dcr trendline march 2015

BE INTENTIONAL | PAGE 26

March! After a cold winter, it’s time to start fresh in the spring season. And there’s no better way to start than by learning about the latest trends in the non-employee workforce market. With thorough research and in-depth analysis of data, DCR TrendLine strives to give you a pulse of the staffing market. Our articles this month uncover trends in the industry, and provide you with hard, actionable information on non-employee workforce supply and demand.

The DCR National Temp Wage Index focuses on temporary worker wage rates, analyzing the usage of contingent workers and tracking related developments in the economy. This month, we examine job openings in the U.S., and the impact of this winter’s blizzards on the economy.

Over the past few years, freelancing has become a huge element in the workforce. We take a look at the freelancing landscape and the advantages it offers to workers.

In the previous issues of DCR TrendLine, we’ve published many articles about trends in recruiting and talent acquisition. This month we discuss some of the best practices in recruiting in a tightening labor market.

We’re excited to start a new global series focusing on the ASEAN region. This month, we examine the talent market in Singapore, looking specifically at job vacancies and salary trends.

Our industry highlight for March focuses on the financial industry. The DCR TrendLine Financial Activities Employment Index provides an overview of employment trends in the sector. We also discuss the employment situation in one of the largest financial markets – New York City – and discuss the job outlook and wages for financial analysts.

The latest employment report from the U.S. Bureau of Labor Statistics (BLS) drew attention from analysts and economists partly because of the highest wage growth reported in more than six years. Our article examines what’s trending with wages in the country over the past year.

There is no denying that big data has been one of the largest trends to emerge in the last few years. We take a look at things to watch for in the big data and analytics market. Keep an eye out for the section on staffing for big data positions.

Our feature article this month – “Be Intentional” - continues the topic of big data analytics. We discuss the importance of using data to make better decisions, and provide steps to get started on data-driven decision making.

The final article in this month’s edition looks at the most and least common jobs in the country. It might surprise you to find out which jobs have the highest levels of employment.

Ammu WarrierAmmu Warrier, President

“NOTE FROM THE EDITOR

INSIDE THIS ISSUE “Work is no longer work. It’s a series of projects. People are not looking for a job. They’re looking for a project.” ~Peter Sorgenfrei, CEO of Somewhere Collaborative Media

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Note from the Editor...............................................................................................................................................page 1DCR National Temp Wage Index.........................................................................................................................page 2The Freelancing Landscape..................................................................................................................................page 7Best Practices in Recruiting for 2015...............................................................................................................page 8Singapore: A Glance at the Talent Market.......................................................................................................page 11Industry Highlight: Financial Activities Index................................................................................................page 17What’s Trending with Wages?............................................................................................................................page 21Things to Watch in Big Data................................................................................................................................page 23Be Intentional..........................................................................................................................................................page 26The Most Common Jobs in the Country..........................................................................................................page 32Methodology........................................................................................................................................................... page 33References................................................................................................................................................................page 34About DCR.................................................................................................................................................................page 35

“DCR NATIONAL TEMP WAGE INDEX

“The labor market was the last thing to recover from the Great Recession, and in the last six months it has picked up steam. The benefits for the middle class are now solidifying.” ~Bill Hampel, Chief Economist at the Credit Union National Association.

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The latest figures from the U.S. Bureau of Labor Statistics (BLS) signaled that the economy is finally regaining strength, with accelerated hiring, increased wages, and people who had dropped out from the workforce restarting their job hunts.

In January 2015, employers added 257,000 new jobs, surpassing economists’ estimates of 228,000 jobs. The biggest job gains came from the retail and construction sectors, which added 46,000 and 39,000 jobs, respectively. Healthcare employment also increased by 38,000.

DCR NATIONAL TEMP WAGE INDEX

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The unemployment rate increased in January 2015 from 5.6 percent to 5.7 percent. Economists point to the more than 700,000 Americans starting their search for jobs as the reason. Since not all of them found work, the number of unemployed swelled. The influx of job seekers suggests that Americans are growing more confident about their prospects. The labor participation rate in January 2015 rose to 62.9 percent from 62.7 percent in December 2014, and the employment to population ratio was 59.3 percent, up from 58.8 percent a year ago.

Average hourly wages rose 12 cents to $24.75 in January, a jump of 0.5 percent, the most since 2008. Hourly pay, over the past year, has increased by 2.2 percent after a long period of stagnation. In January, 20 states raised their minimum wages, which may have contributed to the overall pay gains. The improved job market and pay growth are causing experts to predict that the Federal Reserve will begin raising short-term interest rates by midyear.

