Regardless of economic conditions, there is one constant in the workplace: CEO salaries keep going UP. A study published earlier this year by Thomas A. DiPrete, Greg Eirich and Matthew Pittinsky puts much of the blame on the practice of compensation benchmarking.
Standard practice in American corporations, benchmarking is a process used by compensation committees to compare peer groups of executives at similar organizations in order to establish a "fair" market salary for their CEOs. However, it seems that each year a few CEOs "leapfrog" their peers by getting large increases in compensation that have little to do with the financial performance of their organizations. Their unjustified raises are used by other firms in subsequent benchmarks. Gradually, the study concludes, executive pay is ratcheted up for everyone through a 'contagion effect.' According to DiPrete:
"We show that rising CEO pay is not simply a function of what individual companies do, but is influenced by the behavior of leapfroggers at other firms."
Using procedures laid out in reward management handbooks the researchers reconstructed likely peer groups for CEOs listed in Standard and Poor's annual compensation surveys. Then they looked for evidence of leapfrogging in those likely peer groups over time. They found that leapfrogging could explain around half the overall increase in CEO pay from 1992 to 2006.
Previously, the debate on the causes of ever-increasing CEO pay had mainly fallen into two groups:
CEOs were overpaid because of failures in corporate governance at individual organizations.
CEOs were paid what they deserved on the basis of profits they delivered to shareholders in a "superstar" job market.
The researchers say that their findings broaden the debate as unjustified increases for a few CEOs can lead to "legitimate" salary increases for others. They write that 'the linkages among firms produced by the benchmarking process guarantee that firm-level governance failure becomes a factor in the environment of other firms.'
After the Enron and WorldCom scandals inf the early 2000s, the Securities and Exchange Commission changed its rules to require corporations to disclose benchmarking information. The research team state that they are 'now using the new data mandated by the SEC to better understand how the network structure of peer groups affects executive pay setting in American corporations.'
DiPrete added:
"Whether the SEC regulatory change reduces the ratcheting effect of leapfrogging on CEO pay - creating more transparency about who is in the peer group and at what level the company is benchmarking - is an important question for future research" says
Powerful CEOs pay employees more
Research on perceptions of fairness in executive pay and how CEO over- or underpayment cascades down to lower organizational levels was published in the September/October 2006 issue of Organization Science. The study looked at data from over 120 firms over a five-year period. Authors James Wade, professor at Rutgers University, Charles O'Reilly, professor at Stanford's Graduate School of Business, and Timothy Pollock at Pennsylvania State University's Smeal College of Business, used techniques of operations research (OR) in their analysis.
Key findings include:
CEO overpayment has higher costs than previously realized. It has been argued that even if a CEO is overpaid, a large company can easily absorb the cost. However, the study found that CEO pay has direct consequences for compensation at lower employee levels. The effects of CEO overpayment cascade down to subordinates at diminishing degrees. For example, where one CEO was overpaid by 64 per cent, individuals at Level 2 (chief operating officer, chief finance officer, etc.) were overpaid by 26 per cent, while individuals at Level 5 (division general managers) were overpaid by 12 per cent. The cumulative effect of this systemic overpayment impacts on overall organizational performance and shareholder value.
Charles O'Reilly commented:
"Given the large sums paid to some senior executives, the total cost for overpayment could be a big number - and, in some cases, significantly affect shareholder returns."
CEO pay impacts subordinate turnover. The study found that CEOs serve as a key reference point for employees in determining whether their own pay is fair. If the CEO is overpaid, subordinates are more likely to leave. The turnover effect becomes more pronounced the farther away you get from CEO level. Even if an employee is overpaid relative to the market, they will have a greater propensity to leave if their CEO is overpaid by a larger percentage than they are.
James Wade said:
"CEO compensation impacts employee retention more than we realized. Our research found that CEO overpayment is related to turnover, which can have important long-term consequences. It is quite possible that those most likely to leave because of perceived unfairness are precisely those employees coming up in the organization that would eventually rise to the top management team level."
CEO underpayment also cascades. The study found that CEO underpayment tends to get cascaded through an organization, with multiplying effects. If the CEO is underpaid more than you are, you are less likely to leave, but if the CEO is underpaid less than you are, you are more likely to leave. As James Wade put it, "underpaying a CEO could reduce turnover if subordinates are underpaid less than the CEO is underpaid."
Notions of fairness are powerful. The study found that CEOs tend to be concerned with the perception of fairness. If the CEO is paid generously, they will typically use their influence to pay others generously as well. And, if they are seen as being underpaid, that will also have an effect.
Timothy Pollock commented:
"Our research shows evidence that CEOs are concerned with fairness, and that they are likelier to share rewards than they are to share burdens. But this can be expensive and has the potential to hurt a firm's bench strength if the rewards aren't fully shared."
Powerful CEOs pay employees more. CEOs who also serve as chairman of the board tend to pay their employees more. This effect is more pronounced at higher levels, but diminishes at lowers levels. The effect disappeared at Level 5 (division general managers), but was strong at Levels 2 - 4 (the top management team through the junior vice president ranks).
From HRMGuide.com
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Tuesday, December 28, 2010
Wednesday, December 22, 2010
Top 5 industries for salary growth in 2011 in Australia
If you’re looking for a well-paid job in 2011, you might like to consider jobs in the resources, professional services or construction, property and engineering industries. According to recruiting experts Hays, these are the industries where the greatest salary increases are likely to be given in 2011. According to Hays, the top five industries for salary growth in 2011 will be:
Resources, oil and gas: “To say this industry is on the verge of a boom is an understatement,” says Grahame Doyle, Director of Hays. “An abundance of new projects is fuelling vacancy activity, yet demand is so great, and the shortage of skills so acute, that output could be hampered unless appropriate skills are secured. Headhunting and counter offers are therefore becoming more lucrative and we expect salaries to leap ahead as employers attempt to avoid the bite of the skills shortage.
“While salaries in the resources industry have a history of being very competitive, we would advise against assuming they will again reach the peak we saw around 2005. Following the recent downturn, employers are looking at a range of strategies – not just salaries – to overcome the skills shortage. So any candidate that demands too much is likely to find themselves missing out on the top opportunities – skills shortage or not.”
Professional Services: “Accountants and lawyers head the list of professional services skills in demand,” says Grahame. “Not only are businesses seeking staff to repopulate their headcount and to meet the growing demand for their services, but they are also now focusing on recruiting future leaders for their business. They want skilled professionals who can come into the business and up-skill current teams, add value and drive commercial decision-making to increase revenue and performance.
