Employment Summary for October 2023 (BPS Report - Nov 2023)

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Easing hiring and wage growth, as reflected in today’s Bureau of Labor Statistics (BLS) survey, might signal that the economy is cooling in spite of recent robust GDP growth.

Total nonfarm payroll employment increased by 150,000 in October in contrast to a surprisingly strong gain of 336,000 jobs in September. The unemployment rate up-ticked slightly to 3.9 percent.

“The unemployment rate has been below the Federal Reserve’s estimate of a ‘natural’ unemployment rate of 4 percent for over 20 months. Within the executive, professional, technical and managerial space that our Network of over 200 executive recruitment offices operate in, the rate has been much lower — hovering around 2 percent. As today’s BLS numbers still indicate, we remain in a historically tight job market.

As I noted in last month’s Employment Situation Report, much of our recent talent consulting efforts have been focused on helping clients improve their top-performer retention skills,” noted Nancy Halverson, vice president of MRINetwork. “Critical skills I previously outlined focused on creating an organization that nurtures employee engagement in a compelling cultural environment, offering clear career paths by management teams who understand the value of frequent feedback.

Another key ingredient is leveraging the power of teamwork. Creating opportunities for collaboration encourages not only bonding between coworkers but drives both a positive corporate culture and overall organizational performance. Today’s work-from-home environment presents particular challenges in building teamwork, but our best clients are finding paths to enhance connection.”

Wall Street Journal reporter, David Harrison provided a possible labor market map from today’s report, “The strong labor market is encouraging people to come off the sidelines and look for a job, enticed by the prospect of higher wages and benefits. The share of working-age people either working or looking for a job has climbed, and recently hit the highest level in more than two decades. Having more people in the workforce could make it easier for employers to find workers, which would keep wage growth and inflation in check. When wages rise rapidly, in theory, it forces businesses to increase their prices to pay for higher labor costs.”

Jeffrey Roach, chief economist at LPL Financial noted an underlying employment trend, “In recent months, firms are hiring relatively more part-timers, indicative of the uncertainty in near-term business conditions. Indeed, a potentially important trend has been the hiring of part-time workers in recent months. Since June, their rolls have swelled by 1.16 million, according to Labor Department data. Conversely, full-time positions have dropped by 692,000.”

Healthcare added 58,000 jobs in October, in line with the average monthly gain of 53,000 over the prior 12 months.

In October, construction employment continued to trend up (+23,000), about in line with the average monthly gain of 18,000 over the prior 12 months. Employment continued to trend up over the month in specialty trade contractors (+14,000) and construction of buildings (+6,000).

Employment in leisure and hospitality was up slightly (+19,000). The industry had added an average of 52,000 jobs per month over the prior 12 months.

Also changing slightly from the prior month, employment in professional and business services grew (+15,000) and has shown little change since May.

In October, employment in transportation and warehousing was little changed (-12,000) and has shown minimal net change over the year. Over the month, warehousing and storage lost 11,000 jobs, while air transportation added 4,000 jobs.

Information employment changed little in October (-9,000). Employment in motion picture and sound recording continued to trend down (-5,000); the industry has lost 44,000 jobs since May, at least partially reflecting the impact of an ongoing labor dispute.

Employment in manufacturing decreased by 35,000 in October, reflecting a decline of 33,000 in motor vehicles and parts that was largely due to strike activity in the automotive sector.

Over the month, employment showed little change in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; financial activities; and other services.

“While managing for talent retention is an essential skill in today’s employment marketplace, there is no such thing as total retention. Our consultants also urge clients to know when it’s time to say goodbye to underperformers. A key skill overlooked by many firms is to guide underperformers to find work elsewhere and to manage the offboarding process to encourage an amicable and effective separation while capturing important insights in a well-structured exit interview,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

10/2023 Employment Summary Report (for September 2023)

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In a report that some analysts had felt might be the last to show solid hiring before a slowdown, the U.S. Bureau of Labor Statistics (BLS) September survey reported a surprisingly robust job gain of 336,000.

Today’s gain was an improvement over the average monthly gain of 267,000 jobs over the past 12 months. Employment growth was revised upward by 79,000 in June and by 40,000 in August which is included in the past 12-month average.

The unemployment rate remained unchanged at 3.8 percent.

“For nearly two years, and again this month, the U.S. economy has seen an unemployment rate under four percent. In an insightful column, WSJ reporters Lauren Weber and Alana Pipe note that as experts have warned for years, the combination of baby boomer retirements, low birthrates, shifting immigration policies and changing worker preferences have driven and may continue to drive labor shortages and low unemployment.

Recruitment professionals in our Network of over 200 executive recruitment offices have consistently preached this talent shortage message to clients in virtually every industry in the global economy,” noted Nancy Halverson, senior vice president, field operations MRINetwork. “While we welcome the opportunity to help clients source and hire new executive, technical, professional and managerial talent we also urge our clients to strengthen management and organizational skills needed to drive top performer retention. Sure, providing a competitive pay and benefits package is important but today’s best and brightest employees want more. They demand to work in a compelling corporate cultural environment, in an organization that nurtures employee engagement with management teams providing frequent productive feedback. They expect leaders with well-honed listening and communication skills who can articulate clear career development paths.”

Anticipating an uptick in jobs versus the prior month in today’s BLS numbers, UBS chief economist Jonathan Pingle noted on CNBC, “You got a slew of strong data here, you can very easily put a November rate hike back on the table for the Federal Open Market Committee.”

Fox Business reporter Megan Henry summarized the potential impact of today’s surprising data, “U.S. job growth unexpectedly accelerated in September, defying fears of a slowdown in hiring even as the labor market confronts the twin threats of sticky inflation and high interest rates.”

​Leisure and hospitality added 96,000 jobs in September, above the average monthly gain of 61,000 over the prior 12 months. Employment in food services and drinking places rose by 61,000 over the month and has returned to its pre-pandemic February 2020 level.

Healthcare added 41,000 jobs in September, compared with the average monthly gain of 53,000 over the prior 12 months. Over the month, employment continued to trend up in ambulatory healthcare services (+24,000), hospitals (+8,000), and nursing and residential care facilities (+8,000).

Employment in professional, scientific, and technical services increased by 29,000 in September, in line with the average monthly gain of 27,000 over the prior 12 months.

In September, employment in transportation and warehousing changed little (+9,000). Truck transportation added 9,000 jobs, following a decline of 25,000 in August that largely reflected a business closure. Air transportation added 5,000 jobs in September. Employment in transportation and warehousing has shown little net change over the year.

Employment in information changed little in September (-5,000). Within the industry, employment in motion picture and sound recording industries continued to trend down
(-7,000) and has declined by 45,000 since May, reflecting the impact of labor disputes.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; financial activities; and other services.

