Career 01 (Sep 08 - Mar 10)

Career 01 (Sep 08 - Mar 10)

Postby ishak » Sat Sep 06, 2008 3:29 pm

Worried About Your Job? What Sectors Are at Risk, 04 Sep 2008

As the U.S. labor market continues to tighten, it's no wonder that more Americans are worried about their job security.

A recent survey by Rutgers University found that 15 percent expected layoffs at their company over the next 12 months, while fully one-third feared they might be dismissed.

The unemployment rate, which jumped to 5.7 percent in July, a four-year high, is expected to climb even more when the government reports on August jobs this Friday.

"With layoffs mounting and spreading out from just the financial services and housing sectors into other parts of the economy—and as workers see that their own companies reporting poor third quarter results—apprehension about their own jobs is increasing," says John Challenger, chief executive for Chicago-based outplacement consulting firm Challenger, Gray & Christmas.

So how safe is your job? That depends on multiple factors, including the industry you're in, your employer's financial picture, how much you're valued by your boss and the length of time you've been employed by your company.

There are, however, certain sectors that are more vulnerable than others. Here's a snapshot of some of them.


If your job is even loosely related to real estate, particularly residential, you've no doubt experienced a rough ride since the housing bubble burst. And you can expect more of the same in the months ahead.

Indeed, the housing recession is single-handedly responsible for sending the credit markets into crisis following an unprecedented run up in home prices between 2001 and 2005.

As such, employers engaged in everything from construction to development to mortgage lending to real estate sales are experiencing widespread layoffs.

Construction companies alone have shed 557,000 jobs since its September 2006 peak, with nearly three quarters of that decline occurring since October 2007, the Labor Department reports.


The outlook is equally grim for those employed in the financial services sector, including investment bankers, mortgage brokers, loan processors, stock traders, analysts and bank tellers.

Analysts at Celent, a financial research firm, predicted in April that the U.S. commercial banking industry, which includes most companies that lend or collect deposits, would shed a staggering 200,000 of its 2 million jobs over the next 18 months, due largely to subprime lending pains.

Economic weakness and Wall Street losses, of course, have also led to significant layoffs among many of the nation's leading investment banks.

As of late July, the number of announced job cuts in the financial sector had already topped 100,000 for 2008, on track to easily outpace last year's job cuts of 153,000, Challenger Gray & Christmas reports.

By comparison, financial firms shed roughly 50,000 jobs each year during 2006 and 2005.


You're in the hot seat if you work in entertainment or hospitality, as well, industries that have watched their profit margins shrink as consumers keep a tighter reign on discretionary spending.

Hotel managers and staff, chefs and waitresses, and anyone engaged in the travel services industry, including travel agents, all facing a challenging year ahead.

White collar workers—like managers and clerks—and those in food services are all being increasingly affected, says John Schmitt, senior economist for the Center for Economic and Policy Research.

In July alone, the latest month for which data are available, Challenger Gray & Christmas reports job cuts in the entertainment and leisure industry totaled nearly 11,000 nationwide.


High-end specialty stores, online retailers and big box discounters across the country are also cutting staff—largely targeting store managers—in a bid to reduce costs as the soaring price of gas and groceries forces consumers to pare back spending.

"The retail industry is at risk because consumers are hit so hard with higher mortgages and gas prices, says Challenger. "It's going to be a tough season on retailers. We expect to see more losses in this area later this year."

Since its peak in March 2007, employment in the retail trade is down by 211,000 jobs, the Labor Department reports.


Business consultants and temporary employees
are having a tough time of their own finding work as the economic downturn wears on.

The same is true for accountants and corporate lawyers, many of whom have been forced to lower their hourly rates.

Professional employer organizations, which provide outsourcing of payroll, workers' compensation, human resources and employee benefit administration, are also cutting back.

Between January and July of 2008, the Labor Department notes employment in temporary help services alone declined by 185,000.

Computer systems designers and those engaged in information technology, however, appear to be better positioned.


It may comprise a smaller percentage of the labor force, but the manufacturing sector is still putting up big layoff numbers.

The Labor Department reports manufacturing companies have shed some 383,000 jobs over the last 12 months, largely from companies engaged in transportation equipment, wood products, and textile mills.

In its most recent report of extended mass layoffs, the government also notes the manufacturing industry accounted for 22 percent of private nonfarm extended layoffs (with separations lasting at least 31 days) in the second quarter of 2008, up from 20 percent a year earlier.


Record fuel prices are taking a heavy toll on profits at most airlines, as well, with many smaller carriers closing down or filing for bankruptcy protection, including Frontier Airlines and ATA Airlines.