“Consequently the top talent are finding themselves in an enviable position as their skills and experience is courted. This will naturally drive salaries up.”
Construction, Property & Engineering: “Competition rose steadily in Australia’s construction, property and engineering industry in 2010 and many employers are now under pressure to secure key talent as projects pick up,” he said. “Tender work is rising and there are major construction projects now coming on line which require skilled professionals.
“Yet an element of caution remains, which will keep salaries from inflating too far. Building the Education Revolution projects will wind up over the year, impacting the demand for site and project management positions in particular. Instead, demand for such skills as Contract Administrators, Estimators, Quantity Surveyors, Rail Engineers and Civil and Structural Engineers will rise. The shortage of these professionals as well as rising competition from the resources sector will see salaries rise for those with skills in demand. Turnover will be a casualty of this trend as employees move to where they can get the most money.”
Financial Services: “Upward salary trends are also expected in the financial services industry, which in 2010 saw recruitment activity surge,” Grahame said. “All of the banks are hiring and confidence is not only good, but it is also consistent across the board. Candidates are securing their next career step and this natural attrition is a healthy indication of an active and strong market. New positions are being created, employers want to hear about suitable candidates as soon as they enter the market, and departing staff are being replaced immediately.
“In response to increased demand, remuneration pressure is already evident. Employers are also taking steps to improve working environments, their employment brand and to broaden the required skills sets.”
Manufacturing: “Mid-2010 saw Australia’s manufacturing market shift from candidate rich to candidate tight. As manufacturing started to ramp up, businesses that were lean at the middle management level began recruiting management and engineering professionals to drive increased productivity and continuous improvement. Demand also rose for Technical Engineers, Electronics Engineers, Project Managers and in Maintenance Trades.”
“The outlook in terms of salaries in 2011 is very positive as a result of the tightening candidate market, particularly in those companies supplying products to the resources, building construction and food and beverage industries.”
Grahame has this final advice: “Despite these expectations, employees in these industries shouldn’t expect an automatic salary increase. Employers will look at your results and the value you add to the company. Productivity is critical to the extent of the salary or raise you can expect,” he said.
Resources, oil and gas: “To say this industry is on the verge of a boom is an understatement,” says Grahame Doyle, Director of Hays. “An abundance of new projects is fuelling vacancy activity, yet demand is so great, and the shortage of skills so acute, that output could be hampered unless appropriate skills are secured. Headhunting and counter offers are therefore becoming more lucrative and we expect salaries to leap ahead as employers attempt to avoid the bite of the skills shortage.
“While salaries in the resources industry have a history of being very competitive, we would advise against assuming they will again reach the peak we saw around 2005. Following the recent downturn, employers are looking at a range of strategies – not just salaries – to overcome the skills shortage. So any candidate that demands too much is likely to find themselves missing out on the top opportunities – skills shortage or not.”
Professional Services: “Accountants and lawyers head the list of professional services skills in demand,” says Grahame. “Not only are businesses seeking staff to repopulate their headcount and to meet the growing demand for their services, but they are also now focusing on recruiting future leaders for their business. They want skilled professionals who can come into the business and up-skill current teams, add value and drive commercial decision-making to increase revenue and performance.
“Consequently the top talent are finding themselves in an enviable position as their skills and experience is courted. This will naturally drive salaries up.”
Construction, Property & Engineering: “Competition rose steadily in Australia’s construction, property and engineering industry in 2010 and many employers are now under pressure to secure key talent as projects pick up,” he said. “Tender work is rising and there are major construction projects now coming on line which require skilled professionals.
“Yet an element of caution remains, which will keep salaries from inflating too far. Building the Education Revolution projects will wind up over the year, impacting the demand for site and project management positions in particular. Instead, demand for such skills as Contract Administrators, Estimators, Quantity Surveyors, Rail Engineers and Civil and Structural Engineers will rise. The shortage of these professionals as well as rising competition from the resources sector will see salaries rise for those with skills in demand. Turnover will be a casualty of this trend as employees move to where they can get the most money.”
Financial Services: “Upward salary trends are also expected in the financial services industry, which in 2010 saw recruitment activity surge,” Grahame said. “All of the banks are hiring and confidence is not only good, but it is also consistent across the board. Candidates are securing their next career step and this natural attrition is a healthy indication of an active and strong market. New positions are being created, employers want to hear about suitable candidates as soon as they enter the market, and departing staff are being replaced immediately.
“In response to increased demand, remuneration pressure is already evident. Employers are also taking steps to improve working environments, their employment brand and to broaden the required skills sets.”
Manufacturing: “Mid-2010 saw Australia’s manufacturing market shift from candidate rich to candidate tight. As manufacturing started to ramp up, businesses that were lean at the middle management level began recruiting management and engineering professionals to drive increased productivity and continuous improvement. Demand also rose for Technical Engineers, Electronics Engineers, Project Managers and in Maintenance Trades.”
“The outlook in terms of salaries in 2011 is very positive as a result of the tightening candidate market, particularly in those companies supplying products to the resources, building construction and food and beverage industries.”
Grahame has this final advice: “Despite these expectations, employees in these industries shouldn’t expect an automatic salary increase. Employers will look at your results and the value you add to the company. Productivity is critical to the extent of the salary or raise you can expect,” he said.
Tuesday, December 21, 2010
Recruitment Market Highlights a Need to Train Good Salespeople
Demand for salespeople is increasing. Market trends appear to indicate that companies have been reluctant to recruit salespeople – not true! There has been a period of consolidation where companies have been more concerned with salary cost rather than quality. Our experience shows that trend is changing.
SalesMatch Sales Director, Spencer Davies says “Over the recent months we have seen a 15 per cent rise in salaries, highlighting the demand for better quality salespeople.”
However this trend re-emphasises the need for companies to recruit skilled sales people, outside of their industry. This theory is prominent in traditional recruitment, and therefore the market has been forced to look at lower quality salespeople. The solution is quite clear: recruit salespeople who have the sales skills. If they are selected correctly, then simple industry training is a cost effective long term recruitment solution.
We use sales behavioural profiling to match candidates by their sales skills. The sales profile highlights a candidate’s key sales skills and matches them to their natural environment or job role. We provide high quality salespeople who have the right selling skills to do the job.
Industry knowledge can be taught, however personal characteristics are unique to each candidate. Matching candidates by sales skills rather than based on just their industry knowledge, provides a company with a candidate who can sell successfully.