Jobs Added in the Past Year

Source: BLS


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Average Hourly Earnings of Production and Non-supervisory Employees

Source: BLS

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“Employment growth is clearly on fire, and it is beginning to put upward pressure on wage growth. The Fed can’t wait much longer in that environment, particularly not when interest rates are starting at near zero.” ~Paul Ashworth, Chief U.S. Economist at Capital Economics

“The fact that you have so many new jobs coming on the market shortens the time that individuals have to spend in unemployment, between jobs.” ~Lou Crandall, Chief Economist at Wrightson ICAP LLC

Unfilled positions in the U.S. climbed in December 2014 to an almost 14-year high. There were 5.03 million job openings in December, the most since January 2001, according to the Labor Department’s Job Opening and Labor Turnover Survey (JOLTS).

The number of people hired climbed to 5.15 million in December, the most since November 2007. The hiring rate increased to 3.7 percent, from 3.6 percent in November 2014. Even with the gain, the increase in the number of unfilled openings indicates that companies are having trouble finding qualified talent.

Meanwhile, approximately 2.72 million people quit their jobs in December, the highest in four months, and a sign of confidence in the labor market. The quits rate, which shows the willingness of workers to leave their jobs, remained steady at 1.9 percent.

JOB OPENINGS IN AMERICA

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DCR NATIONAL TEMP WAGE INDEXTECH JOBS ACCOUNT FOR ALMOST 6 PERCENT OF PRIVATE SECTOR

NEARLY HALF OF MILLENNIALS SEEKING NEW JOBS

According to a recent report released by CompTIA, the U.S. technology industry added 129,600 jobs in 2014 for a total of 6.5 million jobs. Based on these figures, the tech industry now accounts for 5.7 percent of the entire private-sector workforce. Within the industry, the IT services sector led the growth, adding 63,300 jobs between 2013 and 2014. Leading states for tech industry employment were California, Texas, New York, Florida, and Massachusetts. By rate of growth, the fastest-growing states for tech employment were Nevada, Delaware, and Tennessee.

A new study, “Inside the Employee Mindset”, released by Aon Hewitt, reveals that 43 percent of millennials plan to actively look for a new job in 2015. According to Ray Baumruk, employee research leader at Aon Hewitt, the research shows that there is a disconnect between what millennials expect and desire from employers and what employers actually offer, and this gap is negatively impacting engagement and retention of millennials.

When asked to rank the specific areas they would like to see improved in their current workplace to increase their engagement or satisfaction, top responses included pay and benefits, career opportunities, and performance recognition.

Areas to Improve To Increase Millennial Engagement

Source: Aon Hewitt


According to Planalytics, a weather research firm for business, this winter’s blizzards could cost the country nearly $2 billion this year in lost GDP. The Polar Vortex of 2014 cost the economy $15 billion. In the first quarter of 2014, America’s economic growth was actually negative 2.1 percent. Estimates for the first quarter of this year are much more positive, with some experts projecting a GDP of over 3 percent.

The Boston Globe says that a one-day storm in Massachusetts costs the state economy about $265 million in lost business, wages, and taxes, along with the cost of snow removal. In New York, the total cost is around $700 million.

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BLIZZARDS BRING MORE THAN JUST SNOW

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THE FREELANCING LANDSCAPE

Freelancing has become an enormous part of the work landscape over the last few years. A recent report by the Freelancers Union reveals that there are 53 million people doing freelance work in the United States, making up 34 percent of the national workforce. These people contribute an estimated $715 billion in freelance earnings to the economy.

Freelancing means working for an individual or business as an independent contractor rather than as a full-time employee. Freelancers usually have more flexibility and often work on their own schedules, often at home. Some freelance work is done on a project-by-project basis, while other work is ongoing.

While freelancing offers many advantages to some workers, it has some pitfalls, such as not having employer-provided medical insurance or a steady stream of income.

Source: The Freelancers Union

BEST PRACTICES IN RECRUITING FOR 2015

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Recruiting the right talent can play an important role in the long-term success of a company. The process of finding, recruiting, and retaining new talent can be a daunting and time-consuming task, especially for hard-to-fill positions that require specific skillsets.

The competition for talent is fierce. Every company wants the best to join their workforce. In today’s world of recruiting, companies have to build a strong talent brand, have an appealing pitch, and a clear strategy to attract the right candidates.

Organizations looking to build a pipeline of talent should make a proactive effort to identify passive candidates and start building and maintaining a relationship with them. In a recent survey of recruiters, 83 percent of recruiters report that the power has shifted towards the candidate. In this candidate-driven marketplace, recruiting must serve to increase hiring speed and to offer a great candidate experience.

Applying a structured discipline to recruiting, similar to that used in sales, can help organizations achieve results. By identifying targets, collecting information, and consistently reaching out, recruiters can effectively measure progress. Infusing the recruitment function with a sales mentality involves adopting and following a standardized process, supporting efforts with regular advertising and branding campaigns, and tracking activity and results with metrics and reporting.

FOCUS ON CANDIDATE IDENTIFICATION BEFORE YOU NEED THEM

BRING SALES STRATEGY INTO RECRUITING


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HR leaders recognize that the tightening job market requires the need to better sell opportunities. HR and talent acquisition leaders should tap into in-house skills offered by the marketing team to accomplish this as well as to align better with corporate branding initiatives and messaging. One way to start is by having marketing assist in rewriting job descriptions to more effectively engage talent.

