Will workers with Jersey jobs shift industries?

June 9th, 2019

More workers with New Jersey jobs may be looking to switch industries.

Advances in technology are changing Automotive, Logistics, Retail, Finance, Health Care, and Manufacturing, among several other industries. Increasingly companies in these sectors are making adjustments to their workforces in anticipation of the changing landscape, not only through layoffs, but also through hiring new skill sets. That means, workers too must adapt, and many professionals may find themselves updating skills or using their skill sets honed through years of experience in a completely new industry.

“Not only are industries fundamentally changing the skills needed in their workforces, but new industries are emerging, either through advances in technology or loosening regulation, such as the case with the Cannabis industry or app development in the sharing economy. Meanwhile, the quits rate is at 2.3 percent with nearly 3.5 million workers quitting their jobs each month in 2019. Workers are seeing opportunities elsewhere and making the change,” said Andrew Challenger, Vice President of global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc.

Over one-third of workers switch industries during a job search. Over the last two years, nearly 34% of workers switched industries, according to survey of nearly 3,000 job seekers conducted quarterly by Challenger. The respondents range from mid-level to C-level professional in various industries nationwide.

“Changing careers is difficult and the farther you attempt to get away from your current profession, the more difficult it becomes. Making the switch from a teacher to a registered nurse or accountant, for example, would require a return to school and starting at the bottom rung of that profession’s career ladder,” said Challenger.

This type of dramatic career change tends to be more easily attainable for someone in the first five years of his or her career. For someone with 10-20 years, such a change becomes much more challenging.

For the mid- to late-career professionals, the key is to take the fundamental skills and experience you have gained and transfer them to another industry or another area within your chosen career.

Did CEO jobs in New Jersey enjoy a resurgence?

June 9th, 2019

More CEO jobs in New Jersey may have been added, according to recent labor statistics from Challenger, Gray & Christmas.

Employers at U.S.-based companies announced 97 chief executive officer changes last month, 39.2% lower than the 135 CEO changes announced in March, according to a report by global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.

April’s total was 11% lower than the 109 CEO exits announced in the same month last year. In total, 513 chief executives have left their roles this year, up 14% from the 450 CEOs who announced their departures in the first four months of 2018.

“The churn we have been experiencing at the top since last August, with monthly totals well higher than average, seems to have cooled, at least for the moment,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.

“Job cuts announced by U.S. employers also slowed in April, suggesting the record expansion we’ve seen this year may be in a holding pattern, as companies take a wait-and-see approach,” he added.

Challenger tracks CEO changes at companies that have been in business for at least two years, with a minimum of ten employees.

Companies in the Government/Non-Profit sector announced the most CEO changes in April with 19, followed by Health Care/Products companies, which announced 14 departures. Companies in the Technology sector, which includes software, mobile application development, and computer hardware firms, announced 11 CEO changes in April.

Financial companies announced 8 CEO changes in April. Meanwhile, the Energy sector announced 7, bringing the year-to-date total in that industry to 21, 162% higher than the 8 CEO changes announced at Energy companies through April 2018.

“The good news for CEOs looking for new opportunities is that there are plenty of jobs available for those with a high-level skill set. Companies are reporting a skills gap, especially in leadership,” said Challenger.

The average tenure for an outgoing CEO was 8.8 years in April, the lowest average tenure for a single month since November 2016, when CEOs were in their roles for an average 8.3 years.

New Jersey jobs and interships

June 6th, 2019

A recent college survey may shed some light on New Jersey jobs and internships.

Traditionally, job-offer rates for college graduates are highly dependent on whether college graduates had an internship and, if so, whether those internships were paid or unpaid. This trend continues for the Class of 2019.

In the Class of 2019 Student Survey recently conducted by the National Association of Colleges and Employers (NACE), 53.2 percent of all graduating seniors who applied for a full-time job reported receiving at least one job offer.

Among them, 57.5 percent of students who had an internship reported receiving a job offer, which is nearly 14 percent higher than the percentage of graduating seniors who did not have an internship (43.7 percent).