SalesMatch Sales Director, Spencer Davies says “Over the recent months we have seen a 15 per cent rise in salaries, highlighting the demand for better quality salespeople.”
However this trend re-emphasises the need for companies to recruit skilled sales people, outside of their industry. This theory is prominent in traditional recruitment, and therefore the market has been forced to look at lower quality salespeople. The solution is quite clear: recruit salespeople who have the sales skills. If they are selected correctly, then simple industry training is a cost effective long term recruitment solution.
We use sales behavioural profiling to match candidates by their sales skills. The sales profile highlights a candidate’s key sales skills and matches them to their natural environment or job role. We provide high quality salespeople who have the right selling skills to do the job.
Industry knowledge can be taught, however personal characteristics are unique to each candidate. Matching candidates by sales skills rather than based on just their industry knowledge, provides a company with a candidate who can sell successfully.
Thursday, December 16, 2010
Singapore executive salaries set to rise
Singapore - Following a year of no salary increases, Singapore companies will be affording their senior executives an increase in line with cost-of-living expenses (between 3-3.75%), demonstrating an improvement in the local economic outlook.
This was revealed in Mercer's latest Asia Executive Remuneration Snapshot Survey, released yesterday. Thirty-one Singapore companies participated in the survey.
According to Noel Teotico, senior consultant with Mercer's Human Capital business, Singapore companies are choosing to increase salaries now as the economy is picking up and individuals are now becoming more open to seeking new career opportunities. These two factors have led to an increase in demand for talent leading to an increase in pressure on executive pay levels.
"In addition, companies may have made cuts to their executive salaries over the past year. Now with the economy looking up, companies are looking to have these restored," he adds,
However, Singapore executives still lag behind their India and China counterparts when it comes to pay increases. In India, where the highest salary increases of the year are being reported, organisation heads and his or her direct reports can expect a 10% raise. Second-level reports are expected to receive 12%.
While in China, direct and second-level reports can expect to receive a 5% raise, while organisation heads will receive only 1.5%.
Teotico says Singapore's lower salary increase is due to several factors. "Some Singapore companies tend to be more conservative, as our economy relies greatly on the region and beyond. India, on the other hand, has a strong domestic economy and can be more confident about resumed demand brought about by economic recovery."
Teotico adds that the pay increases also reflect changes in cost of living, and the rate of inflation in Singapore has been lower compared to other parts of the world. "Finally, pay increases reflect talent supply and demand, and in India's case specifically, the substantial executive pay increases could be reflective of a general talent shortage in India."
By: Lisa Cheong
This was revealed in Mercer's latest Asia Executive Remuneration Snapshot Survey, released yesterday. Thirty-one Singapore companies participated in the survey.
According to Noel Teotico, senior consultant with Mercer's Human Capital business, Singapore companies are choosing to increase salaries now as the economy is picking up and individuals are now becoming more open to seeking new career opportunities. These two factors have led to an increase in demand for talent leading to an increase in pressure on executive pay levels.
"In addition, companies may have made cuts to their executive salaries over the past year. Now with the economy looking up, companies are looking to have these restored," he adds,
However, Singapore executives still lag behind their India and China counterparts when it comes to pay increases. In India, where the highest salary increases of the year are being reported, organisation heads and his or her direct reports can expect a 10% raise. Second-level reports are expected to receive 12%.
While in China, direct and second-level reports can expect to receive a 5% raise, while organisation heads will receive only 1.5%.
Teotico says Singapore's lower salary increase is due to several factors. "Some Singapore companies tend to be more conservative, as our economy relies greatly on the region and beyond. India, on the other hand, has a strong domestic economy and can be more confident about resumed demand brought about by economic recovery."
Teotico adds that the pay increases also reflect changes in cost of living, and the rate of inflation in Singapore has been lower compared to other parts of the world. "Finally, pay increases reflect talent supply and demand, and in India's case specifically, the substantial executive pay increases could be reflective of a general talent shortage in India."
By: Lisa Cheong
Tuesday, December 14, 2010
UK names nine electric cars eligible for subsidy
LONDON (Reuters) - The government on Tuesday revealed the first nine electric vehicles that will be eligible for their purchasers to receive subsidies of up to 5,000 pounds under a plan to promote low-carbon transport.
Under the scheme, the government has pledged 43 million pounds until the end of March 2012 to help British motorists shift to low-carbon vehicles.
They will receive up to 5,000 pounds towards the purchase of a low-carbon car from January 2011 to the end of March 2012.
Subsequently, the level of the grant will be reviewed according to vehicle cost and the development of the market.
Eligible vehicles are Mitsubishi's iMiEV, Daimler's smart fortwo electric drive, Peugeot's iON, Citroen's CZero, the Nissan Leaf, the Tata Vista electric vehicle; the Toyota Prius Plug-in, Vauxhall's Ampera and General Motors' Chevrolet Volt.
The government said it will announce more eligible cars next year.
"The British public has in the past shown it's ready to embrace new technology and take practical steps to adopt a lifestyle kinder to the environment, so we could really be at the start of something big," transport secretary Philip Hammond said in a statement. Five regions -- the Midlands, Greater Manchester, east England, Scotland and Northern Ireland -- have successfully bid for a share of a 20 million pound fund to install local charging points for electric vehicles, the government added.
Reporting by Nina Chestney
Under the scheme, the government has pledged 43 million pounds until the end of March 2012 to help British motorists shift to low-carbon vehicles.
They will receive up to 5,000 pounds towards the purchase of a low-carbon car from January 2011 to the end of March 2012.
Subsequently, the level of the grant will be reviewed according to vehicle cost and the development of the market.
Eligible vehicles are Mitsubishi's iMiEV, Daimler's smart fortwo electric drive, Peugeot's iON, Citroen's CZero, the Nissan Leaf, the Tata Vista electric vehicle; the Toyota Prius Plug-in, Vauxhall's Ampera and General Motors' Chevrolet Volt.
The government said it will announce more eligible cars next year.
"The British public has in the past shown it's ready to embrace new technology and take practical steps to adopt a lifestyle kinder to the environment, so we could really be at the start of something big," transport secretary Philip Hammond said in a statement. Five regions -- the Midlands, Greater Manchester, east England, Scotland and Northern Ireland -- have successfully bid for a share of a 20 million pound fund to install local charging points for electric vehicles, the government added.
Reporting by Nina Chestney
Monday, December 13, 2010
Most IT professionals looking to jump ship in 2011
Most IT professionals are looking to jump ship next year, according to a survey from The IT Jobs Board.
