly, a few tech meccas received a mention on the staffing company's list. San Francisco came in at No. 4, while McLean, Va. - a suburb of Washington located in a corridor of high-tech businesses - landed at No. 6. Boston, home to some of the nation's best research universities and a robust venture-capital community, was No. 12.

What is a little surprising is that the three areas at the very top of Modis' rankings aren't considered tech-heavy. Yet all three are, in one way or another, seeing an upswing in overall economic activity. Orlando is increasingly becoming a hot spot for healthcare IT, while Houston's economy is surging on the back of increased domestic oil and gas drilling. And Toronto has more skyscrapers under construction than any other city in North America.

If you have a science or technology degree (or plan on getting one), the cities on Modis' list are certainly worth checking out. And, because the upswing in IT jobs enjoyed by those 12 metros is driven largely by broader economic factors, they're good places for just about anyone else to find work, too.

Green Economy a Major Source of Job Growth: Study

Fri, 10 Feb 2012 12:03:00 -0500

Where are the nation's new jobs? Many of them may be found in so-called "green collar" work, data from California shows.

Non-partisan research group Next 10 reports this week that green job creation is vastly outpacing the rate of job growth in the broader California economy. Between 1995 and 2010, employment rose 12 percent in California as a whole - but it surged 53 percent at firms involved in green energy production, clean transportation and other eco-friendly activities.

Also notable is the resilience of green jobs in the Golden State. During the recent recession, California employment dipped 7 percent overall but slid just 3 percent at green-economy companies.

"The global financial crisis and the mortgage crisis that caused our overall economy to go into a deep dive did not have as damaging an impact on the state's core green economy," Next 10 founder F. Noel Perry said in a statement.

While Next 10 only examined green-collar employment in California, the research organization's findings have implications for the national job market. The federal Department of Labor has predicted (PDF) that millions of green jobs will be created in the years to come; the number of environmental engineer openings, for example, is expected to grow 31 percent between 2008 and 2018.

Thus, both students and job seekers may want to consider where they could fit in the green economy. It's already a source of employment for many - and it's poised to expand significantly in the future.

Brazil's Economy, Job Market Remain Red-Hot

Thu, 09 Feb 2012 10:52:00 -0500

Brazil was one of the few countries that largely sidestepped the global recession - and even though its growth slowed sharply between 2010 and 2011, Brazil continues to be a locus of economic strength.

Brazil's total economic output is forecast to rise more than 3 percent this year, Bloomberg noted in a recent piece. The U.S. gross domestic product, by contrast, is projected to grow by 2 percent or less in 2012 (according to The Conference Board and Morgan Stanley).

The Brazilian middle class, in particular, is faring well: Incomes are surging and unemployment is at a record-low 4.7 percent. Notably, most of the jobs that are being created are in high-value-added sectors like finance and business services; as a recent Center for Economic and Policy Research study illustrates, those industries accounted for nearly all of Brazil's new jobs in the fourth quarter of 2011.

Business services only account for 16.9 percent of the jobs in the country, so the fact that they're effectively carrying its employment growth reflects how strong a market Brazil is for bankers, lawyers and others involved in white-collar work.

And Brazil's finance industry may continue posting strong growth in the years to come. Institutional investors, JPMorgan reported last September, believe Brazil is tops in Latin America in terms of both investor-relations standards and long-tern investment opportunities. Should their optimistic predictions come to pass, even more banking jobs will likely be created in South America's biggest economy.

Fewer Americans Relocate for Work, Data Shows

Wed, 08 Feb 2012 11:21:00 -0500

The percentage of people who moved to find (or start) a new job dipped in the second half of 2011, staffing firm Challenger, Gray & Christmas says.

The company reported late last month that 7.5 percent of working Americans relocated for a job between July and December. In the first half of the year, 9.4 percent of working adults moved for employment purposes - and the decline, Challenger, Gray & Christmas CEO John Challenger said, reflects the fact that many people are still anxious about their prospects.

"When people are worried about their economic situation, they can be overly cautious and not open to risk," he told Fox Business on Jan. 27.

Yet some areas provide significantly more opportunities than others. Job-board search site Indeed.com and Forbes recently found that San Jose, Washington, D.C. and San Francisco have the healthiest job markets in the nation: There are 130 open positions per 1,000 people in San Jose, 89 per 1,000 in the nation's capital and 54 per 1,000 in San Francisco.

Those numbers contrast sharply with those posted by the most troubled cities. Riverside, Calif., for example, has just seven jobs on offer per 1,000 citizens.

The gap between strong job markets and weak ones is significant - so much so that people living in less economically robust regions may want to consider relocating.

That's easier said than done for most adults, of course (particularly those with underwater mortgages or children). But this is an area where relatively untethered young people have a real advantage: the ability to pack up and move at the drop of a hat. With a major bifurcation between healthy job markets and feeble ones - and only a small fraction of workers actually moving - relocation is a job-search strategy worth considering.

Job Market Continued to Strengthen in January

Tue, 07 Feb 2012 14:30:00 -0500

Conditions in the job market kept brightening in January, data from job-search site SimplyHired.com shows.

The number of openings listed on SimplyHired rose 9.2 percent last month (on a year-over-year basis), in line with prior months' increases. And more positions were posted in January than had been posted in December (1.5 percent more, to be precise) - an indication that the upswing in employment that took place late last year wasn't just a seasonal blip.

"This month's immediate increase in job openings following the holidays indicates that 2012 should be a great year for hiring," SimplyHired.com CEO Gautam Godhwani said in a news release.

Also offering cause for optimism are the federal government's official employment numbers. In January, the Labor Department reports, 243,000 jobs were added. In addition, more positions are open in the private sector than at any point since the summer of 2008.

Still, it will be a while before the job market returns to full health. Federal Reserve chairman Ben Bernanke told a Senate committee last week that, despite the sprouting of some green shoots, conditions remain challenging for many.

"We still have a long way to go before the labor market can be said to be operating normally," he said.

Yet, as SimplyHired CEO Godhwani observed, job seekers will likely have it much better in 2012 than they did last year.

http://www.bloomberg.com/news/2012-02-07/bernanke-says-8-3-unemployment-understates-weakness-in-u-s-labor-market.html
http://www.simplyhired.com/press/archives/2012/02/simply_hired_re_17.php

Small Companies Ramp Up Borrowing - Will Hiring Follow?

Fri, 03 Feb 2012 15:48:00 -0500

The nation's small firms appear to be girding themselves for expansion in the months to come.

The Federal Reserve reported this week that small-business borrowing surged in late 2011 and early January. The Fed polls banks several times a year to determine the state of the loan market - and over the past few months, they said, small companies have been taking out loans in droves. Roughly 15 percent of banks reported that small-business lending has increased, the largest percentage since 2005.

Drew Matus, a senior economist with UBS Securities, told Bloomberg that the upswing in borrowing could bode well for the job market. "This [data] suggests we should still be looking for decent job growth over the next three to six months," he observed.

Small firms (which already appear to be anticipating growth in 2012) could get an even bigger leg up if a package of proposed Obama administration legislative tweaks come into effect. The president unveiled on Jan. 31 several proposals - including four new tax cuts and regulatory changes that would ease the process of raising capital - targeted at small businesses.

"Both parties agree on these ideas," President Obama said. "So put them in a bill, and get it on my desk this year."