Furthermore, graduating seniors who applied for a full-time job and participated in an internship received an average of 1.17 job offers, while those who did not have an internship received an average of 0.98 offers.

The pay status of internships is a significant factor as well. Among Class of 2019 graduates who had an internship, nearly two-thirds of paid interns (66.4 percent) received a job offer, while just 43.7 percent of unpaid interns were offered a job.

It is important to note that NACE’s Student Survey only surveys students during the spring semester prior to graduation and, therefore, cannot show how internship experience—paid or unpaid—affects job-search success in the months after graduation.

The college grad outlook for New Jersey jobs

May 8th, 2019

A new report takes a look at the college grad outlook for New Jersey jobs, among other areas.

For the more than 3,000,000 students estimated to graduate with a degree this year, according to the National Center for Education Statistics, many will find themselves with offers to work right out of college.

Employers plan to hire nearly 17% more college graduates from the Class of 2019 than they did the previous graduating class, according to the National Association of Colleges and Employers’ (NACE) Job Outlook 2019 report. That is the highest rate since 2007, when employers planned to hire 17.4% more college graduates. The survey also found only 4% of companies plan to decrease hiring, down from the nearly 10% who reported fewer hires from the Class of 2018.

Another positive for the Class of 2019 is the low unemployment rate. The nation is currently experiencing 3.8% unemployment, and that percentage falls even further for those with a bachelor’s degree to 2.2%, according to the Bureau of Labor Statistics (BLS). Meanwhile, the Job Openings and Labor Turnover Survey found that there are more open positions than job seekers.

“Bachelor’s and master’s degree-holders of the Class of 2019 are entering a hot job market. Those with specialized skill sets, especially in math and statistics, engineering, and software development, will find themselves in high demand,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.

Indeed, the outlook for roles in Mathematics and Statistics is optimistic. The (BLS) projects Mathematics and Statistics employment to rise by 33% from 2016, much faster than average, with the largest share of these opportunities in California, Virginia, New Jersey, Maryland, and Texas. Meanwhile, the NACE wage study found starting wages in these roles rose nearly 23% in 2018, from $53,259 to $65,349.

Graduates in the Health Sciences also have a strong outlook, as well. For those with master’s degrees, Nurse Anesthetists, Nurse Practitioners, and Physician Assistants are projected to be some of the highest-paid occupations, making between a median salary of $103,000 and $165,000 per year, with 27,800 openings each year, according to the BLS.

New Jersey education jobs grow

May 5th, 2019

More New Jersey education jobs have been adde,d according to recent labor statistics.

New Jersey’s total nonfarm wage and salary employment rose modestly in March, increasing by 3,600 jobs to mark the fifth monthly increase in the last six months, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.

New Jersey reached a seasonally adjusted employment of 4,189,800. The state’s unemployment rate ticked higher by 0.1 percentage point in March to 4.1 percent.

All of the gains for the month occurred in the private sector of the state’s economy, which added 4,400 jobs. Public sector employment was lower by 800 jobs for the month, with all of the contraction occurring at the local government level.

Based on more complete reporting from employers, the previously released total nonfarm employment estimate for February was revised higher by 2,600 to show an over-the-month (January – February) decrease of 5,100 jobs.

Preliminary estimates had indicated an over-the-month decrease of 7,700 jobs. The state’s revised February unemployment rate was unchanged at 4.0 percent. In March, employment increases were recorded in five out of nine major private industry sectors.

Over the-month gains were recorded in the education and health services (+3,200), professional and business services (+2,300), construction (+1,300), other services (+600), and manufacturing (+300) industry sectors.

Job losses over the month were recorded in leisure and hospitality (-1,900), trade, transportation, and utilities (-1,300), and information (-100).

Employment in the financial activities sector was unchanged. Looking at the longer term, over the year, March 2018 – March 2019, employment in New Jersey was higher by 44,800 jobs, with gains recorded in both the private (+42,000) and public (+2,800) sectors of the New Jersey economy.

Since February 2010 (the low point of the last recession), New Jersey’s private sector employers have added 398,700 jobs.

 

Job fair for New Jersey jobs

April 7th, 2019

A job fair is being held for people displaced from New Jersey jobs.