“Baby boomers will continue to exit the labor market. In fact, the trailing tail of boomers will reach retirement age in 2028. Lower birthrates and smaller college degree graduation rates will constrain supply of new talent entering the workplace. And don’t expect much help from Washington in creating a coherent immigration policy,” noted Halverson. “It’s up to smart managers and executive teams to not only find and hire the best and brightest talent but to keep that talent on board and driving profitable growth.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

SHIFT REPORT: Trending Topics in the World of Work (September '23)

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Our September issue of SHIFT identifies the fastest-growing occupations for the years ahead; looks at how companies are rethinking office space in today's hybrid environment; offers advice on how local business can promote their brands; and considers how leadership influences organizational culture.

The Fastest Growing Jobs in America

While there are no guarantees that these jobs will stay in high demand, here are fast-growing occupations — picked from U.S. News’ list of 100 Best Jobs — that are expected to have plenty of job openings in the years to come. According to the report, many of the best jobs have several attributes in common: They pay well, challenge us year after year, match our talents and skills, aren't too stressful, offer room to advance throughout our careers, and provide a satisfying work-life balance. U.S. News used these qualities to rank the 100 Best Jobs of 2023.

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Companies Rethink Office Space

With some employees pushing back against return-to-office plans and the hybrid work model of three days a week in person seeming to be the sweet spot, the idea of bringing workers back to the office for a five-day workweek appears to have hit a wall. Office attendance has stabilized at 30% below where it was before pandemic, according to a report by the McKinsey Global Institute. The firm did a survey of large firms in nine cities around the world, including New York, San Francisco, London and Tokyo.

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How Local Businesses Can Effectively Promote Their Brand In 2023

The line between online and offline experiences is blurred in today’s digital environment. Consumers support local businesses by ordering online from their websites. Your marketing strategy must move fluidly between the two worlds to attract more prospective customers and drive sales. But digital marketing can be intimidating for many local businesses. Without the deep pockets of national brands, how can you stay competitive?

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How Does Leadership Influence Organizational Culture?

Organizational culture is a powerful driver of success. Yet it’s difficult to quantify and track, according to the Harvard Business Review (HBR), making it an intimidating but necessary challenge leaders must face. Organizational culture is the collection of values, beliefs, assumptions and norms that guide activity and mindset in an organization. It can impact employees’ motivation, which influences their work’s quality and efficiency, ability to reach goals and retention rates.

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See some of our “Rock Star” candidates

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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Employment Summary for August 2023

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The U.S. labor market continued to signal a soft landing as non-farm payroll increased by 187,000 as described in the August U.S. Bureau of Labor Statistics (BLS) report, roughly in line with analysts' expectations. Today’s gain indicated a gradual slowing in hiring compared to the average job gain of 271,000 jobs in the past 12 months. Adding fewer jobs may take pressure off the Federal Reserve to raise interest rates further.

The unemployment rate, at 3.8 percent, ticked up by 0.3 percentage point, and the number of unemployed persons increased by 514,000 to 6.4 million adding further signs of a moderating jobs market.

“Over the past few years, talent managers have been endlessly discussing the impact of a changing work environment. Clients and candidates have focused on the new hybrid workplace, the impact of technology and the changing attitudes and behaviors of various demographic cohorts like Millennials and Gen Xers. Today's BLS data might signal a pause in those debates and the beginning of a focus on the fundamentals that have traditionally driven the executive, technical, professional and managerial hiring workplace for decades,” said Nancy Halverson, vice president of operations for MRINetwork. “As your organization brings on new talent in a challenging economic environment, focus on these tried-and-true fundamentals. Build and maintain a positive workplace culture, ensure new talent aligns with that culture, evaluate new hires not only on their work history but on skills-based criteria, and once on board, drive engagement.”

WSJ Reporter, Gwynn Guilford, noted that the reduced hiring this summer and rise of unemployment in August are both signs the labor market is cooling in the face of high interest rates. “Falling demand for workers that loosens the labor market without triggering mass layoffs is the ideal outcome for the economy, and that outlook looks increasingly possible,” said Luke Tilley, chief economist at Wilmington Trust Investment Advisors. “We have a slower economy, and that is weighing on job growth, but it’s still pretty strong,” he said. “That is going to be the key to a soft landing, because consumers aren’t going to cut back in a massive way and retrench if we continue to have net job growth.” A soft landing is the outcome in which the economy cools enough to control inflation without plunging into a recession.

CNBC reporter Pia Singh added context to today’s report noting, “The jobless rate was expected to be 3.5%, according to economists polled by Dow Jones, equal with what it was in the prior month. Average hourly earnings rose 0.24% for the month, or 4.29% year-over-year. That was less than the 4.4% increase expected by economists. The unemployment rate jumped to 3.8% in August, while wages rose less than expected, the U.S. Department of Labor said Friday, signs of a slowing economy and easing pricing pressures.”

In August, healthcare added 71,000 jobs, following a gain of similar magnitude in the prior month. Over the month, job growth continued in ambulatory healthcare services (+40,000), nursing and residential care facilities (+17,000), and hospitals (+15,000).

Employment in leisure and hospitality continued to trend up in August (+40,000). The industry had gained an average of 61,000 jobs per month over the prior 12 months. Employment in the industry remains below its pre-pandemic February 2020 level by 290,000, or 1.7 percent.

Construction employment continued to trend up in August (+22,000), in line with the average monthly gain over the prior 12 months (+17,000).

Transportation and warehousing lost 34,000 jobs in August. Employment in truck transportation fell sharply (-37,000), largely reflecting the bankruptcy of a large trucking firm.

Employment in professional and business services changed little in August (+19,000) and has shown essentially no net change since May. Professional, scientific, and technical services employment
continued to trend up over the month (+21,000). In contrast, employment in temporary help services continued to trend down (-19,000) and has declined by 242,000 since its peak in March 2022.

Information employment changed little in August (-15,000). Within the industry, employment in motion picture and sound recording industries decreased by 17,000, reflecting strike activity.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; financial activities; other services; and government.

Halverson also noted, “Engaged employees perform better and move critical business metrics. Yes, the challenges of hybrid work, new technologies and different generational attitudes can create a noisy background, but the real drivers of growth are engaged, aligned and driven top performers.”


The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

Employment Summary for July 2023

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The U.S. labor market remains vibrant as the July U.S. Bureau of Labor Statistics (BLS) reported non-farm payroll increased by 187,000. Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million remained essentially flat versus the prior month.

After a jump in January, hiring has slowed in 2023 to near the slowest pace in the pandemic cycle. Last year, the BLS reported job gains averaging 400,000 per month. Other data from the Labor Department showed a marked slowdown in labor costs in the second quarter due to a solid rebound in worker productivity. These factors led Bill Adams, chief economist at Comerica Bank in Dallas to note, “Recession risk is receding.”