The fact that small companies are borrowing more aggressively is a good sign for the broader economy (and the attention they're receiving from the White House could spur further growth). Job seekers may, therefore, do well to focus on small businesses in the coming months.

Recent Grads Take Note: Securities Industry Tops in Pay

Thu, 02 Feb 2012 12:37:00 -0500

The securities industry is facing serious challenges. Yet, even though firms like Bank of America, RBS and others have announced plans to axe thousands of bankers, finance remains a lucrative field for recent college grads.

The National Association of Colleges and Employers reported last month that securities firms paid an average of $58,571 to members of the class of 2011, putting it in first place among all industries examined.

In addition, NACE said, the securities industry hired 42,000 recent graduates last year. That's a not-insignificant number, considering that the sector which recruited most aggressively - computer systems design - took on 50,000 newly minted alums.

Still, banks are undergoing a major contraction - and because regulatory and economic uncertainty are largely to blame, it's hard to predict how the industry will look five or 10 years from now. Executive-search firm Boyden, for its part, expects further headcount reductions in investment banking and sees deferred compensation packages as the "new normal."

Yet there are bright spots, Boyden managing director Jeanne Branthover noted. This year, she said, securities firms will continue to grow their wealth management, asset management, compliance and technology divisions, so the class of 2012 may well find work in those areas.

Even with the headwinds that large banks are facing, there is reason for optimism - and despite its troubles, the securities industry continues to offer generous pay packages to recent grads.

Science, Economics Majors Likelier to Earn More: Study

Wed, 01 Feb 2012 12:32:00 -0500

Want to join the 1 percent (i.e., earn more than $343,927 annually)? Think about majoring in hard sciences or economics.

The New York Times' Economix blog - filling a request by a college academic adviser - recently examined what members of the 1 percent studied as undergraduates. It found that the most lucrative majors, by a long shot, come under the umbrella of "health and medical preparatory programs": Fully 11.8 percent of people who'd been on that degree track are now 1 percenters.

The next-best major, in earnings-power terms, is economics: 8.2 percent of the econ majors whose finances were scrutinized by the Times are now taking home at least $344,000.

Filling out the top five are biochemical sciences, zoology and biology, Economix reported.

While the blog's findings should be taken with a grain of salt - industry choice arguably has a much greater bearing on a person's income than college major - they nevertheless illustrate the value (no pun intended) of majoring in a science-y field.

And other studies corroborate the Times' findings: One conducted last year by researchers at Georgetown demonstrated how science, engineering and technology majors out-earn even Ph.D holders in other disciplines, while the National Association of Colleges and Employers has found that engineering and computer-science degree-holders are in demand among employers.

With several discrete studies generating similar results, the sciences certainly make a strong case for themselves as a field of study - if you want to be a member of the 1 percent, that is.

Small Business Employment Ticks Higher in Most Regions

Tue, 31 Jan 2012 14:21:00 -0500

Small businesses are hiring more workers, data from software firm Intuit shows - although the pace of job creation among small firms is not consistent across the country.

To be sure, most states saw an uptick in hiring in January. The Mountain, West South Central and Pacific parts of the country did particularly well: Small-business employment rose 0.6 percent, 0.5 percent and 0.4 percent in each respective region.

Job growth was lacking in the Middle Atlantic and East North Central divisions, though, where small firms boosted employment by just 0.02 and 0.03 percent, respectively. And in New England, the number of small business jobs on offer actually slid 0.01 percent.

Susan Woodward, an economist who works with Intuit on parsing the small-business employment data it collects, suggested that Europe's economic troubles are weighing on East Coast firms' growth expectations.

"The continuing uncertainty regarding the Euro and the debts of the European sovereign nations are a force in economic activity here [in the eastern U.S.]," she said. "We hear this on the news, and we can see it in the small business figures."

Some market watchers, including Italian bank UniCredit, are optimistic that conditions will brighten for Europe in 2012. Such an eventuality would likely redound on hiring here in the U.S., particularly at economically sensitive small businesses - so landing a job at a small firm may get easier as the year progresses.

In any case, it looks like New England is the one region where hiring isn't on the rise - a fact worth noting for those hoping to work for a small company.

As Finance Falters, Tech Sector Boosts Hiring

Mon, 30 Jan 2012 15:24:00 -0500

The finance industry is, ineluctably, shedding jobs: An estimated 2,000 were eliminated in New York City alone in the final quarter of 2011, according to the New York State's Labor Department. But even as banks are reducing headcount, tech firms are ramping theirs up - often to the tune of thousands of workers.

Bloomberg reports today that dozens of tech companies expanded significantly in 2010 and 2011. Seventy-four of the largest tech firms - those with more than $100 million in market value - have boosted their payrolls by at least 10 percent over the last two years. Of those, 50 hired so many new staffers that their workforces grew by 50 percent or more.

Among those was Apple, which saw its payroll expand by 76 percent. A number of less-well-known companies - like Riverbed Technology and Web.com Group - turned in even more impressive performances.

And, Bloomberg noted, some of the biggest names in tech - Amazon and Facebook among them - are poised to keep hiring at a torrid pace. Facebook, which is expected to bring a massive IPO to market in the near future, plans to add thousands of positions in 2012.

What's notable about the tech sector's hiring binge is that it's not just software developers who are in demand. Sales, marketing and operations professionals are also seeing a bounty of opportunities in the space, and job growth is taking place both inside and outside traditional tech hubs like Silicon Valley and Austin, Texas.

It could, therefore, be a great time to consider taking one's talents to a tech outfit.

Changes Afoot in Job Search Tools, Tactics

Fri, 27 Jan 2012 12:53:00 -0500

The job search looks very different today than it did 10 or even five years ago - and technological advances are the reason.

One factor in the changing job-search landscape is the rise of social networking. A striking one in six people found their last position through social media, this infographic shows. And so-called "super socials" - people with more than 150 contacts on Facebook, Twitter and LinkedIn - are even more likely to use social media in their job hunt: 28 percent of super socials have gotten a new job thanks to social networking.

Mobile computing is changing the way people find work, as well. Talent-acquisition consultant Kevin Wheeler recently predicted that the recruiting process will get increasingly mobile-oriented as 2012 rolls along; by the end of the year, he says, conventional online job boards "will be mostly obsolete."

Some firms are even doing away with resumes - a trend covered by the Wall Street Journal earlier this week. Firms in a variety of industries - from finance to manufacturing - are asking applicants to fill out online questionnaires and submit short videos in lieu of firing off a CV, the Journal found.

In an era when just about every job seeker has some kind of web presence, resumes simply don't offer enough detail to be useful, a hiring associate at Union Square Ventures told the paper.

"We are most interested in what people are like [and] how they think," the associate, Christina Cacioppo, said.

The shift away from paper resumes and fusty application platforms can certainly benefit young workers, for whom social media, blogging and the mobile web are comfortable and familiar. Taking advantage of the trends underway in the recruiting world will require a carefully honed online presence, however - and perhaps a quick finger on Facebook's "Remove tag" button.

Houlihan Lokey, Uniquely, Is Hiring

Thu, 26 Jan 2012 13:07:00 -0500

Despite the broad retrenchment that's taking place in the banking industry - Citigroup, RBS, Societe Generale, Credit Suisse and others have announced cutbacks in their investment banking divisions - business couldn't be better at Houlihan Lokey.

The Los Angeles-based investment bank, FINS reports this week, is actually expanding - a rarity in an industry that saw little good news in 2011 and is expected to remain moribund this year.