The New Jersey Department of Labor and Workforce Development will sponsor a job fair in February for Marcal Paper Mills employees who found themselves suddenly jobless after a fast-moving fire destroyed their Elmwood Park workplace.

The job fair will be held 10 am to 2 pm at Bergen County Community College. The event is being co-sponsored by Bergen County Executive Jim Tedesco and Marcal’s parent company, Soundview Paper.

“Since the day after the fire, area employers have been coming forward with offers of jobs, so the Labor Department hopes to act as a conduit between displaced workers and open positions nearby,” said Labor Commissioner Robert Asaro-Angelo. “We can’t heal the wounds created by this tragic fire, but we and our colleagues at other state agencies are doing all we can to make sure these workers access the assistance and resources they need.”

Friday’s hiring event follows an information session Tuesday in which displaced workers were offered help with unemployment, housing, food, heating, and insurance assistance, among other services. In all, about 500 employees lost their jobs, including some who had worked at the plant for decades.

“We are committed to assist the employees displaced by the devastating fire at the Marcal facility in Elmwood Park. Together with our state partners and Marcal, we pledge our unwavering support to help facilitate this event to connect those affected employees with the resources and potential employment opportunities they need,” said Bergen County Executive Jim Tedesco.

 

Unemployment rate in New Jersey remains unchanged

April 7th, 2019

The unemployment rate in New Jersey continues to remain unchanged.

Following four consecutive months of gains, New Jersey employment declined slightly in February while the state’s unemployment rate was unchanged at 4.0 percent, according to estimates released by the U.S. Bureau of Labor Statistics.

Total nonfarm wage and salary employment decreased by 7,700 in February to reach a seasonally adjusted level of 4,183,600. The decline was concentrated in the private sector (-9,300) of the state’s economy.

Looking at the longer-term, over the year, February 2018 – February 2019, employment in New Jersey was higher by 33,000, with gains recorded in both the private (+30,600) and public (+2,400) sectors of the New Jersey economy.

Since February 2010 (the low point of the last recession), New Jersey’s private sector employers have added 391,500 jobs. Based on more complete reporting from employers, the previously released total nonfarm employment estimate for January was revised lower by 5,600 to show an over-the-month (December – January) increase of 12,200 jobs. Preliminary estimates had indicated an over-the-month increase of 17,800 jobs.

The state’s revised January unemployment rate was unchanged at 4.0 percent.

In February, employment decreases were recorded in seven out of nine major private industry sectors.

Industry sectors that experienced a decrease include trade, transportation, and utilities (-4,200), financial activities (-1,800), leisure and hospitality (-1,400), education and health services (-1,300), other services (-1,000), information (-500), and construction (-300).

Industry sectors that added jobs were professional and business services (+1,000) and manufacturing (+200). Over the month, public sector employment was higher by 1,600 jobs, mainly due to gains at the local level (+1,300)

The employment gap and New Jersey jobs

March 26th, 2019

Some job seekers searching for New Jersey jobs report having a gap in employment, according to a recent study from Monster.com.

he current labor market is stronger than it has been in years, if not decades. In fact, the last BLS report of 2018 showed that there are 6.9 million job openings, but only 6.3 million unemployed people seeking work.

Despite what appears to be an abundance of opportunity, there are a lot of people who feel “stuck” and unsure of how to find the right fit in a new job or different position.

 

What follows are the first three sets of data from Monster’s 2019 State of the Candidate Survey—The Employment Gap & LayoffsRespect & Threats to Current Job and The Job Search Outlook.

THE EMPLOYMENT GAP & LAYOFFS

Three in five Americans (59%) have been unemployed or had a gap in their career

  • Top reasons for this gap included:
    • Family-related reason (48%), including:
      • Taking time off to raise a family (longer than maternity/paternity leave) (18%)
        • Higher among women (26%) than men (9%)
      • Maternity/paternity leave (15%)
        • Higher among women (21%) than men (8%)
      • Needing to take care of a sick family member or friend (15%)
        • Higher among younger Americans (22% of those 18-34) than older Americans (10% of those 35-65)
    • Being laid off (37%)
      • Higher among men (43%) than women (31%)
    • Needing a break from work (18%)
      • Higher among younger Americans (24% of 18-34-year-olds) than older Americans (15% of 35-65-year-olds)
    • Being fired (16%)
    • Going back to school (13%)
  • What’s more, the average gap in employment is over two years (25 months).