Social networking tools for the purpose of recruitment are becoming more sophisticated. Companies should learn to use these tools effectively to engage the best candidates using content other than just pushing jobs out on social networks. A Jobvite study reveals that 73 percent of recruiters plan to invest more in social recruiting in 2015.

Experts expect there will be a shortage of top recruiters as recruiting volume and difficulty to recruit continue to increase. To build a team of skilled

recruiters, companies will have to invest in high-impact training and higher salaries and incentive programs. Successful organizations often staff

their sourcing role with experienced sourcing experts. Other companies divide their recruitment team into groups of functional experts, technology

recruiters, college-hiring recruiters, and executive recruiters. This helps to build efficiencies in attracting the best talent in each specific area, and to

reduce reliance on third-party vendors.

HAVE THE MARKETING DEPARTMENT ASSIST

USE SOCIAL ENGAGEMENT

INVEST IN RECRUITERS

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“Candidates’ social media profiles [can highlight] personal experiences and interests that tie into professional lives and skills,

and may show the person is a perfect fit. [Depending] on the type of job you’re recruiting for, make sure you’re looking at the

right social networking sites to find candidates who may be off your radar.” ~Pete Kazanjy, Founder of TalentBin

“If your company is located in a competitive hiring market, you’d be better off searching for top talent in a less competitive area. Technology allows for smooth collaboration and communication no matter where employers are located, so you don’t need to lose out on experts in your field because of where your company is based.” ~Anthony Smith, Founder and CEO of Insightly

Boomerang rehires of previous high-performing workers has been a successful source of quality hires. Keeping track of corporate alumni is easier

today with social media. Because of the speed of hire, low cost, and high quality of hire, experts anticipate alumni rehires to reach 15 percent of all

hires in major firms in 2015.

Advancements in cloud computing and video conferencing have made it easier and more effective to hire remote staff members. Recruiters are now

no longer limited to candidates in close geographic proximity to the company’s location.

According to Jobvite, there is a growing disparity between the 43 percent of job seekers who use a mobile device for job searching and the 59 percent

of recruiters who don’t invest in mobile career sites. Companies should invest in making recruitment websites mobile-friendly and mobile optimize

job postings.

REACH OUT TO ALUMNI

EXPAND YOUR SEARCH AREA

EMBRACE MOBILE

““Social media profiles have become standard tools for researching and evaluating candidates. Instead of only looking at a candidate’s resume, many

companies also look at their LinkedIn, Twitter, and other social media profiles. De-emphasizing resumes also helps to improve hiring speed by

attracting passive candidates who may not have updated resumes, and accepting LinkedIn profiles for referrals.

DE-EMPHASIZE RESUMES

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SINGAPORE: A GLANCE AT THE TALENT MARKETSingapore is a well-established financial hub for Asia, offering robust economic and financial opportunities in a socio-politically stable environment. The country’s high living standards, quality of life, and environment are often ranked among the most attractive for foreign-skilled professionals. Additionally, the government has taken action in recent years to establish Singapore as a global financial center, providing support, opportunities, and incentives for financial institutions to expand and grow their business in the country.

Singapore’s rapid rise as Asia’s largest center for both commodity and foreign exchange trading, along with its growth as a wealth management hub, has created a new competitive dynamic for Asia’s financial crown, particularly against Hong Kong. In 2013, Singapore overtook Tokyo to become the largest hub in Asia and third largest globally after London and New York. Financial services account for 12 percent of Singapore’s gross domestic product.

Preliminary unemployment data for 2014 reveals that the overall unemployment rate (including foreign domestic workers) for the year was 2 percent. The unemployment rate was 2.7 percent for residents and 2.9 percent for citizens.

EMPLOYMENT SITUATION IN SINGAPORESingapore Employment, % by Major Industry

Source: Singapore Ministry of Manpower

Singapore Unemployment Rate


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SINGAPORE: A GLANCE AT THE TALENT MARKET

Singaporeans and people with permanent residency status make up about two-thirds of the total workforce. Recently, Singapore has been making it more difficult for firms to hire low-cost foreign workers in attempts to reduce its dependence on overseas labor and address concerns by citizens worried about overcrowding and increased competition for jobs.

Annual Employment Change, by Residential Status


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SINGAPORE: A GLANCE AT THE TALENT MARKET

A recent report released by Singapore’s Ministry of Manpower (MOM) showed that the number of available jobs rose to 67,400, the highest level in six years. The Job Vacancy Survey by MOM shows that 47 percent of employers cite unattractive pay as the top obstacle when hiring Singaporean citizens and permanent residents. Along with low income, factors such as preference for a shorter work week, and a physically strenuous job nature contributed to the lack of locals joining the workforce. Additionally, skill shortages and competition for the limited pool of local candidates were also issues in recruiting for hard-to-fill positions.