“From my perspective as a veteran talent recruiter and senior operations manager of one of the world’s largest executive search organizations I offer a very simple summary of today’s BLS data. The white-collar employment marketplace continues to outperform expectations. Smart candidates with in-demand skills remain a coveted commodity, and our best client firms have talent acquisition strategies in place to strengthen their organizations as they move quickly and effectively to add to their talent roster. Today's report reinforces our core belief that the talent environment for both clients and candidates is aligned to favor bold business and career actions,” noted Nancy Halverson, senior vice president, field operations, MRINetwork.

“Virtually every one of our 200+ Network offices in dozens of industry sectors see solid underlying demand for top talent even in the face of the Federal Reserve’s efforts to subdue inflation. They counsel their clients to have a comprehensive talent strategy in place. Key to that strategy is an effective external recruitment process, smart onboarding experiences from first touch to team integration, best-in-class internal mobility programs, and active plans to leverage interim employment.”

CNBC’s Jeff Cox provided context to today’s report with insightful observations on the broader jobs market, “The clues to what the generally backwards-looking (BLS) report tells about the future lie in some under-the-hood numbers: prime-age labor force participation, hours worked and average hourly earnings, and the sectors where job growth was highest. The prime-age participation rate, for one, focuses on the 25-to-54 age group cohort. While the overall rate has been stuck at 62.6% for the past four months and is still below its pre-pandemic level, the prime-age group has been moving up steadily, if incrementally, and is currently at 83.5%, half a percentage point above where it was in February 2020 — just before Covid hit.”

He interviewed Rachel Sederberg, senior economist for job analytics firm Lightcast who added, “The durability of this labor market largely comes because we simply don’t have the people. We’ve got an aging population that we have to support with much smaller groups of people — the millennials, Gen X. They don’t even come close to the Baby Boomers who have left the labor market.”

Total nonfarm payroll employment gains in July increased less than the average monthly gain of 312,000 over the prior 12 months. Key industry summaries include:

Healthcare added 63,000 jobs, compared with the average monthly gain of 51,000 in the prior 12 months.

Employment in financial activities increased by 19,000 in July. The industry had added an average of 16,000 jobs per month in the second quarter of the year, after employment was essentially flat in the first quarter. Over the month, a job gain in real estate and rental and leasing (+12,000) was partially offset by a loss in commercial banking (-3,000).

In July, employment in wholesale trade increased by 18,000, after showing little net change in recent months. Employment in the other services industry continued to trend up in July (+20,000), compared with the average monthly gain of 15,000 over the prior 12 months.

Construction employment continued to trend up in July (+19,000), in line with the average monthly gain of 17,000 in the prior 12 months. Over the month, job growth occurred in residential specialty trade contractors (+13,000) and in nonresidential building construction (+11,000).

In July, employment in leisure and hospitality ticked upward (+17,000).

Employment in professional and business services as well as mining, quarrying, oil and gas extraction; manufacturing; retail trade; transportation and warehousing; information; and government showed little change over the prior month.

Halverson also noted, “Our ongoing advice to clients is to focus less on short-term economic conditions reflected in data points such as the BLS report. Instead, ensure you have a long-range talent enhancement strategy to consistently improve your team’s three C’s: culture, capability, and productive capacity.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #recruitingtrends #informationtechnology #employmenttrends #jobmarket #hiringtrends

'SHIFT August Report - Trending Topics in the World of Work_

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Our August issue of SHIFT highlights how Gen Zs and Millennials are making waves in the workplace; offers suggestions on combating boredom at work; reports on the number of women returning to the workforce; and explores how the perceptions of employers and employees differ on the issue of well-being.

How Gen Zs and Millennials are driving change in the workplace

Gen Zs and Millennials are the change agents helping shape the future of work, and organizations that embrace and enable their passion for social impact and a values-first workplace will reap the benefits of a highly engaged workforce, according to the Deloitte Global Gen Z and Millennial survey, which gathered feedback from 14,483 Gen Z and 8,373 Millennial respondents across 44 countries. The survey explored how Gen Z and Millennial workers are navigating challenges and how organizations can ride the waves of change fueled by these rising workplace leaders.

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Rust out: why boredom at work can be harmful

High levels of stress in the workplace can lead to burnout, but less attention is given to long periods of intense boredom, sometimes referred to as "rust out" or "bore out." This typically comes with feelings of weariness, distraction and a lack of motivation, alongside the perception of time slowing down. Despite this, it's a problem that many managers and organizations ignore.

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Women are returning to the workforce just when the U.S. needs them most

With employers adding hundreds of thousands of jobs each month, and unemployment near a half-century low, the U.S. needs more people to come off the sidelines to keep the economy growing. According to Betsey Stevenson, an economist at the University of Michigan, "it's women showing up to take the jobs."

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Employees say their well-being has worsened, but their bosses disagree

Many employees are struggling with low levels of well-being — with most of them saying that their health worsened or stayed the same last year, according to a survey of 3,150 people conducted by Deloitte and Workplace Intelligence. However, the C-suite indicated a much different perspective: More than three out of four executives inaccurately believe that their workforce's well-being improved.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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'SHIFT July Report - Trending Topics in the World of Work_

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Our July issue of SHIFT airs the opinion that we've seen the end of The Great Resignation and are now entering the beginning of The Big Stay; examines whether the return-to-office debate is really over; advises leaders on stress management in the workplace; and identifies the top ten in-demand job skills today.

The Big Stay is the new workplace trend

The Great Resignation is coming to a close, according to Nela Richardson, chief economist at ADP, the payroll-service company — and "the Big Stay," as she dubs it, could be here to stay. Richardson says that workers are increasingly sticking with their jobs in the current economic environment, and she cites a number of factors behind this transition from last year, when more than 50 million employees quit their positions.

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CEOs thought the return to office debate was over, but they may be wrong

The latest data from New York City's office market shows that while building visits are higher, the number of workers returning to the office has stalled. Many CEOs had hoped after putting RTO mandates in place, the debate would be over. But the data in key markets like NYC shows that workers are holding out, and experts say part of the issue is leaders have not done the best job of enticing their employees back.

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Stress management for leaders

Amid recession fears and stubborn inflation, workplace stress has reached an all-time high, and managers are at the center of the storm. As they navigate their teams through the challenges of the past few years, their mental health has suffered. A Deloitte study found that one third of executives are constantly struggling with fatigue, stress and feelings of being overwhelmed, lonely or depressed. The stress felt by managers can cascade to employees, impacting wellbeing, retention and performance.

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The top 10 most in-demand job skills

Jobs and work are going through a major transformation right now — with millions of roles potentially being eliminated or created in the coming years, according to non-governmental organization the World Economic Forum. Many workers will have to adapt, and having the skills to navigate this change — and maybe even new job requirements — is therefore crucial.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

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Employment Summary for June 2023

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While economists, the Federal Reserve and business leaders continue to try to gauge the trajectory of the economy, the U.S. employment market just keeps growing although at a slightly slower pace. Today’s June U.S. Bureau of Labor Statistics (BLS) report indicates non-farm payroll increased by 209,000 and averaged 278,000 for the first-half of 2023. For the same 6-month period in 2022 job growth averaged 399,000 per month.

