06Jun

Optimism is growing that the worst of the pandemic business retrenchment is over and that job growth may be just around the corner.

The Conference Board last week said its Employment Trends Index increased in January for the ninth consecutive month.

At the same time, Chief Executive released its latest poll of chief executive officers showing their confidence in future business conditions continues to grow. It is now where it was in February last year, just before the global business shutdown. Out of a possible 10 points, the 300+ CEOs scored their optimism about business conditions in the coming months at 7.1, a 2-year high.

In addition, Chief Executive reported that “A growing number of business leaders now forecast growth in revenues and capital expenditures as well. Meanwhile, they rated their confidence in current business conditions ‘good,’ at 6.2 out of 10.”

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The Conference Board’s Employment Index and its Leading Economic Index, released late last month, are both on an upswing, if a slow and uneven one. The LEI increased by 0.3% in December after improving by a more robust 0.9% in October and 0.7% in November.

“The US LEI’s slowing pace of increase in December suggests that US economic growth continues to moderate in the first quarter of 2021,” said Ataman Ozyildirim, senior director of economic research at The Conference Board.”Improvements in the US LEI were very broad-based among the leading indicators, except for rising initial claims for unemployment insurance and a mixed consumer outlook on business and economic conditions.”

The improvement in the Employment Trends Index has been far steadier and quicker. The index came in at 99.27 in January, a small .72 point improvement over December but a significant improvement from last spring when the index was just over 70. Still, the index is 10% lower than it was a year ago.

The Employment Trends Index is a leading composite index for employment, meaning it is an early indicator pointing to future job growth. “Turning points in the index indicate that a turning point in employment is about to occur in the coming months,” says The Conference Board. “The Employment Trends Index aggregates eight leading indicators of employment, each of which has proven accurate in its own area.”

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One of these, the number of workers employed by the staffing industry, has been a primary driver of improvement in the index, says Gad Levanon, head of The Conference Board Labor Markets Institute. “The Employment Trends Index has been increasing in recent months, with the largest contributing component being the number of jobs in the temporary help industry.”

According to data from the Bureau of Labor Statistics, there were 2.95 million workers employed by the staffing industry at the beginning of 2020. Following the government ordered COVID shutdown, the number dropped to 1.95 million in April. Now, the latest BLS report says the staffing industry employed 2.7 million in January.

Though Levanon cautions we should expect some uncertainty around job growth due to the risk of the emerging COVID variants, by spring he says, “We expect strong job growth to resume and continue throughout the remainder of the year.”

Photo by Corey Agopian on Unsplash

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The Six Stages of Career Growth

Although there is no definite path in any career, many professional journeys follow a distinct course that leads to success. In fact, Gary Burnison, CEO of consulting firm Korn Ferry, believes there are six notable stages of any given career. Through every step, professional development requires a few key strategies to guarantee upward growth.  

The Follower 

The ability to network and stay connected generally reins the most important. Remaining a good contact allows you to keep doors open in future endeavors, should you ever need recommendations or referrals. This skillset is often taught in the first stage, which Burnison refers to as the Follower. Many of us in the working world experienced an internship or first job out of school, traditionally under the eyes of a supervisor. “You will never lead if you don’t know how to follow,” Burnison says. Arguably, this first stage is the most crucial, as it acts as the stepping stone to your future and allows you to begin building your network. 

The Collaborator  

This stage strengthens the skills you learned from your first job. Rather than taking direct orders from one singular person, you are working collaboratively with a group and banding together. In this job, you should be focusing on team building and the skills it takes to produce quality work with colleagues.  

The Instructor 

Learning to lead is an integral aspect of growing a career. Burnison claims there are two different types of jobs that will exceed your leadership skills: staff leadership and staff to line shifts. Staff leadership jobs “have the responsibility, but not the authority.” Basically, you are in charge of a team, but do not make final judgment calls. Staff to line shifts refer to jobs where there is a pre-determined result and managing larger projects.

The Manager 

This step speaks for itself. Burnison says, “Your skill set builds as you manage larger teams with bigger goals and objectives. You will need to motivate direct reports and learn how to manage them by giving objectives and goals, as well as the means to pursue and achieve them.” This is also commonly referred to as the Commitment Stage, as by this point in your career, you’ve likely netted out what type of work you want to do and can really focus on cultivating it from there. 

The Influencer 

Not to be confused with the modern take on the term “influencer,” this part of your career is when you start using your talents and experience to influence those working below you. It’s important for your colleagues to not only listen to you, but appreciate and learn from your presence.  

The Leader 

The final stage and what you’ve worked so long for. Leaders oversee large groups of people and inspire them to think differently, move forward, and perform their best. This doesn’t necessarily mean you are the CEO of a large corporation. According to Burnison, “Your biggest priority is to motivate people so that they can do and become more than even they thought possible.” 

The six stages are not concrete. Often, we might find we are moving laterally or working multiple jobs within one stage. There is no perfect way to climb the corporate ladder, but being aware of your own personal growth and the advantages of these steps is a sure way to better understand where you’re headed.

To find your next stage, check out our open roles today!