Over half of Americans (59%) have experienced an unexpected gap in their career, and over one-third (37%) of those have experienced a gap say it was due to layoffs

  • Among those who have lost a job unexpectedly (lost their job or fired), 43% have had it happen more than once
  • Regardless of whether or not they’ve been laid off before, half of Americans (48%) do not feel very secure in their current position (either just somewhat secure or insecure all together)—and company layoffs are a major reason why.
  • Top reasons why Americans do not feel secure in their current job include:
    • Company layoffs (38%)
    • Concern they’re not meeting expectations (23%)
    • Feelings that the boss doesn’t trust in them (16%)

Job fair for New Jersey manufacturing jobs

March 6th, 2019

A new job fair is being launched to help connect displaced workers with New Jersey manufacturing jobs.

The New Jersey Department of Labor and Workforce Development will sponsor a job fair for Marcal Paper Mills employees who found themselves suddenly jobless after a fast-moving fire destroyed their Elmwood Park workplace.

The job fair will be held at Bergen County Community College, 400 Paramus Road, Paramus, in the Technology Building’s first floor Moses Center. The event is being co-sponsored by Bergen County Executive Jim Tedesco and Marcal’s parent company, Soundview Paper.

“Since the day after the fire, area employers have been coming forward with offers of jobs, so the Labor Department hopes to act as a conduit between displaced workers and open positions nearby,” said Labor Commissioner Robert Asaro-Angelo. “We can’t heal the wounds created by this tragic fire, but we and our colleagues at other state agencies are doing all we can to make sure these workers access the assistance and resources they need.”

Friday’s hiring event follows an information session Tuesday in which displaced workers were offered help with unemployment, housing, food, heating, and insurance assistance, among other services. In all, about 500 employees lost their jobs, including some who had worked at the plant for decades.

“We are committed to assist the employees displaced by the devastating fire at the Marcal facility in Elmwood Park. Together with our state partners and Marcal, we pledge our unwavering support to help facilitate this event to connect those affected employees with the resources and potential employment opportunities they need,” said Bergen County Executive Jim Tedesco.

“In addition to ensuring our displaced workers have access to public and private sector resources, we are working actively on several fronts to connect each Marcal team member whose job was lost due to the fire to new employment opportunities. This job fair is an important part of that effort. We are grateful for the state Department of Labor for their partnership and for the dozens of employers who have stepped up and agreed to participate,” said Rob Baron, president and chief executive officer of Soundview Paper.

 

 

Transportation jobs in New Jersey lost

February 27th, 2019

A number of transportation jobs in New Jersey have declined, according to recent statistics.

Preliminary monthly estimates released by the U.S. Bureau of Labor Statistics indicate that New Jersey total nonfarm employment decreased by 2,600 jobs in December, to reach a seasonally adjusted total of 4,208,700, while the state’s unemployment rate held steady at 4.0 percent.

The year 2018 represents the ninth consecutive year New Jersey has recorded private sector job growth.

Since February 2010 (the recessionary low point for private sector employment), New Jersey’s private sector employers have added 403,900 jobs. Based on more complete reporting from employers, the previously released total nonfarm employment estimate for November was revised lower by 100 to show an over-the-month (October – November) decrease of 1,900 jobs.

Preliminary estimates had indicated an over-the-month decrease of 1,800 jobs.

The state’s revised November unemployment rate was unchanged at 4.0 percent.

In December, employment decreases were recorded in five out of nine major private industry sectors.

Industry sectors that lost jobs over the month included trade, transportation, and utilities (-2,400), education and health services (-1,500), information (-200), professional and business services (-200), and leisure and hospitality (-200). Industries that added jobs over the month include other services (+900), financial activities (+500), construction (+400), and manufacturing (+400).

Over the month, public-sector employment was lower by 300 jobs.