The change in total nonfarm payroll employment for April was revised down by 77,000, to +217,000, and the change for May was revised down by 33,000, to +306,000. With these revisions, employment in April and May combined is 110,000 lower than previously reported.

Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 6.0 million, changed little in June. Unemployment among the college educated labor force remained at what is essentially full-employment at 2.0 percent.

“When leaders of our Network of over 200 executive recruitment offices get together in regional, national and even international conferences, we discuss a wide range of talent industry topics that drive client business performance. It's not unusual for one or more of our presenters to provide a quote from that noted authority on organizational transformation, Ted Lasso," said Nancy Halverson, senior vice president field operations MRINetwork. "This month's BLS data remined me of one of my favorite Lasso quotes, 'Taking on a challenge is a lot like riding a horse. If you're comfortable doing it, you're probably doing it wrong.' Today's employment numbers point to a continuation of a pattern of steady but slowing job growth in the face of expectations of an inflation-driven economic slowdown. If you are comfortable with your firm's current goals or your individual career goals in today's seemingly static business environment, you might want to consider challenging the status quo.

Our best clients continuously seek out top talent. They create hiring process flexibility and move quickly to add a transformational player even if they have no specific current opening. And the best managers, executives, professional and technical talent that we represent have a track record of fearlessly taking on new challenges and new responsibilities as they grow their career. Both behaviors come with risk and can be uncomfortable in the short term, but they are the behaviors that drive positive personal and business performance."

Providing an overview of the drivers of today’s data the Wall Street Journal’s Sarah Chaney Cambon noted, “Several factors contribute to persistent hiring. Employers in leisure and hospitality and local government are still staffing up to prepandemic levels three years after they laid off droves of workers. Hospitals and nursing homes need more workers to serve the fast-growing elderly population. Residential-home builders are clinging to labor despite higher interest rates because of a chronic shortage of available housing. And industrial and infrastructure businesses continue to snap up workers for projects related to electric-vehicle batteries and semiconductors.”

Providing additional context to the BLS report, CNBC’s Jeff Cox noted, “Job growth would have been even lighter without a boost in government jobs, which increased by 60,000, almost all of which came from the state and local levels. Employment growth eased in June, taking some steam out of what had been a stunningly strong labor market. The total, (+209,000) while still solid from a historical perspective, marked a considerable drop from May’s downwardly revised total of 306,000 and was the slowest month for job creation since payrolls fell by 268,000 in December 2020.”

Employment continued to trend up in many of the industries that have fueled growth in recent months.

Healthcare added 41,000 jobs in June. Job growth occurred in hospitals (+15,000), nursing and residential care facilities (+12,000), and home healthcare services (+9,000).

Employment in construction continued to trend up in June (+23,000). Employment in the industry has increased by an average of 15,000 per month thus far this year, compared with an average of 22,000 per month in 2022.

Professional and business services employment up ticked slightly in June (+21,000). Monthly job growth in the industry has averaged 40,000 in 2023, down from 62,000 per month in 2022. Employment in professional, scientific, and technical services continued to trend up over the month (+23,000).

In June, employment in leisure and hospitality was little changed (+21,000). This marks the third consecutive month of little employment change for this industry. Employment in the industry remains below its February 2020 level by 369,000, or 2.2 percent.

Retail trade employment changed little in June (-11,000). The decline was seen primarily in building material and garden equipment and supplies dealers (-10,000).

Employment in transportation and warehousing changed little in June (-7,000) and has shown no clear trend in recent months.

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; and other services.

"Now, Ted Lasso might not be real," noted Halverson, ”and he is certainly not an expert on the finer points of soccer. But there is much more that Ted Lasso can teach us about business, careers and life in general. As Ted opined, 'As the man once said, the harder you work, the luckier you get.' "

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'SHIFT June Report - Trending Topics in the World of Work_

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Our June issue of SHIFT reveals the surprising finding that commuting may have psychological benefits for many people; discusses how companies can make progress in closing the sustainability skills gap; advises on making AI work for your organization; and addresses the problem of meeting fatigue.

The psychological benefits of commuting that remote work doesn't provide

For most American workers who commute, the trip to and from the office takes nearly one full hour a day — 26 minutes each way on average, with 7.7% of workers spending two hours or more on the road.

Many people think of commuting as a chore and a waste of time. However, during the remote work surge resulting from the COVID-19 pandemic, some people have reported missing their commutes. A recently published study argues that commutes are a source of “liminal space” — a time free of both home and work roles that provides an opportunity to recover from work and mentally switch gears to home.

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Closing the sustainability skills gap

A recent study conducted by Microsoft and the Boston Consulting Group (BCG) focused on the need to equip companies and employees with a broad range of new skills that are in demand for climate adaptation and sustainability transformation. The study identified new jobs that have emerged as well as the impact on many existing jobs. As companies move to create and fill these jobs, they are confronting a huge sustainability skills gap.

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How to make AI work in your organization

As the world continues to embrace the transformative power of artificial intelligence, businesses of all sizes must find ways to effectively integrate this technology into their daily operations, according to Forbes. But successfully implementing AI can be a challenging task that requires strategic planning, adequate resources, and a commitment to innovation. The Forbes article explores the top strategies for making AI work in your organization so you can maximize its potential.

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Combating meeting fatigue

Researchers at Otter.ai working with experts at UNC Charlotte published a study of 632 workers representing 20 different industries who said clearly that they are sick of unnecessary meetings. The workers said everyone seems to know the meetings cost time and money and accomplish little, but nobody seems to talk about not meeting.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'BLS Employment Summary (June 2023)

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Continuing a string of 29 consecutive months of jobs growth and defying predictions of a sharper slowdown in 2023, the Bureau of Labor Statistics (BLS) posted a non-farm payroll increase of 339,000 in May 2023. This increase was in line with the average monthly gain of 341,000 over the prior 12 months.

Beating analysts’ expectations, today’s data will fuel discussions about the underlying strength of the economy in the face of federal reserve efforts to tame inflation. The job market added more positions in recent months than previously thought, as well. March and April’s totals were both revised upward for a net gain of 93,000 jobs.

The unemployment rate increased by 0.3 percentage point to 3.7 percent in May, within the range of 3.4 percent to 3.7 percent over the past 14 months. Unemployment among the college educated labor force was up slightly but still remains at what is essentially full-employment at 2.1 percent.