Some 80% plan to look for a new job in 2011, while 59% said they were not loyal to their work, said the poll.
Of the 100 workers surveyed, 58% said their loyalty would improve if there was better corporate communication.
Alex Farrell, managing director of The IT Job Board, said employers ought to be alarmed by these findings.
"Clearly the survey highlights that companies need to improve their communication with staff and make them feel more valued. The UK IT skills shortage means the best talent will be snapped up, and potential new employers need to stand out and show the benefits of working for them."
Of the 41% who said they were loyal to their work, nearly half said it was because they were working on exciting projects, with the rest attributing their commitment to getting on well with their teams.
By Kathleen Hall
Some 80% plan to look for a new job in 2011, while 59% said they were not loyal to their work, said the poll.
Of the 100 workers surveyed, 58% said their loyalty would improve if there was better corporate communication.
Alex Farrell, managing director of The IT Job Board, said employers ought to be alarmed by these findings.
"Clearly the survey highlights that companies need to improve their communication with staff and make them feel more valued. The UK IT skills shortage means the best talent will be snapped up, and potential new employers need to stand out and show the benefits of working for them."
Of the 41% who said they were loyal to their work, nearly half said it was because they were working on exciting projects, with the rest attributing their commitment to getting on well with their teams.
By Kathleen Hall
Thursday, December 9, 2010
Global investment in renewables to total $1.7 trillion by 2020
More proactive government policies could generate an extra $546bn of investment in clean energy, report finds
A solar panel manufactured at Chint Solar in Hangzhou, Zhejiang province. China last year became the world’s biggest investor in clean energy.
Current policies among the world's richest 20 nations will result in $546bn (£348bn) less being invested in clean energy by 2020 than is needed to prevent dangerous climate change, according to a new report.
The report also predicts that the UK will become a much more significant investor in green technology globally, increasing its spending by 260% over the next decade. But despite this boost to renewable energy and other green industries, the authors believe that India will nudge ahead of the UK into third place by 2020.
On a business-as-usual basis, $1.7 trillion (£1.08tn) would be invested globally in renewables like solar and wind, biomass and other low-carbon forms of electricity generation over the next decade.
According to a report carried out by Bloomberg New Energy Finance for Pew Charitable Trusts, this would still be $546bn short of the investment which more proactive government policies on climate change by the G20 countries would bring about globally. "Enhanced" policies such as fixing a price on carbon and tough restrictions on power stations' emissions are seen as key to restricting a rise in temperatures to no more than 2C.
The report shows how much money Asian countries – particularly China and India – are expected to pour into clean energy regardless of what policies are adopted. Under the "enhanced policy scenario", China, which last year became the world's biggest investor in clean energy, is expected to triple spending over the next decade to over $90bn (£57bn) per year by 2020, with more than half going on wind power. Chinese spending is forecast to be almost twice that of the second biggest spender, the US. Mature markets where renewables have enjoyed significant investment for some time, such as Germany, are expected to see investment levels decline over the decade.
The UK is set to keep up with soaring investment, having traditionally lagged its continental counterparts despite its ample wind and marine energy potential. Stronger government support has belatedly kick-started investment in green technology, catapulting the UK to the world's third biggest spender on renewable energy last year thanks to a surge in financing for North Sea offshore windfarms. Under the enhanced policy scenario, annual investment could grow by 260% by 2020 according to the report, with a total of $134bn being spent over the decade and $22bn in the year 2020.
Even so, the UK will be overtaken by India by 2020, which was ranked 10th last year but is forecast to rise to third by the end of the decade, behind China and the US, making it the world's faster growing spender. The UK would be pushed back to fourth place in all three scenarios – based on existing policies, implementing pledges committed to at the Copenhagen summit last year and enhanced policies.
A solar panel manufactured at Chint Solar in Hangzhou, Zhejiang province. China last year became the world’s biggest investor in clean energy.
Current policies among the world's richest 20 nations will result in $546bn (£348bn) less being invested in clean energy by 2020 than is needed to prevent dangerous climate change, according to a new report.
The report also predicts that the UK will become a much more significant investor in green technology globally, increasing its spending by 260% over the next decade. But despite this boost to renewable energy and other green industries, the authors believe that India will nudge ahead of the UK into third place by 2020.
On a business-as-usual basis, $1.7 trillion (£1.08tn) would be invested globally in renewables like solar and wind, biomass and other low-carbon forms of electricity generation over the next decade.
According to a report carried out by Bloomberg New Energy Finance for Pew Charitable Trusts, this would still be $546bn short of the investment which more proactive government policies on climate change by the G20 countries would bring about globally. "Enhanced" policies such as fixing a price on carbon and tough restrictions on power stations' emissions are seen as key to restricting a rise in temperatures to no more than 2C.
The report shows how much money Asian countries – particularly China and India – are expected to pour into clean energy regardless of what policies are adopted. Under the "enhanced policy scenario", China, which last year became the world's biggest investor in clean energy, is expected to triple spending over the next decade to over $90bn (£57bn) per year by 2020, with more than half going on wind power. Chinese spending is forecast to be almost twice that of the second biggest spender, the US. Mature markets where renewables have enjoyed significant investment for some time, such as Germany, are expected to see investment levels decline over the decade.
The UK is set to keep up with soaring investment, having traditionally lagged its continental counterparts despite its ample wind and marine energy potential. Stronger government support has belatedly kick-started investment in green technology, catapulting the UK to the world's third biggest spender on renewable energy last year thanks to a surge in financing for North Sea offshore windfarms. Under the enhanced policy scenario, annual investment could grow by 260% by 2020 according to the report, with a total of $134bn being spent over the decade and $22bn in the year 2020.
Even so, the UK will be overtaken by India by 2020, which was ranked 10th last year but is forecast to rise to third by the end of the decade, behind China and the US, making it the world's faster growing spender. The UK would be pushed back to fourth place in all three scenarios – based on existing policies, implementing pledges committed to at the Copenhagen summit last year and enhanced policies.
Wednesday, December 8, 2010
Rosy jobs market ahead across most of the globe
The new Manpower Employment Outlook Survey indicates that Hong Kong employers are growing increasingly more optimistic, and that in the first quarter of 2011 job seekers may benefit from a more active hiring pace.
After seasonal variations are removed from the survey data, Hong Kong’s Net Employment Outlook stands at a respectable +21%. Employer hiring intentions improve both quarter-on-quarter and year-on-year by four and seven percentage points, respectively.