True, the firm is a relatively small player in the world of IB. It has just 850 people on staff; RBS, by contrast, plans to cut more than 4,000 i-banking jobs in the coming years.

But Houlihan's success at sidestepping Wall Street's planned headcount reductions speaks to its unique focus: corporate restructurings and M&A. "Our 'bull-bear' balance between corporate finance/M&A and restructuring is a wonderful asset," Houlihan exec Scott Adelson explained to FINS. "During difficult economic times, the restructuring business becomes a very meaningful part of our business … in a healthy environment, the opposite occurs."

It's the bank's focus on corporate finance that has served it well in the past year or two. Large companies, flush with cash, have been snapping up smaller competitors or tuck-ins - and they need bankers to oversee all that acquisition activity.

M&A should remain hot in the months to come, so Houlihan's solid performance is likely to continue. The chief economist of the Blackstone Group, Byron Wien, said this week that the U.S. economy's performance may even "surprise on the upside" this year - great news for firms that benefit when corporate growth prospects are good.

The lesson? Look for continued job creation at Houlihan this year - and keep an eye on other M&A-focused shops, as well.

Across the Nation, Tech Salaries Spike

Wed, 25 Jan 2012 17:21:00 -0500

Salaries are rising in Silicon Valley, new data from job-search site Dice shows. But technology workers outside the Bay Area are seeing higher-than-average increases in base pay, too.

Dice reported this week (PDF) that tech professionals who work in Silicon Valley earned an average of $104,195 in 2011 - 5 percent more than in 2010 and the highest of any region in the country. But other areas saw even stronger wage growth for tech workers (and may have lower living costs, to boot).

Among those were Austin, Texas; Portland, Oregon; Houston; and Washington, D.C. Austin tech workers earned 13 percent more in 2011 than in 2010, on average, while Portland tech professionals' salaries rose 12 percent. Tech salaries in Houston and D.C. increased 7 and 6 percent, respectively.

"Nationally," Dice SVP Tom Silver observed, "we're seeing stiffer competition and higher salaries for tech pros with the right skill sets and the right experience level."

And even though Silicon Valley remains the epicenter of the nation's tech industry, it is also a very expensive place to live. Rents in San Jose and San Francisco surged 11.7 percent and 10.4 percent, respectively, during 2011 - far outpacing the 5 percent salary gains that tech workers in the region enjoyed.

Dice's findings suggest that those who plan on working in tech have a wealth of opportunities available to them (no pun intended). With tech wages on the rise both inside and outside the Valley, current and future tech professionals can expect to do well nearly anywhere they settle.

Venture Investing Ends 2011 on a High Note

Tue, 24 Jan 2012 17:16:00 -0500

Venture capital firms poured money into start-ups throughout 2011 - and the final quarter of the year was no exception.

The National Venture Capital Association and PricewaterhouseCoopers reported last week (PDF) that venture investing rose 19 percent in dollar terms in the fourth quarter (compared to the same period in 2010). For the full year, VCs invested $28.4 billion - 22 percent more than had been invested in 2010.

A few sectors were particularly popular investment targets. Software was one: More than twice as many deals took place in the software industry as in the second-most-popular sector, the NVCA found. Biotech (which was No. 2) and internet-specific firms also saw an upswing in dollars invested. It was, in fact, the best year for internet investments in the past decade.

PwC global managing partner Tracy T. Lefteroff was quick to assert that, despite the increase in funding for internet companies, another bubble is not in the offing. Venture capitalists "are acting prudently and not chasing excessive valuations," he said.

Still, a recent item in the New York Times' Bits blog calls such a position into question. The author of the piece, noting the preponderance of recent ten- (or eleven-!) figure tech valuations, said it's "as if someone found out where Hasbro prints Monopoly money and gave every venture capitalist a key to the company's storage facility."

Sand Hill Road's methods and motives may be up for debate. What can't be denied, though, is that venture investing is heating up - a trend worth watching for would-be VCs and entrepreneurs alike.

Job Market Strengthens, Ever So Slightly

Mon, 23 Jan 2012 17:35:00 -0500

The nation's shaky job market has a long way to go before it can be called healthy. But it may no longer be on life support.

Not only has unemployment dipped in the past few months - the jobless rate for recent college grads saw a particularly marked decline, according to the National Association of Colleges and Employers - but the number of people filing for first-time unemployment claims is also down. The new-claims figure dropped by 50,000 last week, federal government data shows - the biggest one-week slide since 2005.

In addition, consumer sentiment surveys show, workers are getting more optimistic that they won't be laid off. Credit Suisse economist Jonathan Basile has discovered that there is a correlation between people's expectations of future unemployment and actual joblessness data - so, the Wall Street Journal recently quoted him as saying, we can expect "more good news on layoffs in coming reports."

Some sectors are doing better than the market as a whole. The travel and tourism industry is seeing relatively strong job growth after a few years of stagnation; since December 2009, it has added 224,000 jobs, data cited this week by the New York Times shows.

"It's one of the healthiest sectors in the United States," the CEO of analysis firm Oxford Economics told the paper.

The Times piece illustrates that there are jobs to be found even in today's constrained market. And with things looking up across the economy, 2012 may see the job market shake off its malaise even further.

Finance, Tech Firms Top 'Best Places to Work' List

Fri, 20 Jan 2012 11:00:00 -0500

Looking for a great work environment? You may want to make Silicon Valley and Wall Street ground zero in your search.

Fortune magazine this week released its annual ranking of the 100 best places to work, and Google - with its unlimited dining options, lavish corporate campus and fleet of hybrids for employees to use - topped the list. Other tech firms performed well, too: Storage and data-management firm NetApp - famous for providing substantial performance-based bonuses - was No. 6, while software developer SAS Institute (which provides free Montessori daycare to employees' children) landed in third place.

But because Fortune's ranking took compensation into account, several finance firms also made the Top 100. Commercial real estate management firm Camden Property Trust was named the seventh-best workplace in the nation for its generous bonus policy; retail investment company Edward Jones came in fifth after not laying off a single employee during the recession.

Goldman Sachs also made the Top 50, coming in at No. 33. Current Goldman employees expressed great pride in working for the firm and lauded its meritocratic advancement system, Fortune said.
To be sure, Fortune's ratings aren't bulletproof. The magazine only looks at large employers, and it's entirely possible to find small companies that offer many of the same benefits as the Top 100.

Indeed, there may be a trickle-down effect to the perks that Fortune's "Best Places to Work" provide. Smaller employers have to be at least as generous as their larger counterparts to attract and retain workers - a trend that benefits everyone in the workforce, not just those lucky enough to get in the door at Google or Goldman.

So take heart: Even if you don't work at one of Fortune's Top 100 employers, the niceties that those firms offer may soon become standard fare at your place of employment.

Private Equity Activity, Job Creation Pick Up in Asia

Thu, 19 Jan 2012 17:00:00 -0500

The Asian private equity market is strengthening, data suggests - and those who want to work in PE ought to take note of the trend.

There was roughly $360 billion in private equity capital under management in Asia in 2011. That's 22 percent more than in 2010. The upswing - which is likely to continue as Asian companies and high-net-worth individuals seek out novel investment vehicles - reflects the economic fortunes of emerging economies, which largely sidestepped the recession that crippled the West.