“Today’s report by the BLS continues to indicate a resilient U.S. jobs market in spite of economic headwinds. Executive recruiters throughout our Network of over 200 offices report the same talent-demand resiliency in most geographic areas and in most industry sectors. While our talent advisors remain vigilant for shifts in hiring demand, a key concern has been balancing many clients’ desires to require employees to be in the office full-time versus the insistence by many talented executive, technical professional and managerial players to have flex-work arrangements,” noted Nancy Halverson, senior vice president field operations MRINetwork. “Our recruiters recognize that hybrid work arrangements are becoming a standard part of the new professional work environment. We see our role as a broker to balance the flex-work expectations of transformative talent with the increasing desire of clients to maximize in-office attendance. We have found that clients can maintain, and in many cases improve, productivity and enhance an enduring corporate culture with a well-defined and fairly implemented hybrid work policy.”

As noted by CNBC’s Jeff Cox, The Federal Reserve’s May Beige book issued Wednesday noted that “wages grew 'modestly' which was in line with the rest of the Beige Book observations had about the jobs economy. Overall, the labor market continued to be strong, with contacts reporting difficulty finding workers across a wide range of skill levels and industries.”

Wall Street Journal reporter Gabriel T. Rubin provided perspective on today’s BLS report noting, “Some sectors such as tech, real estate and finance have shown some signs of stress. High-profile companies such as Facebook parent Meta Platforms, Goldman Sachs Group and Grant Thornton recently moved to cut jobs. The overall layoffs have remained low, and job openings ticked up in April, the Labor Department said. Workers, especially in tech, have largely been able to find new jobs quickly, although a new position might be less lucrative or at a company with less cachet.”

Providing a  summary of the BLS data, Reuters business reporter Lucia Mutikani observed, “The report indicated the labor market remained strong and offered more evidence that the economy was far away from a dreaded recession, though more pockets of weakness are emerging. Despite massive layoffs in the technology sector after companies over-hired during the COVID-19 pandemic and the drag from higher borrowing costs on housing and manufacturing, the services sector, including leisure and hospitality, is still catching up after businesses struggled to find workers over the last two years.” She added, “Pent up demand for workers was underscored by Labor Department data this week showing there were 10.1 million job openings at the end of April, with 1.8 vacancies for every unemployed person.”

In May, professional and business services added 64,000 jobs, following an increase of similar size in April. Employment growth continued in professional, scientific, and technical services, which added 43,000 jobs in May.

Healthcare added 52,000 jobs in May, similar to the average monthly gain of 50,000 over the prior 12 months. In May, job growth occurred primarily in ambulatory healthcare services (+24,000) and hospitals (+20,000).

Employment in leisure and hospitality continued to trend up in May (+48,000), largely in food services and drinking places (+33,000). Leisure and hospitality had added an average of 77,000 jobs per month over the prior 12 months.

In May, construction added 25,000 jobs, including 11,000 jobs in heavy and civil engineering construction. Over the prior 12 months, construction had added an average of 17,000 jobs per month.

Employment in transportation and warehousing increased by 24,000 in May. Transit and ground passenger transportation added 12,000 jobs, offsetting a decrease in the prior month.

Overall employment was little changed over the past month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; information; financial activities; and other services.

“Flex work models are here to stay in most industry sectors. The ratios of off-site and on-site work will shift as hiring demand varies in a dynamic economic environment. We urge clients to remained focused on finding and hiring the best talent as they define the best flex models to align with their corporate culture. It’s critical to not swing so far on pendulum that you are restricting your from attracting and growing the best talent for the role,” added Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

Forbes Recognizes MRINetwork for the Seventh Year in a Row

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Each year since 2016, Forbes — a global leader in business news and information — has surveyed thousands of HR managers, hiring authorities, job seekers and external recruiters to answer a simple question: “Who are the best recruiting firms in the U.S.?”

For the seventh consecutive year, MRINetwork has been recognized as an elite performer among the thousands of executive search firms meeting Forbes criteria in “filling positions with salaries of at least $100,000.” In fact, Forbes and their survey partner, Statista, has not only ranked MRINetwork for 2023 in the top 10 for America's Best Executive Recruiting Firms, but also awarded recognition for MRINetwork in their America's Best Professional Recruiting Firms, and America's Best Temp Staffing Firms categories.

We are proud to receive this designation for the seventh consecutive year.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com #thetrevigroup

'SHIFT May Report - Trending Topics in the World of Work_

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Our May issue of SHIFT covers input from HR execs on the important issues affecting the workforce today; tackling the mental health workforce shortage; conducting a skills gap analysis; and embracing the new-collar workforce.

HR Executives Open Up About the Challenges They Face

Business Insider surveyed eight talent leaders, including consultants and HR chiefs across a range of industries, about the most pressing workplace challenges they are currently facing. They talked about "keeping the fire lit" around keeping people safe, healthy, engaged and productive.

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Tackling the Mental Health Workforce Shortage

Improving the mental health workforce shortage is one of the Substance Abuse and Mental Health Services Administration's top priorities. To tackle this, SAMHSA has several resources and grant programs in place to recruit more providers and support primary care physicians in treating mental health.

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Conducting a Skills Gap Analysis

While skills gaps have always existed, workforces are currently undergoing dramatic changes that have exposed the shortage of expertise required for the new digital economy. A skills gap is the difference between an employee's current abilities and the skillset best suited for their job. Skills gaps can lead to workplace inefficiency, with staff struggling to handle their responsibilities or perform assigned tasks. In addition, severe skill gaps may lead to employees being unable to perform their roles.

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The New-Collar Workforce

Many workers today are stuck in low-paying jobs, unable to advance simply because they don’t have a bachelor's degree. At the same time, many companies are desperate for workers and not meeting the diversity goals that could help them perform better while also reducing social and economic inequality. All these problems could be alleviated, according to an article in the Harvard Business Review, if employers focused on job candidates’ skills instead of their degree status.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'BLS Employment Situation Report (April-2023)

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Employment Summary for March 2023

U.S. employment market growth continues, at a slightly lower pace, a full year after the Federal Reserve began its efforts to reduce inflation by applying brakes to the economy. Today’s U.S. Bureau of Labor Statistics (BLS) March report indicated non-farm payroll increased by 236,000, compared to an average monthly gain of 334,000 over the past 6 months.

Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million, changed little in March. These measures have shown little net movement since early 2022. Unemployment among the college educated labor force remained at what is essentially full-employment at 2.0 percent.

“Data from this month’s BLS report continue to show a stubborn resilience in the employment marketplace. Our internal metrics also reflect this steady hiring strength. The demand for executive, professional, technical and managerial talent continues in the broad range of industries served by our over 200 executive recruitment offices,” noted Nancy Halverson vice president, MRINetwork. “Within that positive trend, our talent consultants are seeing growing tension between many employers like Walt Disney Co. and Starbucks Corp. who are asking office staff to report in person more often versus a solid segment of talented workers who prefer a more liberal work from home option. Our recruitment teams generally play the role of an honest broker as we coach our client companies to focus on a top candidate’s cultural fit, growth potential, track record of success and work ethic versus an arbitrary insistence on 100% in-office requirement.”

