Video: What Motivates Us to Work? Constant Progress and Sense of Purpose, Not Money or Joy.

What motivates us to work? Contrary to conventional wisdom, it isn’t just money. But it’s not exactly joy either. It seems that most of us thrive by making constant progress and feeling a sense of purpose. Behavioral economist Dan Ariely presents two eye-opening experiments that reveal our unexpected and nuanced attitudes toward meaning in our work.

It’s become increasingly obvious that the dismal science of economics is not as firmly grounded in actual behavior as was once supposed. In “Predictably Irrational,” Dan Ariely tells us why. Continue Reading

Despite 500,000 Leaving Employment Market, Job Openings Surge by 300,000

Last week’s employment report was quite disappointing as only 88,000 net jobs were created. The unemployment dropped from 7.8 to 7.7 percent, but the reason was that some 500,000 people left the labor force. If you’re not employed and not looking for employment then you aren’t counted in the ranks of the unemployed. Some of those who left the workforce came from the increasing number of Baby Boomers reaching retirement age but pretty clearly many came from those who would prefer to be working but gave up their search after reaching the conclusion that it was fruitless.

Today, the U.S. Bureau of Labor Statistics issued a report that should provide some comfort to those who are still looking for work as well as those who stopped but may re-start their search. According to the BLS, there were 3.9 million job openings on the last business day of February, up from 3.6 million in January, the U.S. Bureau of Labor Statistics reported today. The hires rate (3.3 percent) and separations rate (3.1 percent) were little changed in February. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by geographic region. Continue Reading

Only 88,000 New Jobs Added in March; Economists Predicted 200,000

A cynic might say that the news out of Washington, D.C. is rarely good but today that cynic would be correct. The U.S. Department of Labor released its monthly employment report today and the news was quite disappointing. The U.S. economy added only 88,000, nonfarm jobs in March. Economists had predicted an increase of 200,000. The biggest loser? Retail. In related news, fewer people started looking for work during the month so the number of unemployed people hardly moved (now 11.7 million) and the unemployment rate fell but only slightly from 7.7 to 7.6 percent.

Household Survey Data

Among the major worker groups, the unemployment rates for adult men (6.9 percent), adult women (7.0 percent), teenagers (24.2 percent), whites (6.7 percent), blacks (13.3 percent), and Hispanics (9.2 percent) showed little or no change in March. The jobless rate for Asians was 5.0 percent (not seasonally adjusted), little changed from a year earlier. Continue Reading

23% of Employers Plan to Hire Additional Workers in Q2

Matt Ferguson, CEO of Careerbuilder

Stable hiring is expected for the second quarter as U.S. employers continue to size up a market that is producing moderate economic growth, according to CareerBuilder’s latest job forecast. Twenty-six percent of employers plan to increase full-time, permanent headcount in the next three months, similar to projections for the previous two quarters, but trending below Q2 estimates last year.

The national survey, which was conducted online by Harris Interactive^© from February 11 to March 6, 2013, included more than 2,000 hiring managers and human resource professionals across industries and company sizes.

“The U.S. job market is in a better place today, but concerns over spending cuts, wavering global economies and other factors are weighing on employers’ minds,” said Matt Ferguson, CEO of CareerBuilder. “We expect continued stability and improvement as the year goes on. When we look at listings on CareerBuilder.com, job growth isn’t confined to technology and healthcare and other areas that have fared well post-recession. The rebound in the housing sector is having a positive influence on job creation for related industries that have been struggling.” Continue Reading

Increased Layoffs in Q1 Led by Retail, Government Woes

John Challenger of Challenger, Gray & Christmas

The nation’s employers reported job cuts totaling 49,255 in March, a decline of 11 percent from the 55,356 cuts announced in February, according to the latest report on downsizing activity released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.  Despite the decline, quarterly job cuts reached their highest level since 2011.

March job cuts were 30 percent higher than a year ago, when employers announced plans to shed 37,880 workers from their payrolls.  This marks the second consecutive month and the fourth time in the last six months that the job-cut total was higher than the year-ago figure.