Indeed, Credit Suisse said in an October 2011 report, the Asia-Pacific region has led the rest of the world in wealth accretion over the past few years. Since 2000, the region has made up 36 percent of the global increase in wealth; since early 2010, it's accounted for 54 percent.

That surge helps explain why private equity is heating up in Asia. Venture capital activity is also on the rise - an expansion of high finance that is leading to the creation of many new jobs.

"We are … attracting more financial talent from around the world. General partners, fund-of-funds managers, fund administrators, consultants and other service providers all give quality support to the private equity industry," John Tsang, the Hong Kong government's Financial Secretary, said at a forum this week.

The data - and Tsang's comments - suggest that, with the American finance industry shedding staff and preparing for leaner times ahead, Asia (and other red-hot economies like Brazil's) may be the place to look for finance jobs in the years to come.

Despite Job Market Turmoil, Many Plan to Put Out Feelers

Wed, 18 Jan 2012 15:33:00 -0500

The job market has proven rocky for people young and old; witness, for example, the sky-high unemployment rate (24 percent) for people between the ages of 16 and 24. Yet, while conditions remain challenging, college-educated professionals seem to be getting more optimistic that the market is turning around.

According to executive search firm FPC, 79 percent of workers anticipate that they will look for a new job in the near future. Just 18 percent of the people whom FPC surveyed, by contrast, expect to stay where they are (either because they're content with what they're doing or feel the market isn't accommodative enough to warrant a job search).

The fact that many people are considering a career transition could bode well for everyone in the workforce, FPC CEO Ron Herzog noted. Employers, he suggested are going to have to step up if they want to retain their best workers.

"Despite much of the negative commentary we all hear these days, employers are finding that they need to compete to attract and retain their top talent," Herzog observed.

Taken in concert with other job-market news - like the U.S. economy creating 1.6 million jobs in 2011, versus just 940,000 the year before - FPC's findings suggest that the job situation is ameliorating (at least for those with a college degree). This year may prove to be even stronger, from a job-growth standpoint, than 2011 was.

Generation Y Embraces DIY Attitude

Tue, 17 Jan 2012 15:00:00 -0500

In work and life, members of Generation Y - generally recognized as people between 18 and 29 - appear confident that they can handle their own affairs.

Retail bank TD Ameritrade found late last year, for example, that young people are aggressively parking money in retirement funds. One in four Millennials (as people in Generation Y are sometimes known) are making contributions to more than one retirement savings plan, compared to 23 percent of Gen Xers and 16 percent of baby boomers.

And brokerage Scottrade, in a separate survey, discovered that young people are more likely than older people to invest on their own - a reflection of the independent mindset to which many Millennials subscribe.

Also illustrating that state of mind is data released last week by personal branding agency Millennial Branding. The Boston-based company commissioned an analysis of 4 million Millennial Facebook pages and learned that the fifth-most-common job title listed was "Owner" - a sign, Forbes said, that members of Generation Y are taking their career development squarely into their own hands.

"Gen Yers who can’t find stable employment or no longer trust traditional work structures are starting their own businesses," the magazine noted this week.

Forbes may have hit on one of the main factors underlying Millennials' desire to do things themselves: a lack of trust in established institutions. Young people have not only shown an inclination to disrupt the status quo (Facebook and the hacker culture from which it sprang come to mind) but found employment prospects hard to come by, leading many to question the wisdom of counting on others for career advancement.

It will be interesting to see that dynamic play out as the job market returns to health and Millennials' share of the workforce expands. Based on what we've seen thus far, though, people in Generation Y will very likely continue to embrace the DIY lifestyle.

Salaries Tick Up for Recent Grads

Thu, 12 Jan 2012 20:21:00 -0500

Recent college graduates earned slightly more in 2011 than in 2010, new data from the National Association of Colleges and Employers shows.

The average starting salary for members of the class of 2011 was $41,701 - up 2.3 percent from the prior year's average of $40,766. Some specialties saw stronger-than-average gains, however. Business and computer science degree holders, NACE learned, are in a particularly strong position.

People in the class of 2011 with business degrees are earning 3.8 percent more than their class of 2010 counterparts earned upon graduation, while 2011 grads who'd studied computer science are taking home a striking 4.1 percent more than their class of 2010 peers had.

The upswing in pay for people with business- and technology- related degrees reflects the state of today's job market. Companies, flush with cash, are eager to attract and retain top talent; insurer Lloyd's of London has found that executives are extremely concerned about facing a skill shortage in 2012 (and are willing to spend more to keep that from happening). And, with the consumer internet space heating up, qualified programmers and engineers are in high demand.

Still, NACE's findings - which reflect improvements in base pay for ALL young degree holders - serve to illustrate that the broader job market (and not just a few niches) is picking up steam.

Companies Bullish on MBA Hiring

Wed, 11 Jan 2012 17:19:00 -0500

More employers expect to hire recently graduated MBAs in 2012, the Graduate Management Admissions Council reports - good news for those enrolled in or planning to join an MBA program.

The GMAC (which administers the Graduate Management Admissions Test) learned in November that 74 percent of employers plan to add MBA-level staff in the coming year. That's up significantly from last year's level: In late 2010, just 58 percent of firms forecast that they'd hire MBAs in 2011.

Not only are a greater number of employers anticipating an uptick in MBA hiring - there will likely be more jobs available, too. Twenty-two percent of the companies that GMAC surveyed said they'd need more MBAs than was the case in years past.

Interestingly, conditions also appear to be improving for non-MBA graduate school alumni. Fifty-five percent more employers plan to hire people with specialized (non-MBA) business master's degrees, while 42 percent think they'll take on master's in management degree holders.

GMAC's findings (pdf) come amidst signs that the job market as a whole is getting healthier. More openings are being posted to online job boards (compared to a year ago), and fewer people are making first-time unemployment claims. In addition, the average workweek has lengthened slightly in the past few months, ensuring that employed people will have more money to spend.

Good news on the job front, then, for MBA grads and current b-school students.

Hedge Fund Salaries Tick Higher - But Hiring Expected to Remain Soft

Tue, 10 Jan 2012 12:54:00 -0500

Hedge fund professionals saw their base salaries increase slightly in 2011, new data from career site Hedge Fund Jobs Digest shows. But hiring in the hedge fund industry proved sluggish last year and isn't expected to increase materially in 2012.

Hedge Fund Jobs Digest reports today that the average hedge fund employee earned a base salary of $311,000 in 2011. That's a bit more than the 2010 hedge fund average, the site - which polled employees of Deutsche Bank, JPMorgan, HSBC, UBS and several other top-tier banks - noted.

Yet hiring conditions in the hedge fund industry were dampened last year by the market's volatility, which pushed many hedge funds into negative territory. As a group, Bloomberg data indicates, hedge funds lost 4.9 percent in 2011 - much worse than fixed-income securities (which rose 5.89 percent in aggregate) and the S&P 500 equity index (which slid 0.04 percent).

Even if the market calms, hedge fund hiring probably won't rise much. The professionals whom Hedge Fund Jobs Digest surveyed weren't optimistic; beyond research-analyst openings, they said, there simply aren't many jobs to be had.

Therefore, landing a hedge fund job this year will require even more planning and legwork than would be required in a healthy economy. In today's job market, those with well-thought-out search strategies (and polished presentations) will fare best.

Hiring Conditions Improved in December: Job Site

Mon, 09 Jan 2012 14:18:00 -0500

The job market continued to pick up steam in December, data from job-search site SimplyHired.com indicates.