While 21% of the 809 employers surveyed expect to add employees over the next three months only one percent predicted reducing staffing levels. 74% of the survey respondents anticipate no employment changes over the next quarter.
“The survey results show that employment prospects have continued to improve steadily each quarter since the second quarter of 2009. In addition, GDP growth, which expanded briskly by 6.8 per cent in the third quarter of 2010, has helped strengthen the job market, pushing down the latest unemployment rate to 4.2 per cent, the lowest since Q4 2008,” Lancy Chui, Managing Director of Manpower Hong Kong, Macau and Vietnam Operations, said.
Employers in all six industry sectors anticipate positive hiring activity in Q1 2011. The most optimistic hiring intentions are reported by employers in the Services sector, with a solid outlook of +26%. The Services sector outlook improves four percentage points over the last quarter and one percentage point over the same quarter last year.
“Consumer enthusiasm in the luxury products or services, and the remarkably strong 9.6 percent expansion of China’s GDP in the third quarter of 2010 are likely to continue benefiting Hong Kong’s tourism and its related industry sectors in the coming months,” Chiu said. “Deep-pocketed mainlanders continue to boost the demand for workers in this sector.”
“As for the Retail Trade sector, despite an obvious turnaround to the positive, Hong Kong retailers continue to endure some of the world’s most expensive retail space and the scarcity of prime units continues to push rental increases accordingly. This is an ongoing cost consideration and another factor that may impact employers’ ability to hire,” explained Chui.
Job seekers are likely to encounter a favourable hiring climate, according to employers in the Wholesale & Retail Trade (+17%) industry sector, it is 10 percentage points stronger year-over-year.
Manufacturing employers report a hopeful Outlook at +17%, with the strongest forecast since Q3 2008, representing an improvement of 5 and 10 percentage points both quarter-over-quarter and year-over-year.
“A slower external trading environment and softer consumer demand from the U.S. and Europe have impacted the Manufacturing sector. We expect to encounter additional challenges with worker shortages, rising wages and competition from other low-cost regions all combining to further weaken hiring confidence in the Manufacturing sector,” explained Chui.
Hiring expectations in the Finance, Insurance & Real Estate sector also strengthened. Employers report a respectable outlook of +24% — a moderate increase of six and seven percentage points respectively over last quarter and the same quarter this time last year.
“Going forward, we can continue see employment prospects in a generally positive light, particularly in the Accounting, Banking and Services sectors where we observe growing demand for talent with specific skill sets in wealth management, accounting and audit, and telemarketing and frontline sales with superb customer services skills,” Chui said.
Globally, nearly 64,000 employers in 32 of the 39 countries and territories surveyed expect positive hiring activity in the first quarter of 2011. Forecasts are strongest in India, China, Taiwan, Brazil, Turkey and Singapore. In contrast, employers in Greece, the Czech Republic, Austria, Ireland, Spain and Romania report the weakest and only negative forecasts globally.
After seasonal variations are removed from the survey data, Hong Kong’s Net Employment Outlook stands at a respectable +21%. Employer hiring intentions improve both quarter-on-quarter and year-on-year by four and seven percentage points, respectively.
While 21% of the 809 employers surveyed expect to add employees over the next three months only one percent predicted reducing staffing levels. 74% of the survey respondents anticipate no employment changes over the next quarter.
“The survey results show that employment prospects have continued to improve steadily each quarter since the second quarter of 2009. In addition, GDP growth, which expanded briskly by 6.8 per cent in the third quarter of 2010, has helped strengthen the job market, pushing down the latest unemployment rate to 4.2 per cent, the lowest since Q4 2008,” Lancy Chui, Managing Director of Manpower Hong Kong, Macau and Vietnam Operations, said.
Employers in all six industry sectors anticipate positive hiring activity in Q1 2011. The most optimistic hiring intentions are reported by employers in the Services sector, with a solid outlook of +26%. The Services sector outlook improves four percentage points over the last quarter and one percentage point over the same quarter last year.
“Consumer enthusiasm in the luxury products or services, and the remarkably strong 9.6 percent expansion of China’s GDP in the third quarter of 2010 are likely to continue benefiting Hong Kong’s tourism and its related industry sectors in the coming months,” Chiu said. “Deep-pocketed mainlanders continue to boost the demand for workers in this sector.”
“As for the Retail Trade sector, despite an obvious turnaround to the positive, Hong Kong retailers continue to endure some of the world’s most expensive retail space and the scarcity of prime units continues to push rental increases accordingly. This is an ongoing cost consideration and another factor that may impact employers’ ability to hire,” explained Chui.
Job seekers are likely to encounter a favourable hiring climate, according to employers in the Wholesale & Retail Trade (+17%) industry sector, it is 10 percentage points stronger year-over-year.
Manufacturing employers report a hopeful Outlook at +17%, with the strongest forecast since Q3 2008, representing an improvement of 5 and 10 percentage points both quarter-over-quarter and year-over-year.
“A slower external trading environment and softer consumer demand from the U.S. and Europe have impacted the Manufacturing sector. We expect to encounter additional challenges with worker shortages, rising wages and competition from other low-cost regions all combining to further weaken hiring confidence in the Manufacturing sector,” explained Chui.
Hiring expectations in the Finance, Insurance & Real Estate sector also strengthened. Employers report a respectable outlook of +24% — a moderate increase of six and seven percentage points respectively over last quarter and the same quarter this time last year.
“Going forward, we can continue see employment prospects in a generally positive light, particularly in the Accounting, Banking and Services sectors where we observe growing demand for talent with specific skill sets in wealth management, accounting and audit, and telemarketing and frontline sales with superb customer services skills,” Chui said.
Globally, nearly 64,000 employers in 32 of the 39 countries and territories surveyed expect positive hiring activity in the first quarter of 2011. Forecasts are strongest in India, China, Taiwan, Brazil, Turkey and Singapore. In contrast, employers in Greece, the Czech Republic, Austria, Ireland, Spain and Romania report the weakest and only negative forecasts globally.
Tuesday, December 7, 2010
UK to challenge EU pregnancy directive
The UK government is challenging the pregnant workers directive put forth by the European Parliament in October.
The directive makes it compulsory for businesses to provide 20 weeks of maternity leave at full pay.
According to news website, politics.co.uk, Employment Minister, Ed Davey is heading to Brussels to lobby other member states to reject this proposal.
The Minister claims that this plan would be extremely costly for businesses as well as the public.
Government figures show that currently, the standard rate of maternity pay is at £124.88, with lower income families benefiting the most.