Singapore Labor Summary


SALARY AND JOB TRENDS IN SINGAPORE FOR 2015

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SINGAPORE: A GLANCE AT THE TALENT MARKETSALARY AND JOB TRENDS IN SINGAPORE FOR 2015


The report from MOM states that the median monthly income in Singapore has increased since 2009, but that growth was moderate last year. According to The Straits Time, the real median monthly income from Singaporeans working full-time increased 30 percent from $2,748 in 2009 to $3,566 in 2014.

As companies continue to invest in digital strategies and IT, candidates with skills in online content, project delivery, mobile and application development, and user experience will be in demand.

Elance-oDesk, an online platform for hiring freelance talent, has a community of 30,000 businesses and 37,000 freelancers in Singapore, positioning the country as the top Asian market for hiring freelance talent online. In 2014, businesses in Singapore spent 46 percent more on hiring freelancers online as compared to 2013.

“The freelance economy will play a crucial role in overcoming the talent supply crunch and helping businesses improve their productivity. More than 30,000 businesses currently use our platform in Singapore – a number we predict will increase by 50% this year.” ~Rich Pearson, SVP of Categories and Geographies at Elance-oDesk

“

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SINGAPORE: A GLANCE AT THE TALENT MARKETTALENT ACQUISITION IN SINGAPORE

In July 2014, the Singapore government took steps to connect hiring companies with job seekers by launching Jobs Bank, a free service that facilitates online job matching between registered companies and locals. The one-stop portal has 40 different job categories, including accounting, design, health care, and real estate. Additionally, the Fair Consideration Framework (FCF) was set up in 2013 to prevent discriminatory hiring practices against Singaporeans.

A recent report by PageGroup, a leading recruitment services provider, states that 67 percent of employees in Singapore say that they are likely to leave their current role in 2015. And more than a third of professionals surveyed in the report viewed the current employment market with optimism.

Most respondents cited career progression as their number one reason for shifting jobs. The second biggest reason for wanting to change roles was an increase in salary.

“This optimism represents Singapore’s employment growth, however employers will need to implement strong retention strategies such as succession planning and financial incentives to hold on to their top performers and prevent high staff turnover.” ~Andrew Norton, Regional Managing Director for PageGroup South East Asia

“Source: Singapore Ministry of Manpower

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SINGAPORE: A GLANCE AT THE TALENT MARKETTALENT ACQUISITION IN SINGAPORE


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INDUSTRY HIGHLIGHT: FINANCIAL ACTIVITIES INDEX

The financial activities industry saw an increase in employment with 26,000 jobs gained in January 2015, according to the latest job numbers from

the U.S. Bureau of Labor Statistics (BLS). The biggest sub-sector gain was in insurance carriers and related activities with 14,000 jobs added. Securities,

commodity contracts, and investments contributed 5,000 jobs to the gain. Over the past 12 months, the financial activities industry has added 159,000 jobs.

The unemployment rate in the industry decreased to 3 percent in January 2015 from 3.4 percent the month before.

DCR TrendLine Financial Activities Employment Index

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The financial activities industry is one with some of the highest mean wages in the country. The two largest occupations in securities and commodities

contracts intermediation and brokerage, a sector under the Finance and Insurance Industry grouping – 1) securities, commodities, and 2) financial services

sales agents and personal financial advisors – had annual mean wages of $130,800 and $104,900 respectively. These two occupations combine to make

up about 41 percent of total industry employment.

Overall, in January 2015, average hourly earnings in the industry for all employees increased to $31.09, up from $31.01 in December 2014.

According to a recent survey by LIMRA Developmental and Strategic Research, consumers are showing the greatest confidence in financial sectors since

2008.

DCR TrendLine Financial Activities Wages Index

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“While confidence levels aren’t what they were prior to the Great Recession, the financial services industry is slowly earning back

the trust and confidence of the American people.” ~Jennifer Douglas, Associate Research Director at LIMRA Developmental and

Strategic Research

Over the past five years, New York City has created more jobs than during any five-year period in the last fifty years. However, something is still missing – Wall Street. Historically, the city has relied on big investment banks and brokerage firms to pull its economy out of recessions. During the 1990s boom, the securities industry accounted for more than 10 percent of all jobs added in the city’s private sector; this time it has only contributed less than 1 percent.

Economists say that this is good news. For the first time in decades, New York is proving that it can grow rapidly without leaning on Wall Street. Since the end of 2009, the city has added about 425,000 jobs, raising total employment to 4.1 million jobs.

Wages have been growing steadily in New York City, but the average wage for all jobs at $87,642 is still lower than it was in 2007. Experts attribute it to the pay on Wall Street not having returned to pre-recession levels.