SimplyHired reported last week that 10.6 percent more jobs were posted in December 2011 than in December 2010. While there's some seasonality in the November/December job numbers - the recent dip in the unemployment rate was caused in part by an upswing in temporary holiday-season hiring - SimplyHired's figures demonstrate that the market as a whole is indeed strengthening.

"The hiring market is healthy, and should get off to a good start in January," company CEO Gautam Godhwani observed.

Other data support Godhwani's assertion. The Department of Labor reported today that 113.8 million Americans were classified as full-time employees in December - the most since early 2009.

More people working full-time equals more-robust consumer spending, good news for an economy that depends heavily on consumer activity. And if the economy keeps gaining momentum, even more jobs will likely be created in the months to come.

Where Will New Jobs Be in 2012?

Fri, 06 Jan 2012 12:30:00 -0500

As 2011 came to a close, the nation's job market appeared to be showing signs of health. The unemployment rate for recent college graduates has been declining - it stood at 6.2 percent in November - and new applications for unemployment benefits reached their lowest level in more than three years.

But, as 2012 dawns, some sectors should see much stronger job growth than others.

Offering a preview of where economic activity will likely take place - and where new jobs could be created - is a recent Bloomberg report on the M&A marketplace. Law firm partners interviewed by the news service forecast that M&A will remain especially strong in the healthcare sector, adding that energy companies may be inclined to pursue deals, as well.

"We saw so much activity in the energy space [in 2011]," Simpson Thacher partner Robert Spatt was quoted as saying.

Dealmaking could also pick up among technology and medical-device manufacturers, those polled by Bloomberg said.

Largely corroborating the partners' predictions is job-search site Indeed.com. In the past year, the site notes this week, more jobs were created in healthcare than in any other industry; there are 52 percent more health-related jobs available today than there were a year ago.

Tech and energy companies are also looking to hire, Indeed.com reported. Education and transportation jobs are poised to keep growing, too.

Conditions are brightening across multiple sectors, and 2012 looks like it will be a stronger year for job creation than 2011. As Indeed.com says in its forecast, "There are plenty of reasons for job seekers to be optimistic, irrespective of the sector they work in."

Best, Worst Majors for Job Seekers Revealed

Thu, 05 Jan 2012 13:06:00 -0500

Looking for a job? Your search may be significantly tougher if you're an arts, architecture or humanities major.

Georgetown University's Center on Population and the Workforce reported this week that recent grads with degrees in those fields of study have the highest rates of unemployment - 11.1 percent, 13.9 percent and 9.4 percent, respectively.

The best majors for those on the job hunt, by contrast, are health and education. Joblessness among young people in those fields stands at just 5.4 percent - well below the national average of 8.6 percent.

Business and engineering majors are also doing well in today's job market, the CPW noted. And over many years, the average business or engineering degree-holder will earn 50 percent more than the average humanities major - something worth thinking about for those who need to take out loans to finance their education.

The issue isn't that arts and humanities aren't worthwhile fields of study. Rather, there just aren't that many humanities-related positions available. In a healthy economy, liberal arts jobs are hard to come by; in the present-day market, they're even scarcer.

Those studying liberal arts may, therefore, want to consider how the skills they've cultivated can be parlayed into a "real world" position. For English or comparative literature majors, marketing or communications could be a good fit; for art and art history majors, web design or graphic design may make sense. Considering one's unique abilities in the context of what employers need is a smart strategy in today's challenging market - and with creativity more important than ever for job seekers, a humanities background could even be a net positive.

After Lackluster 2011, Outlook Bearish for IPOs

Wed, 04 Jan 2012 11:41:00 -0500

Last year was a disappointing one for investors looking to take their firms public - and expectations are diminished for the IPO market in the coming year, as well.

According to the National Venture Capital Association, a trade group, just 52 venture-backed companies went public in 2011 - 31 percent fewer than in 2010. In addition, NVCA president Mark Heesen noted in a Jan. 4 statement, a quarter of the venture-backed businesses that did have IPOs last year were headquartered overseas.

As a result, Heesen added, the IPO market has a long way to go before it can be called healthy.

"We need at least double the offerings that we saw in 2011 to declare the market back on track, and that could take some time," he said.

Dealmakers aren't optimistic that IPO activity will pick up in the coming months, however. Consultancy BDO USA recently found that investment bankers expect the average offering to generate a return of just 3 percent - and they're not especially confident that retail and institutional investors will be interested in new companies. Only half of the bankers whom the consulting firm surveyed believe IPOs will increase in 2012 -but about 75 percent anticipated an upswing in 2011.

"This is, by far, the least positive forecast we've seen in the three years we've conducted the BDO IPO Outlook survey," BDO Capital Markets partner Brian Eccleston noted.

Not all in the banking world is doom and gloom: M&A activity in the first nine months of 2011 was the strongest it's been since 2007, and private equity firms are expected to continue taking a significant number of their portfolio companies private (according to BDO).

But volatility is substantial in the equity and debt markets, and Europe's financial situation remains precarious - so the bears may yet prove correct.

Slow Improvement Forecasted for Job Market

Tue, 03 Jan 2012 15:12:00 -0500

Companies large and small expect to expand their payrolls at least slightly in 2012, a recent CareerBuilder survey indicates.

The job-search site reported last week that firms' hiring projections are modestly higher than they were a year ago. Particularly in the second half of 2012, CareerBuilder noted, hiring should pick up.

"Barring any major economic upsets, we expect 2012 to bring a better hiring picture than 2011, especially in the second half of the year," company CEO Matt Ferguson said. "We're likely to see gradual improvements in hiring across categories as companies respond to increased market demands."

CareerBuilder's optimistic forecast may be right on the money. The Labor Department has indicated that fewer people were applying for unemployment benefits towards the end of 2011; in the middle of December, the new-unemployment-claims figure fell to its lowest level since April 2008.

That decline, an economist told the Associated Press last month, may presage better times ahead for the still-fragile job market. "I think everyone is starting to come around to the view that, yes, there is a recovery going on," BMO Capital Markets senior economist Jennifer Lee observed.

An upswing in hiring may, therefore, be forthcoming - just as CareerBuilder projects.

Corporate Hiring Forecast Looks Positive: Staffing Co.

Fri, 23 Dec 2011 12:24:00 -0500

Companies are growing increasingly optimistic that they'll expand their workforces in the months to come.

Manpower, one of the world's largest staffing firms, reported last week that a net 9 percent of companies expect to take on more staffers in the first quarter of 2012. That's significantly more than was the case three months ago, when a net 7 percent of firms predicted that they would expand their payrolls in the fourth quarter of this year.

And, Manpower noted, employers have not been this bullish on hiring since 2008.

Jeff Joerres, the staffing company's CEO, said the survey data reflects the corporate world's increased confidence in its prospects. Still, he hinted that because uncertainty remains rampant in the private sector, more companies may look to take on contract-based workers over comparatively more expensive salaried staff.

"With growing uncertainty, employers rely on contingent labor more and more as they move people in and out of their businesses as demand for their products and services fluctuates," Joerres observed.

In pointing out the growing prominence of contract employees in the workforce, Joerres touched on a trend that's been quietly picking up steam. More and more work is getting done by contractors (rather than salaried workers) - and as technological tools become more advanced and companies remain cost-conscious, contractors should keep gaining a toehold in the working world.

Manpower's report on hiring is good news for all workers, however - contract and salaried alike. It suggests that conditions may continue to brighten for working-age Americans in 2012.