Initial reporting by the Wall Street Journal’s Sarah Chaney Cambon characterized today’s data as “gradually cooling.” She quoted Robert Frick, corporate economist at Navy Federal Credit Union, “The great labor market machine is finally slowing down some, but it’s still got a lot of strength left.”

Fox Business reporter, Ken Martin noted, “While the overall pace of job growth is slowing, the labor market is still very tight with many employers hesitant to lay off workers.” He reached out to Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, who observed, “For the economy, more jobs are good: more workers, more wage income, more spending ability, and so forth. There’s no real downside. For financial markets, however, a strong report would be problematic. Those workers—earning and spending their wages—add to demand, which adds to inflation. So, a strong report would be bad news for the Fed, for interest rates, and for markets."

Employment continued to trend up in many of the industries that have fueled growth in recent months.

Leisure and hospitality added 72,000 jobs in March, however at a rate lower than the average monthly gain of 95,000 over the prior 6 months. Most of the job growth occurred in food services and drinking places, where employment rose by 50,000 in March.

Employment in professional and business services continued to trend up in March (+39,000), in line with the average monthly growth over the prior 6 months (+34,000).

Over the month, healthcare added 34,000 jobs, lower than the average monthly gain of 54,000 over the prior 6 months. In March, job growth occurred in home healthcare services (+15,000) and hospitals (+11,000).

In March, employment in transportation and warehousing changed little (+10,000). Couriers and messengers (+7,000) and air transportation (+6,000) added jobs, while warehousing and storage lost jobs (-12,000). Employment in transportation and warehousing has shown little net change in recent months.

Employment in retail trade changed little in March (-15,000). Job losses in building material and garden equipment and supplies dealers (-9,000) and in furniture, home furnishings, electronics, and appliance retailers (-9,000) were partially offset by a job gain in department stores (+15,000).

Jobs showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; information; financial activities; and other services.

Adding to her comments on the work from home trend Halverson noted, “I have personally seen top senior management talent and their multi-office organizations thrive with leaders who are in 75 percent to 100 percent hybrid roles as long as they regularly and effectively travel to team centers at least six or seven times a year. Is that the right mix for every business? Certainly not. But we urge those making hiring decisions to recognize different paths to improving productivity, team building, mentoring, training and talent attraction.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'SHIFT April Report - Trending Topics in the World of Work_

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Our April issue of SHIFT looks at what's causing the labor market to act the way it is; why the traditional concept of the job may be on its way out; how to identify and cope with nine common business problems that stand in the way of success; and what's ahead for D&I efforts.

Where does hiring stand this year?

Chris Forman, the founder and CEO of Appcast, offered his view on what's going on in the economy that's causing the labor market to act the way it is and proposed strategies to deal with current trends in recruiting. Forman maintains that the participation rate in the labor force is now really high and that demand for workers is also really high. At the same time inflation has gone up, the stock market has gone down and the housing market has contracted. So, he says, we’re in an unusual situation where there is a downturn in the economy with a huge demand for workers and not enough workers to go around.

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Navigating the end of jobs

The concept of the job — a predefined set of functional responsibilities assigned to a particular worker — is so ingrained in how organizations operate that it's hard to imagine any other way of managing work and workers. According to a recent study by Deloitte, however, many leaders are recognizing that this traditional construct is failing to serve our boundaryless world. The study revealed that only 19% of business executives and 23% of workers say work is best structured through jobs. As a result, a growing number of organizations are beginning to imagine work outside of the job — turning workforce management on its head by increasingly basing work and workforce decisions on skills — not formal job definitions, titles or degrees.

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Nine most common business problems

Tony Robbins, founder, chairman and CEO of Salesforce as well as an author and coach, observes that every business experiences problems, regardless of your industry, business size or the phase of the business cycle you are in. If your business is stagnant, you feel stuck or you're not experiencing the growth you desire, he advises that you should be on the lookout for these nine common business problems.

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Ten best diversity and inclusion trends in 2023

Vantage Circle, which provides employee engagement, recognition and wellness platforms to its customers, looked into the significant factors they see as determining upcoming and ongoing D&I trends for 2023. Their report notes that companies have to rethink, update and revamp their diversity and inclusion strategies and initiatives to create an equal and inclusive workspace, where employees feel appreciated and valued. This will push company growth and help them be on the right side of history.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

How to determine if a company’s culture is right for you

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Before accepting the job offer, you’ve carefully considered the title, the job description and the salary to make sure that the position aligns with your skills, interests, and career goals. But did you consider the impact the company’s culture could have on your satisfaction with your new job?

The importance of cultural fit is often underestimated when people are embarking on a new job, which can be a costly mistake when there’s a discrepancy between personal work preferences and the existing company culture. If the fit isn’t right, you may find yourself job hunting again – much sooner than you anticipated.

But how can you actively and deliberately figure out whether an environment is right for you?

Conduct company research

First check out the company website to see their mission statement and get a feel for their culture and core values. Pay attention to the language and the photos they use on their career pages, which will give you an idea of how the company wants to portray itself. Take a look at the company’s social media presence, too, as that can help you learn about their employee and company engagement. 

Visit sites like Glassdoor to see how employee reviews stack up against the company’s portrayal of itself. You won’t hear about a lack of diversity from a hiring manager, but an anonymous employee might have something to say about it. While this first-hand feedback can give you insight into what it’s like to work at a company, though, remember to consider that it might be biased or resentful.

You can also reach out to present and former employees on LinkedIn. Whether their views are positive or negative, you’ll find that most people are willing to share some insights about the company’s culture.

Ask the right questions

Your research not only offers you a clear view of the company, but it also arms you with questions and observations that highlight your interest in the company and demonstrate your diligence, attention to detail, and care for the future of the organization – all qualities of a great employee. As you prepare for these conversations, consider how the questions you pose will shape your interviewer’s perspective of your personal, professional, and financial objectives.  

Pose open-ended questions that spark a natural, honest discussion. Ask things like:

  • How would you describe your current organization and senior leadership team?

  • How long have your senior leaders been a part of the company and what range of perspectives do they bring to the table?  

  • What attracted you to the organization? Why do you stay?

  • How do you celebrate as an organization? What are some examples of recent achievements and who contributed to those milestones?

  • What sorts of professional development opportunities do you offer? 

  • Does the company encourage and support employee participation in community and philanthropic endeavors?

Keep an open mind 

Take the time to assemble all of the information and observations you’ve made before, during and after the hiring process into a cohesive picture, and think about the aspects of the culture that make you want – or not want – to work for that company. Think back to your deal breakers – the cultural values that are non-negotiable – and make sure the new opportunity passes the test.