Consumer Confidence in Financial Sectors

Source: LIMRA

“EMPLOYMENT GROWTH IN NEW YORK CITY WITHOUT WALL STREET


“The diversified nature of the job growth is a very positive sign, and it augurs well for the job recovery going forward. It’s not going

to be derailed by a bursting bubble or financial services going off the rails.” ~Mark Zandi, Chief Economist at Moody’s Analytics

Financial analysts provide guidance to businesses and individuals making investment decisions. National employment for this occupation is 250,670 with a mean annual wage of $91,620. New York has the highest employment level for financial analysts with 34,850 people employed in this position, and also the highest annual mean wage at $120,060. Other top paying states include Oregon, California, Connecticut, and Massachusetts.

According to BLS, the job outlook for this occupation is faster than average, with a growth of 16 percent expected by 2022.

Employment of Financial Analysts by State

Source: BLS

OCCUPATIONAL PROFILE: FINANCIAL ANALYST

20“

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WHAT’S TRENDING WITH WAGES?During the Great Recession, American workers were among the hardest hit as unemployment rates grew higher and average pay rates fell. Now, with the economy showing four consecutive years of growth and unemployment at a six-year low, one would expect wages to also recover. However, recent data from the Bureau of Labor Statistics (BLS) shows that the average hourly wages grew by about 2.2 percent in the past year. When adjusted for inflation, this is an increase of barely over 1 percent.

According to the BLS, the average American workers earned $24.57 per hour in December 2014. This was up from $24.17 per hour a year earlier.

While average hourly wages have only slowly increased in the past year, economists point to signs that wages could be rising soon. Data from Glassdoor indicates that employees are more confident about their employment situation and are increasingly optimistic about the potential for a pay raise. Most employees believe that they will get a pay raise from between 3 to 5 percent in 2015.

Total Private Average Hourly and Weekly Earnings

Source: BLS

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WHAT’S TRENDING WITH WAGES?

According to the latest jobs report by the BLS, January 2015 was a month of strong employment gains with the economy creating more than 1 million new jobs in a three-month stretch for the first time in nearly two decades. The 257,000 net new jobs that employers added in January were spread across high and low paying industries. Average private hourly earnings rose 12 cents to $24.75 in January. This wage growth is the highest in more than six years.

Doug Handler, chief U.S. economist at IHS Global Insight, says that as the number of unemployed workers decreases, pressure will increase on employers to raise salaries. He estimates that wage growth should reach about 2.5 percent in 2015.

“We have been expecting both stronger wage growth and stronger labor force growth. Certainly this is a good start, but let’s see if it continues.” ~Gus Faucher, Senior Economist at PNC Financial Services Group

Average Private Hourly Wages, by Industry

Source: BLS

RECENT WAGE GROWTH“

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THINGS TO WATCH IN BIG DATAOver the last couple of years, big data has been one of the biggest trends to emerge. Most companies today have a good understanding of the concept, but many are still confused about how to unlock its true business potential. According to a recent Gartner report, 85 percent of Fortune 500 companies are not well-prepared to exploit big data.

IDC, a leading global market intelligence firm, says that the big data and analytics market will reach $125 billion worldwide in 2015. Visual data discovery tools, in particular, will grow at a rate 2.5 times faster than the rest of the business intelligence market.

In 2014, data security became a major concern for companies, especially as the media was full stories of security breaches at many large companies, such as Target and Home Depot. According to Mandiant’s M-Trend Report on IT security, attackers spend about 229 days on a victim’s network before they are discovered and almost always use legitimate credentials.

As the adoption of connected devices continues to grow and data becomes more interlinked, security threats and their ability to spread will become an even bigger challenge. Data analytics can be used to proactively spot unusual patterns and set up alerts to escalate them to the right people.

Image, video, and audio analytics are expected to grow in importance in 2015. According to IDB, rich media analytics will at least triple in 2015 and become a key driver for big data technology investment. Today, half of the large organizations in North America report using rich media data as part of their big data analytics projects.

While Europe, the Middle East, and Africa have been increasing their usage of Hadoop, driving value from stored data is still a time consuming and costly process. In 2015, experts predict analytics on Hadoop will become easier to use and more accessible to users, regardless of job role or technical knowledge. Self-service analytics will help anyone within an organization gain business insight in real-time.

This year, industry experts predict that a growing number of businesses will use analytics around Developer and IT Operational (DevOp) to deliver what customers are looking for. For instance, when releasing a new mobile app or a feature, companies can analyze the data generated as customers interact with it, to measure performance, identify issues, and improve the tool. As a result, software products will get to market faster and really incorporate customer feedback.

According to ComScore, more than 60 percent of consumers’ time spent online with retailers is on a mobile device. Omnichannel retailers realize that mobile apps are becoming as valuable as the website for sales and customer experience. Experts believe that analytics will be important in ensuring that the customer experience is as good on mobile applications as it is online. Many retailers plan to match analytics across platforms to better understand how customers interact with a brand, and to develop personalized marketing strategies based on behavior patterns.

According to IDC, there is a shortage of skilled workers with knowledge and experience in big data analysis. They anticipate that there will be 181,000 deep analytics roles in 2018 in the U.S., and five times that many positions requiring skills in data management and interpretation.