Among Recent Grads, Accounting, Engineering and Consulting the Biggest Draws

Wed, 21 Dec 2011 12:59:00 -0500

Recent college graduates are being recruited aggressively by accounting, engineering and consulting firms, data from the National Association of Colleges and Employers shows.

NACE - the industry association for college career counselors - reported earlier this month that those three sectors are the biggest employers of 2011 graduates. And firms in those industries are not just hiring significant numbers of recent grads - they're also paying well.

The average accounting hire is making $51,134 this year, NACE said; newly minted engineers are earning an average of $57,644. And recent grads employed as consultants are taking home $59,107, on average. All three of those figures are higher than the U.S. median household income, which in 2010 stood at $50,046.

While accounting, engineering services and consulting companies may be the best bet for college graduates, the job market as a whole appears to be picking up steam. NACE indicated this week that unemployment for recent grads is trending downward: The jobless rate for degree holders aged 20 to 24 has fallen to 6.2 percent, from 8.3 percent just three months ago.

Overall, conditions seem to be brightening for young people - and NACE's findings suggest that those interested in becoming accountants, engineers and consultants are especially positioned for success.

Strong Job Growth Observed for MBA Grads

Tue, 20 Dec 2011 16:55:00 -0500

Now is a good time to have an MBA, job-creation data shows.

MBAFocus, a recruiting firm that connects employers with business-school students, reported last week that the number of MBA-required and MBA-preferred job openings has more than doubled in the past year. There are 103 percent more MBA-required and -preferred jobs available now than there were in late 2010 - and some cities are particularly good places to have a business degree.

According to MBAFocus, the D.C. metro area has seen a 135 percent jump in MBA jobs in the past 12 months. Virginia isn't far behind, with 113 percent more MBA job openings now than in 2010; Ohio, which posted 111 percent job growth, rounds out the top three.

(Compared to the two largest cities in China, however, the job growth in those three regions seems tepid. There are fully 400 percent more MBA-required or -preferred jobs in Beijing than there were a year ago, and Shanghai saw 389 percent growth in MBA-level positions.)

While those with an MBA may be in the best position to get hired, the job market as a whole looks to be gaining momentum. MBAFocus' findings come as unemployment rates across the nation are falling: Joblessness dipped in 43 states in November, the most in any one month since 2003.

And, the Labor Department says, 100,000 or more jobs have been created in each of the past five months - the first time since 2006 that that's happened.

The latest unemployment data hint that conditions in the job market are thawing. And MBAFocus' findings demonstrate the value of a graduate degree: Even in a less-than-healthy economy, MBA job openings are increasing.

Many Workers Bidding Farewell to the Office

Mon, 19 Dec 2011 13:00:00 -0500

A growing number of people are packing up their desks (figuratively speaking) and spending more of their working time outside the office.

Myriad factors are driving people to work differently. Modern technology enables us to stay connected from nearly anywhere; every year, more of the hardlines in our lives are being cut, and nearly half of the nation's cell subscribers have a smartphone. Companies are pushing their employees to get out of the office, as well, with the expectation that they'll be happier and more productive when they have more freedom to work as they please.

One such company is Plantronics, the wireless-headset maker. Its brand-new headquarters in Santa Cruz, Calif. has space for only about 70 percent of its workforce - so roughly a third of Plantronics' employees will be working remotely on any given day. Those who do come in enjoy a modern office designed for communication and collaboration, as the pictures published in this article indicate.

But what do people do who aren't sitting at a desk? The answer, often, is co-working - using shared space designed specifically for the newly mobile workforce. As this October Las Vegas Sun article demonstrates, co-working spaces are cropping up in cities large and small, providing meeting rooms, phones, whiteboards and other resources to workers on the go. And they provide mobile workers the chance to interact with others - something many miss about being office-bound.

"The biggest personal benefit is being around other industry people, even if [users] aren't directly working with them," the Sun observed.

Some are particularly bullish about co-working. ODesk - an online marketplace, of sorts, for work - is at the forefront of the trend; the company's CEO has called the oDesk model (where jobs are done on a project basis by contractors located across the globe) "the future of work."

Whether oDesk's projection will come to pass is up for debate. But there's little question that remote work is gaining traction - and even if the office-based model continues to soldier on, more and more tasks will likely get done outside the strictures of conventional work.

Finance, Accounting Hiring Expected to Rise

Fri, 16 Dec 2011 14:34:00 -0500

Large companies may hire more finance and accounting professionals in the coming months.

According to staffing firm Robert Half International, corporate CFOs anticipate that they'll need to expand their staffs early in 2012. A net 9 percent of the CFOs whom Robert Half recently polled said their companies will add more finance and accounting employees in the first quarter - four percentage points more than in the third-quarter survey.

Some large firms - particularly those in New England and the Rockies - are even experiencing a shortage of qualified analysts and accountants. As a result, Robert Half CEO Max Messmer observed, employers may have to compete with each other for talent.

"Competition for the best employees is intensifying, and, at the same time, these professionals are beginning to feel increasingly comfortable exploring new roles at other firms," he said.

To be fair, the situation in the world of high finance is less of a seller's market (so to speak). Just this week, Morgan Stanley announced that it would trim its workforce by 1,600; until that announcement, Morgan Stanley had been the only large bank not to be planning layoffs.

But opportunities may be opening up in other areas of finance. The corporate world will always need experienced financial and accounting professionals - and, it appears, 2012 will be a better year for them than 2011 has been.

Finance, Consulting Still Lure MBAs (Yet Other Industries Beckon, Too)

Thu, 15 Dec 2011 13:04:00 -0500

Finance and consulting remain the most popular career tracks for MBA graduates, a recent Poets & Quants analysis demonstrates - but some other sectors are drawing their fair share of MBAs, as well.

The bulk of Harvard Business School's class of 2011, for example, went into either finance or consulting - 39 percent ended up in the former and 24 percent entered the latter. Wharton's breakdown was similar; 39 percent of its most recent MBA class is now working in financial services and 30 percent is employed in consulting. And MIT is in the same boat: Twenty percent of 2011 Sloan graduates are now at a bank and 34 percent are consultants.

While banking and consulting dominate the recruiting process at most top b-schools, there are some notable outliers. Nearly a third of newly minted Berkeley MBAs were hired by a tech firm, for example. And 11 percent of the University of Texas' 2011 MBA grads are working in energy - no surprise, considering the Lone Star State's position as an oil (and wind-power) mecca.

Another hiring trend worth noting - one profiled in the Wall Street Journal two weeks ago - is an upswing in the number of MBAs pursuing positions in corporate sustainability. Also increasingly popular are companies working to effect social or environmental change.

Many MBA graduates, the Journal noted, are eager to "do good" - but still want to take home a respectable salary. Large companies can compensate employees much more generously than nonprofits, the recent grads and academics interviewed by the newspaper agreed.

Even though finance and consulting continue to garner students' attention (and applications), the options available to MBA job seekers only appear to be growing. A number of industries (other than banking and consulting) are quietly recruiting MBAs, as well.

In Modern Workplace, Feedback Often Lacking

Wed, 14 Dec 2011 17:09:00 -0500

Professionals aren't getting the feedback they feel they need from peers and superiors, a survey shows - and they're growing more discontented with work as a result.