At the same time, keep in mind that there’s a difference between points of view that challenge your own and values that completely conflict with yours. It isn’t ideal for anyone’s growth – personally or professionally – to limit themselves to only confirming opinions and perspectives. If you’re passionate about contributing to an organization’s culture and effecting change, you may find that you can consider a position with a company that needs improvement if you think you can enrich the company’s positioning, brand and overall culture.

No matter the environment, there will be times in any company culture when you’ll face challenges and experience some doubt. But by seeking out a company whose overall values and core beliefs align with yours, you’ll be more likely to find long-term satisfaction.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

5 Simple Steps to Strengthen Your Team Bench

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Here are "5 Simple Steps to Strengthen Your Team Bench" according to MRINetwork:

1. Document Your Processes...

Documenting processes, procedures, tools, passwords, and internal/external resources gives you a powerful reference guide and manual in the event someone can no longer fulfill their role. Begin by mapping out how your workflows get done. Who does what, and what information do they access regularly to succeed in that role? What knowledge transfer is needed to keep critical functions running? This exercise will help you to gain visibility across your company, while also identifying gaps and weaknesses.


2. Cross-Train Within Your Company...

Cross-training is an effective way to mitigate risks, while also boosting morale, development opportunities, engagement, and retention. People want to see a clear path for advancement, while also feeling that their company and job are safe should they be away. Let people stretch and shine in new roles, while also providing opportunities for mentoring and coaching. Not only will you improve your company in the near future, you’ll also see a positive impact in the long game.


3. Build in Support Resources...

It may not be feasible to hire more than one person to fill a role, but that doesn’t mean you can’t shore up specialized support. Hiring interns can be a simple way to keep entry-level tasks humming, or you can look to contractors to augment your team. This approach is helpful in any area where it takes a certain person to fulfill a role; for example, marketing, IT, or operations.


4. Bring on Successors Early...

In any role, growth is often limited to that person’s capacity: how many hours they can work, their passion for certain tasks, different work experiences, and expertise. Bringing on successors early makes it possible to assess long-term capability, and enhance capacity while removing inhibitors to growth.


5. Be Honest in Your Approach...

It takes the right culture and mindset to achieve company-wide cross-training and succession planning. People should understand that you’re not trying to push anyone out, or question how people approach their roles. The objective is to strengthen the company, build in backups, and avoid burnout to fuel growth and success. Communicate often and openly, and don’t be afraid to exit out people if you’re not able to reach alignment in your goals

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup #TalentAdvisors


'SHIFT March Report - Trending Topics in the World of Work_

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Our March issue of SHIFT looks at what's trending in several segments of the workplace: the aging workforce; women leaders; and Generation Z. Turning to more global concerns, scientists consider the role of rare earth metals in fueling the green energy shift.

Is there value to companies if they engage an aging workforce?

The Harvard Business Review recently addressed this question with unique data covering workforce characteristics, management practices and business performance. Their findings were clear: Employee age had no impact on business performance, whether performance is measured by financial, operational, or customer outcomes. Tenure, however, had a significant positive and sometimes very sizeable impact on financial performance and operational excellence.

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Women leaders are switching jobs in unprecedented numbers

According to the latest Women in the Workplace report from McKinsey, in partnership with LeanIn.Org, women leaders are switching jobs at the highest rates seen in the eight years they've been issuing the report. The research revealed that we're in the midst of a "Great Breakup." Women are demanding more from work, and they're leaving their companies in unprecedented numbers to get it — and at higher rates than men in leadership. That could have serious implications for companies. Women are already significantly underrepresented in leadership. For years, fewer women have risen through the ranks because of the "broken rung" at the first step up to management. Now, companies are struggling to hold onto the relatively few women leaders they have.

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Gen Z job hunters more worried about a company's reputation than layoffs

Generation Z, which represents the majority of undergraduates today and is expected to account for 30 percent of the U.S. workforce by 2030, is entering a job market that is vastly different from those experienced by prior generations. Findings from Adobe's Future Workforce Study reveal how the newest employee cohort is feeling about the economy, current labor market, and job search and application process.

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Study: Enough rare earth minerals to fuel green energy shift

The world has enough rare earth minerals and other critical raw materials to switch from fossil fuels to renewable energy to produce electricity and limit global warming, according to a new study that counters concerns about the supply of such minerals. With a push to get more electricity from solar panels, wind turbines, hydroelectric and nuclear power plants, some people have worried that there won’t be enough key minerals to make the decarbonization switch.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

BLS Employment Situation Report -- March-2023

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Analysts were looking at today’s U.S. Bureau of Labor Statistics (BLS) February jobs report for clues about the U.S. economy’s health at the start of a new year. Today’s report added a bit of clarity about an economy that keeps producing jobs in spite of economic and geopolitical headwinds. Total nonfarm payroll employment increased by 311,000 in February, compared with the average monthly gain of 343,000 over the prior 6 months. Unemployment edged up to 3.6 percent as more women entered the workforce however overall unemployment has shown little net movement since early 2022.

“While the Fed continues to apply the brakes to the economy in its efforts to lower inflation, the February BLS data continues to show resilience in overall job growth. I’ve just returned from our annual Pacesetter conference with over 100 of the top executive recruiters from our global Network of over 200 offices. The performance of these Pacesetters in the past year confirms that demand for executive, technical, professional, and managerial talent remain strong,” noted Nancy Halverson, vice president MRINetwork. “However, a key theme in discussions among our team centered on the needs of top candidates to avoid career complacency even in a seemingly hot job market. They counsel talented performers to proactively seek out opportunities for growth in their current roles and to ensure they continually understand their growth options in new firms and even in new industries.”

Providing a longer-term view on how  today’s BLS numbers may impact the Federal Reserve Bank’s efforts to cool inflation, KPMG chief economist Diane Swonk said, “The real issue is what kind of threshold would the Fed need to really stop the rate hiking cycle or stop from going up 50 basis points,” she said. “You really need to get to below 100,000 to think 25 basis points is okay. They need to see signs of a major chill.”

Wall Street Journal reporter Sarah Chaney Cambon noted, “A hot job market has emerged as one of the biggest economic surprises among many twists since the Covid-19 pandemic hit three years ago. With the Federal Reserve aggressively raising interest rates to tame inflation, many economists had expected job gains would cool or even turn into losses by now.” She also quoted Veronica Clark, economist at Citigroup, “The labor market’s definitely been stronger at this point than we would have thought maybe six months ago.”

In February, the labor force participation rate was little changed at 62.5 percent, and the employment-population ratio held at 60.2 percent. These measures have shown little net change since early 2022 and remain below their pre-pandemic February 2020 levels (63.3 percent and 61.1 percent, respectively).

Leisure and hospitality added 105,000 jobs in February, similar to the average monthly gain of 91,000 over the prior 6 months. Food services and drinking places added 70,000 jobs in February, and employment continued to trend up in accommodation (+14,000).