Employers have now announced 145,041 job cuts through the first three months of 2013.  That 5.6 percent higher than the previous quarter’s 137,361 job cuts and 1.4 percent higher than the 143,094 job cuts announced in the first quarter of 2012.  The first-quarter total is, in fact, the highest quarterly tally since 233,258 job cuts were tracked in the third quarter of 2011. Continue Reading

Private Sector Employment Increased 158,000 in March

Mark Zandi, chief economist of Moody’s Analytics

Another good month of employment reports, this time from ADP and Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. Revisions to job gains in the two prior months were offsetting; February’s gain of 198,000 jobs was revised up by 39,000 to 237,000, and January’s 215,000 gain was revised down by 38,000 to 177,000.

Goods-producing employment rose by 7,000 jobs in March, its slowest pace of growth in six months. Construction added no net jobs over the month; this follows average monthly gains of 29,000 in the three months prior. Meanwhile, manufacturers added 6,000 jobs.  Continue Reading

80% of Job Openings Are Unadvertised

Photo courtesy of Shutterstock

I was recently quoted by the Wall Street Journal as saying that 80 percent of job openings are unadvertised. Several people have contacted me to ask where I got that number. Some believe that only 70 percent of job openings are unadvertised. So where did I get 80 percent from?

As well stated on the Jobfully blog, the number bounces around a bit year-to-year and even month-to-month depending upon the state of the labor market and is indirectly reported by the U.S. Bureau of Labor Statistics in their monthly Job Openings and Labor Turnover Survey (JOLTS). The survey reports these numbers: Continue Reading

32% of Employers Hiring College Grads for Jobs Once Reserved for High School Grads

Brent Rasmussen of Careerbuilder

Need another reason to stay in school after high school and get a degree from a one-, two-, or four-year college or university?

A recent survey illustrates just how important higher education has become to employers in virtually every industry. Employers have historically looked for educated labor to fill high skill positions but now more and more report that they’re also demanding post-secondary degrees from candidates who wish to fill lower skill jobs as well. Thirty-two percent of hiring managers and human resource professionals said they are hiring more employees with college degrees for positions that were historically held by high school graduates. While this trend is most prevalent among financial services organizations, it spans across various industries: Continue Reading

1.8 Million 2013 Four-Year College Grads Entering Improving Job Market

John Challenger of Challenger, Gray & Christmas

With college seniors around the nation returning to their respective campuses following spring break recess, many will undoubtedly turn their attention to their impending graduation and the search for their first post-collegiate job.  A new analysis of the entry-level job market estimates that while the job market continues to strengthen for college graduates, the environment remains highly competitive, which may force some to pursue unexpected career paths.

In its annual college graduate job-market outlook, global outplacement consultancy Challenger, Gray & Christmas, Inc. says this year’s crop of 1.8 million bachelor’s degree recipients will be able to take advantage of the 36 consecutive months of private-sector employment growth that has occurred since the jobs recovery began in earnest in March 2010.

“Job creation has been slow, but it has been steady.  Over the past 14 months, private payrolls have grown by an average of 190,000 new workers per month.  There are a growing number of opportunities for job seekers, but the search definitely requires an aggressive approach.  This is especially true for new graduates, who are likely to have less real-world experience to point to in job interviews,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. Continue Reading

69% of Students Highly or Very Highly Stressed by College Admissions

Stressed student photo courtesy of Shutterstock

This is a very stressful time of the year for high school seniors and others who are waiting to hear back from the admissions offices of colleges and universities. Although some top students received “you’ve been accepted” letters months ago from schools with rolling admissions policies, most students are still waiting to hear from most schools. And the wait can be agonizing.

According to The Princeton Review’s 2013 “College Hopes & Worries Survey” – an annual poll of college applicants and parents of applicants – stress levels are high and worries about college costs are higher than ever.  Eighty-nine percent of survey respondents this year say financial aid will be “very” necessary to pay for college and within that cohort 66 percent say “extremely” necessary (a five percent increase over 2012).  Nonetheless, 100 percent of the respondents believe college will be “worth it” and 51 percent see a “potentially better job / higher income” as the main benefit of the diploma. Other findings were: Continue Reading