There's a gulf between the feedback people want and what they're receiving, talent-management software company Cornerstone OnDemand has reported (infographic). Eighteen percent of the people whom Cornerstone polled would like to receive reviews from clients, but just 8 percent actually get them. The disparity is just as large inside the workplace: 43 percent of survey respondents wish their coworkers would critique their performance, but only 21 percent of respondents have actually received peer feedback.

Are workers entitled to get performance reviews from everyone they interact with? No - but because Millennials generally prefer to receive as much feedback as possible (this 2010 Harvard Business Review piece provides more detail on Millennials' work habits), organizations neglect comprehensive reviews at their peril.

Indeed, Cornerstone found, many people are fed up with the limited professional development opportunities their employers provide. Nearly half of the people surveyed think their company is indifferent to their career success - and an estimated 21 million Americans (roughly 15 percent of the workforce) plan to switch jobs in the coming year.

That's a big number - and it's going to cost employers dearly. Cornerstone estimates that all that turnover will have a price tag of $2 trillion.

If people do wind up leaving their jobs because they're not receiving sufficient feedback on their performance (or feel their opportunities for advancement are constrained), companies may begin changing their performance-review processes. Until then, getting adequate feedback will likely remain the individual worker's responsibility.

M&A, Private Equity Deals Likely to Increase in 2012: E&Y

Tue, 13 Dec 2011 15:24:00 -0500

Merger and acquisition activity and private equity deal volume may rise next year, accounting and advisory firm Ernst & Young believes.

E&Y forecast last week that both M&A and PE could see a resurgence, of sorts, in 2012. Activity in the two sectors has been flat for much of this year (due to regulatory uncertainty and concern about the financial health of both governments and banks in Europe), but E&Y thinks it's poised to grow.

M&A, for its part, should pick up on the back of strong corporate fundamentals and managers' desire for increased revenue growth. "Corporates are starting to put fundamentals over continued economic uncertainty," E&Y advisory executive Rich Jeanneret said, "and are acting on these dynamics to execute deals."

And PE dealmaking will increase, E&Y predicted, if conditions in the credit markets ease - something that's likely contingent on Europe successfully navigating its debt crisis.

"More certainty in the economic outlook [would] fuel an increase in PE volume and bolster both acquisitions and exits," E&Y Private Equity Leader Jeffrey Bunder observed.

A handful of industries have proven hot in recent months despite the turmoil in the markets, Bunder added. "We do expect to see continued PE activity in healthcare, energy and technology in 2012," he noted.

E&Y's report strikes a positive note as the situation in the broader financial industry looks steadfastly bearish. Hiring in finance may prove lackluster next year - but deals are being made, and talented PE professionals and investment bankers should remain in demand.

Education Linked to Career Success

Mon, 12 Dec 2011 16:09:00 -0500

Higher education remains the key to career advancement, data from Georgetown University's Center on Education and the Workforce shows.

Between now and 2018, the CEW said last month (PDF), there simply won't be enough jobs to go around for people with only a high school diploma. Those who have some level of postsecondary education will fare better and can earn more - but people with college and graduate degrees are in the best position.

"Workers with bachelor's and graduate degrees have the most positive outlook," the CEW noted in forecasting the medium-term direction of the labor market. "At this education level, all career clusters are essentially accessible."

Overall, CEW's research shows, higher educational attainment is directly correlated with career success. Other data corroborates the center's findings: The Graduate Management Admissions Council, for example, has reported that MBAs are enjoying higher salaries this year, even as the broader economy remains sluggish.

The average 2011 MBA grad is earning $91,433, from $89,141 in 2010 and $86,299 in 2009, the GMAC says. In addition, MBAs are finding it easier to secure work: Fifty-seven percent of 2011 had job offers by March of this year, compared to just 40 percent of the class of 2010 (in March 2010).

For the foreseeable future, it appears, having a degree will be a requisite for those seeking lucrative careers.

Job Market Conditions Continue to Moderate

Fri, 09 Dec 2011 15:58:00 -0500

The nation's job market is getting more accommodating, data from job-search site SimplyHired.com shows.

Between November and December, the number of new postings on SimplyHired rose 2.7 percent - and there are 7.4 percent more new jobs on the site now than there were a year ago.

In addition, SimplyHired noted, the job competition ratio - the ratio of available jobs to job seekers - has fallen. In November, the ratio was 4:1; now, it's 3:1.

"Overall, nationwide competition for jobs is decreasing despite year-end being a typically slow time for hiring," Gautam Godhwani, the CEO of SimplyHired, observed.

Offering further evidence of the job market's resilience is the latest new-unemployment-applications figure. The Labor Department indicated on Dec. 8 that 381,000 new jobless filings were made last week - the lowest number since late February.

To be fair, the federal government's new-unemployment-claims release only provides a snapshot view of the labor market. But overall, conditions do appear to be moderating: December is the fifth month in a row in which SimplyHired has recorded a month-over-month increase in job postings.

There may be reason, then, for job seekers to be optimistic.

In Some Parts of the World, Private Equity Hiring Likely to Increase

Thu, 08 Dec 2011 14:54:00 -0500

The private equity industry is experiencing a raft of challenges. Many PE shops added to their portfolios when the world economy was booming and must now sit on their investments to realize a gain - and because the markets have proven so volatile in recent months, exit opportunities are limited. But, Reuters predicts, there will be growth in PE in the years to come.

The news service, in a Dec. 7 analysis, noted that demand for private equity professionals is surging in some areas. Large PE companies - KKR, Blackstone and Carlyle, among others - are actively recruiting people with real estate and credit-product experience. And many investment firms are eager to gain a foothold in the growth economies of Asia - even as PE outfits in developed markets retrench.

"Limited partners are allocating a larger percentage of funds to Asia, and with that [firms] are opening offices in the region," the head of an executive-search firm told Reuters.

Blackstone, for one, plans to grow its presence in the continent. Michael Chae, the head of the company's Asia-Pacific business, recently indicated at a conference that China and Indonesia, in particular, are on Blackstone's radar.

The performance of Asia is worth watching, Chae added, for anyone who follows macroeconomic developments. It is "a really intellectually interesting time to be alive and to be investing," he said.

PE firms in developed economies may continue to face headwinds. But there are opportunities to be had in the sector for those who look - and those willing to live and work abroad.

Media and Entertainment VC Revenue Projected to Grow

Wed, 07 Dec 2011 15:47:00 -0500

The venture capital industry as a whole has been shrinking for some time: There were approximately 1,000 active VC firms in 2000 but just 468 today, according to Thomson One. But media and entertainment venture investing could expand in the years to come.

That's according to market research firm IBISWorld, which predicted last month that new-company formation in the media and entertainment sectors will remain torrid over the next five years.

"Media and entertainment will continue to be a hot space, with new companies vying for consumer attention and developing innovative platforms to consume media," the market research company indicated in a statement.

And with so many social, mobile and local tech companies coming into being, VC outfits will have no shortage of investment opportunities. The upshot, IBISWorld forecast, is that media and entertainment VC revenue will rise 8.5 percent each year between now and 2016.

While there's no guarantee that media-focused VC firms will add to their payrolls in the coming years, it is a reasonably safe bet that investors will park significantly more money in entertainment and media ventures. To the extent that there will be growth opportunities in VC, they'll likely appear in media- and entertainment-focused firms - something worth considering for would-be venture capitalists.

In London, Landing a Finance Job Is Getting Harder

Tue, 06 Dec 2011 16:08:00 -0500

Competition for finance jobs is heating up in the City of London, a report suggests.