Layoffs have been across the board, from pilots, to stewards to baggage handlers
, and some analysts predict the pace of job cutting could pick up, particularly among larger U.S. carriers, during the second half of 2008.

So far this year, Challenge Gray & Christmas reports job losses in the airline industry have reached 7,594, though it notes job cuts will likely fall well short of the record level seen in 2001, following Sept. 11, when airline companies laid off nearly 106,000 workers.


Though tied to the manufacturing sector, the auto industry is worth calling out.

So far this year, the nation leading automakers have reduced their ranks by nearly 10,000 employees, according to Challenger, Grey & Christmas, with many more being announced by motor vehicle and parts dealers.

"This is a tough area for the economy right now," says Challenger. "People aren't buying cars, particularly sports utility vehicles, and there are a lot of job cuts going on among auto workers and engineers."


It doesn't always come down to occupation, of course.

When times get tight in the public and private sector, layoffs are often dictated by seniority.

"Younger workers and people returning to labor force after an extended absence [including mothers who took time off to raise their kids] are much closer to the forces of the labor market," says Schmitt. "Once you're in a job for a length of time, particularly if it's a big corporation, you're a little more insulated. It's the new people who are right there in the gale force winds and don't have as much protection."


Those who earn the least in our economy are also more vulnerable to economic pressures regardless of whether they lose their job.

"Anyone in the bottom half or third of the wage distribution really gets affected, not just because they are more likely to be laid off but because rising unemployment puts a lot of pressure on the wages and benefits of those who keep their job," says Schmitt.

Such jobs include cooks, janitors, child-care workers, laborers and freight workers, packers, cafeteria workers, cleaners, cashiers and food preparation workers.

When times were good, from 1996 through 2000, low wage service workers held all the bargaining chips, demanding higher pay and better benefits.

These days, the tables have turned.

"Those who lose their jobs are obviously affected, but those who remain will not be getting pay raises and inflation will just keep ticking along [reducing their real income]," says Schmitt, who predicts employers will start shifting the burden of rising healthcare premiums along to employees. "We're already starting to see that happening."


A recent congressional study found that during the 2001 recession, women not only lost jobs disproportionately, but never saw their employment rates recover to their pre-recession peak.

The report shows that the female employment rate in 2008 is about 6 percentage points below where it should be today had the trend line between 1948 and 2000 continued.

"Because women are disproportionately represented in state and local government services, their job losses are likely to grow in the latter part of the recession as state and local governments are forced to implement cut-backs in spending in areas that women are disproportionately employed, such as education and health care," an executive summary of the study notes.


Of course, just because you're in a vulnerable sector, doesn't mean you're going to lose your job.

The best way to insulate your job against recession is to ensure your boss is well aware of your accomplishments and the expertise you bring to the table.

If the layoff writing is on the wall, however, it's time to get your resume up to date.

"Recognize that you are a free agent," says Challenger. "Sometimes it's better to make a proactive move than a reactive search after you've been laid off. If you feel your risk is going up at your current company, you might consider another position."
You have to learn the rules of the game. And then you have to play better than anyone else.
- Albert Einstein
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Re: Global Economic Data & News

Postby millionairemind » Sat Sep 06, 2008 8:36 pm

Ishak - My question after reading the above article is.. which jobs are not at risk other than that of funeral director and tax collector??? :? :? :o :mrgreen:
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Global Economic Data & News

Postby blid2def » Sat Sep 06, 2008 9:42 pm

Teachers, nurses, law enforcement officers, private investigators, etc?
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Re: Global Economic Data & News

Postby ishak » Sun Sep 07, 2008 12:18 am

grandrake wrote:Teachers, nurses, law enforcement officers, private investigators, etc?

Adding on, civil servants, IT professionals, hawkers, electricians, plumbers.

You have to learn the rules of the game. And then you have to play better than anyone else.
- Albert Einstein
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Postby sidney » Wed Sep 10, 2008 1:21 am

What should i do? I have no clue. Why am i in this job. Sianzzzz.

Brainless, really brainless. Damn chaotic and politic. Tomolo play plank take MC. Mondae must clear leave for long weekend!
If u dun like, quit lor. I feel like puking working for him.
So easy meh, no need feed myself, car, house huh.