WANTED Analytics, a leading provider of data analytics on the workplace, reveals that the demand for computer systems analysts with big data experience increased by 89.9 percent in 2014. Demand for Python programming experience increased by 96.9 percent in big-data related positions. And there was a 123.6 percent jump in demand for Information Technology Project Managers with big data experience.

SECURITY ANALYTICS

RICH MEDIA ANALYTICS

HADOOP

DEVOPS

MOBILE ANALYTICS

STAFFING FOR BIG DATA AND ANALYTICS

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THINGS TO WATCH IN BIG DATA

The leading industries with the most job openings requiring big data expertise include professional, scientific and technical services, information technologies, manufacturing, and retail trade.

Source: WANTED Analytics

Top Industries Hiring for Big Data

Source: WANTED Analytics

Growth in Demand for Big-Data Positions

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THINGS TO WATCH IN BIG DATAThe median salary for professionals with big data experience is $103,000 per year. The markets with the greatest job volume include San Jose, San Francisco, Washington D.C., New York City, Boston, Seattle, Dallas, and Chicago.

Source: Forbes

Market Distribution of Salaries for Professional with Big Data Experience

BE INTENTIONAL

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No matter what business publications you read, not a week goes by without seeing an article about the value of data in business. In DCR TrendLine, we’ve published many articles about the benefits big data analysis provides for hiring managers and executive leadership. Similarly, decision making has been a major subject of study in recent times, possibly due to the explosive growth of big data over the past ten years.

Not surpisingly, “data-driven decision making” has become a key buzzword across a range of industries, and is considered a promising application of data

science. Foster Provost and Tom Fawcett published a well-regarded article entitled “Data Science and its Relationship to Big Data and Data-Driven Decision Making”, defining “data-driven decision making” as “the practice of basing decisions on the analysis of data rather than purely on intuition.” A study from the MIT Center for Digital Business found that organizations driven mostly by data-based decision making had 4 percent higher productivity rates and 6 percent higher profits.

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BE INTENTIONAL

According to the Wall Street Journal, decision making lies across a broad spectrum. At one end are operational decisions, which are generally stuctured, routine, and short-term oriented. On the other end are strategic decisions that tend to be complex and unstructured because of the uncertainty and risks that typically accompany long-term decisions. In between are different kinds of decisions, including non-routine ones in response to new circumstances beyond the scope of operational processes and tactical decisions to deal with adjustments to longer term strategies.

Since IT and data analysis have a structured nature, they have long been applied to automate routine, day-to-day operational decisions. As companies gather more data and analysis becomes more sophisticated, these decisions can be made with little or no human intervention. However, beyond automated operational decision, there are many situations where human intervention is required.

Strategic decisions are often geared at seeting the long-term direction of a company. The use of big data in helping with strategic decisions is still in early stages, so experts recommend that executives should use a framework to facilitate them in seeing things from new viewpoints and to aid in the assimilation of complex concepts. A good solid framework helps leaders deterime the context for making strategic decisions in an ordered manner.

Source: Teradata

Benefits of Using Data in Making Decisions

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BE INTENTIONAL

According to Priyanka Jain, CEO of Aryng and former Head of Business Analytics at PayPal North America, data –driven decision making requires coordination between analysts and stakeholders. Her recommended framework for decision-making consists of 5 general steps.

1. Understand what the real business question is, including the context and the impacted segments.2. Create an analysis plan with a hypothesis, and decide what methodology to use (correlation analysis, profiling, predictive anlaysis).3. Collect data.4. Gather insights.5. Make recommendations, both for the technical aspects and the soft aspects, such as building alignment and communication.

STEPS TO MAKE DATA-DRIVEN DECISIONS

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Talent analytics is a key driver in software acquisition for the HR function. HR organizations are being called on more often to provide instant statistical data and analysis to support strategic business decisions. As HR organizations aim to advance their analytics capabilities, they are increasingly looking for new technologies. According to the research of Bersin by Deloitite, HR users consider analytics and reporting capabilities as the number one criterion in their buying process.

“Organizations are struggling to build their internal analytics skills and are looking for answers in technology. In fact, half of human capital management technology buyers cite analytics as the top driver of their purchase decision. However, technology alone is not the answer. HR organizations need to know how to glean from what may be a morass of statistical data the information they need to make meaningful change.” ~Karen O’Leonard, Vice President of Benchmarking and Analytics Research at Bersin by Deloitte

BE INTENTIONALDATA-DRIVEN DECISION MAKING IN HR

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THE MOST COMMON JOBS IN THE COUNTRYHave you ever held one of the most or least common jobs in the United States? If you are a retail salesperson, a registered nurse, or a mathematical technician, the answer is yes.

The Occupational Employment Statistics program under the Bureau of Labor Statistics (BLS) gathers employment and wage estimates by geography and across industrial sectors for more than 800 occupations. According to their data, the ten largest occupations in the country account for more than 20 percent of overall employment. The majority of these jobs are low-paying.