If the directive were to be imposed, it will cost the UK an estimated £2 billion, which the country cannot afford, say Ministers.
Currently, the government is planning on introducing a shared parental leave system, after it has been through public consultation.
The directive makes it compulsory for businesses to provide 20 weeks of maternity leave at full pay.
According to news website, politics.co.uk, Employment Minister, Ed Davey is heading to Brussels to lobby other member states to reject this proposal.
The Minister claims that this plan would be extremely costly for businesses as well as the public.
Government figures show that currently, the standard rate of maternity pay is at £124.88, with lower income families benefiting the most.
If the directive were to be imposed, it will cost the UK an estimated £2 billion, which the country cannot afford, say Ministers.
Currently, the government is planning on introducing a shared parental leave system, after it has been through public consultation.
Monday, December 6, 2010
Over a quarter of businesses to increase staff during 2011, says PricewaterhouseCoopers survey
Just 16% said they would shrink next year, compared to 43% surveyed about their expectations for 2010 at this time last year.
Just over half of respondents said filling skills shortages was their biggest concern for the forthcoming year, with "global mobility" and employment laws also surfacing as key worries for 2011.
Michael Rendell, head of HR services at PwC, said: "We expect demand to be particularly high among services, technology and manufacturing industries.
"The loyalty of many workers will have been severely tested during the last two years, and will be challenged further as the job market picks up. Identifying how best to reward and motivate these individuals should be the top priority, and will remain challenging, given pay constraints in many businesses."
Michael Rendell, head of HR services at PwC, said: "We expect demand to be particularly high among services, technology and manufacturing industries.
"The loyalty of many workers will have been severely tested during the last two years, and will be challenged further as the job market picks up. Identifying how best to reward and motivate these individuals should be the top priority, and will remain challenging, given pay constraints in many businesses."
28% of businesses say they will increase staff numbers next year, according to a survey by PricewaterhouseCoopers, with 15% of these saying the increase will be significant.
By Joe Williams
Friday, December 3, 2010
Rebound in Executive Job Creation Reveals Corporate Growth Plans
ExecuNet's benchmark Executive Job Creation Index (EJCI) held positive for an eleventh consecutive month in November as executive recruiters reported employers are encouraged by improving economic indicators and plan to create more management jobs over the next six months.
The number of employers expected to add executive jobs during that time topped those planning to eliminate or postpone filling top roles by 21 points, a 12-point gain from October and a signal that more companies will recruit executive talent to rebuild their management teams and realize their 2011 strategic growth objectives.
The number of employers expected to add executive jobs during that time topped those planning to eliminate or postpone filling top roles by 21 points, a 12-point gain from October and a signal that more companies will recruit executive talent to rebuild their management teams and realize their 2011 strategic growth objectives.
"ExecuNet's index is a recognized leading indicator of economic growth, and combined with positive GDP trend lines, increased consumer confidence and other favorable economic reports, it seems the tide is finally turning in favor of more significant executive hiring activity as companies prepare to tackle 2011 business priorities," says Mark Anderson, president and chief economist of ExecuNet.
"ExecuNet has seen a 30 percent gain in private executive job postings for the exclusive consideration of our members in the past month over November 2009. We continue to see high-tech and healthcare companies doing some of the most aggressive executive hiring," he added.
For example, one executive member just reported his relocation to Alaska where he accepted a new management role after two years of unemployment in Michigan, and another who made a fast transition to a new executive role after only seven weeks of membership. Executive recruiters who leverage ExecuNet's membership to develop candidates for executive search assignments have increased their outreach to members by 55 percent over the past year.
In November, executive recruiters were confident that the prospects for new management hiring activity will be positive, as 61 percent were confident or very confidence the executive employment market would improve over the next six months.
Posted By: Joseph Daniel McCool
Thursday, December 2, 2010
Managing HR in an economic downturn
Managing HR in an economic downturn
At the low point in the business cycle, most companies seek to cut employee costs. But what are the best approaches? And how can common mistakes be avoided?It is firstly important to take note of the bigger picture:
- Business cycles at a national (and international) level tend to operate in regular patterns. Economic growth wavers around a central trend line with a significant peak in the cycle every 5-7 years. There have been few periods in human history when the economy has actually shrunk - the most notable being the Great Depression of 1929-30. When economists talk about recession, they usually mean that GDP has fallen over a period of at least two consecutive quarters. But GDP changes can be deceptive and a contraction in an economy can arise simply because of a fall in tax receipts or due to the poor performance of a single sector - even though other sectors continue to grow.
- During business cycles, the average length of an expansion is normally three to four times longer than a sustained downturn. Expansions tend to last between 3 and 5 years, whilst downturns may only be as long as 12-15 months.
- The pattern of expansion and contraction in an individual firm may differ significantly from the business cycle as a whole. A great deal will depend upon the nature of the firm's business and whether it tends to do well or badly as the general economic climate changes. Manufacturers of capital equipment are, for instance, amongst the first to suffer at the outset of a general downturn, but maintenance companies may continue to flourish well into a recession as their customers seek to extend the lives of their existing capital equipment.
- Individual companies may also be subject to seasonal fluctuations that complicate (and sometimes mask) the underlying cyclical trends. It may, for instance, be very difficult to detect a genuine downturn in the tourist industry if it occurs immediately after the summer holiday period.
- Because expansion periods are much longer than contraction periods, each tends to induce quite different sets of behaviour amongst employers. The length of an upturn may lull managers into a condition of over-optimism about the future and companies frequently over-recruit during the latter stages of a period of expansion. At the beginning of a major downturn, however, it takes time for managers to adjust their horizons to a new state of austerity and recruitment often continues to take place even after the economic fundamentals have changed. The longer this misreading of circumstances occurs the sharper will be the reversal in behaviour when it comes.
- In the same way that a long period of business expansion generates over-optimism, the sharp nature of an economic downturn tends to generate an over-pessimistic reaction. Sudden declines in turnover and profitability may appear to have greater significance than normal events in a business cycle. Stock market speculation frequently compounds this problem as 'bear traders' persuade private investors to panic and share prices are depressed below their realistic levels. Thus companies generally offload more staff during downturns than they would if they took into account the nature of cyclical trends. This can lead to high quality staff being terminated simply because of a 'last in, first out' redundancy policy. The whole process is further exacerbated by bottom-line pressures to reassure shareholders that the business remains sound and that adequate dividends will still be paid.
- The increased costs of unnecessary recruitment and redundancy arising from the factors outlined above have a significant impact upon company profitability and future growth prospects. The process also takes up management resources that could otherwise be directed at more important operational issues.
