06Jun

There’s a reason so many inspirational quotes begin with the phrase, “It’s never too late to . . .” 

It’s never too late to fix something. It’s never too late to do what you love. It’s never too late to chase your dreams.  

There’s truth in each of these statements but especially when you consider them in the context of a career switch. Far too often, ages and life stages are regarded as barriers to new beginnings instead of opportunities to pursue growth in new industries or practice areas.  

“Many of us fall into a career and get swept along,” writes Janine Thomas in her latest piece for Welcome to the Jungle. The article features the perspectives of several middle-aged professionals who have successfully executed the dreaded mid-life career switch. Among those featured are Sarah King, an investment bank director-turned-physician’s assistant, and Julie Cook, who left her role at a media company to pursue software development. 

Their accounts demonstrate that the mid-life career switch is not actually a rare phenomenon. In fact, a survey conducted by Monster.com found that half of respondents aged 45 to 65 have switched careers at least twice. 

Of course, just because it’s common doesn’t mean it’s easy. A major career switch often comes with its own intellectual, financial, and psychological challenges. For King, the transition from bank director to physician’s assistant required an additional degree and the 70-hour work week that came with it. “I totally underestimated how much work it would be.” 

As Dr. Dawn Graham writes in Switchers: How Smart Professionals Change Careers – and Seize Success, “If you’re determined to make a switch, nothing will stand in your way.”  

Are you ready to clear the obstacles standing in the way of your dream career? Visit https://www.greenkeyllc.com/jobs/ to find the perfect industry, location, and job type for your mid-life career switch. 

IT Workers Saw Big Pay Bumps Last Year

Seven in ten IT professionals got raises last year, pushing the average base for non-managers to $83,500 and to $146,000 for those in senior positions.

The average percentage increase for non-managers, according to the 2020 IDG Insider Pro and Computerworld IT Salary Survey was 4.7%. Managers at all levels average between 4.2% and 4.3%.

Tech professionals with certain specialized skills saw increases in the double-digits. The report said security professionals averaged 11.2% and those in enterprise application integration got 11.3%.

The majority of respondents to the Insider Pro / Computerworld survey (55%) said the raises were standard annual increases; 20% attributed them to cost of living increases while 30% said the raise was tied to their job performance. Web developers, among the lowest paid of tech workers got an average 11.1% boost in their base pay last year. With bonus — $10,491 on average – their total compensation averages just shy of $70,000.

Contract workers too enjoyed pay hikes. Though the survey had only 102 responses from contractors, 92% said they got a bump. Salaried contractors reported earning a new annual base of $97,742. Those on an hourly contract are averaging $125 an hour.

According to the report, “CIOs took home the most flush paycheck — a total of $202,224 in total compensation, on average. CTOs pulled in an average of $192,561 annually while the mean pay for chief information security officers (CISOs) was $167,780.”

Considering the average pay increase for all private, non-farm workers last year was 3.1%, it’s no surprise the Insider Pro / Computerworld survey found 60% of IT professionals satisfied or very satisfied with their compensation.

Photo by Sigmund on Unsplash

[bdp_post_carousel]

Business Indicators, Staffing Hires Point to an Improving Economy

After falling in the first quarter to the lowest level since 2014, staffing employment came roaring back in the second quarter that ended June 30, adding almost 200,000 new temporary and contract workers to the US economy.

The numbers from the Labor Department released July 2 bear out the trend first seen in the weekly Staffing Index produced by the American Staffing Association. The Index, which tracks weekly changes in temporary and contract employment, began declining in early March as COVID-19 cases began rising. With businesses shutting down, idling millions of workers, the Index fell to a historic low.

But with the May 3rd Index update, the first signs of improvement began to show. Slowly , and, now more rapidly as businesses reopen, the Index is trending up.

Between May and June, the Index gained almost 9 percentage points. Meanwhile, all staffing agencies, including we here at Green Key Resources, added a total of 148,900 jobs during June. For the quarter, staffing agencies added 195,800 new contract and temporary jobs.

“The economy is not out of the woods yet. But the overall numbers are certainly encouraging,” says Green Key Resources Managing Partner Andrew Chayut.

“Temp and contract positions are a leading economic indicator,” he explained. “As businesses begin growing, they first bring on temporary workers. That’s what we’re seeing and it’s definitely a positive development.”

While the recovery is fragile, tied as it is to the spread of the coronavirus and government efforts to stop it, other economic indicators are all improving.

The Employment Trends Index from the non-profit business research group The Conference Board, was up by 8.3% in June. Hiring by staffing employment agencies was one of the two strongest contributors to the ETI, which is a composite of 8 labor market indicators.

The Conference Board’s other, closely watched economic indicators, were also up, some even more strongly. CEO Confidence for the quarter increased by 10%; Consumer Confidence was up 12.2%. The Board’s most recent Leading Economic Index was up 2.8% in May. June’s results are due to be released July 23.

Photo by AbsolutVision

[bdp_post_carousel]