Astbury Marsden - a recruitment company serving the banking and consulting industries - has indicated that fewer finance positions are opening up in the City. The number of new finance job postings fell sharply between October and November, the headhunting firm said - and job seekers are staring down a particularly challenging market.

Finance professionals "are being pitted against more intense competition then they may have faced for years," Astbury Marsden COO Mark Cameron recently observed.

Indeed, there are roughly five qualified candidates for each City opening, up from 1.7 in the early part of the year.

While finance jobs may be slightly easier to come by on this side of the pond, New York's market may soon resemble the City's. Wall Street has been slashing payrolls for months - American banks are expected to reduce headcount by 50,000 in 2011, more than twice as many cuts as in 2010 - and an ever-greater number of bankers believe the current cutbacks are more than just a cyclical contraction.

In such a brutally competitive job market, those who have the right skill set (and can interview deftly) will be in a position to succeed. Investing in one's professional development is, therefore, more important than ever.

As Tech Employment Nears Record High, Women Continue to Face Challenges

Mon, 05 Dec 2011 11:39:00 -0500

The technology industry has been innovating and growing since the recession struck, and tech firms are aggressively expanding their payrolls. But opportunities for women - who have long been outnumbered in the tech world - continue to lag those for men, data shows.

The TechServe Alliance, an industry group, reported last week that tech companies added 7,100 jobs last month. The number of American workers employed in tech now stands at 4.068 million, the alliance said - 2.1 percent more than a year ago and close to the all-time high (set in 2008) of 4.088 million.

Yet even as tech firms take on new employees, many women are being left behind. A recent survey conducted by staffing firm Technisource found that just 15 percent of women in technology believe compensation is the same for both sexes.

Also troubling is the paucity of career support available to women who work in tech. Nearly eight in 10 women polled by Technisource said there aren't enough female role models in the industry, and many women are struggling to find mentors as a result. Only 33 percent of those whom Technisource surveyed have been mentored, down from 40 percent last year.

And even entering the tech industry may be a challenge: A minority of both men and women - 20 percent of the former and 18 percent of the latter - think young women are actively encouraged to study math and science.

Thus, even though the tech sector remains a hotbed of growth, women aren't consistently seeing gains in hiring, pay or professional-development opportunities. Tech firms clearly have a ways to go before their human-resources practices are as advanced as their products.

Small Companies Expand Payrolls

Fri, 02 Dec 2011 11:18:00 -0500

Hiring at small firms appears to be picking up.

CBIZ, a business-services company, reported today that its proprietary small-business hiring index edged higher in November - an indication that the company's small-business clients hired more workers last month.

The growth in small-company payrolls was modest, CBIZ Payroll Services president Philip Noftsinger was quick to note - but it's nevertheless a step in the right direction. The slight increase in hiring, Noftsinger said, was "modestly better than in 2009 and 2010," when small-business hiring remained flat.

While small firms aren't aggressively growing at the moment, many are planning to expand in the months to come. Minnesota's Chamber of Commerce, for example, recently indicated that 40 percent of small and midsize Minnesota employers expect to add jobs in the coming year. A year ago, just 27 percent of companies forecast that their payrolls would grow in 2011 - so there appear to be quite a few companies anticipating rosier times ahead.

Reflecting the gradual improvement in the job situation was the federal government's employment report for November, released today. The unemployment rate fell last month to 8.6 percent - its lowest level since March 2009.

And November was the fourth consecutive month in which the Labor Department revised upward its job-growth estimate for the prior two months, a sign that job growth was even stronger than had been believed.

Strong Job Gains Posted in November

Thu, 01 Dec 2011 12:56:00 -0500

The private sector added more than 200,000 jobs in November, a report released Wednesday shows - a good sign for the still-smarting job market.

Payroll services firm ADP indicated that 206,000 private-sector jobs were created last month. The company also revised upward its October estimate from 110,000 to 130,000 new positions.

Both the solid November figure and the upward revision of October's new-job number point to a strengthening job market - and an economy that's getting back on its feet. Steve Blitz, the senior economist at market-insight firm ITG Investment Research, told Reuters as much on Wednesday.

"This confirms [that] the economy, after slowing in the late spring and early summer, is back firmly at its 2 (percent) to 2.5 percent growth rate," he observed.

ADP's findings should be taken with a grain of salt, however. Jobs remain hard to come by in many parts of the country, and young people are having a particularly tough time finding work: The jobless rate for people age 20 to 24 is 14 percent - much higher than the national rate of 9 percent.

Indeed, as this Chicago Tribune piece argues, it's incumbent upon members of Generation Y to get creative in their job searches. Career expert Lindsey Pollak told the newspaper that, until the job market well and truly picks up, job seekers will have to be scrappy.

Millennials, she said, are "being really creative, because they have to be."

So, even though ADP's data offer reasons for optimism, finding a job remains challenging - and a dose of patience may be required of job seekers for the foreseeable future.

Consulting Firms Ramp Up Hiring

Wed, 30 Nov 2011 12:21:00 -0500

Employers across the country remain reluctant to hire - but the thriving consulting sector is bucking that trend and aggressively expanding payrolls.

Regional business newspaper Crain's Chicago Business reported this week that consulting firms in Illinois and elsewhere are taking on hundreds of new employees as demand for consulting services surges. And both undergrads and MBA students are benefiting.

There are three times as many consulting job postings on DePaul University's job board as there were in 2009, Crain's noted. And 28 percent of the class of 2012 at the University of Chicago's Booth School of Business is headed to consulting firms - four percentage points more than in 2010.

Consultancies are taking on new employees as their revenue rises sharply. KPMG, for example, expects its advisory division to pull in twice as much business by 2015 as it does today. And PwC, on the back of similarly strong growth, said last month that it will hire 20,000 recent grads this year and next.

Consulting appears, therefore, to be a bright spot in the otherwise moribund job market. And because consultancies hire people from a spectrum of backgrounds, even liberal arts majors may find a consulting job awaiting them after graduation.

James Roth, the CEO of Chicago's Huron Consulting Group, said his firm plans to continue hiring - and suggested that young people should consider applying. "We certainly are going to be aggressive in continuing to recruit," he told Crain's.

Unemployment Data Hints at Improving Job Market

Tue, 29 Nov 2011 16:13:00 -0500

Data released last week by the Department of Labor suggests that the nation's wounded job market is slowly returning to health.

The federal government has reported that 36 states saw their unemployment rates decline in October. Just five states, by contrast, experienced hikes in joblessness. Not since April of this year - when 39 states experienced unemployment declines - have state-level jobless rates fallen so broadly.

As the job market thaws, having a college degree will likely pay dividends. In Connecticut, for example, the unemployment rate stands at just 4.4 percent for bachelor's degree holders - roughly half the overall rate of 8.7 percent.

And, according to a recent Michigan State University survey, employers expect to hire 7 percent more college graduates in 2012. Overall, the university found, hiring is projected to increase by just 4 percent, so degree holders will likely have an easier time finding work than the broader population.

Even bonuses are making a slight comeback: Five percent of the employers polled by MSU said they'd provide signing bonuses to the college graduates they add to their payrolls next year. When the recession struck, employers generally pulled back on handing out bonuses to new hires, so the 5 percent uptick is reflective of the improving job market.

Conditions for job seekers are still tough, of course. But things do appear to be looking up - particularly for college grads.