The logic of downsizing
Every company needs to take periodic stock of its manpower and skills mix. Downturns act as a convenient imperative to optimise productivity and go back to basics. However, downsizing is a skill that HR managers have to relearn every four or five years and which they will usually have acquired through trial and error rather than formal training. It is not a subject that many managers contemplate with relish and therefore little shared knowledge has developed either within or between companies on the best way to carry it out.Guidelines for completing a successful downsizing exercise:
- It is rarely effective simply to issue cost-cutting targets and deadlines to departmental managers. Most will need help in carrying out the selection of jobs to be cut and many will prefer to apply a simple formula (such as last in, first out ) or will look to achieve short-term goals at the cost of the longer term interests of the organisation. In many countries (such as Germany) it is a legal obligation to select candidates for redundancy using objective criteria. These criteria may include personal factors such as family size and employability. Employers must also be careful not to discriminate on the basis of age, gender, marital status, disability, sexual orientation, race, ethnic origin, nationality or religion when applying selection criteria. In fact, disabled employees and those nearing retirement often enjoy a higher level of de facto job protection than other employees.
- Some cost savings may be achieved by cutting back on the use of temporary or agency workers, but this may not be practicable where cover is being provided for permanent staff on maternity or sick leave.
- If incentives are offered to managers for maximising cost savings, they should not be payable until at least twelve months after the cuts have be made and should also take into account any subsequent readjustment (re-recruitment) that occurs. This helps to prevent managers from taking too draconian an approach to downsizing and also encourages them to remain with the business to see their changes take effect.
- To the extent that the law allows, the starting point for any downsizing exercise should be a review of the existing organisation chart. A rationalisation project will be a good opportunity to flatten out the organisational hierarchy and remove narrow spans of control where, for example, just two or three people report into a managerial position.
Other prime targets are:
- Posts created by a desire for organisational symmetry or neatness ("they have one, so I want one too"). These include deputy posts, or status levels that always command an exclusive secretary/PA.
- Functions that could be readily outsourced, or carried out through a management buyout of the activity in question.
- Posts left over when a function has been outsourced. Why does the organisation need a residual department in this area?
- Tasks that are carried out on a full-time basis that might be more cost-effectively fulfilled through the creation of a part-time post. The full-time jobholder may not be able to be declared redundant, but they may be successfully redeployed.
- Tasks that were assigned a permanent staff member, but which could be conceived as a series of discrete projects and thus be carried out by someone on a fixed-term contract.
- Posts retained after the take-over or merger of another business, but which are now free from the constraints of 'transfer of undertakings' employment security rules.
- Areas where current functional boundaries are reducing effectiveness. For instance, the existence of technical support positions in sales departments when the tasks carried out could be more credibly and effectively performed by a shop floor engineer or production supervisor.
- In international enterprises, downsizing may also provide an opportunity to remove operations from countries where employment constraints have become too onerous. One example is France, where changes in employment protection legislation have made it very difficult to dismiss staff and working time restrictions coupled with the buying back of RTT time and greater employee demands for tax-free overtime payments has both increased employment costs and significantly reduced operational flexibility. Provided that any necessary works council consultation procedures are carried out to the letter of the law and PR repercussions are handled in a professional way, the rationalisation of international operations could prove to be a worthwhile longer-term investment and a useful focus for downsizing activities. For example: where the rationalisation concerns only sales staff, the problems of geography might be readily overcome by conducting sales visits on a short-term deployment basis from a sales office in an adjoining country.
Who should carry out the redundancy dismissals?
In many companies the roles of the HR function and/or corporate lawyers are restricted to advising line managers on the conduct of redundancy dismissals and handling the detailed administration of dismissals that have already been decided. This can give rise to problems as individual managers lapse into favouritism, ignore contractual clauses or seek to skirt round statutory obligations. They may not be able to judge when it is essential to involve internal counsel and their failure to do so will almost certainly result in a string of unnecessary litigation at a difficult and sensitive time for the business.The wisest approach is to make the downsizing process an area of joint accountability in which the HR adviser and/or corporate lawyer plays a central role. In addition to following appropriate legal procedures, it will also be important to ensure that:
- Termination interviews are conducted in a humane and responsible way.
- Information, consultation and codetermination procedures are carried out according to both national laws and practice and any applicable collective agreement (s).
- All affected individuals are aware of their statutory rights and any enhancements to statutory obligations that are provided through the company's redundancy policy.
- Policies are followed in a consistent way so that costly precedents and discriminatory decisions are avoided.
- Support is provided to assist redundant staff in coping with the transition and securing fresh employment.
- The timing of individual redundancy announcements does not undermine current projects.
- The redundancy programme has the minimum adverse impact upon the employee relations climate and does not damage overall morale in the company.
Postscript
With the arrival of every new task comes the question: Is it more cost-effective to achieve a desired goal through capital investment or through human labour?It has been shown by many academic analyses that capital is around four times more successful in generating value added than a purely human solution. Thus, as companies become more capital-intensive, it will be tempting for line managers to see the contribution of human labour as less valuable and more expendable. However, the true position is quite the reverse. The people who remain in a business are likely to be more important and progressively directed towards tasks which can only be effectively carried out through human interaction, whilst the skill levels of remaining staff will also rise over time.
Greater capital intensity reduces the scope for a business to solve problems arising from variations in the business cycle through short-term recruitment or redundancy programmes. Labour costs are already a relatively small proportion of total corporate costs in most utility and manufacturing businesses. The automation of service functions and the growth of self-scanning in multiple retailers will soon extend this growing inflexibility to all employers in the developed world. For this reason it is critical that companies learn to live with business cycles and take a longer-term strategic view about corporate costs - with a greater focus on managing suppliers and optimising capital assets.
By The Federation of European Employers
Wednesday, December 1, 2010
Get Your Career Back on Track - Top 10 Tips!
My name is Helen Roberts, a Career Development expert with 17 years experience in the industry. I’ve never seen a market quite like this one.
In today’s economic climate many people are ‘hurting’ like never before, financially & emotionally. We have record numbers unemployed across the length and breadth of the UK, US and Ireland. It is my passion to help as many people as I can, help themselves, move forward in their career.
Here are some top tips to help you through your career transition.
1) Think Positively! Easier said than done, I know! Try to look at this career transition as an opportunity for personal growth. Look at what you have achieved and prepare and get excited for the next chapter.
