History in the Making

Ode to November 4th. Election Day in America is quite invigorating! The polls have record numbers of voters engaged in the democratic process. As for a round-up, for instance in various parts of Manhattan voters have waited on queue for over two hours. In remote areas of the country it’s significantly shorter but the point is this: anyone who is a citizen over the age of 18 is at the voting booths. Or they already submitted their absentee ballot.

The buzz is this: we’re ready. We, as Americans, realize the significance of this election and consequently, the economy. We’re excited. We’re ready. We. Want. Change.

Bear markets, bad timing

When the news broke several weeks ago that Bear Stearns was a sinking ship, well, there were some capitalists who wanted to create new opportunities for themselves.  For instance, one or two tacky New York real estate brokers decided to hang outside the building to network with people to sell their apartments and move out of Gotham.  For a company that held itself high in employee morale and loyalty, as it turns out some people who suffered from their misfortunes hadn’t even joined yet.

As for the backstory? Jobseekers at the college level. As companies go under, what happens to the college students who accepted job offers only to find themselves downsized before their actual job began? Such is a story in yesterday’s NY Times. Apparently the company, a robus employer on the undergraduate level, hired about 300 students for full-time jobs along with 300 summer interns.  When the 85 year-old company agreed to be acquired by JP Morgan, well, their fate was sealed in terms of which  side of the house they were going to join.  As for the equity division as in banking and fixed-income? Buh-bye.  Regarding energy, prime brokerage and merchant banking, well they’ll work for JP Morgan, the article says. 

Will impacted students become jobseekers once again and land on their feet? At some point soon for these bright college grads, the answer is yes. It is an unfortunate state of circumstances, not to mention the economy, that they’re experiencing being downsized and the turmoil prior to even stepping foot into the working world.

 

 

 

Chainless Jobs

The numbers were startling: as the NY Times referred to the US Jobs Report published last week the number of people who were unemployed for six months or more as of January was 1.38 million.

That’s 1.38 people. 1.38 people. Let’s repeat it one more time for impact: 1.38 million people.  Ironic this report was published as I was working on a piece for the 175 Best Jobs Not Behind a Desk. Some people may be grateful just to have a job but isn’t there always the silver lining to look forward to?

Without sounding myopic, immersed in a global economy opportunities are everywhere. You need to seek them out and think out of the time zone such as working remotely for an organization in Singapore or being flexible regarding your working hours.  When it comes to true job satisfaction other than simply being employed and snagging an “ideal” job, what really gets you going? Better yet, what constitutes  “ideal”?

Is it the job? The boss? The challenges, not to mention the salary? The perks (sure we all enjoy free office supplies every now and then) but as for me? This killer view of the Empire State Building and Chrysler Building of a sparkling skyline is reason enough.

While all these factors play into the bigger picture of job satisfaction when it comes to environment, where do you truly work best? For lack of a better word, are you chained to your desk and a slave to e-mail? Or are you out and about working “on location”?  Working off-site, remotely or is it consistently out of the box, er cubicle?

After interviewing the author of this book for my piece I couldn’t help but wonder. While some jobs are at a desk 24/7 and others are completely desk-free (think: nurses, construction managers, teachers), there are jobs in between. I guess the key here is finding a job you enjoy, one in which the environment equates to the sum of its parts.

Ooh la la, c’est cher!

Okay if you’re like me you’re reading the headlines on a daily basis. Check that – you’re devouring them. China’s economy is soaring as they prepare their country, not to mention their congested highways for the upcoming Olympics. The economy in the US, well let’s just say on this side of the pond it’s flatlining at the moment, and for other news well there’s a junior trader with a major issue.

The name?  Jérôme Kerviel. The place? France. The issue? $7 billion! How could one person instigate billions and billions in losses? How could one person cause such overwhelming damage to one company? I’ll give you the answer. Deception. Faux.  A fraud.

And this is what I don’t quite understand. If someone is that shrewd, that smart, and say it with me now – deceptive and manipulative, why not use that ability for good rather than evil?

Perhaps it’s myopic of me to say. Maybe in that business as a trader it’s an insurmountable high; a fallacy if you will as the stakes get higher so do the trades. Fictitious trade after fictitious trade, perhaps he needed to be micromanaged?  Apparently the fake trading increased in frequency and size therefore heating up the charts. My question is this: how will companies prevent this from happening again? What are the internal controls when a junior trader is mixing it up and hiding some trades and canceling others? Hmmm.

Is America for sale?

From China to the Middle East and back again, the American economy continues to weaken while, according to a features piece in today’s New York Times, other countries see this as valuable investment opportunities. 

According to the article last year foreign investors spent $414 billion into American companies, factories, and properties.  Think this is a new trend? Think again. The article continues: this was up 90 percent from the previous year and more than double the average for the last decade. 

While the foreign funds pouring into America has left many people wondering the status of the US economy in relation to the global economy as a whole, there’s no doubt the influx and interest of our neighbors to the north and south are on the rise as well.  Is it igniting the economy? Hmmm, not so sure.  Is it stimulating growth? The jury’s still out. One thing’s for sure: as the R word (shhhh – recession) continues to echoes among headlines one person – or rather, country’s – situation is opportunity for growth in another.

Landing tomorrow’s hot jobs today

Every few years the U.S. Department of Labor’s Bureau of Labor Statistics creates a “Hot Jobs” report; that is, which areas of the economy they forecast to be thriving with careers to match. As I researched the topic a few weeks ago and noticed a heavy emphasis on the service sector, it was certainly apparent that baby boomers are driving the workforce. 

According to BLS, the civilian labor force is projected to increase to 164.2 million throughout the year 2016.  The increase may be attributed to an aging population which is continuing to work and delay the retirement age. Plus, this particular generation has an affinity towards living the “good life.”  As such, there’s a surge in the hospitality, recreation, and leisure fields. 

As for other areas of growth?  Health care, education, information systems, trade, government opportunities, and financial opportunities. So as people decide this will be the year to make a change for the better and explore new career opportunities, one may simply conclude now is the time! For the job strategist at heart, not only are they following their passion and skillset, they’re also reviewing the BLS list for areas with the most growth and security.

http://www.bls.gov/oco/oco2003.htm