Employment in retail trade rose by 50,000 in February, reflecting a gain in general merchandise retailers (+39,000). Retail trade employment is little changed on net over the year.

Employment in professional and business services continued to trend up in February (+45,000), with a gain of 12,000 in management, scientific, and technical consulting services.

Healthcare added 44,000 jobs in February, compared with the average monthly increase of 54,000 over the prior 6 months. In February, job growth occurred in hospitals (+19,000) and in nursing and residential care facilities (+14,000).

Construction employment grew by 24,000 in February, in line with the average monthly growth of 20,000 over the prior 6 months.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; financial activities; and other services.

In February, the information industry lost 25,000 jobs. Reflecting news of recent social media industry layoffs, employment in information has decreased by 54,000 since November 2022.

Transportation and warehousing lost 22,000 jobs in February, including 9,000 in truck transportation. Employment in transportation and warehousing is down by 42,000 since October 2022.

“The business workscape has changed dramatically in the past few years and the best workers have begun to view themselves as ‘free agents.’ Our recruiters seek out people who are self-reflective with a good sense when the time is right to make a move. They have developed a track record of success, acquired high-demand skills and are consistently building their workplace brand. In spite of today’s solid job market complacency is not a career option,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

BLS Employment Situation Report (Feb 2023)

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The labor market remains historically tight. On Wednesday, the Labor Department noted U.S. employers had 11 million job openings at year-end, 600,000 more than the prior month. Today’s U.S. Bureau of Labor Statistics (BLS) January jobs survey reinforced that data point, reporting a surprisingly robust gain of 517,000 non-farm jobs. Both the unemployment rate, at 3.4 percent, and the number of unemployed persons, at 5.7 million, changed little in January versus the prior month. However, with the slight decrease in unemployment the jobless level is at its lowest level since May 1969.

It is worth noting that January's employment report includes its annual "benchmark" revisions and update to formulas used to smooth seasonal fluctuation data in the establishment survey. It also incorporates new population estimates in the household survey, which makes January’s unemployment data somewhat difficult to compare to December’s results.

“The BLS monthly employment report continues to report solid job growth in the face of growing economic headwinds. Executive recruiters throughout our MRINetwork of over 250 offices also see consistent client demand for top talent to drive organizational goals,” noted Nancy Halverson vice president, MRINetwork. “But our top performing clients are looking beyond month-to-month talent needs as they strategically address the challenges of economic headwinds, balancing onsite versus remote working, and controlling costs while still growing the business. Our consultants help these forward-looking clients to focus on creating and maintaining a strong hiring brand and company culture. We challenge business leaders to strengthen the interview process, improve candidate communication touch points, enhance negotiation tactics, and establish robust employee on-boarding processes. Organizations that aren’t willing to disrupt their talent acquisition strategies will struggle to thrive in the new world of work.”

Federal Reserve Chair Jerome Powell, suggesting that the Fed’s effort to cool inflation appear to be working so far, told reporters following their Wednesday meeting, “It is a good thing that the disinflation that we have seen so far has not come at the expense of a weaker labor market, despite the slowdown in growth, the labor market remains extremely tight.” It remains to be seen if the robust January BLS jobs report changes his viewpoint.

Characterizing the surprising BLS report Daniel Zhao, lead economist for job review site Glassdoor noted, “Today’s report is an echo of 2022's surprisingly resilient job market, beating back recession fears, the Fed has a New Year’s resolution to cool down the labor market, and so far, the labor market is pushing back.”

Total nonfarm payroll employment rose by 517,000 in January, compared with an average monthly gain of 401,000 in 2022 and well above analysts’ expectations.

Leisure and hospitality added 128,000 jobs in January compared with an average of 89,000 jobs per month in 2022. Over the month, food services and drinking places added 99,000 jobs, while employment continued to trend up in accommodation (+15,000).

In January, employment in professional and business services rose by 82,000, led by gains in professional, scientific, and technical services (+41,000).

Healthcare added 58,000 jobs in January. Job growth occurred in ambulatory healthcare services (+30,000), nursing and residential care facilities (+17,000), and hospitals (+11,000).

Employment in retail trade rose by 30,000 in January, following little net growth in 2022 (an average of +7,000 per month).

Construction added 25,000 jobs in January, reflecting an employment gain in specialty trade contractors (+22,000).

In January, transportation and warehousing added 23,000 jobs, the same as the industry's average monthly gain in 2022.

The full Bureau of Labor Statistics report can be downloaded here:

Manufacturing employment continued to trend up in January (+19,000) but was slower than 2022, when manufacturing added an average of 33,000 jobs per month.

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; information; financial activities; and other services.

“Companies must constantly rethink how they approach the changing external talent market. They need to look into other industries, consider hidden talent sources, look at skillsets versus simple resume check marks, consider deployment of contract and interim professionals and beef-up the often overlooked on-boarding process. Welcome to the new normal,” noted Halverson.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup

'SHIFT February Report - Trending Topics in the World of Work_

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Our February issue of SHIFT examines what's important to today's C-suite; uncovers optimism about the future among business leaders; tracks job cuts in corporate America; and reviews a recent book on managing workplace burnout.

What's important to the C-suite - how leaders are turning strategy in action in 2023

Today’s executives face an unprecedented level of economic and geopolitical volatility. Despite concerns about the impact of these macroeconomic conditions on their businesses, many remain confident they can achieve their growth goals, according to a recent study conducted by PwC. It will take an agile, collaborative approach to do so, it concludes, based not on traditional three-year plans, but as financial circumstances evolve over the next 12 to 18 months.

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Business leaders optimistic about the future

A survey conducted by Chase also found that businesses are remarkably optimistic. Decision-makers makers were polled at more than 1,000 businesses with annual revenues spanning $100,000 to $20 million across key industries, including restaurant, retail, construction and professional services. Results of the survey reveal that businesses feel more resilient as they march forward into 2023. Their confidence, in large part, is based on the realization that committed employees and supportive communities are critical to their survival in difficult social and economic times.

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Tech firms, Wall Street lead job cuts in corporate America

Despite optimism about the future, big tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn, according to an article published by Reuters. Rapid interest rate hikes, weak consumer demand and an economic slowdown in China have forced firms such as Amazon, Walt Disney, Facebook-owner Meta and American banks to trim their workforces.

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Dealing with workplace stress and burnout

A recently published book called The Burnout Challenge by Christina Maslach, co-creator of the widely used metric the Maslach Burnout Inventory, and organizational psychologist and consultant Michael P. Leiter advises on how to manage people’s relationships with their jobs. One of the authors’ key messages is that burnout should not be seen as a personal issue to be overcome by the individual through such means as obtaining therapy, engaging in relaxation techniques or changing jobs. Instead, they say that it is a workplace issue that needs to be managed like anything else.

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The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

#thetrevigroup