2) Know What You Want, Not What You Don’t Want! During my career I have worked with over 50,000 individuals, assisting them moving forward in the career. Most people know what they don’t want however are not clear on what they do want. If you’re not clear on what you want, how can you ever expect to achieve it? Take some time out and work out what it is you want and how you can create for yourself in the next chapter of your life.
3) Brainstorm & Have a Plan, A, Plan B & Plan C. Plan A should be the absolute ideal scenario for you, Plan B could be the stepping stone to get you closer to your ideal, Plan C again a stepping stone, the more options that you have in this current market, the more successful you will be.
4) Set Goals. Many people in life never set goals. If you don’t set goals how do you know where you’re heading? Get in to the habit of setting goals on a daily basis. Set short, medium, and long term goals. And feel the sense of achievement when you tick them off when you have achieved what you set out to do. Make sure you use the SMART tool to ensure you set goals effectively.
Specific – make sure you are clear on the goal set
Measurable – capable of being measured
Achievable – is it achievable
Realistic – be realistic, what’s realistic for you?
Time bound – always set a date on your goal, if you don’t reach it, set another date and make sure you do
* Write your goals down, and look at them often, be clear on what it is you setting out to achieve & why.
5) Make Job Hunting Your Full Time Job. Identify some key Recruitment partners to work with, aim to work with niche specialists in the locations you are considering. Register your CV online on Job Boards. Create a profile and actively use Linked In (there are 80 million people on that business networking portal) and other business networking portals. Make a list of everyone you have in your network and reach out to them and let them know you are looking.
6) Create a cutting edge; best practice CV that gets results. Make sure it is tailored to each job that you apply for. Access advertised and unadvertised jobs. When looking at jobs, be objective, make sure you shortlist your CV to the role appropriately. I would use this rule of thumb; if you can do 80% of the job outlined on the job profile apply for it, if it’s anything less, save yourself and the employer time.
7) Interviews - put in the preparation, if you fail to plan, you plan to fail. Champions are made in training. Use the job profile, company information & your CV as your road map for interview.
8) Personal Development. Use this time for personal growth. Many of us get so wrapped up in our career we sometimes forget about who we are and what we’re all about. We don’t give ourselves quiet time. Use this time to rediscover who you really are and what you really want. I would highly recommend you make time to read – check out The Law of Attraction (Esther & Gerry Hicks) or the movie The Secret based on the Law of Attraction, Think and Grow Rich by Napoleon Hill, 7 Habits of Highly Effective People by Stephen Covey, Rich Dad Poor Dad by Robert Kyosaki.
9) Get Happy! Be grateful for everything you have in your life. Spend time with people that make you happy. Do things that you love every single day, make that time. Play golf, go running, tennis, horse riding, cooking, movies, theatre, socializing whatever it is for you; build it in to your day.
10) Dare to Dream Again. When did you stop dreaming and why?
It is absolutely my passion to help as many people as I can, help themselves, move forward in their career. If we can be of any assistance to you now or in the future please feel free to get in touch.
Helen Roberts
Career Development Expert
0207 193 5885 London
01 442 9503 Dublin
In today’s economic climate many people are ‘hurting’ like never before, financially & emotionally. We have record numbers unemployed across the length and breadth of the UK, US and Ireland. It is my passion to help as many people as I can, help themselves, move forward in their career.
Here are some top tips to help you through your career transition.
1) Think Positively! Easier said than done, I know! Try to look at this career transition as an opportunity for personal growth. Look at what you have achieved and prepare and get excited for the next chapter.
2) Know What You Want, Not What You Don’t Want! During my career I have worked with over 50,000 individuals, assisting them moving forward in the career. Most people know what they don’t want however are not clear on what they do want. If you’re not clear on what you want, how can you ever expect to achieve it? Take some time out and work out what it is you want and how you can create for yourself in the next chapter of your life.
3) Brainstorm & Have a Plan, A, Plan B & Plan C. Plan A should be the absolute ideal scenario for you, Plan B could be the stepping stone to get you closer to your ideal, Plan C again a stepping stone, the more options that you have in this current market, the more successful you will be.
4) Set Goals. Many people in life never set goals. If you don’t set goals how do you know where you’re heading? Get in to the habit of setting goals on a daily basis. Set short, medium, and long term goals. And feel the sense of achievement when you tick them off when you have achieved what you set out to do. Make sure you use the SMART tool to ensure you set goals effectively.
Specific – make sure you are clear on the goal set
Measurable – capable of being measured
Achievable – is it achievable
Realistic – be realistic, what’s realistic for you?
Time bound – always set a date on your goal, if you don’t reach it, set another date and make sure you do
* Write your goals down, and look at them often, be clear on what it is you setting out to achieve & why.
5) Make Job Hunting Your Full Time Job. Identify some key Recruitment partners to work with, aim to work with niche specialists in the locations you are considering. Register your CV online on Job Boards. Create a profile and actively use Linked In (there are 80 million people on that business networking portal) and other business networking portals. Make a list of everyone you have in your network and reach out to them and let them know you are looking.
6) Create a cutting edge; best practice CV that gets results. Make sure it is tailored to each job that you apply for. Access advertised and unadvertised jobs. When looking at jobs, be objective, make sure you shortlist your CV to the role appropriately. I would use this rule of thumb; if you can do 80% of the job outlined on the job profile apply for it, if it’s anything less, save yourself and the employer time.
7) Interviews - put in the preparation, if you fail to plan, you plan to fail. Champions are made in training. Use the job profile, company information & your CV as your road map for interview.
8) Personal Development. Use this time for personal growth. Many of us get so wrapped up in our career we sometimes forget about who we are and what we’re all about. We don’t give ourselves quiet time. Use this time to rediscover who you really are and what you really want. I would highly recommend you make time to read – check out The Law of Attraction (Esther & Gerry Hicks) or the movie The Secret based on the Law of Attraction, Think and Grow Rich by Napoleon Hill, 7 Habits of Highly Effective People by Stephen Covey, Rich Dad Poor Dad by Robert Kyosaki.
9) Get Happy! Be grateful for everything you have in your life. Spend time with people that make you happy. Do things that you love every single day, make that time. Play golf, go running, tennis, horse riding, cooking, movies, theatre, socializing whatever it is for you; build it in to your day.
10) Dare to Dream Again. When did you stop dreaming and why?
It is absolutely my passion to help as many people as I can, help themselves, move forward in their career. If we can be of any assistance to you now or in the future please feel free to get in touch.
Helen Roberts
Career Development Expert
0207 193 5885 London
01 442 9503 Dublin
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