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Four in 10 workers (41%) say they would accept more paid vacation time in lieu of a pay raise if given the choice, according to surveys of 733 human resource managers and 2,062 employees.  While 70% of workers consider paid vacation time a right of employment, rather than a benefit, a significantly lower number of employers (58%) share that view. Additionally, more than one-third (39%) of workers consider their company’s paid vacation plan inferior to that of comparable industry competitors. These gaps underscore the critical connection between vacation time and job satisfaction, and the importance for employers and employees to find a mutually-beneficial compromise.

See full article at – http://www.prnewswire.com/news-releases/time-is-money-nearly-half-of-workers-would-take-extra-vacation-time-over-a-pay-raise-300497673.html

 

 

By 2025, PhRMA reports US Pharmaceutical jobs could be 60% vacant from a lack of effective education policies coupled with growing competition from other countries.  A robust STEM (science, technology, engineering and math) workforce is absolutely crucial to the future of the biopharmaceutical sector.

How has the US reached this point?

The Pharmaceutical industry is research intensive, and all aspects from R&D to manufacturing require highly-skilled workers. This shortage of skills will get worse as drug development gets more complicated.  US Government shoulders some blame by neglecting education in these areas, just as competitors including Australia and China have been ramping up their efforts. In 2016, China had 4.7 million recent STEM graduates, compared to just 568,000 in the US.

According to vice president of policy and research at PhRMA Anne Pritchett, there is a real danger the country’s pharmaceutical industry could fall behind its competitors if nothing changes: “Research and Development (R&D) intensive industries like ours could be located in any country. If we get to a point where the policies and the STEM workforce in another country outweigh what we have in the US, there’s a real fear that we will lose our competitive edge.”

Pritchett points to a few keys areas where US needs to be able to analyse the increasing amount of ‘Big Data’ in order to assess efficacy, safety, as well as, real world evidence in developing new medicines.

To access the full report and to learn about STEM education policies in the US, please follow link below:

http://www.pharmaceutical-technology.com/features/featureclosing-the-us-pharmaceutical-industrys-growing-skills-gap-5885395/

 

 

Everyone finds themselves in a rut in their career sooner or later.  Is it time for a new job?  Maybe a new career?  Here are some insights and questions one should ask oneself…  See today’s Fortune article: http://fortune.com/2017/06/21/dev-bootcamp-knowing-when-to-quit/

 

 

Dr. Lynch speaking at Leadership Hunterdon Graduation Class of 2017

Leadership Hunterdon Consulting Team (LHCT) recently released its findings regarding tech sector growth opportunities in Hunterdon County: “A Case and Framework for Tech Sector Growth in Hunterdon County” – see full report link below.

I had the privilege of speaking at the Graduation Dinner on behalf of, and as a graduate of, the Leadership Hunterdon Class 2017.

Overview:  The Leadership Hunterdon Consulting Team (LHCT) reviewed the feasibility of creating and growing a sustainable Tech Sector in Hunterdon County, as well as, strategies to attract technological resources and a high-tech workforce to the County.

The population in Hunterdon County is aging, while Millennials are moving out of the county due to a variety of reasons, including a lack of high-wage, quality jobs. LHCT believes there is a vast and immediate opportunity in the technology sector for the following reasons: (1) higher paying jobs, (2) attracts the younger generation, (3) a small physical footprint, and (4) crosses multiple sectors.

A Technological Center will have an immediate, positive impact on economic development within the County by creating new, high-wage jobs and a better way of life for those attracted to these jobs.  Nourishing a technology cluster in the county will encourage a younger, financially secure population to work, play, and live in the county. A small but growing tech sector already exists in the county, but has been disjointed and lacks networking and growth opportunities.  A concerted, dedicated effort to grow and sustain these existing tech companies and individuals is necessary.  Developing shared work spaces, for example, will help bring the technology and the minds driving it together by provide a platform for nascent technologies to “incubate.”

The LHCT concluded that the county is well-suited and ready to make this a reality and grow it with a long-term, multivariable effort to further develop and sustain this sector.

 

Click on image below to access the complete report and findings of the White Paper

 

There are many negative implications of a poor hire, but one not readily recognized is its impact on a company’s reputation, inside and out. The wrong hire can be viewed externally, as well as, internally as a red flag about a company.

Your Company’s Reputation

As the economy rebounds and competition for top performers intensifies, companies cannot afford to make the wrong hire, especially when trying to attract Millennials. Even a bad experience by a potential candidate, whether hired or not, can impact a company’s reputation. And in this day of social media, these situations can have instant & far-reaching effects on candidates, employees and a company’s workplace.

In an effort to avoid wrong hire, companies are beginning to pay greater attention to the candidate’s experience from the beginning of the hiring process. Companies that actively engage all parties in the process, tend to identify and attract the right candidates quickly, and therefore, hire the best talent. The recruiting firm needs to be part of this process from the beginning. The recruiting firm can bring an objective perspective, streamline the process, and in most cases, can bring best practices to their clients.

A well-developed and efficient hiring process, will keep everyone aligned throughout the process, and will allow the recruiter and the company to develop a positive relationship with the potential candidate built on mutual trust.

This will drastically decrease the probability of a wrong hire!

Please follow me on LinkedIn:  www.linkedin.com/in/presidentregionalpersonnel

 

Exactly eight years after the Great Recession ended, the U.S. job market has settled into a sweet spot of steadily solid growth,” according to AP (6/1, Boak).  AP added, “the 4.4 percent unemployment rate matches a decade low,” and, “many people who had stopped looking for jobs are coming off the sidelines to find them.” The article states that “all told, it’s evidence of an American economy that is running neither too hot nor too cold, with growth holding at a tepid but far from recessionary 2 percent annual rate.”

For complete article, visit http://www.startribune.com/us-job-market-looks-solid-8-years-after-recession-ended/425728393/

 

Have you ever made the wrong hire?

There are 3 significant, but sometimes intangible, issues to consider when hiring – time, money and morale. I will address time & money here, and morale in next article.

According to a recent Society for Human Resource Management’s (SHRM’s) Human Capital Benchmarking Report, it can cost up to $4,129 (cost-per-hire) to land a new employee. In the current economic times, however, companies can’t afford to miss out on great talent, and perhaps more importantly, make the wrong hire.

Time kills deals, and recruiting momentum is no different. Companies that drag out the process, usually can end up with less-then-perfect hires at higher prices. Sensing a prolonged hiring process, top performers will drop out of the pool within days or weeks, for example, thus reducing the quantity and quality within the talent pool. Only individuals with fewer options or little time to seek alternatives, will remain actively engaged in the process. And of those candidates who stay in the process, cost to hire them can increase substantially as a result of negotiating higher offers in order to outbid the competition.

By outsourcing recruiting to an experienced recruiting firm, a company can drastically improve the speed, reduce costs and drive successful hiring campaigns. Recruiting firms are faster and more efficient, in part, because they recruit every day. The best recruiting firms, however, must also stay on top of latest tools & techniques. And finally, they must stay abreast of the changing needs of their clients, as well as, the daily shifts in the marketplace of top talent.

James F. Lynch PhD, MBA, CSP
President