Common right? Slowly i accept my less than ideal job, abet for the temporary. Simple reasons:
1) Money. for living dae to dae
2) Independence. (at my age) no more cash hand out from dad. Govt treat me better financially. lol
3) Usefulness. Contribute to GDP lor
4) Temporary. Boss knew my useless life span is up till i grad and ta-ta. (provided i wasn't sack b4 i golden hand shake)
5) Credentials. Need to prove my tenacity to work in target oriented financial environment.
6) Milking. A good son. How to prove? Give money lor.
7) Challenge. I can walk away anytime. But then unless i hold onto the end, i can't discover my limit-break and ability to tahan stress.
8) Sleep. I still sleep well dispite all the "da pian". Although on sundaes i flip on-off bed many times.
9) Politics. I grow up faster in envirnoment i work in. By seeing, observing them.
10) Leadership. I learnt as a men; how they looked up to a boss. I learnt alot.
11) Women. Vases comes in all shape, colors and sizes
12) Friendship. Whenever i go, i find them everywhere.
13) Gossip corner. Seldom gossip. But i do trade infos. lol
14) Acceptance. Just do it. LPPL

Hope i can last in my co....
Last edited by sidney on Wed Sep 10, 2008 9:02 pm, edited 1 time in total.
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Re: Career advice

Postby kennynah » Wed Sep 10, 2008 3:06 am

your title says, "career advice"

i got lost somewhere in your above u wana rephrase your specific advice u are looking for here ?
Options Strategies & Discussions .(Trading Discipline : The Science of Constantly Acting on Knowledge Consistently - kennynah).Investment Strategies & Ideas

Image..................................................................<A fool gives full vent to his anger, but a wise man keeps himself under control-Proverbs 29:11>.................................................................Image
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Re: Career advice (a reminder for myself)

Postby sidney » Wed Sep 10, 2008 9:04 pm

I hereby proclaimed "retitling" due to lack of clarity. Paisay, last nite very tired.. lol

Oh i do need advice too.
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Re: Career

Postby winston » Fri Sep 19, 2008 7:50 pm

Talents and Abilities Don't Mean Much By Bob Cox

When I was young, my teachers, friends, and family always commented on my natural gifts. I had charm, intellect, athletic skills, and (what a surprise!) little or no modesty. Their words were reinforced by my good grades, awards, and trophies. So I decided that I was one of the "chosen few." The sun was always going to shine on me.

As I finished high school and started college, I partied with my friends and studied less.... things I thought I could do since I was a gifted "chosen one." Meanwhile, my contemporaries began to have more success than I was able to sustain. If I was really as smart and clever as I thought I was, I would have figured out immediately that talent and natural abilities are only two ingredients for success. Sadly, it took me several years.

The thing is, there's no real difference between you and me and the guy on the bus. All of us have the chance to screw up big time - or make it big. Sure, someone else might have more natural talents than you. And someone with fewer talents might have more money or power. That's because success isn't a matter of who's the most talented. It depends on how hard you work and how well you master the simple skills it takes to climb the ladder.

We all have to stretch ourselves and grow regardless of whatever natural talents and skills we possess. Hard work, the willingness to learn, and the ability to form relationships - those are the ingredients that really count.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Career

Postby winston » Tue Sep 23, 2008 9:32 am

ATTITUDE -- The Power of Positive in the Workplace - By Mary Jane (MJ) Paris

• Did you know that 75% of employees are unhappy in their current job?

• Have you ever thought about how your attitude affects…

• Personality and work performance?

• Your employees, your customers, your relationships and your work environment?

• Workforce diversity, career success, and teamwork?

• Bottom-line results?

It all starts with attitude! A positive attitude is a priceless possession for personal fulfillment and career success. It is also an essential element for creating a positive workplace. It’s what really matters…
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Career

Postby winston » Tue Sep 23, 2008 9:42 am

Synergy Creates Energy

Living by comparison is fatal vision, for always there will be those who appear better off and worse off than ourselves at any given moment in time.

In truth, there is no such distinction as superior and subordinate. We all have unique talents that will blossom and flourish when nurtured.

In past decades, there was a more "look out for number one" and "don't bring in people who might want your job" style of
leadership. You generally would hire those people who would do as they were told and who wouldn't challenge your ideas
or authority. This type of thinking led to bulging bureaucracies and mediocre middle management that accomplished little.

This mind-set also created a scarcity mentality that there wasn't enough to go around: so don't share ideas, don't
brainstorm with others who might steal your concepts, and above all, don't help your coworkers or employees succeed.
We have seen that this approach clearly will not work in the global marketplace of the knowledge age.

Today the challenge is to establish networks, strategic alliances, synergistic relationships, and ad hoc teams to solve problems and help everyone accomplish their goals. You now look for those people who are not satisfied with the status quo, who are striving for excellence and have talents and abilities that you don't.

This requires that you "check your ego at the door" and that you don't get intimidated by others who may have different
talents or strengths than you do. This is what synergy is all about. As we value the differences and look at truly working together, one plus one really can equal three or even more.

This week, focus on "working with others" rather than "competing against others."

-- Denis Waitley
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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