The most common occupation in the U.S. is a retail salesperson. As of May 2013, 4,485,180 people were employed in this job, earning mean hourly wages of $12.20. However, the fifth most common job – registered nurses – had substantially higher earnings at a mean hourly wage of $33.13.

Most of the most common jobs require little training or formal education. Additionally, these jobs offer few opportunities for advancement and are typically not unionized, which can contribute to lower wages.

While the list of ten most common jobs does not include truck driving, a recent publication by National Public Radio reveals that truck driving is now the most common employment in 29 of the 50 states. This is attributed to the occupation being immune to two of the biggest recent macro-economic trends – globalization and automation. Additionally, the rise of e-commerce has fueled large growth in shipments in the U.S. Commercial truck drivers earn about $17.19 an hour on average, according to PayScale.

Retail Salesperson

Cashier

Combined Food Preparation and Serving Worker, Including Fast Food

Office Clerks

Registered Nurse

Waiter and Waitresses

Customer Service Representatives

Laborer and Freight, Stock, and Material Mover, Hand

Secretaries and Administrative Assistants, except Legal, Medical, and Executive

Janitors and Cleaners, except Maids and Housekeeping Cleaners

Job Employment Mean Annual Wage

4,485,180

3,343,470

3,022,880

2,832,010

2,661,890

2,403,960

2,389,580

2,284,650

2,159,000

2,101,810

$25,370

$20,420

$18,880

$29,990

$68,910

$20,880

$33,370

$26,690

$34,000

$25,140

The Most Common Jobs in the U.S.

Source: Forbes

1

2

3

4

5

6

7

8

9

10

31

THE MOST COMMON JOBS IN THE COUNTRY

Meanwhile those who held the least common jobs generally had much higher wages. The number one least common job – prosthodontists – had an employment of 290 in May 2013, with a mean annual wage of $128,310. However not all of the rarest occupations have high salaries. The second least common job – fisher – is held by 480 people and pays just $17.71 per hour.

Employment

Truck Transportation Employment, 2005 to 2015

Source: BLS

32

THE MOST COMMON JOBS IN THE COUNTRY

Some of the most uncommon jobs are expected to shrink by 2022 according to BLS, such as a 10% drop in employment of fabric menders and a 23% fall in the number of animal breeders.

Prosthodontists

Fishers and Related Fishing Workers

Cooks, Private Household

Fabric Menders

Pattern Makers, Wood

Industrial-Organizational Psychologists

Mathematical Technicians

Radio Operators

Farm Labor Contractors

Animal Breeders

Mathematical Science Occupations, All Others

Model Makers, Wood

1

2

3

4

5

6

7

8

9

10 (tie)

10 (tie)

10 (tie)

Job Employment Mean Annual Wage

4,485,180

3,343,470

3,022,880

2,832,010

2,661,890

2,403,960

2,389,580

2,284,650

2,159,000

2,101,810

$25,370

$20,420

$18,880

$29,990

$68,910

$20,880

$33,370

$26,690

$34,000

$25,140

The Least Common Jobs in the U.S.

Source: Forbes

REFERENCEShttp://www.dailyfinance.com/2015/02/06/employers-add-257000-jobs-jobless-rate-rises/http://fortune.com/2015/02/06/the-streak-continues-employers-added-257000-jobs-in-january/http://wallstcheatsheet.com/business/januarys-unemployment-report-shows-more-jobs-but-still-more-jobless.html/?a=viewallhttp://www.forbes.com/sites/samanthasharf/2015/02/06/jobs-report-u-s-economy-added-257000-jobs-in-january-unemployment-up-to-5-7/http://benrmatthews.com/2014/09/freelance-statistics-2015/http://www.usatoday.com/story/money/personalfinance/2015/02/14/nerd-wallet-freelance-work/23388777/http://www.ere.net/2014/10/31/top-10-future-recruitment-trends/http://www.ere.net/2015/01/12/the-top-10-bleeding-edge-recruiting-trends-to-watch-in-2015/http://www.talentculture.com/talent-management/5-key-recruitment-trends-for-2015/http://www.foxbusiness.com/investing/2015/01/18/how-does-your-income-stack-up-against-average-americans/http://prospect.org/article/will-recovery-finally-translate-better-wageshttp://www.fool.com/investing/general/2015/01/18/how-does-your-income-stack-up-against-the-average.aspxhttp://www.forbes.com/sites/kathryndill/2015/01/27/the-most-and-least-common-jobs-in-the-u-s/http://www.forbes.com/pictures/fjle45kmdj/no-10-most-uncommon-job-tie-model-makers-wood/http://247wallst.com/special-report/2014/04/24/americas-most-and-least-common-jobs/http://finance.yahoo.com/news/truck-driving-may-be-america-s-most-popular-job--182859840.htmlhttp://data.bls.gov/timeseries/CES4348400001?data_tool=XGtablehttp://www.ft.com/cms/s/0/b18372a6-5297-11e4-a236-00144feab7de.html#axzz3RwLjhLtNhttp://www.humanresourcesonline.net/singapores-salary-job-trends-2015/http://business.asiaone.com/news/more-people-singapore-found-jobs-last-year-amid-tight-labour-markethttp://stats.mom.gov.sg/Pages/Employment-Situation-2014-Infographic.aspxhttp://stats.mom.gov.sg/Pages/Infographic-Job-Vacancies-2014.aspxhttp://www.straitstimes.com/news/opinion/more-opinion-stories/story/singapore-job-market-rosy-data-disgruntled-citizens-20150206http://enterpriseinnovation.net/article/singapore-top-10-asian-online-job-market-1270982016http://www.humanresourcesonline.net/67-singapore-staff-looking-change-roles-2015/http://money.cnn.com/2015/02/16/news/economy/boston-blizzard-2015-cost-economy/http://www.bostonglobe.com/metro/2015/01/27/how-much-will-this-blizzard-cost/SaAfwRU0LzPbL243Y521nL/story.htmlhttp://www.ibtimes.com/blizzard-2015-economic-cost-juno-likely-be-relatively-small-despite-subway-road-1796526http://www.latimes.com/business/la-fi-jobs-20150207-story.htmlhttp://www.nytimes.com/2015/02/16/nyregion/with-little-help-from-wall-street-new-york-city-enjoys-steady-job-growth.html?_r=0http://www.bls.gov/news.release/empsit.nr0.htmhttp://www.lifehealthpro.com/2015/02/04/consumers-show-greatest-confidence-in-financial-sehttp://www.bls.gov/news.release/ocwage.htmhttp://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-1http://www.bls.gov/oes/current/oes132051.htmhttp://www.itproportal.com/2015/01/07/5-reasons-2015-will-year-big-data/http://venturebeat.com/2014/12/30/5-trends-to-watch-for-in-big-data-in-2015/http://www.idc.com/getdoc.jsp?containerId=prUS25329114http://www.forbes.com/sites/gilpress/2014/12/11/6-predictions-for-the-125-billion-big-data-analytics-market-in-2015/2/http://www.forbes.com/sites/louiscolumbus/2014/12/29/where-big-data-jobs-will-be-in-2015/http://blogs.wsj.com/cio/2013/09/27/data-driven-decision-making-promises-and-limits/http://whatis.techtarget.com/definition/data-driven-decision-management-DDDMhttp://www.forbes.com/sites/jonbruner/2012/04/20/five-steps-for-making-data-driven-decisions/http://www.itbusinessnet.com/article/Bersin-by-Deloitte-Research:-Human-Resources-Leaders-Need-to-Harness-Predictive-Analytics-Technologies-3747119http://trends.e-strategyblog.com/2013/08/16/top-benefits-of-data-driven-decision-making/13541http://www.tradingeconomics.com/singapore/unemployment-rate

33

METHODOLOGY

The DCR National Temp Wage Index is developed to assess the relative movements of temporary wage rates in the U.S. economy. The wage rates for temporary workers or contingent workforce are based on payments made by staffing firms to these workers based upon hours worked. Data collected from sources such as Bureau of Labor Standards (BLS) and other government sites as well as an internal pool of staffing companies and consultants, is aggregated and classified based on regions and skill categories, to arrive at an aggregate index.

The baseline for the index is set at 100 for January 2007. Index value for a particular month indicates relative wages with the said baseline and is representative in terms of direction and scale of change. Five years of data has been included to observe seasonal patterns and distinguish seasonality from long-term wage movements. The data and the model has been further refined over last six months.

DCR TrendLine combines the exhaustive data from BLS with practical and more recent developments and data from on-field consultants and clients, to provide timely near-term indications of trends and consistent long-term actionable and objective information.

DCR TrendLine uses multiple economic variables to ensure the robustness of its forecasts and cross-validation of trends.

Key data sources and parameters of interest included and influencing the index are:Unemployment dataGross Domestic ProductPrime rate of interestNew and seasonal Job openingsNon Farm employmentJob OpeningsAll ExportAll ImportAverage Hourly Earnings of All Employees Total PrivateAggregate consultant data on job market parameters

34

SOURCE DATA

DCR Workforce is an award winning, best-in-class service provider for contingent workforce and services procurement management. Our proprietary SaaS platform (SMART TRACK) assists in providing customizable VMS and MSP Solutions to manage, procure and analyze your talent with complete transparency, real-time control, high performance and decision-enabling business intelligence.

DCR Workforce serves global clientele including several Fortune 1000 companies. Customers realize greater efficiencies; spend control, improved workforce quality and 100% compliance with our services.

For more information about DCR Workforce and its Forecasting Toolkit (Rate, Demand, Supply and Intelligence) including Best Practice Portal, visit dcrworkforce.com

For more information call +1-888-DCR-4VMS or visit www.trendline.dcrworkforce.com

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